Alcoa power contract

Alcoa Corporation has announced that the company and power provider Luminant Generation Company LLC have terminated the electricity contract tied to Alcoa’s Rockdale Operations in Texas. The smelter at Rockdale has been fully curtailed since the end of 2008. The termination of the contract, which had been set to expire no later than 2038, was effective as of October 1, 2017. While the Company sold surplus electricity since the smelter’s curtailment, Alcoa’s cost of power under the contract exceeded the related revenue. The Company expects an annual improvement to net income and adjusted EBITDA (earnings before interest, tax, depreciation and…