Statkraft and Hydro Energi 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.
In April 2026, Statkraft and Hydro 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.
"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.
Long-term power contracts reduce risk for both industry and Statkraft. They provide predictable power prices, stable revenues and help strengthen industrial competitiveness, jobs and value creation.
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.
For further information:
Lars Magnus Günther, press contact, Statkraft AS
+47 912 41 636
lars.gunther@statkraft.com
Anders Vindegg, Head of Media Relations, Norsk Hydro ASA
+47 938 64 271
anders.vindegg@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
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
