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Norsk Hydro and Statkraft sign long-term power purchase deal
The agreement covers 876 GWh of power delivery from 2031 to 2040, totaling about 8.8 TWh over nine years.
Norway’s Norsk Hydro and state owned Statkraft have signed a new long-term power purchase agreement, securing 876 GWh of electricity delivery between 2031 and 2040.
The deal calls for supply totaling roughly 8.8 TWh over the nine-year period, delivered in the Norwegian electricity price area NO5. Hydro and Statkraft said the arrangement is designed to provide predictable power prices and more stable revenues, supporting jobs and value creation in the industry.
Hydro said long term and predictable power at competitive prices is vital for its aluminum production in Norway and helps it deliver low carbon aluminum and solutions for customers in Europe, citing comments from Hydro Energy executive vice president Kari Ekelund Thørud.
The companies said the agreement follows prior April 2026 contracts, including 0.9 TWh per year in 2029 and 2030 and 1.3 TWh per year from 2031 to 2038. Hydro also expects production to start in 2027 and said it expects to produce 226,000 ounces of PGMs annually, while earlier guidance for production was cut to 290,000 to 330,000 tons. Mining.com reported this development.