Demand for electrical energy is rising the world over, pushed by the speedy development of producing and AI, electrification of buildings and transportation, and the continued digitalization of our economic system and society.
Assembly this rising demand is among the key challenges of our time and an infinite alternative to construct a better power system that advantages folks in all places. This yr, we pursued a variety of actions to obtain extra power and drive new technological and market improvements — all with the goal of driving the techniques change wanted to fulfill rising electrical energy demand affordably, sustainably and reliably.
Listed here are six distinctive methods methods we made progress in 2024:
1. A brand new electrical energy charge mannequin with utilities
Working on carbon-free power each hour of the day requires applied sciences like geothermal and nuclear energy that may fill gaps in wind and photo voltaic technology. However these applied sciences are sometimes expensive and present markets don’t incentivize their growth. That’s why we partnered with NV Power to suggest a brand new clear transition charge that brings company consumers and utilities collectively to unlock new investments. It will make it simpler to develop tasks that ship “clear, agency” capability to the grid whereas making certain their prices aren’t handed alongside to different electrical energy shoppers. This mannequin may be replicated in further markets, beginning with Duke Power, the place we signed a memorandum of understanding (MOU) to discover the event of an identical charge construction of their service territory.
2. Constructing clear power in Asia Pacific
Bringing new clear power on-line is especially difficult within the Asia Pacific area, the place wind and photo voltaic sources will not be available in lots of markets. Along with saying long-term agreements for brand spanking new clear power capability within the area, we partnered with BlackRock to develop a 1 GW pipeline of latest photo voltaic capability in Taiwan. Our funding in photo voltaic developer New Inexperienced Energy will assist meet Google’s electrical energy demand in Taiwan and permit us to supply a few of this new capability to our semiconductor suppliers and gear producers within the area. Via these 9 tasks in 5 nations throughout the area, this yr we’re proving it’s potential to show challenges into alternatives in Asia Pacific.
3. Our first superior nuclear deal
Along with creating new mechanisms to speed up superior clear power applied sciences, we’re additionally supporting the businesses growing these applied sciences and bringing them to market. Our new, first-of-its-kind partnership with Kairos Energy will unlock as much as 500 MW of latest, clear energy from a collection of small modular nuclear reactors. Kairos Energy’s passively protected system and iterative growth strategy will assist carry down prices and guarantee extra communities can profit from clear, dependable nuclear energy.
4. Becoming a member of forces to scale dependable, superior clear power applied sciences
No firm alone can advance new clear power applied sciences on the pace and scale required to decarbonize international electrical energy techniques. That’s why we launched a brand new initiative with Microsoft and Nucor to combination our demand for superior, clear applied sciences like enhanced geothermal, long-duration power storage, clear hydrogen, and superior nuclear. These applied sciences are important to attaining totally decarbonized, dependable electrical energy grids, however their early stage growth requires vital upfront funding. By working collectively, giant clear power consumers can speed up the investments and market improvements wanted to scale these important applied sciences.
5. Scaling procurement innovation to hurry up clear power offers
This yr, we upscaled our first-of-its-kind course of that dramatically accelerates the execution of energy buy agreements (PPAs) with clear power builders. The outcomes since we began utilizing this course of have been significant: we’ve signed contracts to buy over 3.3 GW of latest clear power technology capability throughout North America and Europe and we’ve reduce the time required to barter and execute these PPAs by roughly 80%.
6. Reimagining how we energy our information facilities via co-location
We lately unveiled a novel strategic partnership with Intersect Energy and TPG Rise Local weather to co-locate information facilities with new clear power within the U.S. By thoughtfully constructing information middle load subsequent to new further energy technology the place potential, we’ll scale back each the timeline to operation and the quantity of latest transmission required. This mannequin is a crucial complement to efforts to unlock growth of latest transmission infrastructure and optimize utilization of the present grid.
Whereas the varied vary of actions we’ve taken this yr have helped advance the subsequent technology of power options, there’s way more to be performed. As we construct on this yr’s momentum within the years to come back, we’ll proceed to refine our strategy and push for the improvements wanted to create extra dependable, reasonably priced, and sustainable power techniques.