Axpo Nordic has entered a ten-year agreement with Norway-based Hydro Energi to supply 2.63 TWh of electricity between 2026 and 2035.
The electricity will be delivered in the Swedish price area SE2, strengthening Hydro’s renewable energy portfolio.
Mats Larsson, senior originator at Axpo Nordic, emphasized the companies’ 15-year partnership and Axpo’s expertise in delivering tailored energy solutions. Hydro will integrate this contract into its Nordic power portfolio, which includes 9.4 TWh of annual captive power production and a long-term contract portfolio of 10 TWh.
As Hydro’s existing agreements expire by 2030, the aluminium and renewable energy company is securing renewable power sources to support its low-carbon aluminium production and align with its zero-emissions target by 2050.
Renewable energy is essential for Norwegian aluminium production, cutting carbon emissions by 75% compared to the global average.
Separately, Axpo Nordic signed a three-year power purchase agreement (PPA) with Stegra, committing to supply 2.25 TWh of electricity from 2027 to support Stegra’s green hydrogen, green iron, and green steel production facility in Boden, Sweden.
Axpo Nordic, a subsidiary of Swiss-based Axpo Group, specializes in electricity trading and renewable energy solutions in the Nordic and Baltic regions.