Md. Code Regs. 20.61.06.08 - Establishing the OREC Purchase Obligation and Replacement OREC Price Schedule
A. The
Commission shall establish the OREC purchasers' obligation to purchase ORECs
for each year that the offshore wind energy RPS is in effect on a
forward-looking basis and at least 3 years in advance of the calendar year in
which that OREC purchase obligation is to take effect to allow OREC purchasers
to reflect the costs of ORECs in retail prices offered to its
customers.
B. Each OREC purchaser
shall meet its OREC purchase obligation by purchasing the necessary number of
ORECs from one or more escrow accounts established under this
chapter.
C. If, pursuant to
Regulation .02M(1)(a) of this chapter, a project has provided a two-part OREC
price for its proposed OREC price schedule, then as soon as possible following
the execution of its Interconnection Service Agreement, and if the project
determines that any change between the Commission's estimated cost of
transmission upgrades and PJM's actual upgrade cost as specified in the
executed Interconnection Service Agreement requires that the second component
of the OREC price be adjusted upward or downward, the project shall submit to
the Commission a replacement OREC price schedule that reflects the final OREC
price for each calendar year of the OREC price schedule, as adjusted in
compliance with the limitations set forth in Regulation .02M(1)(a) of this
chapter, accompanied by an explanation of the requested adjustment, and this
replacement OREC price schedule shall deemed to be the OREC price schedule for
the project for the term of its OREC order.
D. In assessing whether the adjusted OREC
price schedule submitted by the project under §C(1) of this regulation
complies with the limitations set forth in Regulation .02M(1)(a) of this
chapter, the Commission shall use in its determination the same factors and
economic or financial model (including any numerical inputs) used by it at the
time it evaluated and approved the project's application other than the change
in PJM's actual transmission upgrade cost described above.
Notes
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