Aluminerie Alouette, a major Quebec aluminum smelter, announced a $1.5 billion investment in its North Shore facilities over the next 20 years. This investment is linked to a new electricity rate agreement in principle with Hydro-Québec, valid until December 31, 2045. The deal allows Hydro-Québec to share profits when aluminum prices are high and helps Aluminerie Alouette remain competitive, especially in light of 50% U.S. tariffs on aluminum imports.
Major Quebec aluminum smelter announces $1.5B investment with new electricity deal
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TL;DR: Key points with love ❤️Aluminerie Alouette, a major Quebec aluminum smelter, announced a $1.5 billion investment in its North Shore facilities over the next 20 years. This investment is linked to a new electricity rate agreement in principle with Hydro-Québec, valid until December 31, 2045. The deal allows Hydro-Québec to share profits when aluminum prices are high and helps Aluminerie Alouette remain competitive, especially in light of 50% U.S. tariffs on aluminum imports.
Trending- 1 Agreement in principle reached between Aluminerie Alouette and Hydro-Québec on electricity rates until Dec. 31, 2045.
- 2 Aluminerie Alouette announces $1.5 billion investment over 20 years, with $750 million by 2030.
- Aluminerie Alouette will invest $1.5 billion in its facilities
- Electricity rates secured for Aluminerie Alouette until 2045
- Hydro-Québec will share in profits when aluminum prices are high
- Aluminerie Alouette can stay competitive when market prices drop
- Approximately 950 jobs maintained at the smelter
- Smelter continues to represent 20% of Quebec's aluminum production
What: Aluminerie Alouette announced a $1.5 billion investment in its North Shore facilities and an agreement in principle on electricity rates with Hydro-Québec.
When: Over the next 20 years (by 2045), with $750 million committed by 2030. The electricity deal is until December 31, 2045. The announcement was made at a news conference.
Where: North Shore facilities, Sept-Îles, Quebec, Canada.
Why: To invest in and modernize its facilities, secure competitive electricity rates, and maintain competitiveness in the face of market fluctuations and U.S. tariffs on aluminum imports. The agreement also allows Hydro-Québec to share in profits during periods of high aluminum prices.
How: Through a committed investment of at least $1.5 billion and a new electricity rate agreement in principle with Hydro-Québec.