Subject: CON
Venture Global and EnBW Announce Expansion of LNG Partnership
ARLINGTON, Va. and STUTTGART, Germany, Oct. 6, 2022 /PRNewswire/ -- Today, Venture Global LNG and EnBW announced the expansion of their existing LNG partnership to 2 million tonnes per annum (MTPA). Under the 20-year Sales and Purchase Agreements (SPAs) signed in June 2022, EnBW has increased the quantity of its long-term LNG offtake from Venture Global by an additional 0.5 MTPA from Plaquemines and CP2 LNG.
"Venture Global is delighted to be a growing strategic partner to Germany and EnBW, a foundation customer at both Plaquemines and CP2," said Venture Global CEO Mike Sabel. "The German government has taken swift action to address the energy crisis and we are honored to support their efforts by providing security of US LNG supply. Our company has pioneered the next generation of LNG plants, with a safe and low-cost model, enabling us to bring much needed supply to the global market years faster than ever done before. Our Gulf Coast facilities incorporate critical, world class European equipment, including liquefaction modules, gearboxes, steam turbines and more, supporting countless jobs across the continent."
"To become less dependent on Russian natural gas and to strengthen diversification and security of supply, EnBW is supporting the German government by increasing further access to LNG supplies. For this reason, we have stepped up our procurement volumes from Venture Global", explained Georg Stamatelopoulos, Chief Operating Officer Generation & Trading at EnBW. "With the help of LNG, we can secure Germany's gas supply to enable the energy transition, while not losing sight of our climate neutrality targets.
About Venture Global LNG
Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022. The company is also constructing or developing an additional 60 MTPA of production capacity in Louisiana to provide clean, affordable energy to the world. The company is developing Carbon Capture and Sequestration (CCS) projects at each of its LNG facilities
About EnBW
With over 26,000 employees, EnBW is one of the largest energy companies in Germany and Europe. It supplies around 5.5 million customers with electricity, gas, water as well as services and products in the areas of infrastructure and energy. The expansion of renewable energies is a cornerstone of the growth strategy and a focus of investment. EnBW will invest around 4 billion euros in the further expansion of wind and solar energy by 2025.
By the end of 2025, more than half of the generation portfolio is to consist of renewable energies. This is already having a noticeable effect on reducing CO2 emissions, which EnBW aims to halve by 2030. EnBW is aiming for climate neutrality by 2035.
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