LyondellBasell takes another step toward energy transition with new power agreements

Core Insights - LyondellBasell (LYB) has signed two significant power purchase agreements (PPAs) in Europe to enhance its commitment to reducing greenhouse gas emissions and stabilizing energy costs [1][4] - The agreements are expected to increase the use of renewable energy, supporting both LYB's operations and its customers' CO2 reduction goals [2][4] Group 1: Power Purchase Agreements - The 15-year agreement with Vattenfall will secure 450 gigawatt-hours (GWh) annually of offshore wind energy for LYB's operations in Germany, including the MoReTec-1 plant [2] - The MoReTec-1 plant is designed to recycle plastic packaging waste generated by over 1.2 million German citizens annually using proprietary technology [2] - A 10-year PPA with wpd will provide 79 GWh annually of onshore wind power from the Licata project in Sicily, Italy, starting in 2026 [3] Group 2: Impact on Operations - The agreements will help integrate renewable energy into the grid, improving infrastructure and reliability [4] - The Ferrara site in Italy, which will benefit from the onshore wind power agreement, is the world's largest for Ziegler-Natta catalyst development and production [3] Group 3: Company Overview - LyondellBasell is a leader in the global chemical industry, focusing on creating sustainable solutions and enabling a circular and low-carbon economy [5] - The company develops high-quality products for various applications, including sustainable transportation, food safety, clean water, and healthcare [5]