LYB secures the capacity to meet the 2030 renewable electricity target

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HOUSTON and ROTTERDAM, The Netherlands, Sept. 24, 2024 (GLOBE NEWSWIRE) — LyondellBasell (LYB) announced today that it has signed a power purchase agreement with Eneco NV This agreement brings LYB’s total renewable electricity capacity to 100% of its renewable electricity procurement target . .

“Carrying out climate action is an important part of our strategy to create value for our stakeholders, the environment and society. Therefore, I am happy that this latest agreement will help us reach the renewable electricity goal of 2030 once all the projects are operational,” said Peter Vanacker, CEO of LyondellBasell. “The Power Purchase Agreement is a critical lever in our efforts to reduce absolute 1st and 2nd greenhouse gas emissions.”

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About 15% of lyb 2020 baseline scope 1 and 2 greenhouse gas emissions come from electricity consumption. The company’s target is to obtain a minimum of 50% of electricity from renewable sources by 2030 based on the level of sales in 2020.

Under the 15-year PPA signed today, LYB will secure 25 megawatts (MW) of renewable power generation capacity from the ecological plot Hollandse Kust West VI (HKW-VI) offshore wind farm in the North Sea, Netherlands.

Eneco will deliver approximately 103 gigawatt-hours (GWh) of offshore wind power to LYB annually, starting in 2027. This is comparable to the annual electricity consumption of approximately 28,500 European homes. The offshore wind farm will be one of the largest in the Netherlands.

About LyondellBasell

LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technologies and focused investments, we can create a circular and low-carbon economy. In everything we do, we aim to unlock value for our customers, investors and society. As one of the largest polymer producers in the world and a leader in polyolefin technology, we develop, manufacture and market high quality and innovative products for applications ranging from sustainable transport and food safety to clean water and quality health. For more information, visit or follow @LyondellBasell on LinkedIn.

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Forward-Looking Statement

Statements in this release that relate to matters that are not historical facts are forward-looking statements. These forward-looking statements are based on assumptions that LyondellBasell’s management believes are reasonable at the time and are subject to risks and uncertainties. Actual results may vary based on factors including, but not limited to, the availability, cost and volatility of utility prices; our ability to achieve our sustainability goals, including our ability to reduce emissions and achieve net zero emissions by the time specified in our goals; our ability to obtain energy from renewable sources; and successful construction and operation of the project described in this release. Additional factors that could cause results to differ materially from those described in 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 website at www.sec.gov. There can be no assurance that actions, events or the results of forward-looking statements will occur, or if they do, what effect they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date hereof and are based on the estimates and opinions of LyondellBasell management at the time the statements are made. LyondellBasell assumes no obligation to update forward-looking statements if circumstances or Management’s estimates or opinions change, except as required by law.

For media inquiries, please contact:
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Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e76dd5c6-698a-445c-9c45-61d139c32245

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