Review of Terms and Conditions for Long-Term Contracts for Renewable Ocean Energy

The report reviews terms and conditions for long-term contracts for renewable ocean energy projects.  The report recommends that Maine: a) use competitive procurement and a pay-for-performance structure; b) require applicants to submit a cost-benefit analysis for each project; c) create a carve-out in Maine's renewable energy portfolio standard (RPS) for the purchase of ocean energy renewable energy credits (ORECs); d) include a rate impact limit; and, e) issue by January 1, 2014 a request for proposals (RFP) for 300 MW of offshore wind.