Energy, Industry Updates

Statkraft Signs Two New Long-term Green Power Agreements with INEOS Inovyn

Statkraft Signs Long-term Power Agreements with INEOS Inovyn

Statkraft, the biggest renewable energy producer in Europe, and INEOS Inovyn, a chemical company, have recently signed two new long-term power agreements. As part of INEOS Inovyn’s plan to decarbonize its assets in Norway, the agreements will secure the bulk of the energy required for current manufacturing activities and the additional power needed for planned investments in electrification and hydrogen production. The power agreements are supplied from renewable hydropower assets owned by Statkraft in Norway.

INEOS Inovyn, the European leader in the Chlor-Vinyl industry, operates a world-scale integrated site in Norway that produces essential raw materials for various industries. This includes automotive, building and construction, healthcare and medical, paints and adhesives, food, personal care, pulp and paper, textiles, and water treatment. Long-term access to clean energy is essential for the company's activities.

The largest power contract will deliver a capacity of 100 MW, which is equivalent to 876 GWh of recorded renewable energy per year. The current contract, which ends in May 2023, is replaced by the new long-term agreement.

The other long-term energy agreement covers up to 30 MW and adds 263 GWh per year beginning in 2026. The deal is tied to INEOS Inovyn's extensive development plan for process electrification and hydrogen production, which aims to reduce carbon emissions from the Rafnes asset.

The sale of electricity to energy-intensive industries is essential to Statkraft's operations. Statkraft will deliver approximately 10 TWh under such contracts in 2023. In 2022, the company entered eight new agreements with a 25 TWh combined volume for the duration of the agreements, and additional contract negotiations are ongoing.

About Statkraft

Headquartered in Oslo (Norway), Statkraft is a global leader in hydropower and Europe's largest renewable energy generator. It offers customers physical and financial energy solutions, including power generators, industrial and commercial enterprises, and energy suppliers. The Group provides wind, solar, hydropower, natural gas-fired power, and district heating. Founded in 1895, the company develops and operates renewable energy assets in 20 countries across Europe, South America, and Asia

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