ARLINGTON, Va. and STUTTGART, Germany, June 21, 2022 /PRNewswire/ -- Today, Venture Global LNG and EnBW announced the execution of two long-term Sales and Purchase Agreements (SPAs) for 1.5 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Venture Global's Plaquemines and CP2 facilities, starting 2026. According to the agreement, EnBW will purchase 0.75 MTPA from Plaquemines LNG and 0.75 MTPA from CP2 LNG for 20 years. EnBW becomes the next European customer of Venture Global, who already announced agreements with PGNiG, BP, Shell, Repsol, Edison and GALP.
Photo Credit: Venture Global LNG
"Venture Global is thrilled to welcome EnBW as a long-term customer for both our Plaquemines and CP2 LNG facilities," said Mike Sabel, CEO of Venture Global LNG. "This is the first direct binding offtake agreement for long-term US LNG signed by a German company, an important step that manifests Germany's strategy to diversify its energy mix. Our company is honored to become a major provider of LNG to Germany, providing security of supply on a competitive, long-term basis."
"EnBW looks forward to a long-term LNG partnership with Venture Global", says Georg Stamatelopoulos, Chief Operating Officer Generation & Trading at EnBW. "We have expanded our LNG activities step by step in the recent years. Liquefied natural gas plays a key role in the diversification of our fuels for electricity and heat generation: It opens up the possibility of new sources to secure Germany's gas supply in the current energy transition phase and builds a bridge to a green energy supply."
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
With over 24,000 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.
Source: Venture Global LNG