Chicago, IL (PRWEB) June 9, 2010
Chicago-based CIC Energy Construction & Supply announced the launch of its Clean Power Trade Group and solicitation for Solar Renewable Energy Certificates (SRECs) from utility interconnected solar systems located in ComEd’s northern Illinois service territory. Renewable energy certificates, or RECs, represent the legal right to claim the renewable attributes of one megawatt-hour of power generation and are separate from the electricity itself. The certificates are created and tracked through Generation Attribute Tracking System, or GATS, operated by PJM Environmental Information Services. PJM is the largest independent regional transmission operator in the world. The PJM operating area stretches from the Mississippi River to the East coast and serves 51 million people.
The SRECs aggregated by CIC Energy will be traded and sold to buyers in compliance markets using PJM’s newly launched EnviroTrade Sage platform. Compliance markets are used by electricity suppliers to satisfy their state mandated renewable energy requirements and command premium dollars as non-compliance by an electricity supplier results in an alternative compliance payment (ACP), a stiff penalty payment which is set by state legislators and enforced by utility regulators.
“PJM EnviroTrade’s Sage platform provides an innovative, transparent and secure platform for renewable energy certificate (REC) transactions. The Sage auction platform enables us to trade SRECs through a robust market clearing mechanism that provides price transparency,” said Ken Anno, Managing Principal & General Counsel. “We believe that our aggregation program will play an integral role in transforming solar economics in Illinois and the Midwest just in time as we prepare for the large solar carve out going into effect in Illinois next year (2011)."
Illinois solar system owners located in ComEd’s transmission territory are asked to enroll in CIC Energy’s Illinois SREC Aggregation Program. ComEd does not have to be the customer’s retail electricity supplier. Once enrolled, CIC Energy’s Clean Power Trade Group will manage and facilitate the sale of SRECs on a market based platform. The sale price of SREC is determined by several factors including market supply and demand, ACP values, and additional penalties for non-compliance. Solar systems enrolled in CIC Energy’s SREC Aggregation Program will enjoy monthly payment above and beyond the electricity costs being offset by the solar system. Revenue derived from SRECs will be deposited into the customer’s account each month via direct deposit.
About CIC Energy Construction & Supply, LLC
CIC Energy Construction & Supply, LLC is a Chicago-based Energy Service Provider, licensed general contractor, and registered SREC aggregator/broker on PJM GATS-EnviroTrade. CIC Energy specializes in commercial and industrial scale renewable energy applications and energy management solutions. By using the latest in innovative technology, employing best practices, and offering cost-effective integrated service, CIC Energy delivers results that simultaneously meet environmental, economic, and social objectives.
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to the integration of acquisitions and the ability to market successfully acquired technologies and products; the ability of the Company to effectively compete; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; adverse results in litigation; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
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