The PPA secures a total supply of 6.6 TWh of renewable power over a 15 year period to Hydro's plants in NO3 from Statkraft's power plants in the price area.

Access to renewable power and modern technology enable Hydro to produce aluminium in Norway with a carbon footprint of about 75 percent less than the global average. Long-term power agreements at competitive prices are crucial for Hydro to continue to lead the way in low-carbon aluminium globally.

"Hydro has a great need for power in the future and several of our existing agreements will expire from 2030. This agreement is an important step in sourcing parts of Hydro’s power demand, and enables further development of our aluminium plants in Norway, including investment in carbon capture storage (CCS) and new technology. We still have a great need though for more power for our plants. It is important that more renewable energy is developed to secure this," says Ola Sæter, Head of Hydro's aluminium plants.

"In Statkraft, we are very pleased to expand our cooperation with Hydro and deliver more renewable power to Hydro's industrial activities in Northwestern Norway. As Norway's largest power producer, one of our main tasks is to secure renewable power for Norwegian industry – today and in the future," says Executive Vice President Markets, Hallvard Granheim.

The contract delivery period is from January 1, 2024 to December 31, 2038, with delivery in the price area NO3.

The power contract will be part of Hydro Energy's total power portfolio, which consists of its own annual hydropower production of 9.4 TWh and a long-term contract portfolio of around 10 TWh per year.