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Hydro Energy has signed a 10-year power purchase agreement (PPA) with Eviny Fornybar to secure a long-term supply of renewable electricity for its Norwegian operations, supporting the company's low-carbon aluminium production strategy.
{alcircleadd}Under the agreement, Eviny will supply 0.5 TWh of renewable electricity annually between 2031 and 2040, amounting to a total of 5 TWh over the contract period. The electricity will be delivered in Norway's NO5 electricity price area.
According to Kari Ekelund Thørud, Executive Vice President of Hydro Energy, predictable long-term access to renewable power is essential for Hydro's operations and will help the company continue supplying low-carbon aluminium and aluminium solutions from its Norwegian plants to European customers.
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Hydro said its Norwegian aluminium production, powered by renewable energy, has a carbon footprint approximately 75 per cent lower than the global average. The company added that renewable electricity remains central to its technology roadmap, which aims to achieve net-zero emissions by 2050.
Commenting on the agreement, Sonja Chirico Indrebø, Executive Vice President of Eviny Fornybar, said long-term power agreements provide the certainty needed to support investments in new renewable energy generation while ensuring industry has access to reliable electricity supplies.
Hydro said it will continue to diversify its future power sourcing strategy through additional long-term supply agreements, the development of new renewable energy projects and upgrades to its existing renewable energy assets.
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