Norway's Hydro Secures Renewable Energy Deal with Statkraft

Mar 21, 2024 02:02 PM ET
  • Norsk Hydro's subsidiary, Hydro Energi AS, secures renewable power with Statkraft in a long-term agreement, showcasing a commitment to sustainable energy practices.

Norwegian aluminium company Norsk Hydro ASA's subsidiary, Hydro Energi AS, has signed a long-term power purchase agreement (PPA) with renewable power producer Statkraft. The agreement will see Hydro Energi AS purchasing 1.28 TWh of electricity from Statkraft between May 1, 2024, and December 31, 2027. This PPA will be part of Hydro Energy's total power portfolio, which includes captive power production of 9.4 TWh per year and a long-term contract portfolio of around 10 TWh.

The specifics of the energy source were not disclosed in the announcement, but Statkraft's portfolio includes a range of renewable sources such as hydroelectric power, wind, solar, gas, and biomass. The power delivery under this agreement will take place in price area NO3. This deal highlights Norsk Hydro's commitment to sustainable energy practices and its partnership with Statkraft to secure a long-term supply of renewable electricity.

What renewable energy sources will be utilized in Norsk Hydro's new power purchase agreement?

  • Hydroelectric power
  • Wind power
  • Solar power
  • Biomass power

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