Alcoa Fights NC for Water & Electricity Rights and 2 Other Dow Movers to Watch
Alcoa Inc. (NYSE:AA): Current price $8.27
On Wednesday, Alcoa brought its case against claims by North Carolina officials in a long fight about control of the water and electricity coming from the state’s Yadkin river system. Through court filings, Alcoa said that it should be awarded the water quality certification it requires for a new federal operating license for the next 50 years.
In a lawsuit filed in August, NC officials said that Alcoa has no ownership rights to the bed of the Yadkin River, over which four dams were built beginning a hundred years ago. The lawsuit requests a federal judge to rule that North Carolina has had riverbed ownership since it became a state, and that the state currently has an interest in Alcoa’s four hydropower dams. Alcoa’s response to the federal lawsuit is that if North Carolina ever held any ownership rights in the dams or the riverbed, they were lost because state officials failed to claim them until now.