Statkraft and H2 Green Steel sign renewable electricity contract
The agreement confirms Statkraft’s position as a key renewable energy supplier to the power-intensive industry in the Nordics.
Norwegian Statkraft will supply 2 TWh/year of renewable electricity to H2 Green Steel’s operations in Boden, Sweden (price area SE1) under a 7-year contract.
In this new power purchase agreement with Statkraft, H2 Green Steel secures a long-term yearly supply of renewable electricity produced in 2026-2032. The delivery includes Guarantees of Origin for renewable energy sourced from Statkraft’s hydropower plants in Northern Sweden.
H2 Green Steel will produce 2.5 million tonnes of green steel annually in the first phase. To deliver green steel to European customers, a large amount of renewable electricity is needed. One key building block is now in place as H2 Green Steel teams up with Statkraft, Europe’s largest renewable energy producer, for the supply of electricity.
Luisa Orre, Chief Procurement Officer, H2 Green Steel, said, “This is an important step in building our renewable electricity portfolio, and we will continue to partner with front-runners in the industry that share our values, and that can offer renewable electricity at competitive prices,”
Hallvard Granheim, EVP at Statkraft, said, “As Sweden’s fourth-largest generator of electricity, we are proud to contribute with a long-term power contract to a new industrial project in Northern Sweden.”
H2 Green Steel’s plant in Boden will be home to an ~800 MW electrolyzer producing the green hydrogen needed to make green virgin iron for steel production. The giga-scale electrolysis plant, one of the largest globally, will be powered by renewable electricity.
