The contract secures a total supply of 2.63 TWh of electricity to aluminium and renewable energy company Hydro from 2026 to 2035. Axpo will deliver electricity to Hydro in Swedish price area SE2.
Long-term contracts are crucial for Hydro to continue to lead the way in low-carbon aluminium globally. Renewable power plays a pivotal role to produce aluminium in Norway with a carbon footprint about 75 percent less than the global average and is key for Hydro to succeed with its technology roadmap towards zero emissions by 2050.
The long-term contract will be part of Hydro’s Nordic power portfolio, which consists of captive power production of 9.4 TWh a year and a long-term contract portfolio of around 10 TWh. With its existing long-term agreements beginning to expire at the end of 2030, Hydro is actively pursuing available options to meet the demand for renewable power to its operations.
Axpo is driven by a single purpose, to enable a sustainable future through innovative energy solutions. Axpo is Switzerland's largest producer of electricity and an international leader in energy trading and the marketing of solar and wind power.
Axpo combines the experience and expertise of more than 7,000 employees who are driven by the passion for innovation, collaboration and impactful change. Using cutting edge technologies, Axpo innovates to meet the evolving needs of its customers in over 30 countries across Europe, North America and Asia.
Hydro is a leading aluminium and energy company committed to a sustainable future. Hydro’s purpose is to create more viable societies by developing natural resources into products and solutions in innovative and efficient ways.
Since 1905, Hydro has turned natural resources into valuable products for people and businesses, creating a safe and secure workplace for its 33,000 employees in more than 140 locations and 40 countries.
Published: December 2, 2024