LyondellBasell (LYB), a global chemical leader recently sealed two long-term power purchase agreements in Europe. This is one of the critical steps toward sustainability the company is taking, through the reduction of greenhouse gas emissions and an assurance of renewable sources of energy.
Renewable Energy Supply for Key Facilities
LyondellBasell has reached an agreement with Vattenfall, one of Sweden’s largest energy providers, to a 15-year contract to decrease its carbon footprint. LYB will purchase 450 GWh yearly of offshore wind energy. Renewable energy will directly power several of the company’s key operations, including the MoReTec-1 plant in Wesseling, Germany, which focuses on advanced plastic recycling.
The MoReTec-1 plant is the first commercial-scale recycling facility of LyondellBasell. It uses proprietary technology to recycle plastic packaging waste. The plant will process enough waste to cover the annual plastic packaging needs of more than 1.2 million people in Germany.
LYB also finalized a 10-year PPA with wpd along with signing the Vattenfall deal in order to attain 79 GWh of Sicilian windpower. Starting in 2026, this energy will supply LYB’s production site and research center in Ferrara, Italy, where the world’s largest Ziegler-Natta catalyst production facility is located. The Ferrara site is a very important production facility for polypropylene and advanced polyolefin resins, which are used in a variety of applications such as food packaging, medical products, and automotive manufacturing.
Also read: Iberdrola Signs Power Purchase Agreement with AGRATI Group for Renewable Energy Supply
Long-Term Agreements for Price Stability and Sustainability
Chris Cain, LyondellBasell’s senior vice president of net zero transition strategy, said, “Adding these long-term agreements to our portfolio supports price stability to increase the use of renewable energy in a value-accretive way.
He added, “Our diverse global portfolio of renewable energy not only reduces our carbon footprint but also supports our customers’ ability to meet their CO2 reduction objectives.”
The agreements support LyondellBasell’s sustainability goals by adding renewable energy to the grid, improving infrastructure, and boosting reliability. These developments align with LyondellBasell’s philosophy of being a value-driven leader throughout the entire energy transition process.