MASSENA, N.Y. -- "Long term, reliable, competitively priced power is the life-blood of an aluminum smelter. It’s these ingredients that attracted Alcoa to northern New York more than a century ago," said Bernt Reitan, Executive Vice President of Alcoa.

Governor Paterson signed a power contract between Alcoa and NYPA to keep that life-blood flowing through the Massena plants for years to come.

"At NYPA, our job is to help with lost-cost power and economic development programs," said Richard Kessel, CEO of the New York Power Authority. "We want to help the North Country move forward."

And that's exactly what this contract will do. NYPA will supply Alcoa with low-cost hydropower for 30 years.

"In exchange, Alcoa will spend $600 million building a new East Plant to go along with the West Casthouse. And the East Plant will assure that 900 to 1,000 jobs here at Alcoa stay right here in this region," said Governor Paterson.

And those jobs are a significant part of the contract because they offer hope for the North Country.

"This whole community, not only the Massena community, but the St. Lawrence County, people coming in from everywhere, Potsdam, Canton, that work here at this facility and to know now that it's going to be around for another 30 to 40 years, that's fantastic," said Randy DeLosh, Mayor of Massena.

"The place has been around since 1902. We have many employees whose grandfathers, fathers, have worked here and hopefully we can keep that tradition by sons and grandkids too," said Mark Southwick, Organizational Development Manager for Alcoa in Massena.

The contract is dependent on Alcoa's commitment to modernizing its East Plant. The next step in the process is to present plans for the project to the Alcoa Board of Directors later this year.

The 30 year power contract would begin in 2013 and includes an option for a 10 year extension.

In addition to securing at least 900 jobs in the North Country, the contract keeps Alcoa's $350 million economic impact in the area each year.