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Definition of "Power Purchase Agreement" |
A contract entered into by an independent power producer and an electric utility. The power purchase agreement specifies the terms and conditions under which electric power will be generated and purchased. Power purchase agreements generally include: specification of the size and operating parameters of the generation facility; contract terms; price mechanisms; service and performance obligations; dispatchability options; and conditions of termination or default. / A contract entered into by an independent power producer and an electric utility. The power purchase agreement specifies the terms and conditions under which electric power will be generated and purchased. Power purchase agreements generally include specification of the size and operating parameters of the generation facility, contract terms, price mechanisms, service and performance obligations, dispatch-ability options, and conditions of termination or default. |
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