After contentious debate and legal maneuvers, hearings over whether or not Alcoa (NYSE:AA) will be able to renew a 50-year license to operate dams on the Yadkin river have begun today.
The issue is over a water permit issued to Alcoa by the state of North Carolina, which was opposed by some state officials and others.
Before the federal government would consider whether or not to renew the license of Alcoa, they must get approval from the North Carolina Division of Water Quality.
What is at issue concerning the water quality permit in relationship to the hearing is for the judge to decide to uphold it or not. If he does, they have a strong chance of having the license renewed for another 50-year period by the federal government.
Alcoa generates millions in revenue annually from selling hydropower from the dams. Over the 50-year period going forward, that would amount to well over a billion in profits, and possibly a lot higher depending on prices in the decades ahead.
This would be a blow to Alcoa who is mostly boxed in by the price of aluminum, if they lose the deal, as it's one of the few alternative sources of revenue outside the sector they serve.
Showing posts with label Yadkin River. Show all posts
Showing posts with label Yadkin River. Show all posts
Monday, September 27, 2010
Monday, September 20, 2010
Alcoa (NYSE:AA) Must Go to Trial Over Hydropower Dams
While Alcoa (NYSE:AA) had been seeking a quick resolution over a license to operate hydropower dams in North Carolina, but a judge rejected that request and instead ordered a trial to decide the issue.
Concerning a request for summary judgment on the case, State Administrative Law Judge Joe Webster said in his ruling, "Based upon the evidence presented it appears that multiple material and factual issues are in dispute."
Webster said he needed a trial before deciding on the dispute. It's set to take place later in September.
The Division of Water Quality said in a certificate in 2009 that Alcoa could continue to operate the dams if they met certain conditions they set.
North Carolina officials, including Governor Beverly Perdue, oppose the company being relicensed, as they want to control the Yadkin River dams.
After the battle over the state certification is completed, Alcoa would go to the Federal Energy Regulatory Commission for its license to be renewed, which would give them up to another 50 years to operate it, assuming they win.
In 2006 Alcoa estimated selling the electricity generated close to $44 million. With prices sure to increase over they years, it could end up being valued at several billion over the duration of the license.
Concerning a request for summary judgment on the case, State Administrative Law Judge Joe Webster said in his ruling, "Based upon the evidence presented it appears that multiple material and factual issues are in dispute."
Webster said he needed a trial before deciding on the dispute. It's set to take place later in September.
The Division of Water Quality said in a certificate in 2009 that Alcoa could continue to operate the dams if they met certain conditions they set.
North Carolina officials, including Governor Beverly Perdue, oppose the company being relicensed, as they want to control the Yadkin River dams.
After the battle over the state certification is completed, Alcoa would go to the Federal Energy Regulatory Commission for its license to be renewed, which would give them up to another 50 years to operate it, assuming they win.
In 2006 Alcoa estimated selling the electricity generated close to $44 million. With prices sure to increase over they years, it could end up being valued at several billion over the duration of the license.
Thursday, September 9, 2010
Alcoa (NYSE:AA) Operating License for Yadkin River to be Decided
The battle by Alcoa (NYSE:AA) to be approved for another 50-year operating license for dams on the Yadkin river is coming to a head, as a major hearing before a judge in Raleigh is scheduled for Friday.
At issue at the hearing will be a certificate from the state Division of Water Quality. That has to be awarded before the federal government will take into consideration issuing Alcoa another hydropower license.
Alcoa actually has the document, but a typical radical environmentalist group named the Yadkin Riverkeeper appealed it, and an activist judge put it on hold.
Alcoa spokesman Mike Belwood said, "We have worked very carefully with a number of organizations in the state to obtain a relicensing settlement agreement. We think everything is in position but this one document and as soon as we're able to achieve that we can move forward."
North Carolina government officials have attempted to stop the license renewal of Alcoa, but the process continues to move forward.
At issue at the hearing will be a certificate from the state Division of Water Quality. That has to be awarded before the federal government will take into consideration issuing Alcoa another hydropower license.
Alcoa actually has the document, but a typical radical environmentalist group named the Yadkin Riverkeeper appealed it, and an activist judge put it on hold.
Alcoa spokesman Mike Belwood said, "We have worked very carefully with a number of organizations in the state to obtain a relicensing settlement agreement. We think everything is in position but this one document and as soon as we're able to achieve that we can move forward."
North Carolina government officials have attempted to stop the license renewal of Alcoa, but the process continues to move forward.
Thursday, August 19, 2010
Reporter for Alcoa (NYSE:AA) Documentary Out at UNC-TV
After the scandal surrounding taking money from interests which were hostile to Alcoa (NYSE:AA), and then producing a documentary which was left, for the most part, completely unedited.
According to associate general manager Gail Zimmermann, Eszter Vajda, the UNC-TV reporter connected to the scandal, is no longer working for the station as of the end of the work day Tuesday.
Zimmerman refused to comment on the circumstances surrounding Vajda leaving the station.
This all centers around the attempt by the state of North Carolina to take over the operations of the hydroelectric dams on the Yadkin River.
Democrat Marc Basnight was the source of the rumors which brought all this to a head, where he asserted, with no knowledge of the matter, that the documentary was being suppressed, which was completely untrue.
Alcoa is seeking to renew its federal license to operate the dams, which started the ball rolling concerning the fiasco.
According to associate general manager Gail Zimmermann, Eszter Vajda, the UNC-TV reporter connected to the scandal, is no longer working for the station as of the end of the work day Tuesday.
Zimmerman refused to comment on the circumstances surrounding Vajda leaving the station.
This all centers around the attempt by the state of North Carolina to take over the operations of the hydroelectric dams on the Yadkin River.
Democrat Marc Basnight was the source of the rumors which brought all this to a head, where he asserted, with no knowledge of the matter, that the documentary was being suppressed, which was completely untrue.
Alcoa is seeking to renew its federal license to operate the dams, which started the ball rolling concerning the fiasco.
Wednesday, August 18, 2010
Democrat Marc Basnight Involved with Growing Alcoa (NYSE:AA) Scandal
Democrat Senate leader Marc Basnight has been identified as a source of some of the rumors which attempted to paint an unfair and inaccurate portrait of Alcoa (NYSE:AA), pressing UNC-TV to go forward with reports which weren't under usual editorial control.
The issue surrounds Alcoa attempting to renew a federal license to run the Yadkin River hydroelectric dams. Some politicians wanted to turn operations over to the state, and continue to fight that battle.
According to UNC-TV General Manager Tom Howe, Basnight had communicated to him that a supervisor of correspondent Eszter Vajda, who is no longer employed at UNC-TV, had been "challenging her work and is not letting her tell her story as she found it."
Basnight attempted to make it look like the report was trying to be suppressed, while all along it was simply a matter of editorial oversight.
Pressure from Basnight resulted in the station managers caving in and airing the report with very little editorial review.
While Basnight is trying to deny pushing the issue, notes of Howe from the incident said Basnight told him this, "I want you to make sure this story is told in an honest, unjaded, truthful appraisal of the situation without influence from anyone associated with Alcoa."
Incredibly, Basnight admits he "did not know that to be occurring," referring to any type of interference of influence by Alcoa on the matter.
Even so, it seems that didn't deter Basnight from spreading rumors based on other rumors, and creating a fiasco.
Concerning the actual segment aired about Alcoa. three members of the faculty at the journalism school at UNC-Chapel Hill concluded this: "It is our view that UNC-TV management should have not wavered in light of such criticism; should have maintained editorial control and reported the story."
The issue surrounds Alcoa attempting to renew a federal license to run the Yadkin River hydroelectric dams. Some politicians wanted to turn operations over to the state, and continue to fight that battle.
According to UNC-TV General Manager Tom Howe, Basnight had communicated to him that a supervisor of correspondent Eszter Vajda, who is no longer employed at UNC-TV, had been "challenging her work and is not letting her tell her story as she found it."
Basnight attempted to make it look like the report was trying to be suppressed, while all along it was simply a matter of editorial oversight.
Pressure from Basnight resulted in the station managers caving in and airing the report with very little editorial review.
While Basnight is trying to deny pushing the issue, notes of Howe from the incident said Basnight told him this, "I want you to make sure this story is told in an honest, unjaded, truthful appraisal of the situation without influence from anyone associated with Alcoa."
Incredibly, Basnight admits he "did not know that to be occurring," referring to any type of interference of influence by Alcoa on the matter.
Even so, it seems that didn't deter Basnight from spreading rumors based on other rumors, and creating a fiasco.
Concerning the actual segment aired about Alcoa. three members of the faculty at the journalism school at UNC-Chapel Hill concluded this: "It is our view that UNC-TV management should have not wavered in light of such criticism; should have maintained editorial control and reported the story."
Monday, August 16, 2010
Unedited Alcoa (NYSE:AA) Story Under Fire for Payout to Opponent
The waters are getting murkier in the case of the state of North Carolina attempting to seize control of the dams on the Yadkin River, where an unedited news story now includes a payout of $3,000 to Martin Sansone, who was a researcher who gave correspondent Eszter Vajda of UNC-TV, video which was used to portray Alcoa in a negative light, in an attempt to sway public opinion in the direction of a state takeover.
Alcoa is seeking to renew licenses to run four hydroelectric dams on the Yadkin, which is the center of the growing controversy.
North Carolina Governor Bev Perdue, Commerce Secretary Keith Crisco, and the usual host of environmental groups are fighting to keep Alcoa from continuing to operate the dams, which requires a federal license.
The latest twist in the saga reveals former House Speaker Richard Morgan, who works for the N.C. Water Rights Committee, paying Sansone $3,000.
Morgan's stated reasoning for the payout was this: "They both met with me and others and essentially pitched us for subsistence so he could stay here. He couldn't afford to stay otherwise."
So to help the poor Brit stay in the country, the representative of an anti-Alcoa group paid him $3,000, who just happened to be a friend of the correspondent Eszter Vajda, who was using his dubious research to trash Alcoa.
The money was reportedly used to bring Sansone, who had been in Europe, back to the U.S. to work with Vajda on the Alcoa story.
No matter how you look at it, this is highly suspicious, as the implication is there would have been no unedited version of the slanted report on Alcoa if Sansone hadn't been given the money to return and give his video and report to Vajda.
When saying unedited, it's meant describe the vetting process, and not whether there was some technical editing, which while done, was only to present the side of the story wanted to be seen by the producers of the content.
Morgan even admits Vajda and Sansone approached him and some members of the N.C. Water Rights Committee for funds.
When queried on whether this met the "universally accepted standards of journalism," a UNC School of Journalism and Mass Communication panel blasted the stories as missing the mark.
Alcoa is seeking to renew licenses to run four hydroelectric dams on the Yadkin, which is the center of the growing controversy.
North Carolina Governor Bev Perdue, Commerce Secretary Keith Crisco, and the usual host of environmental groups are fighting to keep Alcoa from continuing to operate the dams, which requires a federal license.
The latest twist in the saga reveals former House Speaker Richard Morgan, who works for the N.C. Water Rights Committee, paying Sansone $3,000.
Morgan's stated reasoning for the payout was this: "They both met with me and others and essentially pitched us for subsistence so he could stay here. He couldn't afford to stay otherwise."
So to help the poor Brit stay in the country, the representative of an anti-Alcoa group paid him $3,000, who just happened to be a friend of the correspondent Eszter Vajda, who was using his dubious research to trash Alcoa.
The money was reportedly used to bring Sansone, who had been in Europe, back to the U.S. to work with Vajda on the Alcoa story.
No matter how you look at it, this is highly suspicious, as the implication is there would have been no unedited version of the slanted report on Alcoa if Sansone hadn't been given the money to return and give his video and report to Vajda.
When saying unedited, it's meant describe the vetting process, and not whether there was some technical editing, which while done, was only to present the side of the story wanted to be seen by the producers of the content.
Morgan even admits Vajda and Sansone approached him and some members of the N.C. Water Rights Committee for funds.
When queried on whether this met the "universally accepted standards of journalism," a UNC School of Journalism and Mass Communication panel blasted the stories as missing the mark.
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