Demand for electrical energy is rising the world over, pushed by the fast progress of producing and AI, electrification of buildings and transportation, and the continuing digitalization of our economic system and society.
Assembly this rising demand is among the key challenges of our time and an infinite alternative to construct a wiser vitality system that advantages folks in all places. This 12 months, we pursued a spread of actions to obtain extra vitality and drive new technological and market improvements — all with the intention of driving the methods change wanted to fulfill rising electrical energy demand affordably, sustainably and reliably.
Listed here are six distinctive methods methods we made progress in 2024:
1. A brand new electrical energy charge mannequin with utilities
Working on carbon-free vitality each hour of the day requires applied sciences like geothermal and nuclear energy that may fill gaps in wind and photo voltaic technology. However these applied sciences are sometimes pricey and present markets don’t incentivize their improvement. That’s why we partnered with NV Power to suggest a brand new clear transition charge that brings company patrons and utilities collectively to unlock new investments. This can make it simpler to develop initiatives that ship “clear, agency” capability to the grid whereas guaranteeing their prices aren’t handed alongside to different electrical energy customers. This mannequin could be replicated in extra markets, beginning with Duke Power, the place we signed a memorandum of understanding (MOU) to discover the event of an analogous charge construction of their service territory.
2. Constructing clear vitality in Asia Pacific
Bringing new clear vitality on-line is especially difficult within the Asia Pacific area, the place wind and photo voltaic sources are usually not available in lots of markets. Along with saying long-term agreements for brand new clear vitality capability within the area, we partnered with BlackRock to develop a 1 GW pipeline of recent photo voltaic capability in Taiwan. Our funding in photo voltaic developer New Inexperienced Energy will assist meet Google’s electrical energy demand in Taiwan and permit us to supply a few of this new capability to our semiconductor suppliers and tools producers within the area. Via these 9 initiatives in 5 international locations throughout the area, this 12 months we’re proving it’s attainable to show challenges into alternatives in Asia Pacific.
3. Our first superior nuclear deal
Along with creating new mechanisms to speed up superior clear vitality applied sciences, we’re additionally supporting the businesses creating these applied sciences and bringing them to market. Our new, first-of-its-kind partnership with Kairos Energy will unlock as much as 500 MW of recent, clear energy from a collection of small modular nuclear reactors. Kairos Energy’s passively secure system and iterative improvement method will assist convey down prices and guarantee extra communities can profit from clear, dependable nuclear energy.
4. Becoming a member of forces to scale dependable, superior clear vitality applied sciences
No firm alone can advance new clear vitality applied sciences on the pace and scale required to decarbonize world electrical energy methods. That’s why we launched a brand new initiative with Microsoft and Nucor to mixture our demand for superior, clear applied sciences like enhanced geothermal, long-duration vitality storage, clear hydrogen, and superior nuclear. These applied sciences are vital to attaining absolutely decarbonized, dependable electrical energy grids, however their early stage improvement requires vital upfront funding. By working collectively, massive clear vitality patrons can speed up the investments and market improvements wanted to scale these important applied sciences.
5. Scaling procurement innovation to hurry up clear vitality offers
This 12 months, we upscaled our first-of-its-kind course of that dramatically accelerates the execution of energy buy agreements (PPAs) with clear vitality builders. The outcomes since we began utilizing this course of have been significant: we’ve signed contracts to buy over 3.3 GW of recent clear vitality technology capability throughout North America and Europe and we’ve lower the time required to barter and execute these PPAs by roughly 80%.
6. Reimagining how we energy our knowledge facilities by way of co-location
We just lately unveiled a novel strategic partnership with Intersect Energy and TPG Rise Local weather to co-locate knowledge facilities with new clear vitality within the U.S. By thoughtfully constructing knowledge heart load subsequent to new extra energy technology the place attainable, we’ll scale back each the timeline to operation and the quantity of recent transmission required. This mannequin is a vital complement to efforts to unlock improvement of recent transmission infrastructure and optimize utilization of the present grid.
Whereas the various vary of actions we’ve taken this 12 months have helped advance the subsequent technology of vitality options, there’s far more to be finished. As we construct on this 12 months’s momentum within the years to come back, we’ll proceed to refine our method and push for the improvements wanted to create extra dependable, inexpensive, and sustainable vitality methods.
