Physical Power Purchase Agreements are fundamental instruments in the U.S. energy market, used when a power generator needs to establish a long-term arrangement for the physical delivery of electricity to a buyer. These agreements are particularly crucial for project financing and ensuring stable revenue streams for power generation facilities. The Physical Power Purchase Agreement includes detailed provisions for power delivery specifications, pricing mechanisms, operational requirements, and risk allocation, while ensuring compliance with both federal (FERC) regulations and state-specific energy laws. It's especially relevant for new generation facilities seeking project finance and established generators looking to secure long-term offtake arrangements.
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1. Parties: Identification of buyer and seller, including full legal names and addresses
2. Background/Recitals: Context of the agreement, including facility description and purpose
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase Obligations: Core obligations including capacity, energy amounts, and delivery points
5. Term and Termination: Duration of agreement and termination conditions
6. Price and Payment: Pricing structure, payment terms, and billing procedures
7. Delivery and Metering: Specifications for power delivery and measurement
1. Credit Support: Financial security requirements - used when dealing with non-investment grade counterparties
2. Environmental Attributes: Treatment of renewable energy credits and other environmental benefits - used when dealing with renewable energy sources
3. Development Milestones: Construction and development timeline requirements - used when facility is not yet operational
1. Facility Description: Technical specifications of the generating facility
2. Product Specifications: Detailed description of energy products and capacity
3. Pricing Schedule: Detailed pricing mechanisms and calculations
4. Operating Procedures: Detailed operational requirements and procedures
5. Form of Performance Security: Template for required security instruments
6. Interconnection Requirements: Technical requirements for grid connection
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