LINCOLN – Lincoln Electric System has finalized a power purchase agreement to include an additional 100 megawatts of wind energy in its power resource portfolio by January 2016.
"Taking advantage of a market strengthened by the extension of the federal Production Tax Credit for large-scale wind farms, LES was able to secure a 20-year contract with EDP Renewables that will deliver our customer/owners considerable savings in projected power costs," said LES Administrator & CEO Kevin Wailes.
"We expect to begin realizing these savings in the first year, with the benefits increasing throughout the life of the contract."
LES will receive all 100 MW of wind energy from EDP Renewables' Arbuckle Mountain Wind Farm, located in south-central Oklahoma.
Wailes said the additional wind energy will boost the renewable resource component of LES' power portfolio by 12 percent.
"By 2016, over 23 percent of LES' annual retail sales will be supplied by renewable resources, which includes wind, solar, hydro and landfill gas," he said. "Aside from the environmental benefits, increasing the amount of renewable energy in our power resource portfolio will help mitigate the adverse impact that additional regulations on power plant emissions and fuel and electric market volatility can have on our low rates."
According to Wailes, LES was pleased with the quantity and quality of the proposals received for this project. After careful consideration and evaluation, EDP Renewables' Arbuckle Mountain Wind Farm was selected for its highly competitive costs, strength of existing electric transmission connections, company experience, reputation and qualifications, and the project structure and timeline.
"LES is a company with the foresight to lock in competitive long-term prices for its rate payers, and we are pleased to partner with them as a supplier of affordable clean energy," said Gabriel Alonso, CEO of EDP Renewables North America.
More information regarding LES' renewable resources is available on www.les.com.