Statkraft, Europe’s largest renewable energy producer, and Fortia Energía, the leading electricity supplier in the Iberian market, have signed a long-term power purchase agreement (PPA) with Network Steel, a major Spanish steel products supplier.
The agreement will run for the next five years and is sourced from Statkraft’s wind and solar assets in Spain. It represents a strategic step for Network Steel to lock in stable renewable power, mitigate price volatility, and strengthen its competitive position in a challenging energy market.
Structure of the agreement
Under this arrangement, Statkraft has designed a tailor-made renewable supply contract for Fortia, which acts as the energy buyer. Fortia will in turn deliver this renewable electricity to Network Steel, covering almost 50 percent of the company’s annual consumption in Spain.
Network Steel operates several steel production facilities across the Iberian Peninsula. By securing long-term renewable energy at fixed prices, the company aims to reduce exposure to market fluctuations, support decarbonization targets, offer increasingly competitive and environmentally friendly products and reduce energy cost risk.
