Commercial, Finance, Sourcing Renewables - October 24, 2019
Port Houston approved for RE purchase agreement
Port Houston was approved Tuesday to enter into an agreement to purchase renewable electricity port-wide, the first of its kind for a port to administer in the U.S, which is expected to save them approximately $240,000 annually.
The port will now begin final negotiations with three potential retail electric providers: Constellation New Energy, MP2 Energy Texas and NRG Business Solutions. The proposal to these providers is a 10-year contract at a cost not to exceed $35 million.
By sourcing their energy from 100% renewable sources, Port Houston expects to eliminate close to 25,000 tons of CO2 from their carbon footprint over ten years, according to a news release.
The Port Commission also approved a move to share the port’s Comprehensive Long-Range Plan with stakeholders and provide stakeholder participation support services. The port has seen strategic expansion over recent years and has invested hundreds of millions of dollars in capital improvements in Port Houston, which is the largest port in the U.S. Gulf of Mexico.