Title
Resolution - Approval to Extend Master Power Purchase and Sale Agreement - D Thompson
Other Info
Submitted By: Robyn Miller on behalf of Markets
Department: Markets
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session; based on the updated indicative price for the extension of a power purchase agreement confirmation letter, PEC anticipates a net positive benefit to PEC Cost of Power over the term of the agreement.
Discussion
PEC previously executed a master power purchase and sale agreement confirmation letter for wind generation, and PEC now wishes to extend the agreement. Specific terms and conditions, including price, are provided in PEC Executive Session documentation.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF PEDERNALES ELECTRIC COOPERATIVE, INC. that the Cooperative authorize the Chief Executive Officer, or designee, to negotiate, execute and deliver an extension to its power purchase and sale agreement to acquire electric capacity, energy and other related products from renewable wind generation on the terms as discussed in Executive Session of this meeting and to deliver such notices as may be required by any wholesale power agreement; and
BE IT FURTHER RESOLVED, that the Chief Executive Officer, or designee, is hereby authorized and directed to do any and all such other things, and take such other actions, as the Chief Executive Officer, or designee, deems necessary or desirable to effectuate the purposes of this resolution.