SRP's Sustainable Portfolio
SRP's Sustainable Portfolio was developed based on eight guiding principles. There were many reasons for creating this goal, but the main reason was that we needed sustainable strategies for cutting carbon emissions at a low cost to our customers.
SRP achieved its goals of meeting 20% of retail energy requirements through sustainable resources.
Reaching our goal
As of the close of our 2020 fiscal year (May 1, 2019–April 30, 2020), SRP successfully met our Sustainable Portfolio Goal. We did this by delivering 24.29% of retail requirements through sustainable resources, including renewable energy, hydropower, energy efficiency programs and banked credits.
We have also:
- Paid over $150 million in solar incentives to about 20,000 customers between August 2004 and April 2020.
- Paid $264 million in energy efficiency incentives to customers since 2008, resulting in more than 22 million MWh saved.
- Exceeded our annual Energy Efficiency retail energy requirement target of 2.0% as SRP delivered saving equal to 2.09% for the year.
Fiscal Year 2020 results
|Commercial demand-side management||1,758,269|
|Residential demand-side management||1,337,189|
|SRP facility EE savings||3,130|
|Total Energy Efficiency||3,388,934|
|Renewable energy credits||100,000|
|Total renewable energy||2,116,077|
|Total sustainable portfolio - Megawatt-hours||7,446,144|
|Total sustainable portfolio – % of retail requirements||24.29%|
Sustainable Portfiolio fiscal year 2020 actual.
For more than a decade, SRP has offered energy efficiency programs to help our customers manage their energy use and costs. These programs are not only beneficial for customers, but also for SRP. Energy efficiency helps SRP to be more cost-effective and meet our long-term sustainability goals. Energy efficiency made up 10.66% — over half — of the annual Sustainable Portfolio target.
When compared against the ACC’s Energy Efficiency Resource Standard (EERS), SRP’s portfolio performance exceeds the Arizona target.
SRP will evaluate and implement all supply-side and demand-side measures that either offset or do not emit greenhouse gases or that reduce the use of conventional natural gas, oil, gasoline and coal. Sustainable resources include electric generation from renewable energy sources, certified Renewable Energy Credits, customer-owned renewable resources, conservation, behavioral programs, energy efficiency and pricing measures. Sustainable resources do not include conventional natural gas or nuclear resources.
SRP's Sustainability Portfolio goals will produce the maximum sustainable energy benefit for the lowest reasonable cost to SRP's customers. Consistent with SRP Board-approved pricing principles, sustainable resources will be managed to ensure:
- Gradualism: smoothing the impacts of cost movements
- Cost relation: establishing prices based on relationships to costs
- Equity: treating all types of customers fairly
- Sufficiency: ensuring SRP's financial well-being
During the annual energy resource planning process, SRP will seek to achieve an appropriate balance between owned and purchased resources, and conservation/energy-efficiency measures. To control customer costs, preference will be given to least-cost options. Preference will be given to options that promote public education and awareness.
SRP will collaborate with customers, Arizona universities and other public and private entities to develop and expand the use of sustainable energy technologies.
SRP will actively encourage and recognize innovation in, and use of, sustainable energy technologies by employees, outside experts, the public and customers.
SRP will undertake comprehensive education efforts to inform customers and stakeholders of its sustainability efforts. SRP will publish an annual report to document the performance of its principles, review and discuss the performance of its programs, and outline its future intentions and direction. Additionally, SRP will host meetings to discuss planned program changes and will provide customers and stakeholders with information on SRP's various efforts in support of cost-effective emissions control.
All sustainable resource options adopted will comply with SRP's current purchasing policies, pricing policies and competitive procurement principles.
SRP may revise these principles as necessary to ensure that they remain in the best interests of SRP and our customers. In addition, we will proactively seek opportunities to exceed the yearly target and undertake comprehensive education efforts to inform customers and stakeholders of our sustainability efforts.