Microsoft CDR (CAD Hedged) (NEO:MSFT)
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Monday September 26 2022 - In the News
The Globe and Mail reports in its Monday, Sept. 26, edition that Microsoft will buy clean energy credits from Ontario Power Generation's hydroelectric dams and nuclear reactors, the two companies are set to announce Monday. The Globe's Matt McClearn writes that though details of how many credits Microsoft will purchase, or how much it will pay, were not disclosed, the 10-year agreement represents the first marquee customer for OPG's clean energy credit trading business. It could also represent a milestone in efforts to establish a market for clean energy credits in Ontario.Microsoft said it is buying the credits to help meet its global commitment to purchase all of its electricity "matched by zero carbon energy purchases" by 2030. The credits from OPG will help achieve that objective in Ontario, where Microsoft has data centres and some offices."If the grid were completely clean energy today, we wouldn't need these clean energy credits," said Chris Barry, president of Microsoft Canada. "It is an innovative structure that provides us the ability to ensure that the power purchased is carbon free." Clean energy credits are tradeable certificates representing one megawatt-hour of renewable power.