BNEF reports 12% surge in Corporate Clean Energy Purchases 2023

21 Feb 2024 CW Team

According to the Corporate Energy Market outlook for the first half of fiscal year 2024 by Bloomberg New Energy Finance (BNEF), corporations revealed a groundbreaking 46 GW of solar and wind contracts in 2023. This marked a 12% year-over-year increase from the 41 GW reported in 2022.

It was stated that companies' clean energy objectives were the driving force behind the surge in these record contracts. The commitment of companies to clean energy goals was the primary catalyst for the remarkable increase in contracts.

In 2023, 45%, equivalent to 20.9 GW of power purchase agreements (PPA), were declared in the Americas, with Europe trailing closely behind at 33%, amounting to 15.4 GW.

Kyle Harrison, Head of Sustainability Research at BloombergNEF, mentioned, "It has never been easier to buy clean energy as a corporation. For the first time, a variety of contracting structures are now widely available around the world to help companies decarbonize their energy consumption. These contracts are now the centerpiece in many companies? sustainability strategies, rather than a nice-to-have."

The most attractive market in Europe was emphasized, with the region experiencing significant growth from 2022 to 2023. Corporate PPA volumes in Europe surged by an impressive 74% to reach 15.4 GW during this period. This growth was attributed to the alleviation of supply chain obstacles and the normalisation of gas balances after the energy crisis in 2022. The drop in corporate PPA prices during that crisis made European markets economically appealing for entering into deals. Notably, Germany, Spain, the United Kingdom, and the Netherlands alone accounted for more than half of the deals announced in the European region in 2023.

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