CITIC Resources (01205) announced that it has entered into an additional electrical utilities hedging agreement with the Portland Aluminium Smelter...
Zhongtong Financial News APP reported that CITIC Resources (01205) has announced that it has entered into an additional electrical utilities hedging agreement with the Portland Aluminium Smelter (additional electrical utilities hedging agreement for 2026). The 2026 additional electrical utilities hedging agreement will supply 287 megawatts of electrical utilities to the aluminium smelter from July 1, 2026, to June 30, 2035, a period of nine years. This supply along with the 300 megawatts of electrical utilities to be supplied under the 2026 electrical utilities hedging agreement represents up to 95% of the energy required for the annual production of 0.358 million tons of aluminium at the facility. The aluminium smelter currently produces approximately 80% of this capacity.
The expected conclusion of the 2026 additional electrical utilities hedging agreement, together with the 2026 electrical utilities hedging agreement, will provide assurance for the future operations of the aluminium smelter in a challenging external and commercial environment of sustained energy price volatility. In addition, the 2026 additional electrical utilities hedging agreement includes an option that allows up to 30% of the contract supply volume under the agreement to be replaced by a renewable energy power purchase agreement, enabling the aluminium smelter to achieve responsible production, thereby contributing to a sustainable development society.
