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    BAS   DE000BASF111

BASF SE

(BAS)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 01/21 03:42:41 pm
65.675 EUR   -2.62%
01/18BASF SE : UBS reiterates its Neutral rating
MD
01/17BASF : to expand European production for Hexamethylenediamine and Polyamide 6.6
PU
01/17BASF SE : Release of a capital market information
EQ
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BASF : bundles renewable energy activities in new subsidiary BASF Renewable Energy GmbH

11/25/2021 | 05:10am EST
  • Focus on renewable power supply for BASF's European sites
  • Management of own power generation and long-term supply contracts
  • Global consulting expertise within the BASF Group

BASF is bundling its activities in renewable energies under the umbrella of BASF Renewable Energy GmbH as of January 1, 2022. The wholly owned subsidiary's business activities will focus on supplying the BASF Group in Europe with electricity from renewable energies, electricity trading activities in Europe and global consulting for BASF and its Group companies in the field of renewable energies. The company is based in Ludwigshafen and will be managed by Horatio Evers, who was previously responsible for the development of renewable energies at BASF SE.

BASF expects that by gradually replacing electricity from fossil generation, from own production as well as purchase agreements, and scaling innovative, climate-friendly technologies to an industrial scale, its electricity consumption in Europe will increase from the current level of around 9 terawatt hours of electricity from fossil generation annually to the point where at least three to four times as much electricity from renewable sources will be needed to reach the net zero goal.

BASF Renewable Energy GmbH is tasked with supplying the European sites with these additional volumes in line with demand. To this end, it will initiate new additional projects to generate renewable energy from own production together with partners and conclude long-term supply agreements with energy producers, known as Power Purchase Agreements (PPAs). Projects already underway to generate electricity from renewable energy sources include the participation in the Hollandse Kust Zuid wind farm with Vattenfall, as well as the wind farm planned with RWE in the German North Sea. Other major projects for the generation of electricity from renewable sources in Europe are under review or have already been initiated. In addition, BASF has recently signed a first long-term PPA for the supply of offshore wind in Europe with Ørsted. Dr. Roland Merger continues to manage the wind farm projects with partners.

"As the leading company in the chemical industry, we are already one of the largest industrial electricity consumers in Europe. Due to the conversion to renewable energy as well as the launch of new, low-emission production processes based on electricity, our demand will increase significantly in the future," said Horatio Evers, Managing Director of BASF Renewable Energy. "The reliable and efficient supply to BASF with sufficient quantities of electricity from renewable sources at competitive prices is necessary for the implementation of our goals and the achievement of the targeted climate neutrality. We are committed to a make-and-buy strategy in this regard."

BASF has set a target to reduce its greenhouse gas emissions by 25 percent by 2030 compared with 2018 and to achieve net zero emissions by 2050.

In addition to procurement and power trading, BASF Renewable Energy will also provide expertise and advice on renewable energy within the BASF Group worldwide. Due to different national regulatory requirements as well as other factors such as availability and connection to the power grid, the local and regional framework conditions for the use of renewable energies vary greatly between sites worldwide. By bundling project experience and expertise, BASF ensures efficiency in power supply.

Receive up-to-date news releases from BASF via push notification on your smartphone. Register for our news service at basf.com/pushnews.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 110,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2020. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

P-21-383

Disclaimer

BASF SE published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 10:09:04 UTC.


ę Publicnow 2021
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Sales 2021 77 078 M 87 454 M 87 454 M
Net income 2021 5 585 M 6 337 M 6 337 M
Net Debt 2021 14 319 M 16 246 M 16 246 M
P/E ratio 2021 11,0x
Yield 2021 5,04%
Capitalization 60 741 M 68 891 M 68 917 M
EV / Sales 2021 0,97x
EV / Sales 2022 0,99x
Nbr of Employees 110 672
Free-Float -
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Number of Analysts 25
Last Close Price 67,44 €
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Martin BrudermŘller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Anke Schńferkordt Independent Member-Supervisory Board
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