At LevelTen, we want important news and information concerning renewable transaction infrastructure (RTI), power purchase agreements, and new sustainability commitments to be easily accessible to everyone. Each week, we assemble the stories that matter most in our “RTI Weekly” newsletter, which you can subscribe to here. We’ve collected July’s biggest stories below.
Renewable Energy News
Clean Energy, Aging Grid to Get Big Boosts Under Infrastructure Deal
A $550 billion bipartisan infrastructure deal reached by the U.S. Senate and White House includes $73 billion to expand clean sources of energy and high-voltage transmission infrastructure. The White House described the build-out of “thousands of miles of new, resilient transmission lines,” which will connect the often remote locations where wind and solar farms are constructed to more densely populated areas where electricity demand is high. The deal will also create a new federal Grid Deployment Authority to “finance and encourage the development of high-voltage transmission lines,” the White House says. Such an entity would dramatically streamline the transmission approval process and reduce the red tape that often delays transmission infrastructure build-out by centralizing approval within a single authority. (NBC)
It’s Official: The EU Commission Wants 30 GW a Year of New Wind Up to 2030
The European Commission’s new “Fit-for-55″ package aims to reduce net EU emissions by 55% by 2030. The revision of the EU Renewable Energy Directive improves the legal framework for corporate PPAs, requiring Member States to issue Guarantees of Origin (GOs) for all renewable electricity. The package also says the share of renewables in industry should increase by 1.1% annually, which will likely trigger additional demand from industry and other big energy consumers who want to source renewables directly. (Wind Europe)
California Approves Immense Build-Out of Renewables and Storage
The California Public Utilities Commission has called for 11.5 GW of carbon-free capacity to be procured by utilities PG&E, SCE, SDG&E, and 22 other community choice aggregators by 2026. The decision comes as the state prepares for the retirement of the 2.2 GW Diablo Canyon nuclear plant in 2025, and 3.7 GW of natural gas capacity set to retire by 2023. The proposal calls for a diversity of zero-carbon resources including solar, battery storage, long-duration storage such as pumped hydro, and 1 GW of zero-emissions resources that are "able to generate when needed, for as long as needed." (Canary Media)
New Jersey Approves 2.7 GW of Offshore Wind
The New Jersey Board of Public Utilities announced Wednesday its approval of two applications to construct nearly 2.7 GW of offshore wind generation. The Board approved the 1.15 GW Ocean Wind 2 project to be built by Ørsted, and the 1.5 GW Atlantic Shores Offshore Wind project to be developed jointly by Shell New Energy and EDF Renewables. The approval is the largest combined award for offshore wind generation in U.S. history. (Utility Dive)
LevelTen Releases Q2 2021 North America and Europe PPA Price Index Reports
The Q2 LevelTen Energy PPA Price Index Reports revealed that rising demand, combined with rising development costs, continue to put upward pressure on PPA prices, and that the Spanish market remains hot, with the highest percentage of offers in Europe. Download the full reports here.
PPA Signings
Microsoft Executes Over 35 Power Purchase Agreements
Microsoft has executed 35 PPAs, including deals with Volt Energy (250 MW), Invenergy (1,000 MW), AEP Energy (560 MW) and Shell (300 MW), as well as a partnership with bp. (Microsoft)
California Community Choice Agencies Enter Into 7 PPAs
Central Coast Community Energy and Silicon Valley Clean Energy have jointly executed seven renewable PPAs, which total 778 MW of clean energy generation. Four of the seven agreements are for new-build solar projects paired with storage facilities, which together amount to 435 MW of new solar generation and 119 MW of total battery storage. (Silicon Valley Clean Energy)
Johnson & Johnson Signs European VPPA for Fully Renewable Power Supply
Johnson & Johnson signed a 10-year, fully renewable Pan-European VPPA for 270 GWh/year of renewable power; a huge step towards the company's goal of achieving 100% renewable electricity for its global operations by 2025. (Smart Energy Decisions)
Hydro Announces Swedish Wind PPA
In addition to jointly acquiring the 260 MW Stor-Skälsjön wind project with Swedish consultancy Eolus, aluminum producer Hydro REIN has announced it will enter a 12-year PPA to offtake 70% of the project's generation. (Hydro)
Recent Sustainability Commitments
Microsoft Announces "100/100/0" Commitment
Microsoft has announced its commitment to having 100% of its electricity consumption be matched by zero-carbon energy purchases, 100% of the time, by 2030. (Microsoft)
IBM Announces Sweeping New Sustainability Targets
IBM has announced 21 new environmental sustainability goals, which include goals of reducing GHG emissions 65%, and producing 75% of the electricity the company consumes from renewable resources, by 2025. (Environment + Energy Leader)
LG Commits to 100% Renewables
LG Electronics has announced its commitment to transitioning to a 100% renewable energy supply by 2050, on top of its existing goal of achieving carbon neutrality by 2030. (Energy Industry Review)
Yamaha Motors Sets New Targets
Yamaha Motor Group has announced a new goal of achieving carbon neutrality throughout all business activities, including product life cycles, by 2050. (Business Wire)
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