|Electric Utilites Request Extension for SREC Annual Report Filing|
The electric utilities have requested that the Board grant them an extension on the due date for the SREC Annual Reports for two months to December 1, 2012. The law recently changed with respect to solar renewable energy requirements in the State. The utilities explain, "during Energy Year 2012, when some electricity supply will be exempt, the exempted incremental solar obligation must be distributed among the non-exempt electricity supplied. The Board’s renewable energy portfolio regulations (i.e., N.J.A.C. 14:8-2.3) set forth a methodology for distributing the exempt incremental solar obligation among the non-exempt electricity supplied. According to N.J.A.C. 14:8-2.3(n), the critical first step in calculating a Supplier’s solar obligation is to determine said Supplier's market share of the total non-exempt electricity supplied statewide during the applicable energy year ("Total Non-Exempt Supply"). . . . Once all sales and obligation data are final the Suppliers are required to purchase the proper number of solar renewable energy certificates ("SRECs") to cover their obligations. Until the final obligations are known, Suppliers will remain unsure as to the number of SRECs they are required to obtain. Moreover, the inability of Suppliers to finalize their arrangements to comply with their solar obligations also serves to impede and delay the EDCs ability to complete and submit the Annual Reports to the Board." The full text of the Electric Utilities Filing is available on the NEM Website.