LyondellBasell Announces Renewable Energy Power Purchase Agreements

Source: www.gulfoilandgas.com 6/29/2022, Location: North America

LyondellBasell has signed its first two U.S. power purchase agreements (PPA) supporting the company's climate goal to procure a minimum of 50 percent of electricity from renewable sources by 2030. The combined agreements represent 216 megawatts (MW) of renewable energy, which is estimated to generate approximately 628,000 megawatt-hours (MWh) of clean power annually. Approximately 15 percent of LyondellBasell's total scope 1 and 2 greenhouse gas emissions come from its electricity consumption. These agreements will enable the company to reduce its carbon dioxide emissions by approximately 225,000 metric tons annually.

Construction is currently underway at ENGIE’s Limestone wind project, including initial delivery of some of the 264 individual blades that will make up the 88 turbines, each capable of producing 3.4 MW of output.

"Creating a better future for the next generation is important to us, which is one reason we are focused on delivering on our climate goal to achieve net zero emissions from our global operations," said Peter Vanacker, LyondellBasell CEO. "Renewable energy is an important component for how we will get there, and power purchase agreements are our preferred approach to decarbonizing our electricity supply. These strategic projects propel us forward in greenhouse gas emissions reduction, but they also provide scalability and support investment in new renewable energy capability."

ENGIE Limestone Wind Project
LyondellBasell signed a PPA with ENGIE North America (ENGIE) for 100 MW of renewable electricity sourced from ENGIE's new Limestone wind project in Texas' Navarro and Limestone counties. The project is expected to commence operations late in 2022.

The 12-year agreement is estimated to generate approximately 377,000 MWh of clean power annually, equivalent to around 135,000 metric tons of carbon dioxide or the yearly electricity consumption of more than 35,000 average American homes.

"This agreement demonstrates a collaboration to create a path forward that helps address the collective global challenge of climate change," said ENGIE Chief Renewables Officer David Carroll. "We are particularly honored to work with LyondellBasell on their first PPA agreement which will deliver steady economic and environmental value in the long run for both parties."

Buckeye Files Solar Project
LyondellBasell also signed a PPA with Buckeye Partners for 116 MW of renewable electricity sourced from its Files solar project located in Hill County outside of Dallas, Texas. The solar farm is expected to begin operations in the second quarter of 2023.

The 10-year agreement is estimated to generate approximately 251,000 MWh of clean power annually, equivalent to around 90,000 metric tons of carbon dioxide or the yearly electricity consumption of more than 23,300 average American homes.

"Buckeye is pleased to partner with LyondellBasell on this new power purchase agreement and to support their sustainability goals," said Buckeye CEO Todd Russo. "This partnership is illustrative of our focus on providing for the increasingly diverse energy needs of our customers, including solar power."

LyondellBasell's climate-related goals support the ambitions of the Paris Agreement and the transition to a low-carbon economy. By procuring at least half of its electricity from renewable sources by 2030, LyondellBasell estimates the company's scope 2 greenhouse emissions will be reduced by approximately 1.5 million metric tons. LyondellBasell's renewable energy goal supports its commitment to achieve net zero scope 1 and 2 greenhouse gas emissions by 2050.


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