Under the five year agreement, Just Energy will purchase wind power in the form of Renewable Energy Credits produced by a variety of state-of-the-art wind farms in New York. Each single REC is evidence of the generation of 1 MWh (mega watt hour) of clean, renewable, green electric energy from such wind farms.
Just Energy has also confirmed a financial swap arrangement with Iberdrola Renewables which will further enable Just Energy to provide fixed price electricity programs to customers for terms up to five years. This transaction locks in price stability for Just Energy’s power offerings through a financial swap for energy with Iberdrola Renewables. The New York wind RECs and the transaction are exclusive of the physical energy from the wind facilities. The entire agreement enables Just Energy to provide an easy option for environmentally-conscious consumers to support clean, renewable homegrown wind energy.
"With an increasing emphasis on providing green energy solutions across all our markets, we are excited to partner with the global leader in wind power development," said Ken Hartwick, Just Energy’s President and Chief Executive Officer. "Wind power uses a virtually inexhaustible source of energy and is an important component of any long-term sustainable energy strategy. We look forward to leveraging Iberdrola Renewables’ expertise in the development, construction and operation of renewable power generation to bring more sustainable, green energy supply options to our Just Energy customers."
"Working with Just Energy allows us to deliver one of the greatest attributes of wind power directly to customers," said Kevin Helmich, Iberdrola Renewables’ Director of Renewable Origination. "Wind is free fuel, which enables us to deliver fixed prices from our diverse project portfolio at a time when price certainty is so important to our electric customers. Transactions like these enable us to continue to invest in America’s energy infrastructure."
Just Energy is one of North America’s leading electricity and natural gas retailers with offices in Canada and the U.S. Through its affiliates under its parent, Just Energy Income Fund, a publicly traded Income Trust (TSX: JE.UN), Just Energy provides over 1.6 million residential, small to mid-sized commercial and small industrial customers with the peace of mind that comes from knowing that they are protected from energy price volatility. In addition, through its subsidiary National Home Services, Just Energy sells and rents high efficiency and tankless water heaters, and through its subsidiary Terra Grain Fuels, produces and sells wheat-based ethanol. Just Energy is poised to become an industry leader in providing environmentally responsible energy supply solutions to consumers across North America. Visit Just Energy at www.justenergy.com
Iberdrola Renewables is the world’s leading provider of wind power, and ended the third quarter of 2009 with 10,447 MW of total installed capacity, including over 3,000 MW of wind in the U.S. Visit Iberdrola Renewables at www.iberdrolarenewables.us