H2 Green Steel has signed a long-term frame agreement with Fortum for the supply of carbon-free electricity to its green steel and hydrogen production facility.
Under the agreement, Fortum initially plan to include two deals for 2.3TWh per year, and index based PPA of 1.3TWh annually from 2026 with a five-year hedging horizon and a fixed price PPA of 1TWh for up to nine years from 2027.
To power the 700 to 800MW electrolyser, significant volumes of electricity will be needed to generate green hydrogen, which will reduce iron ore to sponge iron to feed the steel production at H2 Green Steel’s Boden plant in northern Sweden.
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