Google revolutionizes clean electricity markets

It’s no exaggeration to say that PPAs are the most powerful tool for bringing clean energy to the U.S. and European power grids, but to have a lasting impact, they need to be fundamentally reformed. New approaches to PPAs are especially urgent to ensure that a new wave of electricity demand from data centers and electric vehicles isn’t met by fossil fuels.

In a typical corporate PPA, a company enters into a 15-20 year purchase agreement with a solar or wind farm developer. In most cases, the buyer isn’t actually procuring power directly from the plant, but is technically only buying a certificate that indicates the zero carbon nature of the power. The power itself goes into the local grid and doesn’t count against anyone else’s carbon footprint. These deals make new projects that would otherwise be unfinanced bankable, and are one of the few ways for companies to get ahead of what utilities are willing or able to do to decarbonize. PPAs are also typically structured so that if the prevailing daily price of power falls below the PPA’s fixed rate, the buyer is refunded the difference, which has become an important side revenue stream for Google and other buyers. According to BloombergNEF, companies around the world, mostly large technology companies, signed a record 46 gigawatts of PPAs in 2023, equivalent to the combined power output of 100 mid-size coal-fired power plants.

But traditional PPAs face some significant constraints, Golin said. Half of the U.S. states have vertically integrated utilities, which don’t allow deals that exclude utilities, making PPAs unavailable. Managing what are essentially two separate energy bills from the PPA certificate and the actual electricity companies still use from the utility can be a headache, Golin said. For large, expensive, cutting-edge baseload generation projects, such as geothermal and advanced nuclear, PPAs are often uneconomical. In the U.S., high inflation and supply chain bottlenecks have driven up wind and solar PPA prices, forcing many developers to renegotiate. The proliferation of PPAs has also created what are essentially parallel virtual grids, creating headaches for utilities that continue to bear transmission responsibility for electricity they weren’t involved in planning, Golin said.

“We're not going to build an island just for Google because that wouldn't foster the kind of change we want to see,” Golin said.

Google's clean transition tariff solves these problems by essentially reintroducing utilities as middlemen. Utilities decide what mix of climate technologies works best and negotiate the rates that large buyers can pay to use it. Having access to many advanced clean baseload power would reduce the cost of achieving Google's goal of 100% electricity from clean sources around the clock by 2030 by 40%, compared to relying only on intermittent wind and solar, and traditional batteries. It would also make Nevada's entire power grid cleaner, without raising rates for commercial customers. For every gigawatt of clean baseload that utilities build, they would need to build one gigawatt less of gas-fired generation to ensure reliability as demand grows.

Gorin said the latter would result in a lot of assets being left in the system, which would be a waste of funds.

Sources 1/ https://Google.com/ 2/ https://www.semafor.com/article/06/19/2024/google-is-reinventing-the-clean-power-market The mention sources can contact us to remove/changing this article

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