Ineos buys Grangemouth power plant
2 Oct 2014
Ineos today announced it is buying the gas-fired combined heat and power (CHP) plant that provides electricity and steam to its Grangemouth petrochemicals complex.
Ineos Industries Holdings has agreed to acquire the CHP plant, which has a power generation capacity of 145MW and heat generation capacity of 257MW, from Fortum for £54 million.
Ineos said the acquisition “sits hand in hand” with the £300 million project to build an LNG import terminal and ethane storage tank at the site to take advantage of cheap US shale gas.
As Ineos has a long term plan to develop the Grangemouth site, this was a good opportunity for both companies
Fortum’s Sasu Valkamo
Commissioned in 2001, the Grangemouth power plant provides electricity and steam to Ineos’ petrochemical operations. Excess electricity is sold to the National Grid. Fortum will continue to provide operations and maintenance (O&M) services at the power plant in the future.
“The Grangemouth CHP plant is a highly efficient and modern power plant, and as Ineos has a long term plan to develop the Grangemouth site, this was a good opportunity for both companies,” said Fortum nuclear & thermal power division vice president Sasu Valkamo.
“We look forward to our continued partnership with Ineos, providing O&M services at the site.”
