LyondellBasell (LYB) has announced the signing of a power purchase agreement (PPA) with Eneco N.V., marking a significant step towards achieving its renewable electricity goals. This agreement secures 100% of the company’s renewable electricity procurement target.
“Taking climate action is central to our strategy for creating value for stakeholders, the environment, and society,” said Peter Vanacker, CEO of LyondellBasell. “This agreement helps us reach our 2030 renewable electricity target and is a key factor in reducing our absolute scope 1 and 2 greenhouse gas emissions.”
Approximately 15% of LYB’s 2020 baseline scope 1 and 2 greenhouse gas emissions are attributed to electricity consumption. The company has set a goal to source at least 50% of its electricity from renewable sources by 2030, based on its 2020 procurement levels.
Under the 15-year PPA, LyondellBasell will secure 25 megawatts (MW) of renewable electricity from the Hollandse Kust West VI (HKW-VI) offshore wind farm, located in the North Sea, Netherlands. Starting in 2027, Eneco will deliver around 103 gigawatt-hours (GWh) of wind power to LYB annually, equivalent to the electricity consumption of approximately 28,500 European homes. This offshore wind farm will be one of the largest in the Netherlands.
About LyondellBasell
LyondellBasell is a global leader in the chemical industry, providing sustainable solutions for everyday life. Through advanced technologies and strategic investments, the company is fostering a circular and low-carbon economy. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, LyondellBasell develops and markets innovative products for applications such as sustainable transportation, food safety, clean water, and healthcare.
Forward-Looking Statements
The forward-looking statements in this release are based on management’s assumptions and are subject to risks and uncertainties. Actual results may vary significantly due to factors including energy availability and price volatility, the ability to meet sustainability goals, and the successful completion and operation of renewable projects. For more detailed risk factors, refer to LyondellBasell’s Form 10-K for the year ended December 31, 2023, available on the Investor Relations page of the company’s.
