Hydro, Statkraft sign long-term power agreement
Norway’s Norsk Hydro and state-owned Statkraft have signed a new long-term power purchase agreement, securing 876 GWh between 2031 and 2040.
The total supply amounts to approximately 8.8 TWh over the nine years they agreed to, and it will be delivered in Norwegian electricity price area NO5.
The advantages of an agreement like this include predictable power prices, stable revenues and job and value creation in the industry.
It will also help advance Hydro’s aluminum production and establish Statkraft as a leading power supplier for the Norwegian industry.
“Long-term and predictable power at competitive prices is vital for Hydro’s aluminium production in Norway and enables us to continue delivering low-carbon aluminium and solutions to our customers in Europe,” Hydro Energy executive vice president Kari Ekelund Thørud said.
The news follows their April 2026 agreements that secured the delivery of 0.9 TWh per year in 2029 and 2030, and 1.3 TWh per year from 2031 to 2038.
(With files from Reuters)
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