RWEOY Rwe Ag (PK)

By Dominic Chopping

Equinor said Monday that it has signed a new five-year agreement to supply natural gas to Germany's RWE.

The Norwegian energy major said the deal will see it supply volumes of between 10 terawatt hours and 15 terawatt hours of natural gas, equivalent to between 1 billion cubic meters and 1.5 billion cubic meters a year from now until 2028.

The contract is priced at market terms and the gas will be delivered at Germany's Trading Hub Europe, it added.

Earlier this year RWE and Equinor announced plans to develop large-scale value chains to ensure security of supply and reduce emissions. The first step is to invest in and develop gas-fired power plants in Germany that are ready to use hydrogen as feedstock as soon as it becomes available on an industrial scale in the country.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 30, 2023 05:54 ET (09:54 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.