Statkraft and chemical company INEOS Inovyn have signed two new long-term hydro-sourced power agreements.
The agreements will secure the majority of the power needed for INEOS Inovyn’s existing manufacturing activities and also the additional power required for planned investments into electrification and hydrogen production as part of INEOS Inovyn Norway’s plans to decarbonise its assets.
The first agreed power contract covers a capacity of 100MW, equal to an annual volume of 876GWh of documented renewable energy.
The new long-term agreement replaces the existing power contract, which expires in May 2023.
The second long-term power agreement covers up to 30MW, adding 263GWh per year for the period from 2026.
The agreement is linked to INEOS Inovyn’s extensive development plan in process electrification and hydrogen production in order to further reduce carbon emission of the asset at Rafnes.
The power agreements are sourced from Statkraft’s renewable hydropower assets in Norway.
“Statkraft is proud to renew its long-standing partnership with INEOS Inovyn, securing its facilities at Rafnes access to renewable hydropower for another long-term period. The agreement emphasises Statkraft’s important role as a major supplier to Norwegian industry and shows that it is possible to secure long-term power contracts even in today’s market,” said Hallvard Granheim, EVP Markets in Statkraft.
“These long-term green energy supply agreements allow us to continue to competitively supply our customers in Europe and elsewhere in the world. They also allow us to pursue our ambitious asset development plans which we have put in place to reach our 2030 CO2 reduction targets and to continue the decarbonisation of our operations to deliver net zero emissions by 2050,” Geir Tuft, CEO of INEOS Inovyn, commented.