Spanish energy company Moeve has announced that it has signed an agreement with steelmaker ArcelorMittal Spain for the acquisition of Energy Savings Certificates (CAEs) covering 2.1 TWh of annual energy savings.
According to the companies, the agreement is ten times larger than the biggest CAE transaction previously recorded in Spain and is expected to support industrial decarbonization and the transition to more sustainable steel production.
Agreement supports Gijón decarbonization project
The companies stated that monetizing these energy savings has enabled ArcelorMittal to advance the decarbonization plan for its long products division in Gijón, including the construction of a new electric arc furnace, which is currently in its final stages. The project is expected to significantly reduce both energy consumption and emissions from steel production.
The annual energy savings of 2.1 TWh are equivalent to more than five percent of the Principality of Asturias' total final energy consumption, while the completed transition is expected to reduce steelmaking emissions in Asturias by up to one million mt of CO2 equivalent per year.
Companies highlight role of Energy Savings Certificates
Carlos Barrasa, executive vice president of Commercial & Clean Energies at Moeve, said the agreement will enhance the sustainability and competitiveness of one of the most energy-intensive industries, adding that Energy Savings Certificates have become an important tool for accelerating the energy transition in sectors such as steel.
Philippe Meyran, CEO of ArcelorMittal Spain, stated that the agreement provides decisive support for the company's decarbonization plan at its Gijón plant, enabling the production of low-carbon steel and contributing to a more sustainable future for its operations.
The companies noted that the CAE mechanism enables businesses to contribute to Spain's National Energy Efficiency Fund through verified energy savings or financial contributions. Under the system, one certificate represents energy savings equivalent to 1 kWh over one year and is generated through energy efficiency and emissions reduction measures.
