Core Insights - Hydro has made a significant investment decision for its largest hydropower project in over 20 years, the Illvatn pumped storage power plant, with construction starting in November and operations expected by 2030 [1][2]. Investment Details - The gross investment for the Illvatn project is NOK 2.5 billion, with a net investment after tax estimated at NOK 1.2 billion due to Norway's cash flow tax scheme for hydropower investments [1]. - The new plant will generate 107 GWh of annual renewable power, specifically for Hydro's aluminium production [1]. Project Features - The pumped storage plant will enhance energy production and reservoir capacity by pumping water from Fivlemyrane to the Illvatn reservoir, increasing total production during high-demand winter months [3]. - A new 13-kilometer power line will be constructed from Fivlemyr to Sveinsøystølen, utilizing aluminium for the power towers to promote sustainable grid development [4]. Industrial Impact - The Illvatn project is crucial for Norway's industrial development, providing renewable energy necessary for reducing emissions and supporting new industries [5][6]. - Hydro aims to ensure competitive power prices for its aluminium plants through increased and flexible hydropower production [6]. Environmental Goals - Hydro's current aluminium production has a carbon footprint approximately 75% lower than the global average, with a goal to achieve zero carbon aluminium by 2050 [7].