- A. After the fifteenth year of operation of a wind energy facility, the owner shall file with the Corporation Commission evidence of financial security to cover the anticipated costs of decommissioning the wind energy facility. Evidence of financial security may be in the form of a surety bond, collateral bond, parent guaranty, or letter of credit.
B. The evidence of financial security shall be accompanied by an estimate of the total cost of decommissioning, minus the salvage value of the equipment, prepared by a professional engineer licensed in the State of Oklahoma. The amount of the evidence of financial security shall be either:
- 1. The estimate of the total cost of decommissioning minus the salvage value of the equipment which shall be filed with the Commission in the fifteenth year of the project and every tenth year thereafter for the life of the wind energy facility; or
- 2. One hundred twenty-five percent (125%) of the estimate of the total cost of decommissioning which shall be filed with the Commission in the fifteenth year of the project.
- C. If the owner of a wind energy facility fails to file the information with the Commission as is required by this section, the owner shall be subject to an administrative penalty not to exceed One Thousand Five Hundred Dollars ($1,500.00) per day.
- D. In the event of a transfer of ownership of a wind energy facility, the evidence of financial security posted by the transferor shall remain in place and shall not be released until such time as evidence of financial security meeting the requirements of this section is posted by the new owner of the wind energy facility and deemed acceptable by the Commission.
- E. The provisions of this section shall apply to any wind energy facility or portion thereof entering into or renewing a power purchase agreement (PPA) for the energy generated by the wind energy facility on or after the effective date of this act. If a wind energy facility does not sell its energy under a power purchase agreement, the provisions of this section shall apply to the wind energy facility or portion thereof which construction commences on or after the effective date of this act.
Laws 2010, HB 2973, c. 319, § 5, eff. January 1, 2011.