According to the State of Michigan, as of March 4, 2013 "progress toward the first compliance year in 2012 and the 10 percent renewable energy standard in 2015 is going smoothly. Michigan’s electric providers are on track to meet the 10 percent renewable energy requirement. The renewable energy standard is resulting in the development of new renewable capacity and can be credited with the development of over 1,000 MW of new renewable energy projects becoming commercially operational since the Act became law. The weighted average price of renewable energy contracts is $82.54 per MWh which is less than forecasted in REPs."