Tag: portfolio

ProVen VCT plc
Annual Financial Report
Year ended 28 February 2026

3 June 2026

(Oslo, Norway, 3 June 2026) Statkraft and Elkem ASA have signed a new long-term power purchase agreement (PPA) that secures competitive and predictable electricity supply for Elkem’s plant in Bjølvefossen, Norway. The agreement is for the 2031-2037 period, and the total contract volume is 1,534 GWh.

The agreement supports continued industrial activity, local value creation and sustainable production at Bjølvefossen. The plant employs 150 people and is one of the world’s largest suppliers of foundry alloys, with an annual production capacity of 60.000 mt. Its products are sold primarily in the EU and Asia and are used in sectors such as automotive, construction, renewable energy and defence. They are produced with a carbon footprint of around one-third of the global average.

“We are very pleased to sign yet another long-term power agreement with an important Norwegian industrial company. Long-term contracts at competitive terms help support local jobs and value creation at a time of significant uncertainty and volatility, says EVP Markets in Statkraft, Hallvard Granheim.

“Access to long-term, competitive power agreements is essential to maintain industrial production and jobs in Norway. This agreement with Statkraft strengthens the competitiveness of our Bjølvefossen plant and reflects the close link between energy and industrial development in Norway. It enables us to continue supplying strategic materials to European industry and supporting the EU's security in a turbulent geopolitical context,” says Inge Grubben-Strømnes, Elkem’s SVP Foundry Alloys.

Elkem has a strong portfolio of long-term power contracts in Norway, securing a significant share of its 3.5 TWh annual power consumption at competitive terms. The new agreement further strengthens predictability for the company’s operations and investment planning. 

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