The N.C. General Assembly appears to be moving forward with its unprecedented bid to take Alcoa’s privately-owned hydroelectric business on the Yadkin River. We have just learned that Senate Bill 967, introduced by Sen. Fletcher Hartsell, approves the creation a Yadkin River Trust with the authority to seize the Yadkin Hydroelectric Project, is expected to be voted on by the N.C. Senate this afternoon.
I continue to be shocked that a historically business-friendly state like North Carolina is pursuing a costly government takeover of a privately-owned business, especially at a time when many taxpayers are struggling to make ends meet. It sets a bad precedent and sends a bad message to individuals and business owners about North Carolina’s priorities.
While advocates claim that a takeover is necessary to regain control of the water, existing state and federal laws protect North Carolina’s water interests and ensure that it maintains full authority over who can withdraw water from the Yadkin River.
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