Alcoa responds to Gov. Perdue’s request to intervene in the federal relicensing of the Yadkin Project

Alcoa Power Generating Inc. issued the following statement in response to a motion filed by N.C. Gov. Bev Perdue today to intervene in the federal relicensing of the Yadkin Hydroelectric Project in central North Carolina: 

The State of North Carolina took an unprecedented step today by pursuing the takeover of a privately-owned business that has roots in North Carolina dating back to 1915.  It’s a move that could ultimately cost North Carolina taxpayers more than $500 million.

Alcoa does business in 34 countries around the world and it’s extremely rare to be faced with a situation where a state government wants to seize one of our businesses and operate it for its own benefit.  Every other business owner in North Carolina should be concerned about the dangerous precedent this action sets.  

Gov. Perdue’s motion to intervene in the federal relicensing of the Yadkin Hydroelectric Project comes more than six years after the federal relicensing process began.  Throughout this process, agencies representing the State of North Carolina have been actively involved and the State’s interests have been well protected.    

Alcoa has invested heavily in the Yadkin Project and will fight to ensure that it receives full value for its property if the State of North Carolina moves forward with this ill-conceived policy.

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