Stock Quote

Celanese Extends Power Supply Agreement with Calpine Energy Solutions to Include Solar Energy at Clear Lake Facility

Celanese Corporation (NYSE: CE), a global chemical and specialty materials company, today announced a 15-year contract extension with Calpine Energy Solutions, LLC to incorporate a solar power component into the electricity supply mix for the company’s world-class acetyl intermediates chemical manufacturing facility located in Clear Lake, Texas.

Calpine Energy Solutions is expected to supply the Celanese Clear Lake facility with 45 megawatts of peak solar contracted capacity. On an annualized basis, this represents approximately 142,000 megawatt hours of renewable energy and will equate to taking approximately 14,500 cars off the road. This contract equates to about 33 percent of Celanese’s annual electricity consumption at the site and approximately 65 percent of the site’s daytime electricity usage during the summer months.

“Celanese is committed to protecting the earth’s natural resources and helping our partners and customers do the same,” said Lori Ryerkerk, Celanese Chairman and Chief Executive Officer. “As we work to develop sustainable energy practices and implement leading environmental management systems, Celanese is putting our larger vision for sustainability into practice every day and demonstrating our global commitment to environmental goals that include energy conservation, emissions control, release prevention, wastewater discharge controls and waste reuse and recycling.”

“Solar power energy is growing in relevance and significance as a source of renewable electricity and we are seeing that the resource availability is providing a better match to meet demand during critical times of the year versus other large, fast-growing, renewable sources,” said Jon Mortimer, Vice President, Global Manufacturing, Celanese. “Additionally, solar power generation to the Clear Lake facility acts as a natural hedge to help offset high electricity prices during peak hours in the summer months.”

As the site owner, Celanese will extend this solar power supply to other site partners at the Clear Lake facility. Site partner Arkema, which owns and operates the acrylic acid and acrylic esters units at the Clear Lake site, has expressed a strong interest in solar power supply.

“Arkema is constantly evolving its industrial practices to reduce its environmental footprint. Increasing renewable energy components with solar power at our Clear Lake site will allow significant greenhouse gas emissions reduction. This is fully aligned with the Group commitment to the Paris Climate Agreement to reduce its absolute emissions in line with a global warming well below the 2°C trajectory, according to the Science Based Target methodology,” said Virginie Delcroix, Vice President Sustainable Development at Arkema. “Industrial organizations play a major role in the global transition towards sustainability. This common agreement on renewable energy at the world-class Clear Lake facility further demonstrates industry’s commitment.”

“Calpine Energy Solutions is proud to have been able to deliver a solar solution to Celanese and Arkema that achieved their sustainability and risk management goals while maintaining a competitive electricity cost position at the Clear Lake facility,” said James Wood, President, Calpine Energy Solutions.

Celanese expects this agreement will provide a sustainable source in energy mix and estimates significant annual savings versus on-peak supply from other energy sources. Financial terms of the contract extension are not being disclosed at this time.

About Calpine Energy Solutions

Calpine Energy Solutions, LLC is a licensed retail energy provider in every deregulated state, and is one of the largest energy suppliers in North America by volume. Most of our clients are large commercial or industrial entities that view the management of energy and carbon as an important strategic initiative and seek to leverage our expertise in data management, risk management and renewable energy. Calpine Energy Solutions is a wholly owned subsidiary of Calpine Corporation, America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Please visit www.calpinesolutions.com to learn more about how we help businesses transform their energy / carbon management programs from a traditional, transactional approach to a data-driven, sustainable business process.

About Celanese

Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Our businesses use the full breadth of Celanese's global chemistry, technology and commercial expertise to create value for our customers, employees, shareholders and the corporation. As we partner with our customers to solve their most critical business needs, we strive to make a positive impact on our communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2019 net sales of $6.3 billion. For more information about Celanese Corporation and its product offerings, visit www.celanese.com or our blog at www.celaneseblog.com.

Forward-Looking Statements: This release may contain “forward-looking statements,” which include information concerning the company’s plans, objectives, goals, strategies, future revenues or performance, capital expenditures and other information that is not historical information. When used in this release, the words “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company or its customers will realize these benefits or that these expectations will prove correct. There are a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from the forward-looking statements contained in this release. Risk factors include those that are discussed in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Contacts:

Calpine Contact:
Calpine Media Relations
Brett Kerr
VP Governmental & Regulatory Affairs
Calpine Corporation
O: (713) 830-8809
M: (713) 858-1036
brett.kerr@calpine.com

Celanese Contacts:
Investor Relations
Brandon Ayache
+1 972 443 8509
brandon.ayache@celanese.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.