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LyondellBasell (LYB) and Grenergy Ink Five 15-Year Solar PPAs
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LyondellBasell Industries N.V. (LYB - Free Report) and renewable energy producer Grenergy recently signed five long-term solar power purchase agreements (PPAs). Under the 15-year contracts, Spain-based Grenergy will supply solar energy from the La Cereal solar farm project, which is slated to be operational by the end of 2025. The agreements represent around 329,000 megawatt-hours (MWh) of solar power annually, equivalent to more than 90,000 European homes' annual electricity consumption.
LyondellBasell has accomplished 70% of its goal to get at least 50% of its power from renewable sources by 2030 through these agreements. More than 2.9 million MWh of renewable electricity will be delivered by the company's PPA portfolio, and its scope 2 greenhouse gas emissions will be lowered by more than a million tons. These agreements reflect LyondellBasell's progression toward its commitment to minimize its scope 1 and scope 2 greenhouse gas emissions by 42% by 2030 and approach net zero by 2050.
The funding of Grenergy's largest project to date in Spain will be optimized with the aid of this PPA. The Clara Campoamor photovoltaic solar energy project, which Grenergy is developing between Madrid and Castilla La Mancha, incorporates the 259 megawatts (MW) La Cereal solar farm project. The firm will develop it as one of the biggest solar parks in Europe, with a total installed electrical capacity of about 575 MW.
LYB’s shares are down 16.5% over a year, underperforming the industry’s rise of 1%.
Image Source: Zacks Investment Research
LyondellBasell, on its fourth-quarter call, said that it anticipates that the tough economic circumstances will persist, at least until the first half of 2023. In January, the company observed steady demand from the consumer packaging, oxyfuels and refining markets. LYB forecasts utilization rates for its operating assets to be 80% for its Olefins & Polyolefins and intermediates & derivatives divisions while aligning its production process with trends in global demand. The business anticipates improved seasonal demand in 2023.
LyondellBasell Industries N.V. Price and Consensus
LyondellBasell currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks to consider in the basic materials space include Steel Dynamics Inc. (STLD - Free Report) , Olympic Steel Inc. (ZEUS - Free Report) and Nucor Corporation (NUE - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). STLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 11.3% on average. STLD has rallied around 23.2% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel currently sports a Zacks Rank #1. ZEUS’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 26.2% on average. ZEUS has rallied around 51.7% in a year.
Nucor currently carries a Zacks Rank #2 (Buy). NUE’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 7.7% on average. NUE has rallied around 20.5% in a year.
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LyondellBasell (LYB) and Grenergy Ink Five 15-Year Solar PPAs
LyondellBasell Industries N.V. (LYB - Free Report) and renewable energy producer Grenergy recently signed five long-term solar power purchase agreements (PPAs). Under the 15-year contracts, Spain-based Grenergy will supply solar energy from the La Cereal solar farm project, which is slated to be operational by the end of 2025. The agreements represent around 329,000 megawatt-hours (MWh) of solar power annually, equivalent to more than 90,000 European homes' annual electricity consumption.
LyondellBasell has accomplished 70% of its goal to get at least 50% of its power from renewable sources by 2030 through these agreements. More than 2.9 million MWh of renewable electricity will be delivered by the company's PPA portfolio, and its scope 2 greenhouse gas emissions will be lowered by more than a million tons. These agreements reflect LyondellBasell's progression toward its commitment to minimize its scope 1 and scope 2 greenhouse gas emissions by 42% by 2030 and approach net zero by 2050.
The funding of Grenergy's largest project to date in Spain will be optimized with the aid of this PPA. The Clara Campoamor photovoltaic solar energy project, which Grenergy is developing between Madrid and Castilla La Mancha, incorporates the 259 megawatts (MW) La Cereal solar farm project. The firm will develop it as one of the biggest solar parks in Europe, with a total installed electrical capacity of about 575 MW.
LYB’s shares are down 16.5% over a year, underperforming the industry’s rise of 1%.
Image Source: Zacks Investment Research
LyondellBasell, on its fourth-quarter call, said that it anticipates that the tough economic circumstances will persist, at least until the first half of 2023. In January, the company observed steady demand from the consumer packaging, oxyfuels and refining markets. LYB forecasts utilization rates for its operating assets to be 80% for its Olefins & Polyolefins and intermediates & derivatives divisions while aligning its production process with trends in global demand. The business anticipates improved seasonal demand in 2023.
LyondellBasell Industries N.V. Price and Consensus
LyondellBasell Industries N.V. price-consensus-chart | LyondellBasell Industries N.V. Quote
Zacks Rank & Key Picks
LyondellBasell currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks to consider in the basic materials space include Steel Dynamics Inc. (STLD - Free Report) , Olympic Steel Inc. (ZEUS - Free Report) and Nucor Corporation (NUE - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). STLD’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 11.3% on average. STLD has rallied around 23.2% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel currently sports a Zacks Rank #1. ZEUS’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 26.2% on average. ZEUS has rallied around 51.7% in a year.
Nucor currently carries a Zacks Rank #2 (Buy). NUE’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 7.7% on average. NUE has rallied around 20.5% in a year.