“Thanks to low costs and improving technology, wind power has grown dramatically over the past 10 years across Texas and the Midwest” said Anthony Teixeira, Senior Associate at RMI and author of the report. “As grid operators have increased transmission investment and improved market structures, they are supercharging the market for wind power – to the benefit of corporate buyers who choose to transact in areas like SPP.”
The report also shares key steps SPP took to unlock the economic opportunities of renewable energy and corporate energy deals including upgrading of transmission infrastructure, improvement of electricity market structures.
From 2012 through 2014, SPP spent $819 million on transmission projects. SPP estimates this will create $16.6 billion of benefits over 40 years.
The creation of a new ‘Integrated Marketplace’ has generated $131 million in net savings to customers in its first year of operation with the main improvement being the introduction of Day-Ahead Markets. This has helped to produce more efficient generation dispatch as it can be centrally optimised. It also has specific benefits for wind generators by reducing transmission congestion and curtailments.
RMI’s Business Renewables Centre (BRC) tracks corporate transactions for renewable energy across the United States and has seen steady market growth since 2012. To date, the corporate market represents more than seven gigawatts of renewable energy.
BRC is a member-based platform that streamlines and accelerates corporate purchasing of of-site, large-scale wind and solar energy. It has over 185 members, including major corporations, leading renewable energy project developers, and transaction intermediaries. BRC members account for over 6.6 gigawatts of renewable energy, and more than 95 percent of corporate renewables deals to date have included a BRC member. Its current aim is to help corporations procure 60 gigawatts of renewable energy by 2025