Dow increases clean energy targets aligned to 2025 Sustainability Goals
Groundbreaking partnership with NRG Energy will provide increased renewable wind energy to power Dow Operations
MIDLAND, Mich. - May 17, 2016 - Today, The Dow Chemical Company (NYSE: DOW) advances its vision to accelerate the development of cost-effective clean energy alternatives and reduce carbon emissions by increasing its clean energy target from 400 MW to 750 MW by 2025. This increase aligns with Dow’s 2025 Sustainability Goals and was achieved within the first year of the launch of the goals.
To accelerate this plan, Dow has partnered with NRG Energy, Inc. (NYSE: NRG) and NRG Yield, Inc. (NYSE: NYLD, NYLD.A) on a large scale collaboration for renewable energy. The partnership will provide sustainable, clean energy through a ten-year wind power purchase agreement from the 150 MW Goat Mountain I and II wind farms, which will power Dow’s Freeport, Texas facilities. The collaboration with NRG Energy and the additional 150 MW of renewable energy contributed to a total of approximately 500 MW in renewable energy for Dow, resulting in the increased clean energy target.
Launched in 2015, the original 2025 Sustainability Goals include a key performance indicator to use 400 MW of clean power. Meeting this target in just one year, Dow is resetting its goal to 750 MW, further illustrating the company’s continued forward-thinking, leadership position in clean energy.
“Dow’s 2025 Sustainability Goals define the path forward for our Company, and today we are pleased to increase our renewable energy targets from 400 MW up to 750 MW by 2025,” said Dr. Neil Hawkins, Dow’s corporate vice president and chief sustainability officer.“Dow is proud to be the first company in the United States to power manufacturing sites with renewable energy at this kind of scale and that we’ve become one of the largest corporate purchasers of wind energy in America. We appreciate this new collaboration with NRG at our Freeport site.”
Historically, Dow has utilized grid power, fossil fuels, natural gas, coal and oil to power its plants. However, with the change in market prices and policies, the Company can now cost- effectively utilize renewable energy to help operate the plants and reduce its carbon footprint.
“This is a significant game changer representing the increase of renewable energy to power Dow plants,” said Jack Broodo, Dow’s business president of feedstocks and energy. “Through cost-advantaged power, Dow is manufacturing materials through renewable energy in one of the largest scale industrial partnerships in the world. In fact, at the 400 MW level, Dow is now in the top five industrial users of renewable power in the U.S.”
Providing the power are NRG’s 11,000 acre Goat Mountain I and II wind farms located in Coke and Sterling counties, north of San Angelo, Texas. These farms are part of the NRG renewable portfolio with 4,313 MW of wind and solar generation owned either entirely or in part by NRG or NRG Yield.
“We’re proud to partner with Dow and provide renewable energy solutions to a company that’s already demonstrating an exceptional commitment to sustainability,” said Craig Cornelius, senior vice president and head of renewables at NRG. “Dow represents one of many companies that are driving an evolution in America’s energy mix as they seek cleaner sources of power that also provide more certainty over future energy costs.”
Dow currently supplies its Freeport, Texas, facilities with 350MW of wind power annually, which is the equivalent amount of electricity needed to power nearly 50,000 homes.
Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's most challenging problems such as the need for clean water, clean energy generation and conservation, and increasing agricultural productivity. Dow's integrated, market-driven, industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 180 countries and in high-growth sectors such as packaging, electronics, water, coatings and agriculture. In 2015, Dow had annual sales of nearly $49 billion and employed approximately 49,500 people worldwide. The Company's more than 6,000 product families are manufactured at 179 sites in 35 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.
NRG is the leading integrated power company in the U.S., built on the strength of the nation’s largest and most diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 200 company, NRG creates value through best in class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers, large and small, we continually innovate, embrace and implement sustainable solutions for producing and managing energy. We aim to be pioneers in developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost 3 million residential and commercial customers throughout the country. More information is available at www.nrg.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.
About NRG Yield
NRG Yield owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the U.S., including fossil fuel, solar and wind power generation facilities that provide the capacity to support more than two million American homes and businesses. Our thermal infrastructure assets provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units in multiple locations. NRG Yield’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols NYLD and NYLD.A, respectively. Visit nrgyield.com for more information.