Chelan PUD evaluating Alcoa contract to maximize long-term energy value. PUD Board of Commissioners consider options. information released, PUD file photo Chelan PUD is exploring early termination of its long-standing power contract with Alcoa. If the Alcoa contract ends early, Chelan PUD would consider replacing the contract with new agreements that better reflect today's market. Energy markets currently put a premium on carbon-free hydropower, which allows buyers to meet clean energy requirements. In addition, new regional programs require utilities to be prepared to generate more electricity on demand to ensure reliability. Chelan PUD customer-owners pay some of the lowest electrical rates in the nation because of Chelan PUD's ability to sell most of the hydropower it generates on the wholesale energy market. Proceeds from surplus energy sales allow the utility to invest in projects that improve the quality of life in Chelan County, such as broadband internet and parks. "By adapting to today's energy market, we're putting Chelan PUD in a good position to maintain long-term financial stability and continue the steady, low rates that our customer-owners have enjoyed for years," said Chief Energy Resource Officer Janet Jaspers. History. In 2008, Chelan PUD and Alcoa entered into a long-term power sales agreement to provide power for aluminum smelting at Wenatchee Works. Smelting was curtailed in 2015, and Alcoa announced permanent closure in 2021. The Alcoa power sales contract - and its related agreements - expire in October 2028. While the aluminum smelting is curtailed, Chelan PUD sells the unused energy in short-term markets. The proceeds are used to cover energy production costs. Benefits. The possible change would bring several key benefits to customers: * Continued predictable, stable rates by securing longer-term, higher pricing that captures the full value of the PUD's surplus hydropower. * Improved long-term portfolio plan: Longer contracts with staggered expiration dates provide more certainty and protection from market swings. * Continued high reliability: If needed, the utility would have flexibility to retain more of its locally generated hydropower to meet state requirements. "As part of Chelan PUD's new vision, we are committed to creating bold, enduring value for future generations," said General Manager Kirk Hudson. "The agreement with Alcoa served our community well for many years, but the energy landscape is changing rapidly. To respond to new opportunities and growing reliability needs, we must adapt and continually reassess our strategies." June 1st, 2026

Southern receives an Alcoa Foundation grant for participatory Environmental Research in Iceland. Apr 27, 2026 Southern Connecticut State University (SCSU) has been awarded a grant from the Alcoa Foundation to support environmental research and education led by C. Patrick Heidkamp, professor of environment, geography, and marine sciences (EGMS). Emma Cross and Scott Graves, also EGMS faculty at SCSU, serve as co-principal investigators. The grant, awarded for a three-year period, supports the establishment of the Eastfjords Transdisciplinary Environmental Research Network, known as TERN. The network focuses on understanding the state of fragile ecosystems in rural Iceland, including areas where industrial and aquaculture activity exists. "Supporting research initiatives like this reflects the Alcoa Foundation's focus on advancing environmental resilience in regions where Alcoa operates," said Caroline Rossignol, president of the Alcoa Foundation. "By contributing to efforts that expand understanding of ecosystems, we help support informed approaches to environmental stewardship over time." TERN scientists will monitor water quality and biodiversity in the region using a variety of scientific methods. These include visual surveys, sensors, and Environmental DNA (eDNA) analysis of water samples. In East Iceland, TERN builds on more than a decade of research conducted by Heidkamp and a team of Southern students and faculty, as well as scientists from the University of Iceland, Aarhus University in Denmark, Liverpool John Moores University in England, and Earlham College in Indiana. The TERN researchers will be based at the Skálanes Nature and Heritage Centre in Seyðisfjörður, known for its stunning natural landscape, artistic community, and sustainability efforts. Heidkamp has run a summer international education program at Skálanes since 2011, providing scores of Southern students with vital field and laboratory experience. "We have been doing this research on a shoestring budget," said Heidkamp. "This grant - by far the largest we've received for our work in Iceland - is the culmination of more than a decade and a half of research. Having the Alcoa Foundation recognize the importance of this work is incredibly exciting." The grant will support two graduate students in Southern's new master's program in coastal resilience. The students, known as TERN Fellows, will receive full funding, including tuition, fees, and travel expenses. Each fellow will complete six credits in Iceland during the summer term. The first fellow, with a background in the natural sciences, will begin in fall 2026. A second fellow, with an academic focus on the social sciences and fluency in the Icelandic language, will start in fall 2027. Funding from the Alcoa Foundation will expand monitoring efforts across Iceland's Eastfjords, a region that remains relatively understudied. The project will generate critical data on the region's water quality and biodiversity status. A central component of the initiative is community engagement. The grant will support outreach efforts with the local community, including collaboration with teachers and students at the local junior college in Egilsstaðir, East Iceland. Heidkamp emphasizes that research should be mutually beneficial for both scientists and the communities they study. "Every time we travel, there is a significant carbon cost," he says. "So, if we are traveling for education and research, we should be providing something in return to benefit the community." He added that the TERN program is designed to move beyond "fly-in, fly-out" research by building sustained relationships and sharing knowledge with local stakeholders. Heidkamp's commitment to international education is also personal. A native of Germany who first came to the United States as an exchange student, he funded his education through competitive cycling and construction work. That experience, he said, continues to shape his approach to teaching and mentorship. "International education changed the course of my life," Heidkamp said. "As an exchange student, I experienced firsthand how transformative it can be. Creating opportunities like this for our students is incredibly important."

Alcoa Corporation has attracted investment from billionaire Stan Druckenmiller's Duquesne Capital, which disclosed a stake of nearly 1.4 million shares in the fourth quarter of 2025. This marks the fund's latest position in the aluminium producer after several previous entries and exits since 2016. Hedge funds are treating aluminium as a geopolitical hedge following strikes on Persian Gulf smelters in March 2026, which triggered supply tightening and price spikes. Alcoa has benefited as a North American producer serving Western industries moving away from Middle Eastern and Russian suppliers. The company's finances remain strong, with fourth quarter 2025 adjusted earnings per share of $1.26 beating analyst estimates of $0.93 by over 35%. Full-year 2025 adjusted net income rose to $1 billion from $296 million in 2024.