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

OSLO, Norway, June 23, 2014 (GLOBE NEWSWIRE) -- Norwegian aluminium company Norsk Hydro ASA has signed a long-term power contract with Norwegian renewable energy producer Agder Energi AS, for annual supply of 0.5 terawatt hours (TWh) over 10 years from 2021 to 2030.

Hydro has, including the above-mentioned contract, over the last weeks signed contracts for 2.7 TWh in the period 2021 to 2030.

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 Agder Energi Vannkraft AS 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.

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Source:Norsk Hydro