News Release

Prioritizing renewable PPA offtaker targets proves more challenging than expected

Numerous U.S.-based RE100 members fall short of 100% emissions-free power usage

byEnverus

CALGARY, Alberta (Feb. 28, 2024) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a report looking at U.S.-based members of the RE100 climate organization and screens for optimal offtake targets based on the magnitude of their clean energy requirements and the timing of their respective goals.

“Though all RE100 members share the common goal of achieving 100% emissions-free power usage, their advancement toward this objective varies,” said Kevin Kang, associate at EIR. “We observe that some of the most significant electricity consumers are falling short of meeting even 50% of their renewable energy consumption goals. This creates substantial opportunities for developers interested in bidding their projects for power purchase agreements. 

“Major tech companies such as Microsoft and Google are averaging 97% renewable energy consumption, which may not seem as appealing for power purchase agreement opportunities. Nevertheless, given the projected surge in data center growth, it’s likely that developers will collaborate with these companies to accommodate their increasing load demands.

“Johnson & Johnson, Walmart and Keurig Dr Pepper have outlined their renewable energy goals, indicating a need for offsetting an annual consumption of 2.1 gigawatt hours, 1.9 gigawatt hours and 1.5 gigawatt hours, respectively, to counterbalance their reliance on non-renewable sources. These are some of the top tier targets for developers looking to find potential power purchase agreement opportunities.”

Key takeaways from the report:

  • EIR finds Johnson & Johnson, Keurig Dr Pepper and HP are the furthest behind in decarbonizing their power supply. With an estimated 3 gigawatts of clean energy requirements, they represent an immediate opportunity for project developers.
  • While Microsoft and Google are among the biggest power consumers committed to 100% clean energy goals, they have already largely decarbonized their electricity supply. However, the rapid pace and magnitude of their anticipated load growth could make them attractive longer-term offtaker targets.
  • Walmart, Pepsi, General Motors and Home Depot are the most appealing offtake targets based on their lower percentage of clean power consumption, but their longer-term goals afford them more time to decarbonize.
  • Home Depot is the most compelling offtaker target over the medium term because of its high capacity requirements compared to peers. Based on power purchase agreement (PPA) information in the EIR database, Walmart stands out as being comfortable entering into longer-term deals than peers, having executed a 30-year wind PPA in 2020.

You must be an Enverus Intelligence® subscriber to access this report.

EIR’s analysis pulls from a variety of Enverus products, including Enverus FOUNDATIONS® Power & Renewables.  

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.

About Enverus Intelligence Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. EIR is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser. Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

View all press releases at Enverus.com/newsroom.

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