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EDF to power JPMorgan Chase's UK operations with renewable generation

EDF Energy Ltd. has agreed to power JPMorgan Chase & Co.'s operations in the U.K. with 100% renewable electricity.

Under their agreement, JPMorgan Chase's electricity consumption will be matched to renewable generation on a 24/7 basis through source-specific access to EDF's 8 TWh of power purchase agreement portfolio.

EDF will provide JPMorgan Chase with approximately 120,000 MWh of renewable electricity each year. Energy provided will be monitored using ClearTrace's patented blockchain-based energy-tracking technology to ensure JPMorgan Chase's consumption of energy is matched by production from renewable resources, the companies said in a Nov. 10 news release.

"This construct sets a high bar for responsibility and transparency in renewable energy sourcing," said Jon Denial, chief administrative officer for JPMorgan Chase in Europe, the Middle East and Africa.

JPMorgan Chase has set a goal of having renewable solutions such as onsite renewable energy system installations and long-term renewable energy procurement agreements to make up 70% or more of its renewable energy procurement by 2025.

EDF Energy is a subsidiary of Electricité de France SA.