Hydro and Statkraft sign long-term power contract
Hydro has signed another long-term power purchase agreement (PPA) with Statkraft for its aluminium plants Norway.
The PPA will secure an annual supply of approximately 8.8 TWh from 2031 to 2040.
The power will be delivered in Norwegian electricity price area NO5.
Kari Ekelund Thørud, Executive Vice President of Hydro Energy, said: “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.”
Based on renewable energy, Hydro can produce aluminium in Norway with a carbon footprint about 75% less than the global average.
Renewable energy is also key for Hydro to continue to modernise aluminium production and succeed with its technology roadmap towards zero emissions by 2050.
In April 2026, Hydro and Statkraft also signed two long-term PPAs for the total delivery of 0.9 TWh per year in 2029 and 2030, and 1.3 TWh per year in the period from 2031 to 2038.
Hallvard Granheim, Executive Vice President Markets of Statkraft, said: “This is the third long-term power purchase agreement that Statkraft has entered with Hydro this year.
“These agreements provide stable and competitive power to Hydro’s aluminium plants in Norway over the next decade and reinforce Statkraft’s position as the leading supplier of power to Norwegian industry.”
Hydro is pursuing a range of sourcing options to meet its future power demand.
In addition to long-term contracts with counterparts like Statkraft, Hydro is developing new renewable power projects and upgrading assets in its own renewable energy portfolio.
