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:
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.