Hourly Carbon-Free Energy Matching Boosted by New PJM Tracking System

Rhea-AI Summary

Constellation Energy Corporation (Nasdaq: CEG) announced a new capability through PJM to provide hourly time-stamped carbon-free energy certificates, aiding customers in demonstrating carbon-free energy use at all times. This enhancement supports Constellation's Hourly Carbon-Free Energy Matching product. This initiative is crucial for businesses, particularly clean hydrogen producers, to meet federal tax credits. By allowing the retirement of energy certificates based on specific hours, the program provides transparency and supports sustainability goals.

Positive

• Launch of hourly time-stamped carbon-free energy certificates enhances sustainability offerings.
• Strengthens Constellation's Hourly Carbon-Free Energy Matching product.
• Supports energy users in tracking and certifying carbon-free energy consumption.
• Aids clean hydrogen producers in qualifying for federal tax incentives.

Negative

• None.

New capability will help customers in the nation’s largest grid purchase carbon-free energy every hour of every day

BALTIMORE--(BUSINESS WIRE)-- Constellation (Nasdaq: CEG), the nation’s largest producer of carbon-free energy and a leading competitive retail supplier, applauds today’s announcement by PJM―the nation’s largest grid operator serving 13 states and the District of Columbia―to provide hourly time-stamped carbon-free energy certificates. This new capability will make it even easier for customers―including producers of clean hydrogen―to demonstrate that the energy they are using is carbon free every hour of the day. It also enhances Constellation’s groundbreaking Hourly Carbon-Free Energy Matching product which matches a customer’s electricity needs with regional, clean, carbon-free energy 24 hours a day, seven days a week, 365 days a year. Customers who choose this product will now have a transparent and independent way to certify that they are meeting their clean energy goals.

“This advancement is enabling companies like Constellation to offer a more complete range of products that help customers meet their sustainability goals,” said Kathleen Barrón, chief strategy officer, Constellation. “As we work toward our purpose of accelerating the transition to a carbon-free future, we can provide this critical service for customers who want more clear and accurate data on their emissions impact, including producers of clean hydrogen who must demonstrate that they are using zero-carbon energy to qualify for new federal tax credits.”

The new hourly energy attribute certificate functionality will support time-based carbon-free matching claims for energy suppliers and buyers in the PJM footprint by allowing users to retire Renewable Energy Certificates (RECs) and Emission-Free Energy Certificates (EFECs) related to specific hours of carbon-free energy production. Existing REC and EFEC certificates are usually retired on an annual basis without considering where or when the energy was produced. Hourly solutions go beyond other programs that aggregate clean energy megawatts over time and give customers confidence that their electricity procurement is actually mitigating the emissions impact of their consumption.

As more organizations set hourly-matched carbon-free energy goals, having an independent, accurate system to track ownership of the time-matched attributes is critical to support the growth of the products needed to achieve a decarbonized grid every hour of every day.

Constellation’s Hourly Carbon-Free Energy Matching product was announced in March and is currently available on a limited basis.

Click here to read PJM’s press release.

About Constellation

Headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90 percent carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing 10 percent of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100 percent carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230213005432/en/

Dave Marcheskie

Constellation Communications

david.marcheskie@constellation.com

410-470-9700

Source: Constellation Energy Corporation

FAQ

What is Constellation's new capability regarding carbon-free energy certificates?

Constellation launched hourly time-stamped carbon-free energy certificates through PJM, allowing customers to certify carbon-free energy usage every hour.

How does Constellation's Hourly Carbon-Free Energy Matching product work?

The product matches customer electricity needs with regional clean energy 24/7, providing a transparent way to meet clean energy goals.

What benefits do clean hydrogen producers get from Constellation's new offering?

Clean hydrogen producers can demonstrate zero-carbon energy use to qualify for new federal tax credits.

When was Constellation's Hourly Carbon-Free Energy Matching product announced?

The product was announced in March and is currently available on a limited basis.

How does the hourly energy certificate functionality impact energy procurement?

It allows users to retire Renewable Energy Certificates (RECs) based on specific hours, enhancing confidence in carbon-free energy procurement.