Commercial, Industrial, Sourcing Renewables - August 12, 2020
Corporate PPAs in U.S. see slump as global activity stays on track
Private enterprises and public institutions purchased 8.9 GW of clean power in 2020 through July, and the deals are increasingly being spread across the globe as the activity in the U.S. drops significantly due to Covid, a new report found.
BloombergNEF released their “2H 2020 Corporate Energy Market Outlook - The pandemic edition” report, which found that the predicted shortfall in RE100 clean electricity demand increased from their previous 210TWh estimate to 224TWh. They suggested that the RE100 campaign is growing faster than developers can supply it.
In the U.S., corporate PPA activity dropped to 940 MW of deals through July in Texas (ERCOT), down from 5.5 GW of agreements in all of 2019. Corporate PPA activity across all of the U.S. slumped to just 4.3 GW in 2020 through July.
Despite the U.S. seeing a drop in development activity, Latin America is on track to have a record year and European procurement is diversifying away from the Nordics into new markets like France and Spain.
In Asia-Pacific, South Korea is on track to be the next great corporate procurement market, while Taiwan-based Taiwan Semiconductor Manufacturing Company completed the year’s largest corporate energy purchase at 1.2 GW.
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