This project will supply dispatchable renewable electricity to the South African national grid for twenty years, equivalent to more than 400 gigawatt hours per year. Per the Power Purchase Agreement signed in November and courtesy of the storage system, the project will supply 75 MW of dispatchable power to the national utility Eskom on a continuous basis.
This hybrid renewable project will assist South Africa in its transition toward clean electricity generation and will expand TTE’s global portfolio of clean energy.
TotalEnergies’ Vision
TotalEnergies has an ambition to become net zero by 2050. To achieve this target, it is adding more clean projects to its portfolio. TTE has already decided its long-term renewable energy goal of generating more than 100 terawatt hours of clean energy by 2030. The company has been increasing its renewable energy portfolio through acquisitions, partnerships and organic methods.
In 2022-end, TTE had a gross renewable electricity generation installed capacity of 17 gigawatt (GW). It will make substantial investments each year in its renewable business to expand operations globally. This hybrid renewable energy will assist the company in meeting its long-term renewable goal.
This oil and gas major is gradually building a portfolio of low-carbon businesses that could account for 15-20% of its sales by 2040.
Renewable Energy Gaining Traction
A transition in the energy space is evident, with industries now focusing on lowering emissions and planning to use energy generated from clean sources. Utilities are expanding their clean energy generation portfolios. Creating and operating large utility-scale renewable projects are viable, courtesy of the technological development of large battery storage projects. Battery storage projects are making renewable projects more dependable.
Per the latest International Energy Agency release, renewable energy will account for nearly 50% of the global electricity mix, up from 30% at the present level. Undoubtedly, this will create a massive demand for renewable projects and the companies that are investing in the clean energy space can enjoy the enormous increase in demand.
Along with TotalEnergies, other oil and gas companies like ExxonMobil Corporation XOM, BP plc BP and Chevron Corporation CVX are also adopting measures to reduce emissions from operations.
To meet the growing demand for clean fuels, ExxonMobil has been working to reduce emissions by developing more efficient fuels. The company intends to invest billions of dollars in emission-reduction projects over the next few years. XOM has developed an ambitious roadmap to achieve net-zero Scope 1 and net-zero Scope 2 GHG emissions by 2030 for unconventionally operated assets.
BP has established an ambitious energy transition strategy to take advantage of the growing demand for sustainable energy. It plans to reduce emissions from its operations by 30-35% by 2030.
CVX is making efforts to lower methane emissions. The company has adopted an upstream methane-intensity target of 2.0 kg CO2e/boe by 2028, which represents a 57% reduction from its 2016 baseline. It has reduced its methane intensity by more than 50% and is actively working to end routine flaring by 2030.