Presentation is loading. Please wait.

Presentation is loading. Please wait.

Wind Committee Updated Recommendation On February 9, 2010 the Wind Energy Committee formally voted 5-0: To recommend that Jamestown construct two 1.65.

Similar presentations


Presentation on theme: "Wind Committee Updated Recommendation On February 9, 2010 the Wind Energy Committee formally voted 5-0: To recommend that Jamestown construct two 1.65."— Presentation transcript:

1 Wind Committee Updated Recommendation On February 9, 2010 the Wind Energy Committee formally voted 5-0: To recommend that Jamestown construct two 1.65 megawatt wind turbines, with one to be located at Ft. Getty and one to be located at Taylor Point.

2 Rationale for Recommending Ft. Getty Potential to generate millions of additional dollars of revenue for the Town, thereby avoiding substantial future tax increases to residents A single turbine at Ft. Getty would be compatible with campers – Initial survey shows campers would not object to a turbine – Profits from turbine could fund Ft. Getty infrastructure improvements beneficial to camping experience – Minimal “footprint”, does not prevent other uses – Minimal noise

3 Ft. Getty Rationale (2) Committee felt that if the Town only does one site now, that it will likely be the only site ever, due to the complexity of the undertaking and current green initiatives and funding

4 Possibility of $750,000 of extra stimulus funding available now, not later. Huge impact on profitability due to decreased costs. Doing two turbines at once reduces: – Mobilization Costs – Project Management Costs – Transportation, Rigging and Crane Costs – Financial Savings are significant Estimated in the Hundreds of Thousands of $ – These savings are not even factored into the Committee’s present financial projections Ft. Getty Rationale (3)

5 Ft. Getty Rationale (4) Ft. Getty Road power cables would be buried under roadway utility easement – Improved Infrastructure for Ft. Getty Plan – Removal of overhead lines improves visual experience – Total Approximate cost $377, Consists of: 4/10ths of a mile run (2200ft) at $135 per foot 2 Pad Mount each 3 service Drops $10K each Funding could be from Dual Project economies (slide 4)

6 Side-by-Side Comparison All scenarios assume that funding is based on $3M 15 year CREB and balance + 20 year Bond at 5% interest + $750,000 ARRA + $500,000 RIEDC LocationTurbine Size Estimated Gross Installed Cost Estimated Cumulative Net Profit (over 20 years) Taylor Pt. & Ft MW $10,085,000 $6,400,000 Taylor 1.65 MW $4,962,000 $4,500,000 Taylor 2 MW $6,177,000 $3,630,000 Fort 1.65 MW $5,122,000 $4,500,000 Fort 2 MW $6,177,000 $4,000,000

7 Calculating Project Costs & Benefits Calculating the Project’s Net Profit : (Electricity Generated x Wholesale Electricity Price) + (Electricity Generated x REC Price) + ARRA Grant + RI EDC Grant - Gross Project Costs = Net Profit Project CostsSources of Project Revenue Equipment & Installation costs Financing costs; bankers fees, legal fees and due diligence Operating and maintenance costs, including service contract Decommissioning cost Value of electricity generated ($0.114) REC value of electricity generated

8 State:Rhode Island Incentive Type:Net Metering Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Wind Applicable Sectors:Commercial, Industrial, Residential, Nonprofit, Schools, Local Government, Agricultural, Institutional Applicable Utilities:Investor-owned utilities System Capacity Limit:3.5 MW for municipalities and Narragansett Bay Commission; 2.25 MW for certain systems serving municipalities; 1.65 MW for all other systems Aggregate Capacity Limit: 2% of utility's peak load (1 MW reserved for systems under 25 kW) Net Excess Generation:Customers have an option to either accumulate excess generation to the next bill (for 12-months) or receive monthly compensation (via check) for excess generation. Certain customer classes have a third option to apply excess generation to up to 10 other accounts during a billing period. REC Ownership:Not addressed Meter Aggregation:Allowed for certain customer classes Summary: Authority 1: R.I. Gen. Laws § Date Enacted: 2006 Date Effective: 2006 Authority 2: R.I. Gen. Laws § Date Enacted: 7/2/2007 (subsequently amended) Date Effective: 7/2/2007 Authority 3: Rhode Island PUC Order 19821, Docket No Date Enacted: 11/4/2009 Date Effective: 09/30/2009 Net Metering Interpretation From the Database of State Incentives for Renewables and Efficiency. Updated 12/15/09 Available from: es/incentive.cfm?Incentive_Cod e=RI01R&re=1&ee=1 es/incentive.cfm?Incentive_Cod e=RI01R&re=1&ee=1


Download ppt "Wind Committee Updated Recommendation On February 9, 2010 the Wind Energy Committee formally voted 5-0: To recommend that Jamestown construct two 1.65."

Similar presentations


Ads by Google