OSLO, Norway, Feb. 23, 2006 (PRIMEZONE) -- Norwegian energy and aluminium group Norsk Hydro ASA has secured all of the power needed for production at its German primary aluminium plant in Neuss for the years 2007 and 2008.
"This is an important move in Hydro's efforts to continue viable operations at Neuss," said Peik Norenberg, Chief Financial Officer for Hydro's Aluminium Metal business area. "We still see a need for a more predictable power price regime in Germany," he added.
Hydro, the world's third largest integrated aluminium supplier, has already secured all power volumes needed at the Neuss plant for 2006. The plant produces 223,000 tonnes of liquid primary aluminium per year, making it Germany's largest aluminium production facility.
Hydro has also sold 330,000 tonnes of primary aluminium forward on the London Metal Exchange at an average price of USD 2,250 per tonne, in total for 2007 and 2008. This represents about 10 percent of Hydro's total expected primary aluminium production during this period.
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