Renewabl brought together industry experts, innovators and stakeholders to discuss the latest trends, challenges and opportunities in the renewable energy sector. From the evolution of Guarantees of Origin (GOs) pricing to the shift toward 24/7 clean energy matching, the event highlighted how renewable energy is at a historic crossroads.
The critical moment for renewable energy
Juan Pablo Cerda, CEO of Renewabl, shared an urgent message:
“We are at a historic moment in the renewable energy sector.
- Oil companies are shifting back to fossil fuels, and some governments are delaying net-zero targets.
- Support for nuclear energy is rising, often overshadowing renewables.
Yet, the future of renewables remains bright.”
With global energy demand projected to increase by 50% by 2050, the adoption of AI in energy, quantum computing and electric vehicle electrification will drive unprecedented growth in clean energy solutions.
"We are at a historic moment in the renewable energy sector."
– JP Cerda, Renewabl
The changing landscape of green energy purchasing
The renewable energy market is undergoing a transformation, as highlighted by Laurent Segalen from Redefining Energy:
"If you're a green energy buyer, it used to be simple and done once a year. It worked until it didn’t."
– Laurent Segalen, Megawatt-X and Redefining Energy
- The old model of buying renewable energy certificates to claim sustainability no longer meets regulatory or consumer expectations.
- Companies now demand authentic, traceable clean energy solutions to meet sustainability goals.
This evolution offers opportunities for renewable energy investors to deliver innovative solutions and capture new markets.
Guarantees of Origin (GOs) and renewable energy market trends
The EU Guarantees of Origin (GO) market is seeing significant changes, as outlined by Bruno Brunetti from S&P Global Commodity Insights:
- An oversupply of GOs caused by increased renewable capacity and favorable conditions is driving prices down.
- The UK's exit from the AIB system has created volatility in the REGO market, with a supply gap impacting prices.
- Offshore wind capacity expected in CP24 may help rebalance the market.
These insights are crucial for renewable energy suppliers and buyers looking to navigate market fluctuations.
Navigating additionality and long-term Power Purchase Agreements (PPAs)
As Marina Valls from KPMG UK explained, achieving 100% renewable energy additionality is a priority for many companies, but challenges persist:
- Businesses are cautious about committing to long-term PPAs due to the potential for rising costs.
- The challenge lies in balancing ambitious sustainability goals with financial viability.
"Many companies want to go full green, but not at the risk of seeing their costs triple over the next three years."
– Marina Valls, KPMG UK
24/7 clean energy matching: The next big shift
The push toward 24/7 clean energy matching is transforming how companies think about renewable energy. Stephen Woodhouse from AFRY detailed the key drivers of this shift:
- Changes to the GHG Protocol and RE100 agreements are increasing demand for around-the-clock clean energy.
- Green hydrogen development and investments in energy storage and demand-side flexibility will unlock new revenue streams and accelerate the renewable energy transition.
Why the future of renewable energy is bright
Despite challenges, Renewabl Day 2024 reaffirmed the industry’s potential. From market trends in renewable energy credits to advances in 24/7 energy solutions, the event highlighted the resilience and innovation driving the sector forward.
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