Brookfield Properties Shifts to Nuclear Power for its Mid-Atlantic Portfolio
Continued efforts towards reducing carbon emissions have motivated decisions by Brookfield Properties to tap into electricity sourced from regional nuclear power plants. A contract signed with San Diego-based Calpine Energy Solutions will enable Brookfield to draw expected electricity usage for its 40-building portfolio within the mid-Atlantic region from the local PJM Interconnection grid, which coordinates the movement of the energy, from its supplier which “sources three to four nuclear plants that feed that grid network, depending on demand.” The shift in power sources would reduce the mid-Atlantic portfolio’s greenhouse gas emissions by over 85%. Recently, there has been a resurgence of popularity for the use of nuclear power as a green energy source. In contrast to utility electricity grids that “typically draw energy from various points of supply, including renewable sources and fossil fuel-based systems,” “nuclear plants generate power by creating heat used to make steam that spins a turbine to produce electricity, according to the U.S. Energy Department.” “Ambitious sustainability goals” are increasing among property investors and tenants, prompting a growing number of companies to make sustainability a serious consideration when seeking office space.