Friday, April 10, 2009

Bipartisan House group weighs in on Alcoa

A couple weeks ago a bipartisan group of state senators filed legislation to create the Yadkin River Trust and become part of an effort to operate the Yadkin River hydroelectric projects if Congress authorizes a recapture of Alcoa's operations there. Alcoa is seeking renewal of its federal permit to operate the projects, but it faces increasing opposition in part because it no longer employs a substantial workforce at its Badin plant.

Now the state House has weighed in with a similar bill filed by an equally bipartisan group of nearly two dozen lawmakers, including former House Speaker Harold Brubaker, R-Randolph, and Reps. Melanie Goodwin, D-Richmond and Lorene Coates, D-Rowan.

You can read more about the issue at the Web site of the N.C. Water Rights Committee (www.ncwaterrights.org).

The committee also offers a discussion of what it thinks is the value of the hydroelectric projects. Alcoa believes any fair compensation would run to the hundreds of millions of dollars. The Committee argues that under federal law, the price should be net investment -- a little over $24 million -- plus severance costs. That's a pretty big gap between the two sides.

12 comments:

Anonymous said...

As a shareholder in a number of public corporations and a Stanly County taxpayer, I find the actions of Stanly County officials, Governor Perdue and Mr Criso short-sighted and misguided. Firstly, the legal concept of leasing does not apply to this case so the preceding post employed a specious and sophistic argument.
Secondly, Alcoa and its shareholders built the dams and have paid the maintenance costs. In return, the citizens of the region recived tax monies on the value of the Alcoa properties. Those same citizens also were able to enjoy the recreational opportunities afforded to them by the lakes. Property owners surrounding the lakes saw the values of their holdings inflate drastically. The properties that surround the lakes have proved beneficial to Stanly County citizens whose economy has become more moribund over the years-due in large part by the same somewhat ignorant behaviors by Stanly County leaders on display here.
Thirdly, these actions will have enormous impact on any future industry recuitment efforts by Stanly County. Any shareholder or officer of any company that requires any meaningful infrastructure investment will believe that the actions of Stanly County officials would put their investment at additional risk and will prudently steer clear of placing their operations in Stanly County-costing jobs that are sorely needed and contributing to a continued worsening of the local economy.
In summary, Stanly County officials should back down-NOW.
Mack Mabry

Anonymous said...

Mack I would bet money you get a retirement check from the good old polluters known as Alcoa. You folks make me sick, you want to give away the benefit of the water that belongs to the people to a group of men who care nothing about this county. Maybe you should back off you idiot!

Anonymous said...

Nope I work for a living.
My concerns have to do with Stanly County leaders whose short-sighted behaviors will prevent Stanly County citizens to work for a living.
Driving down the value of an infrastucture business like Alcoa to essentially confiscate it sends a very bad message to potential employers.
You folks really need jobs down there. The actions of Tony dennis, Lindsay Dunevant and Roger Dick are harmful to you and your children's futures.
By the way, who are you?
I do not have the need to hide my identity as you have.
Mack Mabry

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