Vattenfall to deliver fossil-free energy from its Nordic hydropower plants to Neste in Finland

Vattenfall to deliver fossil-free energy from its Nordic hydropower plants to Neste in Finland

(PRESS RELEASE) STOCKHOLM, 22-Dec-2021 — /EuropaWire/ — Vattenfall, a Swedish Gov-owned multinational power company, has announced it has signed a hydropower agreement for an annual volume of 800 GWh of electricity purchased with Guarantees of Origin (GOs) with Neste, the world’s leading provider of renewable diesel and sustainable aviation fuel and the 4th most sustainable company in the world. The agreement will see Vattenfall starting deliveries in January 2022 of 100 percent fossil-free energy from its Nordic hydropower plants to Neste in Finland.

Neste is the world’s largest producer of renewable diesel and sustainable aviation fuel refined from waste and residues. Neste has been a Vattenfall customer since 2019 and the prolonged agreement is valid until 2024.

Vattenfall has a clear goal to enable fossil-free living within one generation. The partnership with Neste is a good example of how Vattenfall can support customers to reach their climate goals by using fossil free electricity and flexible energy solutions.

“The collaboration with Neste is an important step towards reduced emissions. Neste has high environmental ambitions and I am delighted with the continued trust and cooperation in our work to enable a fossil free living within one generation. Not only by delivering fossil free energy but also as energy experts managing Neste’s electricity portfolio,” says Branislav Slavic, Head of Customers & Solutions Vattenfall Nordics.

Neste is committed to combatting climate change and reducing climate emissions with three climate commitments. Reduction of greenhouse gas emissions from its own production, the emission intensity of the use of products sold by Neste and the reduction of customers’ emissions with Neste’s renewable and circular solutions.

As part of these climate commitments, the new hydropower agreement will enable Neste to achieve the 100 percent renewable electricity target in Finland as early as 2022.

“We aim to make Neste´s Porvoo refinery the most sustainable refinery in Europe by 2030 and reach carbon neutral production by 2035. We will achieve these ambitious targets by reducing greenhouse gas emissions from production and using renewable electricity, for instance. Thanks to the hydropower agreement we have signed with Vattenfall, we will reach an important milestone at the beginning of 2022, as our Porvoo refinery and operations in Naantali will use 100 percent renewable electricity. We will continue to work actively to achieve carbon neutrality,” says Markku Korvenranta, Executive Vice President, Oil Products at Neste.

*Guarantees of Origin (GOs), an electronic document that provides proof of the source of a given quantity of renewable energy.

Vattenfall Press Office
press@vattenfall.com

SOURCE: Vattenfall AB