The Federal Energy Regulatory Commission has granted the State of North Carolina's request to intervene in the relicensing process related to Alcoa's Yadkin Hydroelectrict Project.
- According to The Salisbury Post, Alcoa Power Generating, Inc. OWNS and manages the dams, powerhouses and reservoirs related to the project.
- From The Greensboro News & Record: Federal regulators will allow Gov. Bev Perdue to have her say in the ongoing argument over whether Alcoa should be allowed to keep its electric generating plants on the Yadkin River. The Federal Energy Regulatory Commission (FERC) ruled Friday that Perdue could add her voice to those asking the U.S. government to withdraw Alcoa’s right to produce and sell electricity generated by hydroelectric dams along the river.
- According to The Greensboro News & Record: The FERC has never withdrawn a license in the way that Perdue is asking for, and the company says it should be allowed to maintain its business. Meanwhile, state legislators are drafting a law to create a nonprofit entity to take over Alcoa’s Yadkin River operations.
- According to The Salisbury Post, bills have been introduced in the N.C. Senate and House calling for the creation of a state trust for the ownership and operation of the hydroelectric project.
- According to The Salisbury Post, Senate Bill 967, which would establish the state trust to own and manage the Yadkin Hydroelectric Project, won the unanimous support last week of the N.C. Senate's Judiciary II Committee. The bill has moved on to the Senate Finance Committee.QUOTES:
"If you look at the state taking over a private enterprise and running it for the benefit of the state, that is precedent setting." - Gene Ellis of Alcoa, News 14 Carolina, 4/2/09
"We had one experience in Venezuela with Hugo Chavez when he was the leader of that nation, they did take over one of our plants." - Gene Ellis of Alcoa, News 14 Carolina, 4/2/09
FAIR MARKET VALUE: According to the News 14 article, the state would have to buy the dams if they did get control. Ellis estimates the fair market value at "over half a billion dollars." Stanly County manager Andy Lucas has already indicated that the government will try to pay less than the fair market value, saying "If the federal government decides to recapture, there's a price on that and we believe that's the price. That price is different from what Alcoa has been citing and putting out there." News 14 Carolina, 4/2/09