Rhode Island General Laws 39-26.1-1. Purpose
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The purpose of this chapter is to encourage and facilitate the creation of commercially reasonable long-term contracts between electric distribution companies and developers or sponsors of newly developed renewable energy resources with the goals of stabilizing long-term energy prices, enhancing environmental quality, creating jobs in Rhode Island in the renewable energy sector, and facilitating the financing of renewable energy generation within the jurisdictional boundaries of the state or adjacent state or federal waters or providing direct economic benefit to the state.
History of Section.
P.L. 2009, ch. 51, § 1; P.L. 2009, ch. 53, § 1.
Terms Used In Rhode Island General Laws 39-26.1-1
- Commercially reasonable: means terms and pricing that are reasonably consistent with what an experienced power market analyst would expect to see in transactions involving newly developed renewable energy resources. See Rhode Island General Laws 39-26.1-2
- Newly developed renewable energy resources: means electrical generation units that use exclusively an eligible renewable energy resource, and that have neither begun operation, nor have the developers of the units implemented investment or lending agreements necessary to finance the construction of the unit; provided, however, that any projects using eligible renewable energy resources and located within the state of Rhode Island that obtain project financing on or after January 1, 2009, shall qualify as newly developed renewable energy resources for purposes of the first solicitation under this chapter. See Rhode Island General Laws 39-26.1-2