Subsidy Tracker Individual Entry

Company: 
Alcoa
Parent Company: 
Alcoa
Subsidy Source: 
state
Location: 
New York
City: 
Massena
Project Description: 

aluminum plant

Year: 
2007
Major Industry of Parent: 
metals
Specific Industry of Parent: 
metals
Subsidy Value: 
$5,600,000,000
Program Name: 
discounted electricity
Awarding Agency: 
New York Power Authority
Type of Subsidy: 
MEGADEAL
Capital Investment: 
$600,000,000
Source of Data: 

The subsidy estimate came from James Heaney, "Alcoa cuts deal for low-cost hydropower," Buffalo News, December 22, 2007.

Notes: 

The state-owned New York Power Authority agreed to provide the company with electricity at about one-quarter of the standard rate, saving it an amount estimated by the Buffalo News at $185 million per year, or $5.6 billion over the 30-year life of the agreement. Good Jobs First contacted the Power Authority to confirm the estimate, but the agency did not provide a substantive response. In exchange for the discount, Alcoa agreed to invest $600 million in its Massena facility and not to eliminate more than 165 of its 1,065 workers there. Finalization of the deal was delayed until 2013 while Alcoa obtained approval from the U.S. Environmental Protection Agency of its plan to clean up PCB contamination in a portion of the Grasse River.

Source Notes: 
If an online information source is not working, check the Tracker inventory page for an updated link.