Corporate Power Purchase Agreement

Thames Water Utilities Limited are looking to diversify its electricity portfolio through corporate Power Purchase Agreements (PPAs). The objective is to secure long-term price certainty while supporting decarbonisation targets through a competitive tender process. Thames Water seeks to sign a long-term physical PPA with a wind or solar PV power generator. The primary target is to procure 100-150 GWh per annum of renewable energy through this tender, with the possibility of increasing the volume to 200 GWh per annum if commercially compelling offer(s) are received. Each contract should be a minimum of 20 GWh and a maximum of 150 GWh per annum. Thames Water is open to both newbuild and operational projects, provided that newbuild projects have, or will obtain, all necessary permits and consents. The company aims to start procuring volumes as soon as possible, preferring start dates within the next 18 months, but will consider projects with Commercial Operation Dates (CODs) before April 2026. Thames Water seeks long-term price stability for its power supply and prefers a 5-year contract, although terms ranging 3 to 10 years will be considered.