Norsk Hydro Secures Long Term Renewable Power Supply Through New Agreements with Statkraft

Norsk Hydro Secures Long Term Renewable Power Supply Through New Agreements with Statkraft

(IN BRIEF) Norsk Hydro has signed long-term power purchase agreements with Statkraft to secure 12.3 TWh of renewable electricity over a ten-year period for its aluminium production operations in Norway. The contracts provide stable and competitive energy supply across key regions, supporting Hydro’s ability to maintain efficient and low-carbon manufacturing. With aluminium production already benefiting from significantly lower emissions due to renewable energy use, the agreements reinforce the company’s strategy to advance toward net-zero emissions by 2050 while ensuring industrial competitiveness. The partnership also highlights the importance of reliable renewable power in supporting energy-intensive industries and reflects continued collaboration between Hydro and Statkraft in strengthening Norway’s industrial and energy landscape.

(PRESS RELEASE) OSLO, 30-Apr-2026 — /EuropaWire/ — Norsk Hydro has entered into new long-term power purchase agreements with Statkraft, securing a substantial supply of renewable electricity for its aluminium operations in Norway. The agreements cover annual deliveries of 0.9 TWh in 2029 and 2030, increasing to 1.3 TWh per year from 2031 through 2038.

In total, the contracts provide 12.3 TWh of power over a ten-year period, supporting Hydro’s primary aluminium production facilities. The energy will be delivered across Norway’s NO2 and NO3 price regions, ensuring stable and competitive electricity supply for key industrial sites.

The agreement highlights the close connection between energy availability and industrial competitiveness in Norway, particularly for energy-intensive sectors such as aluminium production. Reliable access to renewable electricity is a central factor in maintaining cost efficiency while supporting the transition to lower-carbon manufacturing processes.

Hydro President and CEO Eivind Kallevik emphasized that the partnership with Statkraft strengthens the long-term outlook for the company’s aluminium operations. He noted that aluminium plays a vital role across multiple industries and that securing competitive renewable power is essential for delivering sustainable solutions to customers.

Hydro’s aluminium production in Norway already benefits from a significantly lower carbon footprint compared to the global average, due to its reliance on renewable energy sources. This advantage supports the company’s broader ambition to achieve net-zero emissions by 2050 through continued technological innovation and decarbonization efforts.

Statkraft President and CEO Birgitte Vartdal highlighted the company’s role as a major power supplier to Norwegian industry, noting that the agreements extend a long-standing partnership with Hydro while meeting the needs of industrial customers under competitive conditions.

In addition to securing external power through long-term agreements, Hydro continues to invest in the development of new renewable energy projects and the modernization of its own energy assets, further strengthening its energy portfolio and long-term sustainability strategy.

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

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 6,500 employees in 20 countries. www.statkraft.com

Media Contacts:

Baard Erik Haugen
Head of Investor Relations (acting)
erik.haugen@hydro.com
+47 92497191

Halvor Molland
Senior vice president, Group Communication
halvor.molland@hydro.com
+47 92979797

SOURCE: Norsk Hydro ASA