Mayor of London, Sadiq Khan has outlined plans to switch Transport for London (TfL) and the Greater London Authority (GLA) group to actively support renewable energy over the next decade.
TfL is one of the largest consumers of electricity in the UK, with a requirement of 1.6TWh per year, equivalent to the electricity consumed by around 420,000 homes.
With ambitious goals to make London a zero-carbon city by 2030, Sadiq Khan has said that by changing the way electricity is supplied, it will help London move towards renewable energy.
A programme of work is now underway to procure renewable Power Purchase Agreements (PPAs). These are long-term contracts direct with energy generators that guarantee energy is supplied by renewable energy sources such as wind and solar power.
Work is also underway to develop a financing solution that would be used to fund the building of new wind and solar farms. This will involve creating a fund for public and private investors to invest directly into new renewable projects, which in turn supply energy to the GLA Group.
TfL will shortly begin procurement for its first PPA, and subject to securing a new financial agreement with Government, will enter into a PPA covering up to 10% of its annual electricity use.
Once procured, this would provide guaranteed renewable power to TfL from Spring 2022. Another PPA covering a further 10% will specifically look to secure renewable generation from ‘new build assets.’
Mayor of London, Sadiq Khan, said: ‘As one of the single biggest consumers of energy in London, it is important that TfL leads the way on green energy.
‘This is a vital step towards the aim of the wider GLA group and London becoming zero-carbon by 2030. This work to secure cost-effective and renewable energy will play a key role in accelerating action on the climate emergency and London’s green recovery. Covid-19 has had a devastating impact but as we recover we want to make sure that we build a better, greener and more equal city.’
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