The year 2023 is poised to make history in the Power Purchase Agreement (PPA) market, with a staggering 7,800MW of renewable energy capacity secured year to date. This milestone signals a significant shift towards sustainability in the corporate world.
As the third quarter drew to a close, companies in the Information and Communication Technology (ICT) sector led the charge, accounting for 2GW of renewable capacity. Not far behind, heavy industries secured 1.8GW, with telecoms contributing an additional 650MW. Collectively, these sectors were responsible for over 60% of all corporate renewables PPAs, according to data from the RE-Source PPA market.
This surge in corporate renewable energy procurement is not occurring in isolation. It aligns closely with the European Commission's electricity market design (EMD) proposal and the European Parliament's diligent efforts on the file. Both initiatives have recognized PPAs as a pivotal tool for facilitating Europe's transition towards cleaner, greener energy sources.
Annie Scanlan, Policy and Impact Director at the RE-Source Platform, emphasized the significance of this momentous year, stating, “It is a record year for the RE-Source Platform event. We are delighted to welcome more than 350 energy buyers to this year's event and to see that more companies than ever want to secure their energy through renewable contracts.”
Scanlan went on to highlight the remaining obstacles in the path to widespread renewable energy adoption, “The only thing holding us back from bringing renewables to all businesses is the existing regulatory barriers and the EU legislative certainty. To unlock the full potential of PPAs, we need to see the Renewable Energy Directive implemented, and we need the Electricity Market Design revision passed swiftly and sensibly.”
The RE-Source Platform serves as a dedicated consortium of corporate renewable energy buyers and energy suppliers, diligently propelling forward the cause of corporate renewable energy sourcing across Europe.