91 GW voluntarily procured since 2014

Energy customers continue to contract for significant additions of clean energy to the U.S. grid despite challenges. In the Q3 2024 Deal Tracker Update CEBA reports an additional 13.4 GW year-to-date and 4.5 GW this quarter alone. We believe this will be the strongest year on record. 

Contracted Clean Energy Capacity to U.S. Grid Announced by Voluntary Corporate Energy Customers
	2022	2023	2024
Q1	2.2	3.2	4.6
Q2	5.7	2.9	4.3
Q3	4.1	2.2	4.5
Q4	5.0	4.8	NA
Total	16.9	13.1	13.4 (Q1-Q3 only)

Energy customers spurred innovation this year to continue momentum toward a carbon-free electricity system by: 

• Expanding investment into geothermal and nuclear
• Investing in clean energy through tax equity 
• Increasing brand-forward, policy engagement

Technology Expansion: Growing Investment in Geothermal and Nuclear

The technologies involved in corporate-backed clean energy procurement are diversifying, with multiple geothermal and nuclear deals being announced this year for the first time at scale. 

• Google and Meta will each procure more than 100MW of geothermal power.
• Microsoft is working to repower a nuclear power plant.
• Google announced the first corporate power purchase agreement for electricity from multiple small modular reactors. 
• Amazon signed three agreements to support nuclear energy projects. 

Diversifying Procurement Methods: Rise in Tax Equity

Traditionally reserved for banks, we are starting to see a rise in customers engaging with the tax equity market. Inflation Reduction Act (IRA) provisions are enabling these tax equity investments. For corporations with significant tax burdens, a further dive into IRA provisions can unlock investment opportunities.

• Tax equity deals accounted for 10.7% of clean energy capacity announced in deals tracked by CEBA during Q1-Q3 in 2024, compared to 4.25% in 2023. 
• In 2024, Nestlé, Google, and UnitedHealth all announced tax equity deals, showing the diverse range of industries that have found benefits to this clean energy investment. 

Brand-Forward Policy Engagement: Clean Transition Tariff

This past year, corporate energy customers have been working innovatively with diverse stakeholders to create programs to unlock additional supply. 

• Google partnered with NV Energy to develop the Clean Transition Tariff.
• Duke Energy, Google, Microsoft, and Nucor announced a new business model to support the advancement of clean electricity technologies. 

About the CEBA Deal Tracker

Since 2014, CEBA has tracked U.S. corporate commitments to clean energy and shares the findings and analysis with members and, at a high-level, the public through the CEBA Deal Tracker. The CEBA Deal Tracker is an opportunity to demonstrate leadership and collaboration in the corporate clean energy market and the growth in demand for clean energy. This data makes the business case for providers to offer additional carbon-free energy products and contracting structures to meet growing customer demand. 

If you have information about a clean energy project your organization is involved with that you would like to share, please contact the CEBA team at education@cebuyers.org. All information is kept confidential and is reported in the aggregate only.

The full CEBA Deal Tracker download is available for CEBA members on CEBA InterConnect.