Eligible facilities must be located in Virginia, not larger than 1 MW in size, and not more than 3 MW in any location or adjacent locations owned by the same entity or affiliates. The company estimates that most offers will offer RECs from existing facilities; however, prospective bidders may submit bids to sell RECs produced by the end of 2023, which may come from existing or new facilities.

Last year, legislation passed by the general assembly and signed by Governor Ralph Northam put Virginia on the 100% clean energy path and aligned with Dominion Energy’s net zero targets. The mandatory renewable portfolio standard (RPS) sets annual percentage targets for an increasing percentage of Dominion Energy’s electricity sales to come from clean sources. The company will retire RECs equivalent to 14% of non-nuclear electricity sales to retail customers in 2021. This ratio will increase to 100% by 2045.

The RFP outlines the bid requirements, including purchase and sales contract terms and evaluation criteria.

Notices of bidding intention and confidentiality agreements must be submitted by 3:00 pm EST on February 22, and offers to buy and sell by 3:00 pm EST on March 22.

Potential bidders wanting more information on the competitive bidding process and RFP presentation documents, click here.