2022 Global Corporate Renewable Power Purchases Total Nearly 37 GW

Per Bloomberg NEF, 36.7 GW of renewable PPAs were signed in 2022; DOE offers $74 mn for pilot projects to prove out enhanced geothermal systems; 4 million heat pumps were sold in the U.S. in 2022, exceeding gas furnaces for 1st time; Battery recycler Redwood Materials nabs conditional $2 billion DOE loan commitment to expand NV facility; Vestas finds new chemical process to break down epoxy-based blades into materials that can be recycled into new wind turbine blades; LA’s City Council votes to advance plans to convert 830 MW gas gen plant to run on 100% green hydrogen and initiate RFP to start $800 million project; Sunrun and PG&E partner on 30 MW resi solar and battery VPP for PG&E's Summer Reliability Program. Devices will discharge daily from 7-9:00 PM from August to October; Per the EIA, the U.S. will commission 54.5 GW of new capacity in 2023, w/54% (29.1 GW) from solar – up more than twice from the previous year.

1) Bloomberg NEF reports record 36.7 GW of renewable PPAs in 2022, up 18% from 2021 record. Cumulative PPAs since 2008 now total 148 GW, exceeding France's installed capacity.

2) DOE announces $74 mn for up to seven pilot projects testing viability and scalability of enhanced geothermal systems.

3) Americans bought 4 mn air-source heat pumps, outpacing gas furnaces for first time. Mini-split heat pumps can be up to three times more efficient than gas furnaces and use is growing in many parts of the country, driving utilities to new winter peaks.

4) Redwood Materials receives conditional commitment for $2 billion DOE loan to expand NV facility that will recover foils, as well as cathode (lithium, nickel, cobalt) and anode materials (copper and graphite).

5) Danish wind turbine co. Vestas announces new chemical process to break down epoxy-based blades into materials for reuse in new wind turbine blades. Vestas will partner with others to scale process into commercial venture.

6) LA City Council OKs plan to convert 830 MW gas gen plant to run on 100% green hydrogen, initiates RFP to commence $800 million project. Council will continue to investigate alternatives, given uncertainties and low round-trip efficiencies.

7) Sunrun and PG&E enroll up to 7,500 residential solar and battery systems into  30 MW virtual power plant for PG&E's Summer Reliability Program. Assets will be discharged daily from 7:00 - 9:00 PM, from August through October.

8) The EIA projects 54.5 GW of new grid capacity in 2023, with 54% (29 GW) from solar and 17% (9.4 GW) from batteries, 7.5 GW from gas generation, and 6 GW from wind. 2.2 GW of nuclear is finally expected to come from Georgia’s overdue and drastically over-budget Vogtle nuclear plant.