January 16 (Renewable Now) - Norway’s Statkraft AS has signed a ten-year financial power purchase agreement (PPA) with Polish steel mill operator CMC Poland Sp z o.o., it said Thursday.
The PPA provides a fixed price for 20% of CMC Poland’s electricity consumption, coexisting with a physical supply contract. The contract will enter into force in 2021.
The Norwegian state-owned utility said the contract was tailored to suit the needs of the energy-intensive industry as CMC Poland is one the country's largest power consumers. Startkraft's renewable PPA portfolio in Poland has made the latest arrangement possible, the company added.
CMC Poland is 100% owned by Texas-based Commercial Metals Company (NYSE:CMC).