California-based Green-E renewable electricity program recently reported that the states energy crisis has resulted in a mass exodus of renewable, or “green,” electricity providers. The key reason for the exodus is that green suppliers are unable to garner enough credit to purchase power at the currently extraordinarily high power supply prices. Another reason is that green electricity is linked to the Power Exchange clearing price, which was abolished in January. In essence, suppliers could now be required to charge a price for power that is much lower than their costs.
But some green suppliers are making the best of a bad situation by seeking out new markets. For instance, Texas-based Green Mountain Energy Company has in recent weeks received approval to sell green power in Texas and Connecticut. The company has also applied to sell green power in Ohio. To date, the company has spurred the development of five new renewable projects in Pennsylvania and California. With the addition of possibly three new markets, the company hopes to increase development significantly.
For additional information about how the energy crisis is affecting green power markets, visit the Green-E Web site.
