Hydro, Statkraft sign long-term power agreement
This is the third agreement between the companies this year, with total supply amounting to 8.8 TWh.
Norway's Norsk Hydro and state-owned Statkraft have entered into a new long-term power purchase agreement, guaranteeing a supply of 876 GWh from 2031 to 2040. This amounts to around 8.8 TWh over the nine-year period. The power will be delivered within the Norwegian electricity price area NO5.
The benefits of such an arrangement include stable power prices, consistent revenue streams, and job and value generation within the industry. It will also support Hydro's aluminum production and position Statkraft as a prominent power provider for Norwegian industry. Kari Ekelund Thørud, Hydro Energy executive vice president, emphasized that "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."
This agreement follows their April 2026 deals, which had ensured a delivery of 0.9 TWh annually in 2029 and 2030, and 1.3 TWh yearly from 2031 to 2038.
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