Published on 4 Jul 2022 on Zacks via Yahoo Finance

LyondellBasell (LYB) Inks First Two Renewable Energy PPA

LyondellBasell Industries N.V. LYB recently signed its first two U.S. power purchase agreements (“PPA”), supporting its climate goal to obtain a minimum of 50% of electricity from renewable sources by 2030.

The combined agreements represent 216 megawatts (MW) of renewable energy, which is expected to generate roughly 628,000 megawatt-hours (MWh) of clean power each year. Around 15% of the company’s total scope 1 and 2 greenhouse gas emissions come from its electricity consumption. These agreements will facilitate the company to cut its carbon dioxide emissions by around 225,000 metric tons each year.

The company has signed a PPA with ENGIE North America for 100 MW of renewable electricity sourced from ENGIE's new Limestone wind project in Texas' Navarro and Limestone counties. The project is anticipated to be operational by the end of this year.