Moeve and ArcelorMittal sign Spain’s largest CAE deal for 2.1 TWh/year
- Agreement covers 2.1 TWh in annual energy savings.
- Deal is ten times larger than the previous largest CAE transaction in Spain.
- The 2.1 TWh/year equals more than 5% of Asturias’ total final energy consumption.
- Energy savings are linked to a new electric arc furnace in Gijón and up to 1 million metric tons CO2e avoided.
Deal scope and scale
Moeve and ArcelorMittal agreed the purchase of Energy Savings Certificates (CAEs) covering 2.1 TWh of annual energy savings, a transaction ten times larger than Spain's previous largest CAE deal.
Operational impact
The monetised savings support ArcelorMittal’s decarbonization plan for its long products division in Gijón and underpin investment in a new electric arc furnace, currently in final stages of construction. Once the transition is complete, the measures are expected to reduce steelmaking emissions in Asturias by up to one million metric tons of CO2 equivalent.
Relative significance
The annual 2.1 TWh of savings corresponds to more than 5% of the Principality of Asturias’ total final energy consumption, providing a material local energy-efficiency contribution.
How CAEs work
CAEs certify verified annual energy savings (one CAE = 1 kWh saved over one year) and allow companies to contribute to Spain’s National Energy Efficiency Fund through financial contributions and verified savings. The agreement also strengthens Moeve’s position in Spain’s emerging CAE market.
Source: Moeve