A significant portion of Canada`s electricity is generated from non-emitting sources due to the predominance of hydroelectric power in the country. However, the demand for renewable energy is increasing in provinces where hydropower is not available. The result has been competition for the purchase of renewable energy in an AAE format that comes in different forms and can run into conflicts of alignment with different accounting standards. Out of a total of 21.3 gigawatt hours (GWh) of the energy produced by the facility, EY will consume 13GWh, with the remaining 40% sold on the market. Construction of the solar power plant is expected to begin next year and is expected to take approximately eight months and be fully operational by October 2021. With these agreements, EY US is catalyzing an additional carbon-free energy supply in the grid, helping to provide the United States with cleaner energy sources. “These agreements actively address the environmental impact of our operations and will become the cornerstone of our CHARBON farm strategy, which will bring significant economic and risk reduction benefits,” said Leisha John, Ey Americas Director of Environmental Sustainability. “We are proud to partner with other leading organizations who believe we need to use our influence and size to make measurable progress for our planet and future generations. We hope this will inspire others to think about innovative ways to contribute to a more sustainable environment. EY`s long-term commitment contributes significantly to the realization and commercial profitability of a new Norfolk-based solar power plant project, ensuring revenue security at a fixed price for 10 years. During the life of the AAE, the renewable energy provided by the solar power plant at the supply level will mean that nearly 100% of the total electricity the company buys directly from energy suppliers will be considered carbon-free solar energy. Implementation of AAEs: Long-term Power Purchase Agreements (PPAs) are an increasingly popular way for large companies to achieve ambitious renewable energy targets, while ensuring safe electricity prices and cost savings.
Whether you don`t have virtual power purchase contracts (VPPA) yet, or you already have a few contracts under your belt, the intricacies of PPAs for renewable energy can be difficult to navigate. Phil is passionate about supporting large companies in implementing their renewable energy strategies and implementing aerating contracts, enabling new zero-carbon electrons to be networked and climate change to be combated. He has worked in many countries and has the challenge of understanding new markets. A significant portion of Canada`s electricity is generated from non-emitting sources through the dominant hydroelectric power. Yet in provinces that do not have access to hydroelectric power, the pressure to move away from carbon-intensive electricity generation is increasing, increasing the demand for access to renewable energy such as wind and sun.