Tuesday, April 7, 2009 —
The four dams under question and currently owned by Alcoa on the Yadkin system produce approximately 234 megawatts, a small output and the cost of annual maintenance on these older facilities makes the profit less than $15 million a year.
North Carolina’s acquisition costs would be approximately $500 million with accumulating interest costs.
An additional $240 million would be required to upgrade the facilities, several of which are almost 100 years old now. I don’t see the short or long term benefits to this acquisition in these calculations.
Our children will not live to see the benefit.
I recommend an alternative solution to the issue. Fund a private/public partnership with Alcoa and modernize the Badin manufacturing plant.
The result would be increased jobs and higher revenues.
Then you would be promoting the best of what is good about a capitalistic democratic nation.
Richard L. Glenn
President of Glenn Underwater Services, Inc.