MASSENA — New York Power Authority trustees have approved a preservation power allocation of 5,000 kilowatts to Arconic Inc. in Massena, allowing it to maintain operations in Massena and retain at least 145 annual jobs.

However, NYPA officials said they’re still working with Alcoa, whose three-and-a-half-year agreement with the state to remain in Massena expires on March 31.

“We are still negotiating with Alcoa and expect to reach an agreement in the very near future,” Keith Hayes, NYPA’s vice president for economic development, told trustees during their meeting Tuesday.

Alcoa agreed in November 2015 to a three-and-a-half year agreement with the state, in which the Power Authority would provide $30 million in low-cost hydropower to the company, but the reduction in cost would fluctuate if the price of aluminum increased in the global metals exchange market.

In addition, Empire State Development would provide up to $43.6 million in performance-based grants, which were not tied to the price of aluminum.

As part of the deal, Alcoa was required to maintain at least 600 full-time equivalent employees — those working at least 35 hours a week — on the payroll at the Massena West Smelter.

Since the official signing of the agreement in 2016, Alcoa Inc. split into two publicly traded companies — Alcoa Corp. and Arconic. Hayes said, with the preservation power allocation, Arconic would be able to maintain its annual capital investments.

During their meeting on Tuesday, Power Authority trustees also approved a preservation power allocation of 1,000 kilowatts to North American Forest Group, which is looking to open sawmill operations in the town of Oswegatchie.

They also authorized a public hearing on the proposed contracts for the two companies.

Hayes said the allocations would help create at least 21 new jobs, retain 145 jobs and include an investment of at least $2 million. The 21 new jobs would be created at North American Forest Group, he said.

“They do bring the materials to Quebec. There was the potential that they would move their operations to Quebec,” he said.

Trustees also approved a recommendation from the Northern New York Power Proceeds Allocation Board to award fund benefits of $220,305 to the St. Lawrence County Chamber of Commerce. The Power Proceeds Allocation Board had recommended approval during their October meeting.

“The intent is to expand on tourism with the fishing capital of the world, bring more visitation into the county and obviously have an economic development impact,” Hayes said.

In addition, they approved a $59,600 fund benefits award to Queenaire Technologies Inc. of Ogdensburg.

All together, Hayes said the recommended projects would support the creation of six jobs and about $1.4 million in project investments.

Trustees also approved several ReCharge NY power allocations, including 266 kilowatts to Losurdo Foods Inc. in Heuvelton. The allocation will allow the company to retain 60 jobs and have capital investment of $750,000.

The ReChargeNY program is administered by the New York Power Authority. It provides new and existing partnerships with qualifying businesses and nonprofit organizations with low-cost power in exchange for commitments to retain or create jobs statewide.

All together, more than 520 new jobs will be created statewide through the latest round of ReCharge NY power allocations.