Corporate PPAs in Greece: How businesses can gain certainty in a time of change
Energy systems around Europe are transforming. The climate-driven evolution to lower carbon power has been accelerated by energy security issues created by the war in Ukraine. Wholesale prices have soared. All in the middle of an energy transition that is only just gathering steam.
Amidst all this change and uncertainty, solar is an extremely competitive source of electricity. Energy buyers can use solar to decarbonise their operations and bring predictability to their bills with a long-term power purchase agreement (PPA).
In Greece, the recently updated National Plan for Energy and Climate (NECP) has set a target to achieve 45% of its total energy consumption from renewable sources by 2030. Long-term PPAs are a key tool to help achieve these targets.
They allow companies, organizations, or municipalities to secure long-term, stable prices for their electricity while supporting the development of new renewable energy projects.
Pricing predictability over energy market turmoil
The most important benefit of PPAs is the price stability they provide for end-users. By locking in prices for a long-term period, PPAs can shield users from price fluctuations in the energy market. With such high volatility during 2022 that certainty holds extra value. At the same time, it opens up access to low-cost renewable power.
Being serious about net zero commitments.
For Corporates with sustainability targets, PPAs are the optimal tool to accelerate the transition to clean and renewable sources of electricity. Crucially, the development of localised renewable capacity can help to increase a country’s security of supply, protecting it from the impact of market turbulence.
Solar is affordable, flexible and rapid to deploy.
Solar photovoltaics now generate electricity at the lowest ever cost in history. Solar is an established, mainstream source of energy that is rapid to deploy and uses proven technology. Lightsource bp is a global leader with a track-record in delivering best-in-class projects. We’re at the heart of solar’s role in transforming the power sector and the benefits of that evolution are available now.
PPA’s can thrive in Greece through regulatory stability.
By creating stable environments for solar projects to succeed now, major energy users can lock-in competitively priced power now. In turn, that also means more inward investment and job creation for Greece and less reliance on energy imports.
Many major energy users in Greece are coming to the end of favourable supply agreements with an incumbent utility that has already confirmed it cannot continue to subsidise industrial energy users to the same extent. So in 2023 many final consumers will be exposed to market prices. New renewable capacity has been subdued due to limited access to the grid but with PPAs identified by the European Commission as a key enabler of the energy transition the opportunity to tap into new solar projects as they come online.
Partner with Lightsource bp, choose responsible solar power
Lightsource bp is actively developing a portfolio of utility-scale solar projects in Greece totalling more than 1GW. In addition to our cluster of projects nearing completion in Kozani, we will also bring project Antikythera, 560MW cluster to financial close in 2023. Once completed, project Antikythera could stand as one of Europe’s largest utility-scale solar projects.
Lightsource bp’s power marketing team are highly experienced in building and growing meaningful partnerships across the energy transition for over a decade. Our experts have worked on tailored electricity procurement contracts with global organisations like eBay, Amazon and H&M.
Our gigawatt-approach to solar provides many benefits to our partners worldwide by leveraging economies of scale, ethical and sustainable procurement, and continuous improvement on quality and efficiency – reflected through our competitive pricing structures.
Find out more about our corporate PPAs.
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