Hydro has signed a contract with Vattenfall for the supply of close to 18 terawatt hours (TWh) of electricity in Norway over an eight-year period, starting in 2013
Hydro has signed a contract with Vattenfall for the supply of close to 18 terawatt hours (TWh) of electricity in Norway over an eight-year period, starting in 2013. It is one of the largest cross-border contracts since the integration of the Nordic power market in the early nineties.
“Hydro is pleased that we have reached an agreement that is satisfactory for both parties, and which we expect will secure the basis for continued commercial operations at the Søral aluminium plant at Husnes, partly owned by Hydro. The plant’s current power supply contracts expire in 2012. This contract demonstrates both that Vattenfall is a committed long-term partner for Norwegian industry, and Hydro’s determination to develop its its industry in Norway,” says Executive Vice President Jørgen C. Arentz Rostrup, head of Hydro's Energy business area.
“I am very delighted to sign this contract on behalf on Vattenfall with one of the largest industrial companies in Norway. This is a clear testimony to Vattenfall’s excellent relations with electricity intensive industry in the Nordic area,” says Senior Executive Vice President Hans von Uthmann of Vattenfall, who heads Vattenfall Nordic.
“Vattenfall wants to play its part in creating the right long-term conditions for the electricity intensive industry, ensuring that it continues to invest in the Nordic region.”
Hydro is a world leading aluminium company with about half its primary aluminium production in Norway. Hydro has 23,000 employees, of whom 6,000 work in Norway, and an annual turnover of close to NOK 100 billion.
Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat and the company currently generates electricity, produces heat and supplies energy to several million customers in the Nordic countries and northern Europe. The major customers are industrial plants, energy companies, municipalities, property companies and housing associations.