Hydro Energi AS has inked a groundbreaking power purchase agreement with Statkraft, ensuring the delivery of 0.44 TWh per year to Hydro's Norwegian aluminium plants from 2024 to 2038. This remarkable agreement guarantees a total supply of 6.6 TWh of renewable power over a 15-year period, sourced from Statkraft's power plants in the designated price area.By accessing renewable power and leveraging modern technology, Hydro is at the forefront of producing low-carbon aluminium in Norway. With a carbon footprint approximately 75 percent lower than the global average, the company exemplifies its commitment to sustainable practices. Securing long-term power agreements at competitive prices is pivotal for Hydro to maintain its position as a global leader in low-carbon aluminium production.Ola Sæter, Head of Hydro's aluminium plants, emphasizes the significance of this agreement in meeting Hydro's future power requirements. As existing agreements are set to expire from 2030, this milestone agreement plays a vital role in sourcing Hydro's power demand, enabling further development of their Norwegian aluminium plants. This includes investments in carbon capture storage (CCS) and cutting-edge technology. However, the need for additional power for Hydro's plants remains substantial, necessitating the development of more renewable energy sources.The power contract, spanning from January 1, 2024, to December 31, 2038, encompasses the designated price area NO3. This agreement will form an integral part of Hydro Energy's comprehensive power portfolio, which includes its annual hydropower production of 9.4 TWh and a long-term contract portfolio of approximately 10 TWh per year.
Hydro Energi AS has inked a groundbreaking power purchase agreement with Statkraft, ensuring the delivery of 0.44 TWh per year to Hydro's Norwegian aluminium plants from 2024 to 2038. This remarkable agreement guarantees a total supply of 6.6 TWh of renewable power over a 15-year period, sourced from Statkraft's power plants in the designated price area.By accessing renewable power and leveraging modern technology, Hydro is at the forefront of producing low-carbon aluminium in Norway. With a carbon footprint approximately 75 percent lower than the global average, the company exemplifies its commitment to sustainable practices. Securing long-term power agreements at competitive prices is pivotal for Hydro to maintain its position as a global leader in low-carbon aluminium production.Ola Sæter, Head of Hydro's aluminium plants, emphasizes the significance of this agreement in meeting Hydro's future power requirements. As existing agreements are set to expire from 2030, this milestone agreement plays a vital role in sourcing Hydro's power demand, enabling further development of their Norwegian aluminium plants. This includes investments in carbon capture storage (CCS) and cutting-edge technology. However, the need for additional power for Hydro's plants remains substantial, necessitating the development of more renewable energy sources.The power contract, spanning from January 1, 2024, to December 31, 2038, encompasses the designated price area NO3. This agreement will form an integral part of Hydro Energy's comprehensive power portfolio, which includes its annual hydropower production of 9.4 TWh and a long-term contract portfolio of approximately 10 TWh per year.
