Direct Power Purchase Agreements (PPAs) have become increasingly important in the U.S. energy market as organizations seek to secure reliable, often renewable power supplies while managing costs and meeting sustainability goals. These agreements are particularly relevant when a power consumer wants to purchase electricity directly from a generator rather than through a utility. The agreement must comply with both federal regulations and state-specific requirements, which can vary significantly by jurisdiction. A Direct Power Purchase Agreement typically includes detailed provisions for power delivery, pricing mechanisms, performance guarantees, and risk allocation between parties.
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1. Parties: Identification and details of the power seller and buyer
2. Background: Context of the agreement and high-level description of the transaction
3. Definitions: Key terms used throughout the agreement including technical, commercial, and legal definitions
4. Sale and Purchase Obligations: Core commercial terms including quantity, price, and delivery obligations
5. Term and Termination: Duration of agreement and termination rights
6. Payment Terms: Billing, invoicing, and payment procedures
7. Performance Security: Credit support and security requirements
8. Force Majeure: Events excusing performance and related procedures
9. Default and Remedies: Events of default and available remedies
10. Representations and Warranties: Standard and specific representations by both parties
11. Governing Law and Dispute Resolution: Choice of law and dispute resolution procedures
1. Environmental Attributes: Treatment of renewable energy credits and other environmental benefits - used for renewable energy projects
2. Capacity Rights: Allocation of capacity rights and related products - used when capacity markets are relevant
3. Development Milestones: Project development timeline and requirements - used for new build projects
4. Interconnection: Grid connection requirements and responsibilities - used for physical PPAs
5. Curtailment: Terms governing reduction in generation output - used for variable renewable resources
1. Schedule A - Facility Description: Technical details of the generating facility including location, technology, and capacity
2. Schedule B - Product Price Schedule: Detailed pricing terms, including any escalators or adjustments
3. Schedule C - Expected Energy Production: Projected generation profile and any performance guarantees
4. Schedule D - Form of Performance Security: Template for letters of credit or other security instruments
5. Schedule E - Operating Procedures: Detailed protocols for day-to-day operations and communications
6. Schedule F - Metering Requirements: Technical specifications for metering and measurement
7. Schedule G - Insurance Requirements: Required insurance coverage and limits
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