Renewables
Renewable energy refers to energy that comes from natural sources that are continually and naturally replenished, such as sunlight or wind. Renewable energy is an essential part of our journey to net-zero emissions, and improves energy security and supply diversification.
As part of our transition away from traditional fossil fuels, we are increasing our investments in renewable power, focusing on:
- Solar power, which harnesses the sun’s energy
- Wind power, which uses turbines to convert the kinetic energy of wind into electricity
Advantages of renewable energy
Renewable energy sources offer a range of advantages:
- They are one of the key decarbonization levers we have as we move towards net zero
- They diversify our energy supply
- They reduce our dependency on fossil fuels
- They are inexhaustible, ensuring a sustainable energy supply for future generations
- They create economic development and jobs
- They have low operating costs
While some renewable energy sources, such as solar and wind power, are dependent on weather conditions, others like geothermal are constant. The variability of renewables can for example be managed with energy storage solutions to provide a continuous supply even when weather conditions are not favorable.
Our solar and wind power strategy
- Invest primarily in renewable power in Southeastern Europe
- Establish a strong position in the renewables sector with a target of 3-4 TWh by 2030
- Build a portfolio of Power Purchase Agreements (PPAs) in Western Europe and invest selectively in renewable power projects to supply power for our operations
Our key projects and activities
Schönkirchen-Reyersdorf:
One of the largest solar power plants in Austria
We partnered with VERBUND to build one of the largest solar power plants in Austria at our landfill site in Schönkirchen-Reyersdorf. Fully operational since mid-2022, the plant has a total peak capacity of 15 megawatt (MWh). In 2023, approximately 14 gigawatt hours (GWh) of renewable energy was produced, which helped to power our day-to-day operations.
Hywind Tampen: The world’s first floating wind farm
OMV 19% share
Hywind Tampen is the world's first floating wind farm, with a capacity of 88 megawatts (MW). It started generating electricity in 2022 and achieved full operational status in 2023 when the last 4 turbines were installed. The farm now supplies part of the energy needs of the Gullfaks and Snorre fields, reducing annual CO2 emissions by 200,000 metric tons and nitrogen oxide emissions by 1,000 metric tons.
Our solar power plant in Lobau
In early 2022, commercial operation began at our new solar power plant in Lobau. The plant uses a tracker system to follow the path of the sun, improving output by around 10%. Production efficiency is increased by a further 5% due to the use of bifacial modules that capture sunlight on both sides. In 2023, this plant produced around 7 GWh of renewable energy, meeting around 45% of the tank farm’s annual electricity demand and cutting CO2 emissions by 2,100 metric tons.
PPA Tender for Austria and Germany
In 2023, the very first OMV Power Purchase Agreement (PPA) tender was organized for decarbonizing operations of Fuels and Feedstock in Austria and Germany. More than 25 counterparties participated and 70 project-based bids were submitted.