For Immediate Release
Utility Signs a Third Long-Term Agreement for Low Cost Wind Power
NEWARK, DE - Delmarva Power and Arlington, Virginia-based energy supplier AES Corporation have signed a long-term contract under which Delmarva Power would purchase up to 70 megawatts of land-based wind power to help meet its renewable energy goals in Delaware.
This latest contract, combined with earlier signed contracts with Annapolis, Md.-based Synergics Wind Energy, is part of a larger portfolio of wind energy designed to meet Delaware's clean energy goals for 20 percent of the utility's energy supply to come from renewable sources by 2019.
In addition to the recently-signed AES contract, Delmarva Power has executed two 20-year contracts with Synergics, one for up to 40 megawatts of wind energy and renewable energy credits, beginning service in 2009, and the other for up to 60 megawatts of wind energy and renewable energy credits, beginning service in 2010. This brings up to 170 megawatts of wind power into Delmarva Power's current portfolio of long-term, fixed price wind contracts to serve its residential and small business customers.
Under Delmarva Power's 15-year contract with AES, a global energy company with more than 1,000 MW of wind generation in operation and more than 6,000 MW of wind projects in its global development pipeline, the delivery of the wind energy and associated renewable energy credits (RECs) could begin as early as 2009.
"By securing this land-based wind for its Delaware customers, Delmarva Power has met Delaware's aggressive clean energy goals for years to come, and in the AES contract we did it at extremely competitive prices that do not change over the 15-year term," said Delmarva Power Region President Gary Stockbridge.
"We are pleased to be working with Delmarva Power to bring renewable wind energy to their customers," said Ned Hall, AES Executive Vice President and President, Wind Generation. "Renewable energy is a key component of AES's growth strategy and today represents nearly 20 percent of AES's global generation portfolio."
The agreements are part of a portfolio of wind energy contracts that Delmarva Power has obtained for its Delaware residential and small business customers. The diversity of wind suppliers and land-based wind facilities assures less risk for all of the utility's customers by not depending on just one wind supplier or one wind facility for its renewable needs. The public may review the wind contracts on the company's Web site, www.delmarva.com.
All land-based wind contracts will be filed later this month with the Delaware Public Service Commission for approval.
Delmarva Power, a public utility owned by Pepco Holdings, Inc. (NYSE: POM), provides safe and reliable energy to nearly 500,000 electric delivery customers in Delaware and Maryland and over 121,000 natural gas delivery customers in northern Delaware.