Ineos agrees power supply for planned decarbonisation in Norway

Norwegian renewables generator Statkraft AS today said it has signed two new long-term green power agreements with Ineos Inovyn related to the vinyls producer’s manufacturing site at Rafnes in Bamble, Norway.

The deals, sourced from Statkraft’s Norwegian hydropower assets, will secure most of the site’s existing power needs and will provide additional power for planned investments in electrification and hydrogen production.

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An agreement covering 100 MW of capacity equal to an annual volume of 876 GWh will replace the existing power contract, which expires in May 2023. The second deal is for up to 30 MW, or an additional of 263 GWh per year, from 2026.

UK-based chemicals group Ineos, the parent of Ineos Inovyn Norway, in 2021 announced plans for a 20-MW hydrogen electrolyser at Rafnes to reduce the carbon footprint of its operations there.

“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,” commented Hallvard Granheim, executive vice president Markets in Statkraft.