Authority: Municipal VPPAs Sample Clauses

Authority: Municipal VPPAs. To understand a Missouri municipality’s authority to enter into a VPPA, it’s important to first understand the type and functions of a VPPA. VPPAs are similar to the more familiar power purchase agreement (“PPA”), in which an entity contracts with a generator of renewable energy to purchase and legally take title to electricity and the associated renewable energy credits (“REC”), at a fixed price over a certain period of time. 1 Unlike a PPA, a VPPA does not provide for the physical delivery of electricity. Rather, a VPPA is a financial transaction in which an entity contracts with a renewable energy generator to pay a fixed price for electricity and RECs; the renewable energy generator receives the market price for electricity; and at a set date in the future, the two parties reconcile the differences in the fixed price and the market price. 2 This reconciliation is why a VPPA is sometimes referred to as a “swap” or “contract for differences”.3 If the market price of electricity 1 See Xxxxxx Xxxxxx, Introduction to the Virtual Power Purchase Agreement, Rocky Mountain Institute, Nov. 2018, xxxxx://xxx.xxx/insight/virtual-power-purchase-agreement/. 2 Id. 3 Xxxxxx X. XxXxxxxx, Virtual PPAs: Are They Right for Your Company?, Pillsbury, Feb. 6, 2020, xxxxx://xxx.xxxxxxxxxxxx.xxx/en/news-and-insights/virtual-ppas-are-they-right-for-your-company.html. if more than the fixed-price, the contracting entity gets paid the difference; if the market price is less than the fixed-price, the generator of renewable energy gets paid the difference.4 Because municipalities generally purchase electricity at market rates, this type of agreement functions as a hedging instrument against future electricity prices by providing the municipality funds when prices are high and costing the municipality funds when electricity prices are low.5
Sample 1
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Related to Authority: Municipal VPPAs

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  • xxx/OpenGovernment/LobbingAtOrangeCounty aspx A lobbying blackout period shall commence upon issuance of the solicitation until the Board selects the Contractor. For procurements that do not require Board approval, the blackout period commences upon solicitation issuance and concludes upon contract award. The County may void any contract where the County Mayor, one or more County Commissioners, or a County staff person has been lobbied in violation of the black-out period restrictions of Ordinance No. 2002-15. • Orange County Protest Procedures xxxx://xxx.xxxxxxxxxxxxxx.xxx/VendorServices/XxxxxxXxxxxxxXxxxxxxxxx.xx px Failure to file a protest with the Manager, Procurement Division by 5:00 PM on the fifth full business day after posting, shall constitute a waiver of bid protest proceedings.

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