Laxede hydro power plant, Vattenfall

Vattenfall to deliver Nordic hydro power to Neste's sites in Finland

From the 1 January 2022, Vattenfall will deliver 100 percent fossil-free energy from its Nordic hydropower plants to Neste in Finland. The total annual volume of the hydropower agreement is 800 GWh of electricity purchased with Guarantees of Origin (GOs)*.

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.

Links:
Neste

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