Rhode Island Energy announced today that its parent company, PPL Company (NYSE: PPL), contributed $2.5 million to support the Rhode Island Commerce Corporation (TradeRI) Renewable Energy Fund (REF). This donation reinforces the company’s clean energy and decarbonization priorities and will support REF’s funding pool for state grants.
CommerceRI Renewable Energy Fund (REF) helps expand the role of renewables in Rhode Island, providing grants for renewable energy projects that can produce electricity in a cleaner and more sustainable way. These grants also help stimulate job growth in the green technology and energy sectors. The bulk of REF funding comes from the “system benefit charge” on electricity bills and alternative compliance payments received from retail electricity providers. CommerceRI then funds renewable energy projects in small-scale solar, commercial-scale, and community-based renewables.
“PPL’s contribution to the Renewable Energy Fund demonstrates our unwavering commitment to helping Rhode Island achieve its clean energy goals,” said David Bonenberger, Rhode Island Energy President. ‘This is just the beginning. We look forward to partnering with the state on many other initiatives that can help advance our ambitious decarbonization goals and enable more businesses to realize the full potential of renewable energy.
Funding for the contribution came from PPL as part of a settlement agreement the company entered into with the Rhode Island attorney general’s office before finalizing the purchase of Narragansett Electric of United States National Grid. PPL is also committed to providing more $50 million in invoice credits to Rhode Island Energy electricity and gas customers and will seek the approval of Rhode Island regulators to forgive more than $43 million arrears for low-income and protected clients. The company expects to provide an update on these commitments in the coming weeks.
About Rhode Island Energy
Rhode Island Energy provides essential energy services to more than 770,000 customers across Rhode Island by the delivery of electricity or natural gas. Our team is dedicated to helping Rhode Island customers and communities thrive, while supporting the transition to a cleaner energy future. Rhode Island Energy is part of the PPL Company (NYSE: PPL) family of companies tackling energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions.
(C) Electronic news edition 2022, source ENP Newswire