Utility, Alcoa continue negotiating power rate

GOOSE CREEK, S.C. (AP) - Alcoa and South Carolina's state-owned utility have agreed to continue talks on a new power contract for the company's aluminum plant outside Goose Creek.

Alcoa and Santee Cooper said Thursday they have agreed to extend the company's power contract deadline until the end of the year. The deadline, which had been the end of June, requires Alcoa to notify Santee Copper if it will not renew its electric contract expiring at the end of 2015.

Alcoa has said it needs a break on its $4 million-a-week electric bill for the plant to remain in operation with its 640 workers. The company says power makes up about 40% of the cost of making aluminum.

The contract notification deadline has already been extended. The original deadline was last June.

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