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Hydro Energi and Statkraft have signed a long-term power purchase agreement (PPA) securing an annual supply of 876 GWh in the period from 2031 to 2040.
The agreement secures a total supply of approximately 8.8 TWh over the contract period. The power will be delivered in Norwegian electricity price area NO5.
“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,” says Kari Ekelund Thørud, Executive Vice President of Hydro Energy.
Based on renewable energy, Hydro can produce aluminium in Norway with a carbon footprint about 75 percent less than the global average. Renewable energy is also key for Hydro to continue to modernize aluminium production and succeed with its technology roadmap towards zero emissions by 2050.
In April 2026, Hydro and Statkraft also signed two long-term power purchase agreements 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.[
“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,” says Hallvard Granheim, Executive Vice President Markets of Statkraft.
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.
About Hydro
Hydro is a leading aluminium and renewable energy company committed to a sustainable future. Hydro’s purpose is to create more viable societies by developing natural resources into products and solutions in innovative and efficient ways.
Since 1905, Hydro has turned natural resources into valuable products for people and businesses, creating a safe and secure workplace for its 32,000 employees in more than 40 countries. www.hydro.com
About Statkraft
Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power and gas fired power. Statkraft is a global company in energy market operations. Statkraft has around 6,200 employees in 20 countries. www.statkraft.com
Published: August 24, 2026