RMLD to receive $341,025 from sale of RECs

The following is an announcement from Reading Municipal Light Department:

Reading Municipal Light Department (RMLD) General Manager Vinnie Cameron reported that on June 1, RMLD sold $344,470 worth of Class 1 Connecticut Renewable Energy Certificates (RECs), representing 7,030 MWh of renewable-energy-generated electricity, as instructed by the RMLD Board of Commissioners at their May 30 Board meeting.  After paying a 1% broker commission, RMLD will receive $341,025 from EDF (Electricite De France) Trading.  The sale was done at the direction of the RMLD Board of Commissioners, who voted 3-1-1 to sell 40% of the RECs and retire the remaining 60%. The retired RECs have an estimated worth of less than $3,000.

RMLD Board Chairman Phil Pacino stated, “I am pleased to see that the real value of the sold RECs exceeded what the estimated value was. The value received goes into the fuel charge fund and will benefit all the RMLD ratepayers.  I further look forward to the next step in this process - to develop a renewable energy policy that will give RMLD direction with respect to the amount of renewable energy in the RMLD’s power supply portfolio and how to handle the RECs.”

Mr. Cameron added, “These actions represent the culmination of several months of discussion by the RMLD Board of Commissioners and Citizens Advisory Board on the optimal treatment of RECs to benefit ratepayers and at the same time respect environmental concerns.“