I told you yesterday that the N.C. Property Rights Coalition had joined the fight to stop a government takeover of the Yadkin Project.
Here’s some more information that you might be interested in:
The property rights folks have set up a web site – www.LeaveThatDamAlone.com – where you can learn more and sign up to help. It's worth a visit.
The N.C. Water Resources & Infrastructure Committee has scheduled a meeting on Tuesday, July 28 at 2pm to discuss SB 967, the government takeover bill sponsored by Sen. Fletcher Hartsell.
Committee chairman Cullie Tarleton plans to hear from two members of the public – one in favor of the bill, one opposed – then allow members to discuss the bill and consider amendments before taking a vote.
A vote in favor of SB 967 will help clear the way for North Carolina to spend $500 million or more on an unprecedented government takeover of Alcoa’s privately-owned hydro business.
If you’d like to let the committee know why they should oppose this bill, here is a list of members:
Rep. Lucy Allen: 919-733-5860, lucy.allen@ncleg.net
Rep. Hugh Blackwell: 919-733-5805, hugh.blackwell@ncleg.net
Rep. Jamie Boles: 919-733-5903, Jamie.Boles@ncleg.net
Rep. Edith Warren: 919-715-3023, edith.warren@ncleg.net
Rep. Pryor Gibson:919-715-3007, pryor.gibson@ncleg.net
Rep. Mitch Gillespie: 919-733-5862, mitchg@ncleg.net
Rep. Bruce Goforth: 919-733-5746, bruce.goforth@ncleg.net
Rep. Carolyn Justice: 919-715-9664, carolyn.justice@ncleg.net
Rep. Kelly Alexander: 919-733-5778, kelly.alexander@ncleg.net
Rep. Grey Mills: 919-733-5741, grey.mills@ncleg.net
Rep. Bill Owens: 919-733-0010, bill.owens@ncleg.net
Rep. Ray Warren: 919-715-8361, ray.warren@ncleg.net
Rep. Ruth Samuelson: 919-715-3009, ruth.samuelson@ncleg.net
Rep. Cullie Tarleton, Chair: 919-733-7727, cullie.tarleton@ncleg.net
Rep. Alice Underhill: 919-733-5853, alice.underhill@ncleg.net
A prominent property rights organization is joining the fight against a proposed government takeover of the Yadkin Project, a privately-owned hydro business along the Yadkin River.
The N.C. Property Rights Coalition, led by Raleigh lawyer Kieran Shanahan, is taking an increasingly active role in the legislative battle over a proposed government takeover of the Yadkin Project. The organization will be working to educate the people across North Carolina about the state’s unprecedented assault on private property rights. Alcoa is a financial supporter of the coalition.
If successful, the takeover of Alcoa’s privately-owned business could cost North Carolina more than $500 million and set a dangerous precedent that could make it more difficult to attract new business and jobs to our state. Business owners and individuals are asking the same question: “If this can happen to Alcoa, who’s next?”
The N.C. Property Rights Coalition took a stand on this preeminent property rights issue early on, and we welcome their support in our fight to protect our private property. We have been doing business in North Carolina since 1915 and look forward to continuing generating clean, renewable energy along the Yadkin River.
Visit http://ncpropertyrights.com/ to learn more.
I wanted to share with you a press release that highlights the reaction of one North Carolina business owner to the government's attempt to takeover the privately-owned Yadkin Project. Rick Glenn is so troubled by the prospect of a government takeover that he plans to relocate his business to South Carolina if it happens.
The entire press release is posted below:
N.C. business owner speaks out against government takeover of Alcoa’s hydroelectric business on the Yadkin River
Bill being considered in N.C. House could allow North Carolina to seize Alcoa’s business, but it could cost North Carolina taxpayers more than $500 million
CHARLOTTE, NC – As North Carolina legislators contemplate an unprecedented government takeover of Alcoa’s privately-owned hydroelectric business on the Yadkin River, the effort is being met with resistance from North Carolina business owners like Richard Glenn, president of Glenn Underwater Services. The Charlotte-based company employs 25 people and does work on dams around the world.
Glenn moved his business from Florida to North Carolina 10 years ago. But if the State of North Carolina is successful in its effort to takeover Alcoa’s hydroelectric business along the Yadkin River, Glenn has told Gov. Perdue he will relocate his business to South Carolina.
“I have been in North Carolina for 10 years and enjoy doing business here. But I am troubled by efforts to take a privately-owned business like the Yadkin Project and believe it will result in fewer business opportunities for business owners like me,” said Glenn.
Through his business, Glenn has frequently worked in South America during the past 20 years and says he has seen this type of activity before. Glenn was working on the Guri Dam in the eastern region of Venezuela when Hugo Chavez was undertaking the acquisition of the country’s private industry.
“It started very small just like the forced acquisition of Alcoa’s Yadkin projects and ended up with a country that is now state run and has evolved from a healthy democracy to an almost certain dictatorship,” Glenn said. “During that time, Chavez was using terms such as ‘this would be best for the citizens,’ these companies are ‘sending profits overseas,’ and so forth. These exact phrases are now being used by politicians in North Carolina.”
Alcoa is fighting efforts by the state government to take the hydroelectric business it started in North Carolina in 1915.
“The government is trying to take our business and that’s an unprecedented attack on our private property rights. North Carolina doesn’t simply want to take our license away. It wants to take our dams and the land around them,” said Gene Ellis, a relicensing consultant for Alcoa.
A government takeover could cost North Carolina more than $500 million.
I don’t usually like to respond to far-fetched accusations that have absolutely no basis in fact, but I feel compelled to respond to some of the outrageous claims being made by the N.C. Water Rights Committee.
In a recent press release, the N.C. Water Rights Committee speculates that the Yadkin Project may generate as much as $80 million a year in profit and implies that Alcoa is not being truthful with its financial filings with FERC. Irresponsible allegations like that can’t go unanswered.
The financial information we have submitted to FERC is accurate and has already been independently verified by auditors. Here are the facts:
1. Alcoa Power Generating Inc. is required to follow standard accounting practices – specifically the Uniform System of Accounts (USOA) – in all financial filings at FERC. There is no “creative accounting” taking place.
2. Our annual financial filings at FERC are independently audited by PricewaterhouseCoopers to verify their accuracy. The numbers are not misleading or inaccurate.
The profit numbers being floated by the N.C. Water Rights Committee are pure fantasy. But if anyone out there can tell me how to create an $80 million profit from a business that only generates about half that in gross revenues, please give me a call.
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