Alcoa and BPA Confirm Agreements.Business Editors PITTSBURGH and PORTLAND, Ore.--(BUSINESS WIRE)--May 16, 2001 Alcoa Inc. and the Bonneville Power Administration The Bonneville Power Administration (BPA) is a U.S. self-financed federal agency which transmits and sells wholesale electricity in Washington, Oregon, Idaho, and western Montana. The BPA is part of the U.S. Department of Energy, and is headquartered in Portland, Oregon. (BPA BPA British Paediatric Association. ) 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 Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the best solution for all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. 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 cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. 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 op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this agreement will provide the leadership to move the region closer to the energy solutions needed. |
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