SRP’s Sustainable Portfolio combines renewable energy resources, hydro generation, and energy efficiency programs to benefit the environment. The acquisition of resources and implementation of these programs are guided by the Sustainable Portfolio Principles.
SRP’s Board of Directors, which has responsibility for setting renewable and energy efficiency standards, set a goal for the company to meet 20% of its retail energy requirements through sustainable resources by 2020. One of the primary motivations for establishing sustainable energy goals is to reduce emissions intensity. Looking beyond 2020, SRP's Board of Director approved the 2035 Sustainability Goals in October 2017, which continues the effort to move towards a sustainable future.
As of the close of SRP's 2018 fiscal year (May 1, 2017 through April 30, 2018), we are currently on schedule to meet the goal by delivering 17.25% of retail requirements through sustainable resources, including: renewable energy, hydroelectric generation, energy efficiency programs, and banked credits.
Sustainable Portfolio Fiscal Year 2018 results
|Commercial demand side management||1,411,370|
|Residential demand side management||1,204,759|
|SRP facility savings||2,469|
|Total Energy Efficiency||2,899,735|
|Renewable energy credits||68,148|
|Total renewable energy||1,823,463|
|Total sustainable portfolio - MWh||5,055,075|
|Total sustainable portfolio – % of retail requirements||17.25%|
Performance of renewable resources
Over the last 10 years, SRP’s renewable energy resources have made up between 4% and 7% of its retail energy requirements. SRP’s renewable energy performance also compares favorably when defined against the Renewable Energy Standard and Tariff (REST) – a policy for utilities under jurisdiction of the Arizona Corporation Commission (ACC). While SRP is not governed by the ACC with respect to our renewable portfolio, we exceed the REST requirements when hydroelectric generation is included. SRP includes energy from run-of-river hydroelectric generation as a sustainable energy resource because of our role as one of the largest suppliers of water in the Phoenix metropolitan area.
Electricity generated from renewable resources helps drive down SRP’s generation emissions intensity. SRP takes a balanced and measured approach to adding a diverse mix of new renewable generation to our portfolio to ensure that sustainable energy targets are realized while preserving reliable power and keeping costs down.
Performance of energy efficiency
Over the past several years, SRP has offered a variety of energy efficiency programs to help our customers manage their energy use and costs. Our goal is to offer options for customers while aiding in the management of SRP’s resources. Energy efficiency plays a key role in accomplishing this mission by cost-effectively meeting SRP’s current goals while contributing to long-term emission intensity reductions. Currently, energy efficiency makes up 8.90%, or over half of the annual Sustainable Portfolio target.
When comparing SRP’s portfolio performance under the ACC’s Energy Efficiency Resource Standard (EERS), SRP exceeds the Arizona target.