TURNING WIND INTO PETROL
THE Geelong refinery that supplies more than half of the state’s fuel has gone renewable, penning a deal to purchase about a third of its annual energy needs from a nearby wind farm.
Viva Energy will today announce its new Power Purchase Agreement (PPA) with Acciona, the owner-operator of one of Victoria’s largest wind farms Mt Gellibrand, 65km west of Geelong.
The PPA secures pricing for about 100GWh of electricity, accounting for about a third of the Corio refinery’s annual electricity needs.
Viva Energy chief executive Scott Wyatt said access to reliable and affordable electricity was critical for the refinery’s operations. “Over the last few years the cost of electricity supply in Victoria has more than doubled and has become increasingly subject to pricing spikes due to weather and reliability events causing disruptions to generation and supply,” Mr Wyatt said.
“Our research has shown that renewable energy is very competitive with existing sources of generation and can be a viable and sustainable part of the energy mix for a business like ours.
“This agreement with Acciona is a win-win outcome for us both as it helps lock in a stable electricity price over the long term, while supporting a local renewable energy source not far from the refinery.”
Acciona Energy Australia Managing Director Brett Wickham welcomed the PPA, which he said was an endorsement of the Mt Gellibrand wind farm.
“Companies like Viva Energy understand the value alternative energy supply solutions, such as this wind-backed corporate PPA, offer in reducing electricity price volatility and costs,” Mr Wickham said.
The first of the $258 million Mt Gellibrand wind farm’s 44 turbines was switched on in June last year. While the PPA between Acciona and Viva Energy is set to be officially announced today, it commenced in January.