Hydro Energi Signs New Long-Term Power Contract
Norsk Hydro ASA’s fully owned subsidiary Hydro Energi AS has signed a new long-term power purchase agreement with Hafslund Eco Vannkraft AS for a total supply of 680 GWh in the period from 2022-2028. The PPA will be part of Hydro Energy’s total power portfolio, which consists of captive power production of 9.4 TWh per year and a long-term contract portfolio of around 10 TWh. Since 2014, Hydro has signed 18 long-term power contracts, which are all based on renewable hydro or wind power.
Hydro and Hafslund Eco already have an established cooperation, which in 2020 and 2021 resulted in three other PPAs with a total volume of 2.7 TWh for delivery from 2021 to 2028.
In addition to being a significant market player in the Nordic power market, Hydro Energy is responsible for acquiring power for Hydro’s aluminium production, which in Norway is 100 percent based on renewable power. Access to renewable energy and modern technology enables Hydro to produce aluminium in Norway with a carbon footprint which is around 75 percent less than global average.
The contract with Hafslund Eco spans from January 1, 2022, to December 31, 2028, with delivery to price area NO3.