Elkem and Hafslund have entered into a long-term power agreement for the period between 2028 and 2035, with an annual contract volume of approximately 400 GWh. The delivery will be made in the NO3 price area, providing Elkem with a stable and competitive power supply to support its operations. This agreement is crucial for the continued operations of Elkem’s Thamshavn plant, located in Mid-Norway, and will also enable future investments at the facility. The Thamshavn plant, which employs 150 people, plays a significant role in the local community and is the third-largest export company in the Trøndelag county. It is a key economic driver in the region and has contributed to the area's industrial strength over the years.

At the Thamshavn plant, Elkem is engaged in the production of silicon and high-quality microsilica, which are essential raw materials for various industries, including health and personal care, solar cells, electric vehicles, electronics, and construction. The production of these materials is vital for a wide range of green technologies that support sustainability and environmental goals. By ensuring a secure and long-term power supply through this agreement, Elkem can continue its contribution to the green transition while maintaining a low-carbon footprint in its manufacturing processes.

Norway’s electricity generation is primarily based on renewable hydropower, with over 90% of the country’s power production coming from this source. This makes Norway an ideal location for industries focused on sustainability and low-carbon production. Elkem’s CFO, Morten Viga, emphasized that access to renewable hydropower and competitive, long-term power contracts give Norwegian industries a unique opportunity to produce world-leading materials with minimal environmental impact. Viga pointed out that these power agreements are a key enabler for Elkem’s continued success, allowing the company to invest in its Norwegian plants and ensure a steady supply of critical materials to support both existing and new green value chains globally.

Elkem’s ability to meet the growing demand for sustainable materials is enhanced by the strong and competitive power agreements in place, helping the company to remain a leader in the production of materials for key industries such as renewable energy, electric vehicles, and electronics. Elkem’s role in providing these materials has been pivotal for over a century, supporting industries globally in their transition to more sustainable practices.

Håvard Hvarnes, Director of Power Markets at Hafslund Kraft, also commented on the agreement, expressing Hafslund’s commitment to being a long-term partner for Norwegian industry. He noted that Hafslund’s goal is to offer market-relevant power contracts and long-term power purchase agreements (PPAs) that benefit industrial players. This new agreement with Elkem aligns perfectly with Hafslund's strategy to provide reliable and long-term power solutions to help industries thrive in an increasingly competitive market.

Overall, the power agreement between Elkem and Hafslund represents a significant step in supporting sustainable industrial growth in Norway. By securing access to renewable energy and competitive power pricing, the two companies are laying the foundation for future investments and the continued production of critical materials needed to support green industries worldwide. The agreement highlights the importance of long-term partnerships in achieving sustainability goals and driving economic development.