Hydro has signed two long-term power contacts for its primary aluminium production plants in Norway.
Hydro Energi and Statkraft signed the long-term power purchase agreements (PPA) 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.
The PPAs secure a total supply of 12.3 TWh of power over a 10 year period to Hydro's primary aluminium production plants in Norway, of which 8.8 TWh will be delivered in the NO2 price area and 3.5 TWh in NO3.
Hydro President and CEO, Eivind Kallevik said: “This agreement underlines how power and industrial development are closely linked in Norway.
"Together with Statkraft we are strengthening the long-term competitiveness of our aluminium operations.
"Aluminium is critical across the economy and access to power at competitive prices is essential to deliver future low-carbon solutions for our customers."
Based on renewable energy, Hydro can produce aluminium in Norway with a carbon footprint about 75% less than the global average.
Renewable energy is key for Hydro to succeed with its technology roadmap towards zero emissions by 2050.