24 FEBRUARY 2016Hydro Press Release
Hydro signs long-term power contract for its Norwegian aluminium portfolio
Edited by : AL CIRCLE
2 min read
Norwegian aluminium company Norsk Hydro ASA's fully owned subsidiary Hydro Energi AS has signed a long-term power contract with Nordic Wind Power DA, a Norwegian wind power consortium, for annual baseload supply of between 0.6 and 1 TWh in the period from 2020 to 2039.
"We are happy to contribute to realizing the Fosen wind power project, the largest onshore wind power project in Europe, ensuring safe industrial offtake for around a third of the annual production capacity for a significant time period," says President and CEO Svein Richard Brandtzæg.
"This demonstrates the synergies between industry development in Norway and developing renewable energy sources", says Brandtzæg.
The contract covers annual supply of around 0.6 terawatt hours (TWh) during 2020, around 1.0 TWh annually in the period from 2021 to 2035, and around 0.7 TWh annually from 2036 to 2039, resulting in around 18 TWh over the 20-year period.
The contract will contribute to supplying power to Hydro's aluminium plants, including the Karmøy Technology Pilot, after the existing long-term power contract with Norwegian state utility Statkraft expires in 2020.
Norwegian hydropower producers Statkraft (52.1%) and TrønderEnergi (7.9%), and Nordic Wind Power DA (40.0%), are building Europe's largest onshore wind power project in Central Norway, which includes six onshore wind farms. Nordic Wind Power DA is a European investor consortium created by Credit Suisse Energy Infrastructure Partners, an investment boutique focused on the energy sector, and backed by Swiss utility BKW AG, among others.
"We are happy to contribute to realizing the Fosen wind power project, the largest onshore wind power project in Europe, ensuring safe industrial offtake for around a third of the annual production capacity for a significant time period," says President and CEO Svein Richard Brandtzæg.
"This demonstrates the synergies between industry development in Norway and developing renewable energy sources", says Brandtzæg.
The contract covers annual supply of around 0.6 terawatt hours (TWh) during 2020, around 1.0 TWh annually in the period from 2021 to 2035, and around 0.7 TWh annually from 2036 to 2039, resulting in around 18 TWh over the 20-year period.
The contract will contribute to supplying power to Hydro's aluminium plants, including the Karmøy Technology Pilot, after the existing long-term power contract with Norwegian state utility Statkraft expires in 2020.
Norwegian hydropower producers Statkraft (52.1%) and TrønderEnergi (7.9%), and Nordic Wind Power DA (40.0%), are building Europe's largest onshore wind power project in Central Norway, which includes six onshore wind farms. Nordic Wind Power DA is a European investor consortium created by Credit Suisse Energy Infrastructure Partners, an investment boutique focused on the energy sector, and backed by Swiss utility BKW AG, among others.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
Alba upgrades to EGA DX+ Ultra Technology for Line 6
Next articleMSP John Finnie meets owners of Rio's Fort William aluminium plant amid fears for its future
Grow with
AL Circle
