Statkraft and Hydro sign long-term power contract

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, 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.

“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.