LyondellBasell Signs Two Power Purchase Deals With Vattenfall, Wpd

(RTTNews) - LyondellBasell Industries N.V. (LYB), a chemical company, Wednesday announced that it has signed two power purchase agreements with Vattenfall and wpd in Europe to support and reduce greenhouse gas emissions.

According to the statement, both energy agreements help bring more renewable power into the grid, making the energy system more reliable and better.

The agreements offer LyondellBasell long-term price certainty, which helps stabilize energy costs and make renewable energy more attractive compared to fluctuating fossil fuel prices.

Under a 15-year deal with Vattenfall, a European energy company, LyondellBasell will receive 450 gigawatt-hours of offshore wind energy each year to help power its circular and low-carbon operations in Germany.

The agreement also includes supplying energy to the MoReTec-1 plant in Wesseling, which is LyondellBasell's first large-scale recycling facility. The plant is designed to recycle enough plastic packaging waste to match the amount produced by over 1.2 million people in Germany each year, using LyondellBasell's own technology.

The company has also signed a 10-year deal, starting in 2026 with developers and operators of wind and solar farms named wpd to secure 79 GWh of onshore wind power each year from the Licata project in Sicily, Italy. In an aim to provide a steady supply of renewable, low-carbon electricity to the region, including LyondellBasell's production site and research center in Ferrara, Italy.

In the pre-market trading, LyondellBasell is 0.01% lesser at $78.30 on the New York Stock Exchange.