LyondellBasell Achieves Renewable Energy Milestone

Rhea-AI Summary

LyondellBasell has made strides towards its net zero greenhouse gas emissions goal by signing two long-term renewable electricity power purchase agreements (PPAs) with Buckeye Partners for a total of 165 MW. This brings the company's total renewable energy agreements to 381 MW, equivalent to over 1 million MWh annually, enough to power over 96,000 homes. The projects will significantly reduce LyondellBasell's greenhouse emissions, contributing to its 2030 target of sourcing 50% of its electricity from renewables. These initiatives underscore the company’s commitment to sustainability.

Positive

• Signed two long-term PPAs for 165 MW, enhancing renewable energy sourcing.
• Total of 381 MW secured through four renewable energy agreements.
• Estimated annual generation of 1,037,000 MWh, equivalent to the consumption of over 96,000 homes.
• Expected reduction of 1.5 million metric tons of greenhouse emissions annually.

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• None.

HOUSTON, July 28, 2022 /PRNewswire/ -- LyondellBasell today announced it has made another step forward in its journey to net zero greenhouse gas (GHG) emissions. The company signed two additional long-term renewable electricity power purchase agreements (PPA) with Buckeye Partners for a total of 165 megawatts (MW) to be sourced from Buckeye's solar farms currently under construction in north Texas. This announcement is another example of the progress LyondellBasell is making towards achieving its 2030 goal of procuring at least half, approximately five million megawatt hours (MWh) per year, of its current electricity consumption from renewable sources.

This agreement is the fourth renewable energy PPA for LyondellBasell and comes just one month after the company announced PPAs with ENGIE North America for 100 MW and Buckeye for 116 MW. The four agreements represent a total of 381 MW of renewable energy, estimated to generate approximately 1,037,000 megawatt-hours (MWh) of clean power annually. This is equivalent to the yearly electricity consumption of over 96,000 American homes.

"Infused in the work we do and products we make is our commitment to continually improve the quality of life and the environment," said Peter Vanacker, CEO of LyondellBasell. "Renewable energy is an important step to achieving our GHG emission reduction goals on our journey to net-zero by 2050. Through their use in the production of wind turbines, solar panels and electric vehicles, our products are critical to the energy transition. Expanding our investment in wind and solar energy sources helps reduce the emissions associated with producing the vital products which make renewable energy possible."

Buckeye Crown and Sol Solar Projects

Buckeye's Crown and Sol solar projects are located in Falls County, Texas on adjacent sites and are expected to commence commercial operations in the third quarter of 2023. Each PPA term with LyondellBasell is for 15 years. The projects are estimated to generate over 400,000 MWh of clean power annually for LyondellBasell, equivalent to 152,000 metric tons of carbon dioxide or the yearly electricity consumption of nearly 37,000 average American homes.

Decarbonizing electricity supply through the purchase of renewable electricity is important to meeting LyondellBasell's 2030 targets. The renewable energy source target is estimated to reduce approximately 1.5 million metric tons of greenhouse emissions from its scope 2 emissions annually.

About LyondellBasell

As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce.  The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information, please visit www.lyondellbasell.com 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. When used in this presentation, the words "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. 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; our ability to procure energy from renewable sources; and the successful construction and operation of the projects described in this release. 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, 2021, 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.

 

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SOURCE LyondellBasell Industries

FAQ

What is LyondellBasell's recent renewable energy milestone related to stock symbol LYB?

LyondellBasell signed two new renewable electricity power purchase agreements for 165 MW, advancing its goal to source 50% of its electricity from renewable sources by 2030.

What are the details of LyondellBasell's power purchase agreements in July 2022?

The agreements include 165 MW from Buckeye Partners, bringing the total renewable agreements to 381 MW, generating approximately 1 million MWh annually.

How will LyondellBasell's recent agreements impact its greenhouse gas emissions?

The agreements will help reduce approximately 1.5 million metric tons of greenhouse emissions annually as part of its sustainability efforts.