OSLO, June 28 (Xinhua) -- Norway's power industry has experienced a so-called "wind-boom" as major companies such as Alcoa, Hydro, Facebook and Google have entered into long-term wind power agreements in recent years, often with a duration of 10 or 15 years, online newspaper E24 reported Thursday.
The Norwegian Export Credit Guarantee Agency (GIEK) issued guarantees for power purchase contracts. The guarantee was established in 2009 and was recognized by EFTA Surveillance Authority (ESA).
It gives GIEK the opportunity to guarantee that investors will pay for the power, making it easier for them to enter into such long-term agreements with Norwegian industry.
"That we now see more power guarantees issued in a short period of time is due to the fact that many power agreements expire around 2020," said Wenche Nistad, CEO of GIEK.
"Wind power has also become a competitive alternative for the industry," she said.
There is still room for many more long-term wind power agreements, the report said. GIEK has namely issued guarantees in value of 4 billion kroner (489 million U.S. dollars), while the total amount set by the government is 20 billion kroner.
"It is very pleasing that the industry has several projects and power agreements that are realized through the power scheme," Minister of Trade and Industry Torbjorn Roe Isaksen was quoted as saying.
"Agreements between the power intensive industry and the wind power industry reinforce the green footprints of Norwegian industry, showing the unique flexibility of the Nordic power system," he added. (1 U.S. dollar = 8.1792 kroner)