The 2026 to 2035 contract calls for a cumulative supply of 2.63 terawatt-hours of electricity to aluminium and renewable energy corporation Hydro, wherein Axpo will provide electricity to Hydro in the Swedish price area SE2.
Long-term contracts are not just a necessity, but a strategic move for Hydro to maintain its leadership in global low-carbon aluminium production. The role of renewable power in this endeavour cannot be overstated. It plays a pivotal role in producing aluminium in Norway, with a carbon footprint of about 75 per cent less than the global average. This is a clear indication of the potential of the industry and is key for Hydro to succeed with its technology roadmap towards zero emissions by 2050.
Hydro is not just waiting for the future, it is actively shaping it. The long-term contract with Axpo Nordic is just one part of Hydro’s Nordic power portfolio, which comprises of captive power production of 9.4 terawatts-hours a year and a long-term contract portfolio of around 10 terawatts-hours. With its existing long-term agreements beginning to expire at the end of 2030, Hydro is actively seeking available prospects to meet the demand for renewable power in its operations.
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