Source - GNW

Norwegian aluminium company Norsk Hydro ASA's wholly-owned subsidiary Hydro Energi AS has signed a long-term power contract with Norwegian power producer Statkraft, for annual supply of 0.75 terawatt hours (TWh) from 2021 to 2030 and 1 TWh from 2031 to 2038.

The contracts will contribute to supplying power to Hydro's aluminium plants in Norway in the years after 2020, when the existing long-term power contract with Statkraft expires.

"We have a good and long-standing relation with Statkraft, and I am pleased that we have been able to secure additional long-term renewable power for our Norwegian aluminium portfolio at competitive terms", says Executive Vice President and Head of Energy and Corporate Business Development Arvid Moss.

Since 2014 Hydro has, including the above-mentioned contract, signed contracts for 7.1 TWh per year in the period 2021 to 2030, 4 TWh per year in the period 2031 to 2034 and 3.6 TWh for the period 2035-2038.  

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Source: Norsk Hydro via Globenewswire