Rotterdam, November 20, 2024 – LyondellBasell (LYB) recently signed a power purchase agreement (PPA) with Shell Energy Europe Limited (Shell). This agreement moves LYB beyond its renewable electricity procurement target and demonstrates a continued commitment to sourcing renewable and low carbon electricity.
"Power Purchase Agreements continue to be a critical lever in our efforts to reduce our absolute scope 1 and 2 greenhouse gas emissions,” says Chris Cain, LyondellBasell senior vice president Net Zero Transition Strategy. “This agreement will accelerate the development and deployment of clean energy in The Netherlands and support our company’s efforts to enable value creation from low carbon solutions in the marketplace that we serve.”
Earlier this year LYB secured capacity to reach its goal of procuring a minimum of 50% of its electricity from renewable sources by 2030, based on 2020 procured levels. Under this 10-year PPA, LYB will have access to a total offtake capacity of 54 megawatts of wind and solar energy. The electricity will be generated by recently developed Dutch solar and wind farms.
The annual power delivered will approximately be 139 gigawatt-hours (GWh). This is comparable to the annual electricity consumption of approximately 38,500 European homes. The agreement will commence in December 2024.
About LyondellBasell
LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the availability, cost and price volatility of utilities; our ability to meet our sustainability goals, including our ability to reduce our emissions and achieve net zero emissions by the time set in our goals; and our ability to procure energy from renewable sources. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.