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Power Purchase Agreements

All articles tagged with #power purchase agreements

energy2 months ago•2 min saved

US to back 10 AP1000 nuclear reactors with $17.5B loan package

The Energy Department will provide about $17.5 billion in loans to five special-purpose vehicles to finance the construction of 10 large AP1000 reactors (two per project, each ~1.1 GW). The loans aim to lower costs and speed completion by up to three years, with significant equity contributions from Westinghouse and partners; long-term power purchase agreements from major tech firms are expected to support the projects, though site selections have not been announced yet.

via CNBC|

#department-of-energy #energy #energy-policy

energy2 years ago•5 min saved

Avangrid's Cancellation Deals a Blow to CT's Offshore Wind Project

Connecticut's largest offshore wind project, Park City Wind, is facing significant financial challenges and has terminated its power purchase agreement (PPA) with Connecticut's utilities. Avangrid, the developer, cited economic headwinds such as inflation, supply chain disruptions, and interest rate hikes as reasons for the project's unviability. The termination of the PPA will result in a rebidding of the project. The cancellation of Park City Wind, along with two other major New England offshore wind projects, highlights the economic turmoil facing the offshore wind industry. Connecticut aims to achieve 100% zero carbon energy by 2040, and offshore wind is considered crucial in meeting this goal.

via The Connecticut Mirror|

#avangrid #connecticut #energy

energy3 years ago•2 min saved

"BP and Equinor Consider Scrapping US Offshore Wind Ventures"

BP and Equinor are renegotiating the power purchase agreements (PPAs) for their joint offshore wind projects in the USA and may cancel the projects unless they meet the desired return thresholds. The projects include the Empire Wind 1 and 2 off New York, and the Beacon Wind 1 and 2 off Massachusetts, with a combined capacity of 2.4 GW. The partners have secured PPAs covering 3.3 GW of capacity. This comes after AVANGRID terminated the PPA for its Commonwealth Wind project and SouthCoast Wind is also in discussions to cancel and rebid its PPAs for its SouthCoast offshore wind project.

via Offshore WIND|

#bp #energy #equinor