American tech companies continue to dominate the renewable electricity PPA market

American technology companies remain the biggest buyers of renewable electricity through long-term power purchase agreements (PPAs) for renewable energy sources (RES). Amazon leads the market, having secured almost 25 GW of renewable capacity this way. The information was reported by BloombergNEF (BNEF).

The volume of corporate PPAs for renewable electricity signed last year reached a record 37 GW. More than half of that total was in the United States.

"The United States has companies that are most willing to procure renewable energy, and an electricity market structure that enables these deals," said Kyle Harrison, BNEF's director of sustainability research.

The leading companies signing PPAs are Amazon, Meta, Microsoft and Google. Amazon alone now has a contracted renewable energy portfolio of 25 GW.

"As the use of artificial intelligence grows, particularly tools such as ChatGPT, technology companies' electricity consumption is rising sharply. Most of these companies also have ambitious climate targets, so they need to add renewable energy to maintain or increase its share in the electricity mix," BNEF researchers said.