July's Can't-Miss Clean Energy Stories

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)

Would you like stories just like these sent directly to your inbox each Friday? Then be sure to subscribe to LevelTen Energy’s “RTI Weekly” newsletter so you never miss a beat!

LevelTen Energy

LevelTen Energy is the leading provider of transaction infrastructure for the renewable energy economy. The platform delivers buyers, sellers, advisors, and financiers the automation software, data management, and standardized contracts needed to facilitate faster, safer renewable energy transactions. LevelTen’s marketplace of renewable energy power purchase agreements is the world’s largest, with more than 4,000 pricing offers spanning 21 countries in North America and Europe. LevelTen’s CFO-Ready Analytics™ automatically calculate more than a billion data points every day, providing buyers and advisors with leading-edge, real-time risk and value insights at modern market scale. Together, LevelTen and its partners share #OneGoal to accelerate the clean energy transition

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