First Operation definition
Examples of First Operation in a sentence
Such documentation and verification must be provided to the IPA within the later of: five (5) Business Days of the Effective Date of this Agreement or within five (5) Business Days of the Date of First Operation of the Project.
For purposes of verification, Buyer and the IPA shall be granted read-only access of information for the Project by Seller within PJM Power Meter system or MISO Market Portal, as applicable, within thirty (30) days of: the Effective Date of this Agreement or the Date of First Operation, whichever is later; such data shall be treated and maintained as confidential and proprietary by the IPA and Buyer.
If the Date of First Operation of the Project as recorded by PJM-EIS GATS or M-RETS (or the Hydropower Refurbishment Completion Date if the Project is a Hydropower Project that is newly Modernized or Retooled) occurred prior to the date that is thirty (30) days of the Commission Bid Approval Date, then the Mid-Year MES Confirmation shall not be required.
The Date of First Operation of the Project as recorded by PJM EIS GATS or M-RETS must occur by the day that is three (3) years after the Commission Bid Approval Date unless such occurrence after the day that is three (3) years after the Commission Bid Approval Date is due to Force Majeure.
Seller represents and warrants to Buyer upon the Date of First Operation and on each Delivery Date through the expiry of the Delivery Term that all governmental and other authorizations, approvals, consents, notices and filings that are required to have been obtained or submitted by it with respect to performing this Agreement have been obtained or submitted and are in full force and effect and all conditions thereof have been complied with.
For avoidance of doubt, no subsequent verification of this requirement is expected to be performed by the IPA subsequent to the initial verification following the Date of First Operation.
Further, if construction of the Project spans multiple delivery years, then fulfillment of this commitment shall be measured for the entirety of the period for which Construction Activities occurred up through the Date of First Operation and not for each delivery year separately.
If Seller has committed to fulfill a higher requirement than the Minimum Equity Standard for the Project under the RFP, Seller shall provide to Buyer and the IPA information and documents sufficient to verify the fulfillment of such attributes within thirty (30) days of the Date of First Operation.
If the Date of First Operation of the Project as recorded by PJM-EIS GATS or M-RETS (or the Hydropower Refurbishment Completion Date if the Project is a Hydropower Project that is newly Modernized or Retooled) occurred prior to December 15, 2022, then the Minimum Equity Standard shall not apply.
Notwithstanding the foregoing, if the Date of First Operation of the Project as recorded by PJM-EIS GATS or M-RETS (or the Hydropower Refurbishment Completion Date if the Project is a Hydropower Project that is newly Modernized or Retooled) occurred prior to the date that is thirty (30) days of the Commission Bid Approval Date, then the MES Compliance Plan shall not be required.