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Norsk Hydro: Hydro signs new long-term power contract for Norwegian aluminium portfolio

OSLO, Norway, June 18, 2014 (GLOBE NEWSWIRE) -- Norwegian aluminium company Norsk Hydro ASA has signed a long-term power contract with Axpo Trading AG, a Switzerland-based energy company with captive power production and international trading activity, for annual supply of 0.5 terawatt hours (TWh) over 10 years from 2021.

Hydro recently signed similar contracts with Agder Energi AS and Lyse Energi AS, for a total annual supply of 1.7 TWh over 10 years from 2021.

The contracts will contribute to supplying power to Hydro's aluminium plants in Norway in the years after 2020, when the existing long-term power contract with Statkraft expires.

The Power Purchase Agreement (PPA) between Hydro's fully owned subsidiary Hydro Energi AS and Axpo Trading AG covers electricity supply over a 10-year period from January 1, 2021, with an annual volume of 0.5 TWh and a total delivery of 5 TWh.

Investor contact

Contact Pål Kildemo

Cellular +47 97096711

E-mail Pål.Kildemo@hydro.com


Press contact

Contact Halvor Molland

Cellular +47 92979797

E-mail Halvor.Molland@hydro.com

HUG#1793289

Source:Norsk Hydro