US corporate procurement of wind and solar 2020

2019 year in review and initial impact of coronavirus on C&I demand

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This brief provides an overview of corporate and industrial procurement of renewables in the US through Q1 2020. With new C&I agreements increasingly underpinning the wind and solar markets in the US, Wood Mackenzie examines the trends in C&I procurement of renewables. These include cumulative C&I capacity and project pipeline, PPA contract size and number of contracts signed, top C&I offtakers and developers, and a state market overview taking into account the initial effects of the coronavirus pandemic.

The number of companies that are committed to reaching 100 percent renewable electricity (members of the RE100) surged from 87 in 2016 to 230 in 2019. The type of companies included has also been expanding beyond a technology companies into other industries. However, WoodMac analysts expect a drop in new entrants and fewer signed contracts in 2020 due to COVID-19.

Volatility in financial markets casts a shadow over future of commercial and industrial renewables procurements. So far, contracts and project financing appear to be holding, but analysts expect the market to slow due to the pandemic and recession. And because commercial and industrial offtake agreements can be complicated, new market entrants will be less likely to explore renewables procurement under recession conditions.

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