AGL Energy Limited (AGL) announced that it has finalised a new four year agreement to supply electricity to the Portland Smelter Joint Venture Participants' (Alcoa) aluminium smelter in Portland, Victoria. The agreement takes effect from August 2017 when the existing supply contract ends. The agreement represents a mutually beneficial outcome on commercial terms and is the result of over five months' negotiation. The contract is for a volume of 510MW, which is approximately the equivalent of 10% of Victoria's total electricity load. The contract will provide AGL with additional flexibility including rights in relation to the curtailment of the smelter at times of high electricity spot price. AGL also obtains the certainty of Alcoa's commitment to the four year contract.