EnerConnex now offering Additionality RECs to clients as an alternative to complex VPPAs
FOR IMMEDIATE RELEASE
FEBRUARY 07, 2024
Partnership with Zettawatts provides access to Additionality REC Market for EnerConnex Clients
Folsom, NJ— Today EnerConnex announced it is partnering with Zettawatts to deliver an innovative solution to clients that addresses increasing regulatory and investor scrutiny.
“Our clients are looking for a high-impact solution that is a simpler, low-risk alternative to virtual power purchase agreements.” said Tony Barnhart, Managing Director, EnerConnex. “We are now able to offer clients Additionality RECs – fixed-price forward contracts for renewable energy certificates from projects still under construction – to bring new renewable energy to the grid.”
In 2024, companies doing business in California, the EU and certain SEC regulated public corporations will be required to disclose both energy emissions as well as current mitigation efforts to meet voluntary decarbonization goals. Corporations like Microsoft, Google and Amazon determined to meet these objectives in 2024 are actively signing long term virtual power purchase agreements (VPPA) with projects that are under development. Unfortunately Virtual PPAs are highly complex financial instruments that expose corporations to the volatile wholesale electricity market and require sophisticated hedging to mitigate the risks.
Zettawatts’ Additionality REC Market eliminates the complexity and risk associated with VPPAs by allowing companies to enter into 5 or 10 year forward contracts to purchase only the RECs at a fixed price from projects under development.
Scott Case, Founder of Zettawatts added, “Corporations need expert guidance to navigate the pressure from investors and regulators to mitigate their Scope 2 emissions from electricity. The EnerConnex team has deep experience delivering for their clients and we’re honored to partner with them to bring another innovative solution to their tool kit.”
The Additionality REC Market provides a suite of software solutions including:
AREC Planning & Budgeting: provides estimates for impact and additionality coverage.
REC Price Forecasts: guidance on REC prices over next 10 years for 20+ REC types.
AREC Purchase Offer & Booking: prepare a purchase offer including your own price per REC.
Marketing & Reporting: receive project marketing rights as well as additionality attestations.
REC Registry Tracking: accounts with all registries allowing for transfer, retirement and auditing.
About EnerConnex
EnerConnex is a leading energy advisory firm focused on energy procurement, renewables and sustainability. With access to one of the largest supplier networks, a proprietary pricing platform, and extensive industry experience, we tailor energy strategies based on our client’s specific needs and sustainability goals. EnerConnex is a wholly owned subsidiary of SJI– a $2.6B energy infrastructure company. More at enerconnex.com.
About Zettawatts
Zettawatts’ mission is to accelerate the deployment of new renewable energy projects by providing corporations a high-impact, low-risk way to back new U.S. projects to meet their sustainability goals. The company’s flagship product is the Additionality REC Market where sustainability leaders sign forward contracts to purchase 5 or 10 year strips of fixed-price Additionality RECs from projects currently under development. The AREC Market enables users to plan, budget, review REC price forecasts for 20+ voluntary & compliance RECs and make AREC offers and bookings. More at zettawatts.com.
For more information:
Erin McAfee – emcafee@enerconnex.com, Head of Marketing, EnerConnex
Tony Hudgins – tony@zettawatts.com, Corporate Sustainability Lead, Zettawatts
