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Board okays staff approach to sell renewable energy credits for one-year terms
Summary
The board agreed that staff may assign (sell) the city's renewable energy credits (RECs) for one-year terms through the CRISP arrangement; staff said they have drafted the opt-in to allow selling 100% of RECs but have not yet submitted the paperwork.
Board members discussed the assignment of environmental attributes (renewable energy credits or RECs) and agreed to allow staff to proceed with a one-year REC sale arrangement.
Utility staff (S4) explained that RECs come in different vintages ("lifetime" for currently generated RECs, recent vintage for roughly the last five years and an older 2014'2018 vintage with lower market value). Staff said UAMS can market and sell the city's RECs on the city's behalf for one-year terms, and that if the city later needs credits for a local customer or policy it could either buy them back or choose not to resell in the following year.
Staff said they had "opted to allow to sell a 100% of our RECs" and had prepared the paperwork but not yet submitted it. Board members indicated that selling RECs on an annual basis was acceptable and noted the city has sold RECs previously with some benefit. The board did not record a formal roll-call vote but the transcript records consensus approval and instructions to proceed.
Next steps: staff will finalize any paperwork, submit it if appropriate, and report back to the board or council on revenue expectations and operational mechanics if and when the sale is completed.
