Hydro and Eviny agree on renewable electricity supply from 2031

Hydro Energy has entered into a long-term power purchase agreement with Eviny Fornybar for the supply of renewable electricity in Norway. The agreement covers 0.5 TWh of renewable power annually between 2031 and 2040, totaling 5 TWh over the ten-year period. Electricity will be delivered within Norway's NO5 price area.

The deal provides Hydro with a predictable source of renewable power for a portion of its future electricity needs in Norway. Long-term access to renewable energy is central to the company's strategy for producing lower-carbon aluminium and its roadmap towards net-zero emissions by 2050. Hydro's Norwegian aluminium operations are powered by renewables, resulting in an aluminium carbon footprint approximately 75 percent below the global average.

For Eviny, a significant renewable energy producer, the power purchase agreement offers long-term demand visibility that can support investment decisions in new renewable generation capacity. Predictable arrangements between industrial users and power producers are important for expanding the renewable capacity Norway will require in the coming years, according to Eviny.

Hydro is pursuing various strategies to secure its future power needs. In addition to long-term supply agreements, the company is developing new renewable energy projects and upgrading its own renewable power assets.