The 20-year agreement is expected to save customers between $11 million and $48 million.
"Not only does this project encourage renewable energy development, it’s also cost effective for Gulf’s customers," said PSC Chairman Art Graham.
Under the agreement, Morgan Stanley will deliver the projected energy output for a 178 megawatt (MW) portion of the Kingfisher Wind Farm to be constructed in Oklahoma. Gulf will receive more than 674,000 MW hours of energy annually from Morgan Stanley — enough to power about 50,700 homes.
Under Gulf’s agreement with Morgan Stanley, Gulf will receive all renewable attributes, including renewable energy credits (REC) associated with the corresponding output of the Kingfisher Wind Farm. Gulf will return any proceeds from REC sales to customers through its fuel charge.
