FORM POWER PURCHASE AGREEMENT BETWEEN [CONNECTICUT ??power purchase agreement between [connecticut light and power company] ... force majeure ... a letter of credit

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  • FORM

    POWER PURCHASE AGREEMENT

    BETWEEN

    [CONNECTICUT LIGHT AND POWER COMPANY]

    [THE UNITED ILLUMINATING COMPANY]

    AND

    [_________________]

    As of [____________], 2013

  • i

    TABLE OF CONTENTS

    Page

    1. DEFINITIONS ................................................................................................................... 1

    2. EFFECTIVE DATE; TERM............................................................................................ 10

    2.1 Effective Date ...................................................................................................... 10

    2.2 Term ..................................................................................................................... 10

    3. FACILITY DEVELOPMENT AND OPERATION ....................................................... 11

    3.1 Critical Milestones ............................................................................................... 11

    3.2 Delay Damages .................................................................................................... 12

    3.3 Construction ......................................................................................................... 13

    3.4 Commercial Operation ......................................................................................... 14

    3.5 Operation of the Facility ...................................................................................... 15

    3.6 Interconnection and Delivery Services ................................................................ 18

    4. DELIVERY OF PRODUCTS.......................................................................................... 18

    4.1 Obligation to Sell and Purchase Products ............................................................ 18

    4.2 Scheduling and Delivery ...................................................................................... 21

    4.3 Failure of Seller to Deliver Products ................................................................... 22

    4.4 Failure by Buyer to Accept Delivery of Products ................................................ 22

    4.5 Delivery Point ...................................................................................................... 22

    4.6 Metering ............................................................................................................... 22

    4.7 RECs .................................................................................................................... 24

    4.8 Deliveries During Test Period ............................................................................. 24

    5. PRICE AND PAYMENTS FOR PRODUCTS ............................................................... 25

    5.1 Price for Products ................................................................................................. 25

    5.2 Payment and Netting ............................................................................................ 25

    5.3 Interest on Late Payment or Refund .................................................................... 27

    5.4 Taxes, Fees and Levies ........................................................................................ 27

    6. SECURITY FOR PERFORMANCE ............................................................................... 27

    6.1 Sellers Support .................................................................................................... 27

    6.2 Cash Deposits....................................................................................................... 28

    6.3 Return of Credit Support ...................................................................................... 28

  • TABLE OF CONTENTS (CONT.)

    Page

    ii

    7. REPRESENTATIONS, WARRANTIES, COVENANTS AND

    ACKNOWLEDGEMENTS ............................................................................................. 29

    7.1 Representations and Warranties of Buyer ............................................................ 29

    7.2 Representations and Warranties of Seller ............................................................ 30

    7.3 Continuing Nature of Representations and Warranties ....................................... 31

    7.4 Resource Adequacy ............................................................................................. 32

    8. REGULATORY APPROVAL ........................................................................................ 32

    8.1 Receipt of Regulatory Approval .......................................................................... 32

    8.2 Filing for Regulatory Approval ........................................................................... 32

    8.3 Buyer Cost Recovery ........................................................................................... 32

    9. BREACHES; REMEDIES .............................................................................................. 32

    9.1 Events of Default by Either Party ........................................................................ 32

    9.2 Events of Default by Seller .................................................................................. 33

    9.3 Remedies .............................................................................................................. 34

    10. FORCE MAJEURE ......................................................................................................... 38

    10.1 Force Majeure ...................................................................................................... 38

    11. DISPUTE RESOLUTION ............................................................................................... 39

    11.1 Dispute Resolution ............................................................................................... 39

    11.3 Consent to Jurisdiction ......................................................................................... 39

    12. CONFIDENTIALITY...................................................................................................... 39

    12.1 Nondisclosure ...................................................................................................... 39

    12.2 Public Statements ................................................................................................. 40

    13. INDEMNIFICATION...................................................................................................... 40

    14. ASSIGNMENT AND CHANGE OF CONTROL .......................................................... 41

    14.1 Prohibition on Assignments ................................................................................. 41

    14.2 Permitted Assignment by Seller........................................................................... 41

    14.3 Change in Control over Seller.............................................................................. 41

    14.4 Permitted Assignment by Buyer .......................................................................... 41

    14.5 Prohibited Assignments ....................................................................................... 41

    15. TITLE; RISK OF LOSS .................................................................................................. 41

  • TABLE OF CONTENTS (CONT.)

    Page

    iii

    16. AUDIT ............................................................................................................................. 42

    16.1 Audit .................................................................................................................... 42

    16.2 Consolidation of Financial Information ............................................................... 42

    17. NOTICES ......................................................................................................................... 42

    18. WAIVER AND MODIFICATION.................................................................................. 43

    19. INTERPRETATION........................................................................................................ 43

    19.1 Choice of Law ...................................................................................................... 43

    19.2 Headings .............................................................................................................. 43

    19.3 Forward Contract; Commodities Exchange Act .................................................. 43

    19.4 Standard of Review .............................................................................................. 43

    19.5 Change in ISO-NE Rules and Practices ............................................................... 44

    19.6 Change in Buyers Accounting Treatment .......................................................... 44

    20. COUNTERPARTS; FACSIMILE SIGNATURES ......................................................... 44

    21. NO DUTY TO THIRD PARTIES ................................................................................... 44

    22. SEVERABILITY ............................................................................................................. 45

    23. INDEPENDENT CONTRACTOR .................................................................................. 45

    24. ENTIRE AGREEMENT .................................................................................................. 45

    Exhibits

    Exhibit A Description of Facility

    Exhibit B Sellers Critical Milestones Permits and Real Estate Rights