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 October's biggest stories below.
Renewable Energy News
Biden Plan Aims for Robust Climate Action
After months of political maneuvering and with the COP26 climate summit fast-approaching, the Biden Administration has put forth a revised spending bill with $555 billion in climate-related measures. The legislation includes investments and tax credits for solar and wind energy, though it excludes an original provision that would have required utilities to reduce carbon emissions after the measure was blocked by West Virginia Senator Joe Manchin. Biden has called the bill “the most significant investment to address the climate crisis ever” and has said it will “truly transform this nation.” The White House stated it was confident the reduced version of the bill would pass both houses of Congress. (The Guardian)
Biden Administration Announces Major Offshore Wind Leasing Plans
Secretary of Interior Deb Haaland announced Wednesday that her agency will begin to identify, demarcate, and look to lease federal waters in the Gulf of Mexico, Gulf of Maine, the Mid-Atlantic, California, and Oregon for offshore wind development. “The Interior Department is laying out an ambitious road map as we advance the administration’s plans to confront climate change, create good-paying jobs, and accelerate the nation’s transition to a cleaner energy future,” said Ms. Haaland. The move supports the Biden Administration's goal of building 30 GW of offshore wind capacity in U.S. waters by 2030. (CNN)
UK Commits to 100% Clean Electricity By 2035
Prime Minister Boris Johnson has announced that the UK will work to be entirely reliant on its own clean power sources by 2035. Johnson said additions in wind power and other renewable sources will make this goal possible, adding that the move will reduce the country’s dependence on imported hydrocarbons. The UK is still gripped by sky-high wholesale electricity prices due in part to a shortage of natural gas supply, and is working to reduce carbon emissions 78% by 2035. (BBC)
LevelTen Energy Q3 Price Index Reports Reveal Rising PPA Prices Across Europe and North America
LevelTen’s Q3 Price Index Reports show that North American solar and wind PPA offer prices rose during Q3 as developers continue to combat myriad regulatory, supply chain, and permitting headwinds — reducing available renewable supply amid record demand. In Europe, wind and solar PPA offer prices increased as supply chain constraints, permitting slowdowns, and skyrocketing wholesale electricity costs cause upward price pressure. Both reports are now available for free download. (Solar Builder Magazine)
IEA Report Shows World Failing to Adequately Commit to Net Zero
A new report from the International Energy Agency (IEA) shows that current global decarbonization commitments will only decrease emissions 40% by 2050 — far short of the reductions required to mitigate the worst impacts of climate change. The report noted that while renewables are the cheapest option in most markets, the recent rebound in coal and oil use as the pandemic wanes, combined with current investments falling well short of necessary levels, means the clean energy transition is far behind where it needs to be. To reach a pathway that would limit global warming to 1.5°C, annual investments in clean energy projects and infrastructure will need to triple to nearly $4 trillion annually by 2030. The findings underscore the urgency of continued aggressive clean energy commitments from the public and private sectors alike. (IEA)
PPA Signings
Pfizer Signs Texas Solar PPA
Pfizer has entered into a 15-year PPA with developer Vesper for 310 MW of solar capacity from the 500 MW Hornet Solar project in west Texas. (PR Newswire)
Facebook Signs Virginia Solar Deal
Facebook has contracted with developers D.E. Shaw Renewable Investments and Torch Clean Energy for 160 MW of solar generation from the Chester Solar project in Chesterfield County, Virginia. (Smart Energy Decisions)
Dow Announces Several Renewable PPAs
Dow has announced the signing of 8 renewable PPAs across Europe and the Americas, including six agreements spanning Spain, the UK, Sweden, France, and Germany, a Brazilian wind deal, and a 15-year PPA with Capital Power for 25 MW of Albertan wind capacity. (Yahoo! Finance)
Axel Johnson Group Signs Swedish Solar Offtake
Swedish trade and services business group Axel Johnson Group has aligned several of its subsidiary companies to collectively purchase more than 90 GWh annually of solar capacity from three Swedish solar parks being constructed by developer Alight. (Axel Johnson)
Valley Clean Energy Signs Solar+Storage Agreement
California-based electric utility Valley Clean Energy has entered into a 15-year PPA with developer Leeward Renewable Energy for 72 MW of solar capacity, paired with 144 MWh of battery storage, from the Willow Springs 3 facility located north of Los Angeles in Kern County, California. (PV Magazine)
Recent Sustainability Commitments
Apple Suppliers Commit to Decarbonizing
Apple has announced that 175 of its suppliers will transition to renewable energy by 2030, and will in doing so bring more than 9 GW of renewable energy capacity online. (Apple)
Mars Sets Value Chain Decarbonization Goal
Multinational food producer Mars has broadened its existing sustainability goals to include Scope 3 emissions, and will target net-zero for its entire business operations, supply chain, agricultural inputs, and eventual consumer use of its products, by 2050. (GreenBiz)
Major Mining Firms Commit to Net Zero
A group of 28 of the world’s major mining companies, who together form the International Council on Mining and Metals (ICMM), have committed to achieving net-zero Scope 1 and 2 carbon emissions by 2050, and to setting Scope 3 goals “if not by the end of 2023, as soon as possible.” (Reuters)
Mitsubishi Sets Sustainability Goals
Mitsubishi Corporation has announced it will work to halve its emissions by 2030 compared to 2020 levels, and reach net-zero emissions by 2050. (Mitsubishi)
Cognizant Outlines Net-Zero Goal
IT consultancy Cognizant has announced it will work to reach net-zero emissions by 2030, with interim targets of reducing operational and supply chain emissions 50% by 2030, and 90% by 2040. (Cognizant)
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