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BASF shares stronger: BASF will receive green electricity from a planned wind farm near Borkum for 25 years

BASF has secured a good fifth of the amount of electricity that its planned offshore wind farm off the North Sea island of Borkum will produce from 2025 onwards from the Danish electricity producer Orsted.

The chemical company concluded a 25-year electricity supply contract with Orsted, as both sides announced. 186 of the total planned 900 megawatts of power are to be purchased. For the Danes, the contract is an important step in order to be able to make the final investment decision for Borkum Riffgrund 3 by the end of the year.

BASF needs green electricity to decarbonise its chemical production step by step. Among other things, steam crackers, which are at the beginning of the chemical recycling chain and break down raw gasoline into olefins and aromatics at high temperatures, are to be heated electrically in the future. By 2030, the company aims to reduce its greenhouse gas emissions by 25 percent compared to 2018.

BASF has already initiated several wind power projects. In June, the chemical giant participated in a planned Vattenfall wind farm off the Dutch coast in order to supply its Antwerp site with green electricity from there. And RWE is to build an even larger wind farm in the North Sea for the DAX group by 2030 to supply power to the main plant in Ludwigshafen.

The BASF share temporarily gains 0.40 percent to EUR 62.20 on XETRA.

FRANKFURT (Dow Jones)

Reference-www.finanzen.at

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