Hydro signs power contract with Fortum
London, 5 October 2023, (Oilandgaspress) – Hydro Energi AS has signed a long-term power purchase agreement (PPA) with Fortum for the delivery of 0.44 TWh per year to Hydro’s Norwegian aluminium plants in the period from 2024-2036. The PPA secures a total of 5.7 TWh from Fortum’s SE2 portfolio over a 13-year period to Hydro’s plants in price area NO3.
Long-term power purchase agreements are crucial for Hydro to continue to lead the way in low-carbon aluminium globally. Renewable power is key to produce aluminium in Norway with a carbon footprint of about 75 percent less than the global average and it is needed to succeed with Hydro’s technology roadmap towards zero emissions in 2050.
The power contract will be part of Hydro’s Nordic power portfolio, which consists of captive power production of 9.4 TWh per year and a long-term contract portfolio of around 10 TWh.
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