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EC mulls new rules to promote renewable PPAs

CO2Renewables

05 May 2021 13:59

Photo: Shutterstock.com

Photo: Shutterstock.com

Brussels

05 May 2021 13:59

(Montel) The European Commission is looking at ways to promote corporate renewable power purchase agreements (PPAs) as part of upcoming changes to the EU’s renewable energy directive, it said on Wednesday.

Current investments into renewable energy sources, storage, grids, and interconnections were “too slow” and “additional efforts” were needed, the EC said in a revamped EU industrial strategy.

The EU wants to have net-zero emissions by 2050, which means ramping up renewable electricity and renewable hydrogen production.

“Industry needs access to abundant, affordable, and decarbonised electricity,” said the EC.

It said it would also look to remove “any unjustified barriers” to corporate renewable PPAs. PPAs with corporate buyers can help improve the business case for green investments by securing long-term price security for renewable projects, an EU official told reporters on Wednesday.

The strategy said the EC would propose the updated EU renewable energy directive in June, as part of the Fit for 55 package to help the EU cut its emissions by at least 55% on 1990 levels by 2030.

But media reports suggest that the package may be delayed to 14 July.


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