Commercial, Industrial, Sourcing Renewables - February 11, 2021
Amazon, Google, Verizon lead list of 2020's largest energy buyers
Amazon, Google and Verizon topped the Renewable Energy Buyers Alliance’s (REBA) newly released list of 2020 leading large energy buyers.
The second annual Deal Tracker Top 10 reported Amazon with 3.163 GW, Google with 1.04 GW and Verizon with 0.84 GW, out of a record-breaking total of 10.6 GW of contracted capacity across the entire top 10 list of buyers in 2020. Half of the list includes first first-time energy buyers and accounts for 25% of the total announced volume, which includes contracting and collaboration with utilities, energy transaction parties, local communities and industry leaders.
“Large energy buyers have led the market since the inception of renewable energy in 2008. It is remarkable that the business community announced nearly 100 new deals while managing the impacts of a global pandemic,” REBA CEO Miranda Ballentine said in a statement. “These leaders stepped up to prioritize renewables as a key component of broader organizational energy and climate strategies, and more importantly, recognize the role of the energy industry as the country looks to navigate economic recovery.”
REBA’s data also found that the profile of typical large energy buyers has been changing greatly in recent years, with industrials and materials being the top sector for new buyers, a position generally held by the technology and IT sector. Out of the 98 renewable energy deals in the data set, 82% were announced in organized markets and 72% were utility-scale solar projects.
Additionally, 2020 was the first year that multiple large energy buyers announced procurement in battery storage, reflecting a larger industry trend. There was also a big shift toward siting projects strategically to optimize emissions reductions and prioritize community benefits, displaying a shift to focusing on the impact of renewable energy sourcing.
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