OREC definition

OREC means a renewable energy credit equal to the generation attributes of one MWh of electricity that is derived from offshore wind energy. Exhibit 1 is a representation of a
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OREC means the Ottawa Renewable Energy Co-operative;
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Examples of OREC in a sentence

  • If, for any month, the amount payable to Seller is a negative amount because the Monthly OREC Price for that month was negative, NYSERDA shall make no payment to Seller for that month and instead shall record a debit in such amount (“Monthly Debit”).

  • Delivery of electric energy during the Contract Delivery Term that complies with this electricity delivery requirement will be sufficient to support the creation of ORECs by NYGATS up to the Annual OREC Cap and in accordance with the transfer requirements of Section 2.03 of this Agreement.

  • The amount payable to Seller with respect to each monthly invoice shall be the product of: (i) the number of ORECs associated with the Actual Production during the month and Transferred to the NYSERDA NYGATS Account in accordance with Section 2.01, and (ii) the Monthly OREC Price for the vintage month of the ORECs Transferred.

  • The Employer agrees that so long as this Agreement is in effect there shall be no lockout.

  • Electric energy from the Selected Project sold on a bilateral basis will produce ORECs and NYSERDA will purchase such ORECs in accordance with Article II of this Agreement until the Annual OREC Cap is reached, provided that the energy is delivered and sold within the NYCA in accordance with this Article.

  • Seller shall be free to sell, assign, transfer or otherwise subject to any encumbrance any ORECs produced by the Selected Project in excess of the Annual OREC Cap.

  • Seller shall Transfer ORECs up to the Annual OREC Cap to the NYSERDA NYGATS Account on a monthly basis via a Forward Certificate Transfer.

  • The value of RGGI allowances shall not be included in the calculation of the Fixed OREC Carbon Price Adjustment and shall not be deducted from the Fixed OREC price.

  • The Fixed OREC Carbon Price Adjustment shall be calculated by NYSERDA no less than annually, based on a 12-month period that NYSERDA may select in its reasonable discretion; provided, however that if NYISO publishes data that readily facilitate monthly calculation, NYSERDA shall calculate the Fixed OREC Carbon Price Adjustment each month and apply it to the Monthly OREC Price.

  • The reduction in dollars per OREC to the Fixed OREC Price or Index OREC Strike Price (as applicable) as calculated pursuant to Section 5.07 of this Agreement.

Related to OREC

  • plant products means products of plant origin, unprocessed or having undergone simple preparation in so far as these are not plants, set out in Annex IV-A, Part 3 to this Agreement;

  • Gasification means the substoichiometric oxidation or steam reformation of a substance to produce a gaseous mixture containing two or more of the following: (i) oxides of carbon; (ii) methane; and (iii) hydrogen;

  • generating plant means the generating facility described in Schedule 1 as amended from time to time;

  • Mineral Products means the commercial end products derived from operating the Property as a mine:

  • ore means any rock soil or alluvium bearing diamonds mined from mining leases granted pursuant to this Agreement;