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BASF SE

(BAS)
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BASF : RWE and BASF plan $4.9 bln wind power project

05/21/2021 | 07:34am EDT
The logo of RWE, one of Europe's biggest electricity and gas companies is seen at block F/G of RWE's new coal power plant in Neurath

* RWE plans to build 2 GW offshore wind farm by 2030

* Most of the power would go to BASF's Ludwigshafen site

* BASF would own 49% stake in offshore wind farm

FRANKFURT, May 21 (Reuters) - Chemicals giant BASF and German utility RWE on Friday announced a potential 4 billion euro ($4.9 billion) offshore wind power project to cut emissions at Germany's most energy-intensive industrial site.

As part of the project, which depends on more favourable legislation, RWE plans to build a 2 gigawatt (GW) offshore wind park by 2030 to help to supply BASF's Ludwigshafen chemicals complex, Germany's single biggest electricity consumer.

BASF will own 49% of the wind park, RWE CEO Markus Krebber said, adding that while 80% of the farm's output would go to Ludwigshafen, the remaining fifth will be used to power a 300 megawatt electrolyser to produce so-called green hydrogen.

"Without the availability of sufficient volumes of electricity from renewable sources at competitive prices, our future transformation will not be possible," BASF Chief Executive Martin Brudermueller said.

The project's fate hinges on a number of regulatory factors, including faster tenders for potential sites in the North Sea as well as renewable energy being made exempt from hefty green power levies in Germany.

Electricity demand at Ludwigshafen is expected to triple by 2035, Brudermueller told a news conference held jointly with RWE, adding that the wind park would satisfy about a quarter of the power needs of his company's chemicals production hub. ($1 = 0.8179 euros) (Reporting by Christoph Steitz Editing by David Goodman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.63% 67.44 Delayed Quote.3.55%
RWE AG -0.99% 29.9 Delayed Quote.-12.67%
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Sales 2021 71 890 M 84 686 M 84 686 M
Net income 2021 4 750 M 5 596 M 5 596 M
Net Debt 2021 14 752 M 17 377 M 17 377 M
P/E ratio 2021 13,2x
Yield 2021 5,00%
Capitalization 61 556 M 72 411 M 72 513 M
EV / Sales 2021 1,06x
EV / Sales 2022 1,06x
Nbr of Employees 110 261
Free-Float 100%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 67,02 €
Average target price 79,00 €
Spread / Average Target 17,9%
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Managers and Directors
Martin BrudermŘller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial & Digital Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Anke Schńferkordt Independent Member-Supervisory Board
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