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PITTSBURGH, Pa. and Portland, Ore.--May 16, 2001--
Alcoa Inc. and the Bonneville Power Administration (BPA) today jointly
confirmed that they had reached agreements regarding power allocated to
Alcoa’s Ferndale (Intalco) Washington aluminum smelter.
“Throughout negotiations with the BPA, there has been a spirit of
looking for the best solution for all stakeholders in the region," said
Al Renken, Alcoa Vice President and President of Alcoa Primary Metals.
“Alcoa certainly has a goal of running its smelters and doing so with
cost-effective power. The energy situation in the Northwest, however,
makes this difficult, at best. In light of Alcoa and BPA’s joint intent
to find the right answers in this setting, we have negotiated the
arrangement outlined in our news release issued earlier today.”
Renken provided the following clarification to two particular points in
the earlier announcement: “First, the payments BPA is making to Alcoa
are sufficient to cover labor and labor-related costs for employees who
would have had continued normal employment under the amount of power
provided in the new contract, which is effective October 01. Second,
while it is difficult to face not running our smelters at normal levels,
we understand the current energy crisis in the Northwest and are working
closely with BPA for the best solutions for all involved.”
Alcoa and BPA are optimistic that this agreement will provide the
leadership to move the region closer to the energy solutions needed.
Editorial Contacts:
Bonita A. Cersosimo
412-553-4462
Ed Mosey
Bonneville Power Administration
503-230-5131
Investor Relations:
Charles D. McLane, Jr.
212-836-2674
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