Today’s Power, city pact weighed

North Little Rock and Today’s Power Inc. plan to enter a $35,000 power purchase agreement.

Under such agreements, a third party agrees to build, maintain and operate a renewable energy system either on the customer’s property or off-site. A power purchase agreement locks in a fixed electricity rate, so an entity can more accurately predict energy expenses and not worry about surprise energy expenses or the financial risk of traditional energy sources, according to the federal Department of Energy.

Today’s Power Inc., founded in 2014 by Arkansas Electric Cooperatives Inc. to support the 17 electric cooperatives across Arkansas, offers services that include electric vehicle charging, battery energy storage systems, and operations and maintenance.

According to documents before the North Little Rock City Council members, who meet Monday, the city and firm would agree to the following:

■ Facility: 5.0MW AC, single axis tracking system. m Location: Approximately 47 acres of Today’s Power Inc.-owned property within the North Little Rock Electric Department’s service territory.

■ Interconnection: North Little Rock Electric Department distribution network along a recently upgraded extension studied, approved and constructed by the North Little Rock Electric Department near Today’s Power Inc.’s offices located at 7300 Industry Drive.

■ Energy Rate: $0.03766/ kWh, without escalation, reflecting the North Little Rock Electric Department’s avoided cost rate.

■ Service Charge: Fixed service charge for operations and maintenance of $100/ month for contract years one through five, without escalation; $2,877.51/month for operations and maintenance starting in Contract Year 6, escalating annually at the lesser of 2% or the Consumer Price Index for the South Region as published by the U.S. Bureau of Labor Statistics.

■ Term: 25 years with extension options available to the North Little Rock Electric Department.

■ Purchase Option: Initial purchase option available to the North Little Rock Electric Department in Contract Year six.