When must the Post-Bid Letter of Credit be delivered for the REC RFP?
Please see FAQ-67. Under the REC Master Agreement, there is a collateral requirement of $5 multiplied by the number of undelivered RECs that ComEd may demand of the Seller. ComEd intends to make such a demand by noon on the Business Day following the day the Confirmations are fully executed. The Seller would then have until the close of business on the second business day following this demand to satisfy the demand with a letter of credit. The close of business is defined as 5 PM Eastern Prevailing time. If any RECs are delivered to ComEd’s PJM-EIS GATS or M-RETS Account prior to June 1, 2009, the number of delivered RECs will be used to reduce the sellers collateral requirement under the REC Master Agreement. The REC Master Agreement is available on the Renewables Documents page. 5/4/2009, in General.
Related Questions
- What are the maximum possible amounts of the Pre-Bid Letter of Credit and the Guaranty for the Full Requirements RFP and the Block Energy RFP in this Spring 2010 Solicitation?
- Can an alternative form of irrevocable letter of credit be submitted by a Proponent under an RFP instead of the ILOC required in Appendix G of Volume I, Chapter 2 of the RFP?
- When must the Post-Bid Letter of Credit be delivered for the REC RFP?
