The Florida Public Service Commission (PSC) today approved cost recovery for Gulf Power Company’s (Gulf) energy purchase agreement with Morgan Stanley Capital Group, Inc. (Morgan Stanley), which will encourage wind generation development. The 20-year agreement is expected to save customers $21 million.
“Customers will realize savings within the first year of Gulf’s power purchase agreement, and it also encourages renewable energy development,” said PSC Chairman Julie Brown. “The agreement is a win for customers, the economy, and the environment.”
Under the agreement, Morgan Stanley will deliver the equivalent monthly energy output of a 94-megawatt (MW) portion of the Kingfisher Wind Farm in Oklahoma. Gulf will receive all renewable attributes, including renewable energy credits (REC) associated with the corresponding output of the Kingfisher Wind Farm. Gulf will return any proceeds from REC sales to customers through its fuel charge.