AEE agrees to amendments that would reduce the cost of four renewable projects

AEE agrees to amendments that would reduce the cost of four renewable projects

The Electric Power Authority (AEE) agreed with a subsidiary of the company AES a series of contractual amendments that, if approved by regulatory bodies, would reduce the cost of purchasing energy related to four renewable projects that must come into operation by the end of 2025 by almost 6%.

In a motion to Puerto Rico Energy Bureau (NEPR), PREPA reserved the details of the amendments, but summarized that would result in savings of “approximately 5.77% for all projects combined”.

“The proposed amendments include total energy savings of $5 per megawatt/hour for PPOAs (power purchase agreements) and $0.50 kilowatt/month in ESSAs (Energy Storage Service Agreements),” indicated the public corporation, in reference to the group of four contracts with Clean Flexible Energy (CFE), the subsidiary company of AES that will develop the projects in Guayama and Salinas.

CFE obtained the contracts as part of the first round of bidding for construction projects. renewable energy large-scale projects that were awarded in 2022, but it was not until November 2023 that they entered the construction phase, after amendments were required to adjust the costs of interconnection to the electrical grid, within the framework of global inflation.

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