March 29, 2023
To achieve its decarbonization objectives, Nexans has initiated an ambitious approach to execute a Pan-European Virtual PPA* (Power Purchase Agreement) to cover and transition most of its electricity consumption for all its premises in Europe. By executing a Pan-European VPPA, Nexans will be directly involved in financing and realization of new renewable energy assets in the region.
Nexans has appointed World Kinect Energy Services, a subsidiary of World Fuel Services as an exclusive advisor to support an end-to-end execution process.
World Kinect Energy Services is a global energy management company with 35 years of experience that provides supply fulfillment, portfolio management, energy procurement advisory services, and decarbonization solutions to more than 150,000 commercial and industrial customers, including international brands and local businesses in more than 200 countries and territories worldwide.
Nexans Plan to Transition
This partnership with World Kinect involves an end-to-end advisory program in support of Nexans’ decarbonization efforts. This exclusive arrangement helps Nexans reach its RE100 targets while building stakeholder alignment and minimizing market price exposure.
In the coming weeks, Nexans will be consulting the market with the support of World Kinect Energy Services to solicit offers to find the best project that is most matching its needs.
As a key player of sustainable electrification, Nexans has pledged to contribute to carbon neutrality by reducing by 4,2% in average each year its GHG emissions and by transitioning to 100% Renewable Electricity by 2030. In this respect, end of 2020 Nexans joined the Climate Group’s RE100 initiative, which is a global initiative bringing together the world’s most powerful businesses driving the transition to 100% renewable electricity.
“ Nexans Electrify the Future. This is the purpose of the company, and it comes with sustainable electricity for its own plants and premises. Since several years, Nexans is deploying energy efficiency measures and renewable generation in its sites. This power purchase agreement will add another step in this journey, securing on the long term, electricity from renewable sources. ”Olivier Chevreau, Nexans VP Sustainability
“ This PPA project is an innovative initiative federating all the company’s functions and positioning Nexans as a key player of energy transition. ”Samira Bordo, Group Indirect Purchasing Portfolio, Leading the PPA Project
* A PPA is a long-term contract to purchase renewable electricity at an agreed price directly from the generator within the framework of a new renewable power asset set in the market.
Nexans carbon reduction target by 2030 is set at 46.2%. Nexans Canada is already at 43%. Upgrading building automation systems and heating controls, increasing the use of recycled materials, and installing capacitors to improve power factors of key machines are all ways we have reduced our carbon footprint.