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Alcoa, Hydro Québec Sign Power Agreements Through 2040
MONTRÉAL--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced that it has finalized new power
agreements in Quebec through 2040. The agreements will supply clean,
renewable energy to all three of the Company’s aluminum smelters in the
province – Baie Comeau, Becancour (ABI), and Deschambault -- and enable
Alcoa to upgrade and expand Baie Comeau production. The agreements cover
approximately 1.1 million mtpy, or more than 25 percent of the Company’s
Alcoa finalized with Hydro Quebec the renewal of existing power
agreements in Quebec as well as the signing of new agreements for
additional power. This is in line with a Memorandum of Agreement (MOU)
reached on March 4, 2008 with the government of Québec on a new,
renewable energy contract to supply all three of the Company’s aluminum
smelters in Québec with a combined 2100 megawatts of hydropower through
December 31, 2040.
These agreements are enabling Alcoa to pursue its plans to upgrade Baie
Comeau production, with initial engineering studies having already
started. It is expected that conversion and upgrade of the smelting
technologies at the plant to a more environmentally friendly one, as
well as the expansion of output at Baie Comeau by 110,000 mtpy, will be
completed by 2014, with the vast majority of investments coming toward
the end of the project. The upgrade will eliminate PAHs emissions from
the Soderberg pots and reduce greenhouse gas (GHG) emissions at the
plant by 40 percent.