Two new long-term power contracts have been signed between INEOS Inovyn at Rafnes in Bamble, Norway, and Statkraft, the largest producer of renewable energy in Europe.
As part of INEOS Inovyn Norway’s aims to decarbonize its assets in Norway, the agreements will secure the bulk of the electricity required for the manufacturing activities now in place as well as the additional power needed for future investments in electrification and hydrogen production.
The greatest agreed-upon power contract has a 100 MW capacity, or 876 GWh of verified renewable energy per year. The current electricity deal, which expires in May 2023, is replaced by the new long-term arrangement.
The second long-term power arrangement adds 263 GWh annually beginning in 2026 and covers up to 30 MW. To further reduce the asset at Rafnes’ carbon emissions, INEOS Inovyn has a comprehensive growth plan that includes process electrification and hydrogen production.
The power agreements are derived from renewable hydropower resources owned by Statkraft in Norway.
An key aspect of Statkraft’s operations is selling electricity to sectors of the economy that need a lot of it. On such contracts, Statkraft will deliver about 10 TWh in 2023. Eight additional contracts worth a combined 25 TWh were signed by the corporation in 2022, and more contracts are now being negotiated.