However, it all depends on the company acquiring the long-awaited Federal Energy Regulatory Commission (FERC) license and not the anticipated sale of Alcoa Power Generating Incorporated’s power facilities. Once the long-term license is secured, the terms of the settlement will be honored, according to Cube Hydro officials.
Both Cube Hydro and Alcoa remain confident the FERC license for the Yadkin Project is imminent, pending a favorable ruling by the appellate court about ownership of the respective dams’ riverbeds. A ruling is expected by the end of the year, about the same time as the purchase of Alcoa’s power plants conclude.
A 2013 settlement between APGI and Stanly County calls for the power company to pay Stanly County $3 million, $2 million for the county’s sole discretion and $1 million earmarked for economic development. Alcoa is also to pay Stanly another $1 million ($100,000 for each year a new FERC license exceeds 40 years, but capped at 50 years).
Improved Water Quality: Alcoa will invest up to $80 million to install state-of-the-art aeration technology that will increase dissolved oxygen levels and improve water quality in the Yadkin River. It has already invested more than $5 million to enhance water quality.
New Recreational Facilities: Alcoa will invest more than $1 million to create new and upgraded recreation facilities, including a new public swim area in Rowan County, new tailwater fishing access areas and new fishing piers and camp sites.