Hydro signs new long-term power contract

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Hydro signs new long-term power contract

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Aluminium

When you choose aluminium from Hydro, it's strong, light, durable and climate efficient, making you part of a smarter and more sustainable future. Our climate strategy is to cut our CO2 emissions 30% by 2030. Our aluminium can help you meet your goals, too.

Energy

With more than a century of experience in renewable energy, Hydro is one of the top three operators of power production in Norway, and a significant market player in the Nordics and Brazil. We are responsible for developing new business opportunities for Hydro within both renewable energy, hydrogen and batteries, and we provide support to the rest of Hydro’s business areas on contracts, security of supply and energy framework conditions.

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Our purpose is to create a more viable society by developing natural resources into products and solutions in innovative and efficient ways. Our ambition is lifting profitability and driving sustainability, creating value for all stakeholders. To tackle our global challenges, the world needs to produce and consume in new ways. We want to contribute to creating a fair society and circular economy by producing responsibly, delivering circular solutions, making net-zero aluminium by 2050 or earlier, and producing and using more renewable energy.

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At Hydro, we put our people at the center of everything we do. By supporting our employees’ growth professionally and personally, we are fostering a community of colleagues who are united in the shared purpose of solving our industries’ most pressing challenges.

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About Hydro

Hydro is a leading industrial company committed to a sustainable future. Our purpose is to create more viable societies by developing natural resources into products and solutions in innovative and efficient ways.

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.

Updated: August 19, 2021

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