5 Power Purchase Agreements

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Publication date
05 December 2024
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Executive Summary

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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------UKEB is the UK Endorsement Board. UKEB is responsible for endorsing and adopting international accounting standards for use in the UK, as well as influencing the development of IFRS Standards. UKEB is an executive non-departmental public body. We support the Secretary of State for Business and Trade in meeting the UK's legal requirement to decide whether to adopt new or amended international accounting standards and ensure that those standards are of a high quality. UKEB acts as the UK’s national standard setter for adoption of international accounting standards for use in the UK. All public companies, banks, insurance companies and listed companies in the UK must use UK-adopted international accounting standards in their consolidated accounts.

Appendix A: Project Initiation Plan – Power Purchase Agreements

Purpose

A1This paper sets out the plan for assessing whether to adopt [^1] the proposed narrow-scope amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures relating to the accounting for contracts referencing nature-dependent electricity ('the Amendments'). The Amendments are expected to be issued by the International Accounting Standards Board (IASB) in December 2024 with an effective date of 1 January 2026. Early application is expected to be permitted, provided the relevant reporting period (including an interim period) begins after the Amendments are issued.

A2The UK Endorsement Board (UKEB) must consider the Amendments against the statutory adoption criteria before deciding whether to adopt them for use in the UK. The Amendments cannot be used by UK entities until formal adoption has taken place.

A3Adopting the Amendments in July 2025 would allow UK entities to apply them in their 2025 financial reporting if they wish to do so. However, this results in a relatively short timeline for the UKEB's endorsement work, so this Project Initiation Plan is presented to the UKEB ahead of the publication of the Amendments by the IASB.

Background

A4In June 2023, the IFRS Interpretations Committee (IFRIC) received a submission regarding the application of paragraph 2.4 of IFRS 9 (the ʻown-use' exception [^2] ) to certain contracts for the procurement of renewable energy, commonly known as physical power purchase agreements [^3] (PPAs). As a result, a recommendation [^4] was made to the IASB to develop a narrow-scope amendment to address the issue.

A5In making the recommendation, IFRIC received feedback from stakeholders that similar application questions arise when accounting for virtual PPAs [^5]. The IASB noted that resolving these issues for virtual PPAs is more complex, because they are derivative contracts, but expressed a view that hedge accounting might be a potential solution to better reflect the purpose and objectives of virtual PPAs [^6].

A6Consequently, the IASB added a narrow-scope standard setting project to the workplan to explore the application of:

  1. the own-use exception in IFRS 9 to physical PPAs; and
  2. the hedge accounting requirements, designating a virtual PPA as the hedging instrument.

A7In December 2023, the IASB decided to make narrow-scope amendments to IFRS 9 to permit certain PPAs to meet the own-use and hedge accounting requirements, and to IFRS 7 to require entities to provide relevant disclosure [^7]. The Amendments are expected to include consequential amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (IFRS 19). The effective date for IFRS 19 is annual periods commencing on or after 1 January 2027. An endorsement decision on IFRS 19 is not expected in time for the effective date of these (PPA) Amendments. Any consequential amendments to IFRS 19 included as part of this project will be considered as part of the UKEB's assessment work for the adoption of IFRS 19, as a whole.

A8The IASB's proposals were set out in Exposure Draft Contracts for Renewable Electricity (ED), published on 8 May 2024 with a 90-day consultation period ending on 7 August 2024. The UKEB submitted its Final Comment Letter (FCL) on the ED to the IASB on 6 August 2024. [^8] [^9]

Description of the amendments to IFRS 9 and IFRS 7

A9Board discussion of the full technical analysis of the Amendments is planned for the UKEB meeting on 30 January 2025.

A10A brief description of the expected Amendments to IFRS 9 and IFRS 7, as proposed in the IASB's ED and subsequently re-deliberated by the IASB, is shown in the table below.

| | Amendments to IFRS 9 and IFRS 7 – Power Purchase Agreements | | :------------------------------ | 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