Statkraft and Elkem sign new competitive long-term power agreement in mid-Norway

Elkem is already well-positioned with long-term power contracts in Norway, having secured more than 80 per cent of its electricity supply in the country at competitive rates. The new contract secures additional predictability for a total of 3 TWh in the period 2024-2033, supporting continued long-term operations and enabling new investments at the plant.

Elkem has most of its Norwegian production plants located in the middle and north of the country, where prices remain lower than in the south. Norway’s electricity generation is more than 90 per cent based on renewable hydropower.

“Access to competitive long-term agreements for power is critical for the competitiveness of existing and new investments in Norwegian industry, which is based on the country’s unique hydropower resources. They also support continued investments in our Norwegian plants, including efforts to deliver on our climate roadmap towards net zero by 2050. This new agreement with Statkraft enables us to continue supplying critical materials for the green transition to our customers in Europe and elsewhere in the world,” says Elkem’s CEO, Helge Aasen.

“Supplying electricity to power-intensive industries in Norway is a main task for Statkraft, and we’re happy to extend our long-standing relationship with Elkem by securing this additional long-term power agreement for Elkem Bremanger. This agreement with Elkem is the second large power agreement we have done with large industrials in Norway so far this year, and we expect more agreements to be signed at competitive terms in the coming months, says EVP Markets in Statkraft, Hallvard Granheim.