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Office of Investment Security - 0 views

www.treasury.gov/...cfius-index.aspx

ALCOA chinese CHINA ownership Foreign

shared by Yadkin River on 21 Dec 11 - No Cached
  • Office of Investment Security   Page ContentCommittee on Foreign Investment in the United States (CFIUS) The Committee on Foreign Investment in the United States (CFIUS) CFIUS is an inter-agency committee authorized to review transactions that could result in control of a U.S. business by a foreign person (“covered transactions”), in order to determine the effect of such transactions on the national security of the United States.  CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment and National Security Act of 2007 (FINSA) (section 721) and as implemented by Executive Order 11858, as amended, and regulations at 31 C.F.R. Part 800.  The CFIUS process has been the subject of significant reforms over the past several years.  These include numerous improvements in internal CFIUS procedures, enactment of FINSA in July 2007, amendment of Executive Order 11858 in January 2008, revision of the CFIUS regulations in November 2008, and publication of guidance on CFIUS’s national security considerations in December 2008. Further information about each of these reforms is available via the links to the right.
  • Yadkin River on 21 Dec 11
     
    Prior to any FERC re-license of the Yadkin. FERC policy needs to include CFIUS review in light of rapid globalization and existing known multi-national partnerships to any FERC licenseholder
Yadkin River

Whose water is it anyway!? - 0 views

www.yesweekly.com/...whose-water-is-it-anyway_.html

water Alcoa Yadkin Commissioners Governor Legislators

shared by Yadkin River on 06 Dec 11 - No Cached
  • COALITION OF CITIZENS, POLITICIANS AND ENVIRONMENTALISTS BATTLE ALCOA TO RETURN THE YADKIN RIVER TO THE PEOPLE
  • “The conservation of our natural resources and their proper use constitute the fundamental problem which underlies almost every other problem of our national life,” Roosevelt told Congress in 1907.
  • Naujoks referred to Teddy Roosevelt’s well known opposition to corporate monopolies and his firm belief the nation’s natural resources belong to the people. Naujoks cited Roosevelt’s philosophy to highlight the disparity between the legendary president’s philosophy and FERC’s policies
  • ...33 more annotations...
  • Gov. Beverly Perdue officially came on board with the Yadkin River Coalition — a group of local businessmen, citizens and politicians who oppose Alcoa’s re-licensing efforts — last September and her influence has proved invaluable to the cause.
  • The governor’s office filed papers with the FERC “seeking return of the right to plan the use of the Yadkin River flows and the Yadkin hydroelectric project for the benefit of the people of North Carolina,” according to a press release
  • Recapturing the water rights to the Yadkin is essential to the health and well being of the citizens of the nearly 25 counties that comprise the Yadkin River Basin, Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • The Badin Works aluminum smelting plant did bring 1,000 jobs to the area after Alcoa applied for its water rights license in 1958. But Alcoa, a multi-billion dollar corporation and the world’s largest producer of aluminum, ceased operations at the plant in 2007. The plant employed only 377 people when it shut down, said Alcoa spokesman Gene Ellis.
  • One of the first legislators to take their side was NC Sen. Fletcher L. Hartsell Jr., who represents Cabarrus and Iredell counties. Hartsell came on board with the Yadkin River Coalition two years ago after meeting with Dick, Jim Nance, a former board member of the NC Department of Transportation, and Stanly County Commissioner Lindsey Dunevant at his legislative offices in Raleigh.
  • But after he studied the Federal Power Act, he became fascinated with the issue of Alcoa attempting to maintain its monopoly over the 38-mile stretch of the Yadkin. Convinced of the appropriateness of the coalition’s cause, Hartsell signed on and recruited fellow Republican state senator, Stan Bingham.
  • “As far as I’m concerned, Alcoa got the gold mine and we got the shaft,” Bingham said
  • “The little town of Denton is having to pay [Alcoa] for the use of the water coming down the Yadkin for drinking,” Bingham said. “The way that’s calculated is they charge because it’s a loss of power generation…. This whole thing was done many, many years ago, and a lot of people didn’t think about the people they were dealing with at the time.”
  • “Alcoa and others keep talking about it being a ‘taking’ [of property],” Hartsell said. “It’s not a taking; it’s not even close to it. All we’re asking Alcoa to do is to fulfill the obligations that were identified in 1958 that they agreed to.”
  • “They acknowledged when the license was up, they no longer had the right to use the property,” Hartsell explained. “We’re saying there needs to be an equivalency for the run of our river, and when I say ‘our,’ I mean everybody’s. It’s not a private entity. The feds and the state have had control of the run of the rivers since the beginning of the republic.” The language of the Federal Power Act includes a stipulation that the controlling entity, in this case Alcoa, must estimate the recapture value of the resource in the event it must surrender the rights to that resource, Hartsell said. “There is a statutory formula for how you calculate recapture and Alcoa computed it to be $24.2 million in 2006,” Hartsell said.
  • Yadkin River Trust Bil
  • The bill clearly outlines the three primary issues at stake — A) who controls the waters of the Yadkin for the next 50 years; B) the environmental issue related to the condition or quality of the water itself and the immediate environs; and C) the use of the electricity generated by the run of the river.
  • “[Alcoa] signed an agreement. We’re just asking them to live up to their own word,” he said. “The state of North Carolina intervened 50 years ago on Alcoa’s behalf to assist them to get a 50-year license and operate the plant at Badin, but conditions have changed dramatically. If they’re going to use it, what is the return to the people of the state on the state’s investment in the raw material, which is the water? That water is owned by the people.”
  • Alcoa’s re-licensing application represents “the mother of all incentives,” Hartsell said. “They want the state to concede they should have $1 billion in benefit over the next 50 years and provide nothing to the state,” he said.
  • “Why should we give it away?” Hartsell continued. “From an economic development perspective, energy is the major issue associated with job growth and development regardless of the industry.”
  • He pointed out that Alcoa is capitalizing on the hydroelectric energy generated by the Yadkin by selling electricity “on the grid” rather than investing in the local communities.
  • “We’re dealing with John Dillinger and Al Capone,” Bingham said. “Alcoa reaps [millions] in profits each year and North Carolina gets zilch.”
  • An environmental study commissioned by Stanly County and conducted by professor John Rodgers of Clemson University last year established a connection between contami nation of polychlorinated biphenyls, or PCBs, in fish and soil samples taken from Badin Lake near Alcoa’s Badin Works operation. Rodgers’ findings led the Yadkin River Coalition to appeal the waterquality certification issued by the NC Department of Environment and Natural Resources, or DENR. Administrative Law Judge Joe Webster granted an injunction on May 26 prohibiting DENR from issuing a 401 Water Quality Certification to Alcoa until the full appeal is heard.
  • The state issued a fish-consumption advisory for Badin Lake between Stanly and Montgomery counties last February due to elevated levels of PCBs found in largemouth bass and catfish
  • Alcoa attempted to block the advisory by filing a legal appeal. The company claimed that the state “changed its stated evaluation criteria after the study was complete and held Badin Lake to a different standard than the other lakes and rivers in North Carolina,” according to a posting on a company website.
  • Bingham said Alcoa’s objection to the posting of the fish-consumption advisory speaks volumes about their concern for the people who swim and fish at Badin Lake.
  • “It just tells me how they do business,” Bingham said. “They fought the fish-advisory signs; they say we’re taking their property and we have no rights to the water. We’re stuck with the bastards, at least for the moment, but I feel good about the direction of the fight we’re taking on in the future.”
  • Naujoks said he’s concerned about the high concentration of PCBs in the landfills and dumping sites near Alcoa’s four hydroelectric dams. Naujoks said Alcoa has not been entirely forthcoming about the number of waste dumping sites in and around their facilities.
  • They’re not showing us where all the buried bodies are found. As we start digging down through the layers, we’re going to find much more.”
  • “Alcoa knows they can’t hide these dumping sites,” Naujoks said
  • A PROMISING FUTURE Bingham said once Perdue joined the Yadkin River Coalition, it changed everything. “It’s been wonderful; it’s been extremely important,” he said. “We were facing a multi-billion-dollar corporation, but when the governor lis tened to our pleas, they began to take this extremely seriously. They realized they’re in for a fight.”
  • Bingham said the coalition will never quit until the Yadkin River is returned to the people of North Carolina.
  • “Our legal case could take years to resolve, but the campaign to support the legislation through the coalition and FERC re-licensing could be decided within the next year,” he said. “We will work on a targeted campaign to unify and strengthen grassroots efforts of local governments, public interest organizations, businesses and individuals to reclaim the waters of the Yadkin River to benefit the public interest.”
  • Bingham said he can see a day in the near future when the Yadkin is returned to the people and the economy of the 25 counties in the Yadkin River Basin begin to flourish.
  • The NC Department of Health and Human Services issued a fish-consumption advisory last February on Badin Lake after high levels of PCBs were found in fish tissue samples. Alcoa unsuccessfully filed a legal challenge to the advisory last April. The advisory remains in effect.
  • We can offer industry power at a reduced rate and that plays a big part in manufacturing,” he said. “That would be a tremendous incentive. For years, we’ve stood by the sidelines and watched industries go elsewhere. We don’t have anything to offer industry
Yadkin River

In Yadkin fight, Alcoa loses again: Federal appeals court upholds FERC denial | Citizen - 0 views

www.indyweek.com/...eals-court-upholds-ferc-denial

shared by Yadkin River on 04 Dec 11 - No Cached
  • Alcoa cannot receive a new federal license for the hydro project if it does not have a 401 certification. It is hard to imagine Alcoa claiming it did not mislead NC DENR when the words in those emails speak for themselves.
  • Yadkin River on 04 Dec 11
     
    Alcoa cannot receive a new federal license for the hydro project if it does not have a 401 certification. It is hard to imagine Alcoa claiming it did not mislead NC DENR when the words in those emails speak for themselves.
Yadkin River

WFAE 90.7 FM - 0 views

www.wfae.org/...1_87_316.cfm

alcoa yadkin hydro Commissioners wfae

shared by Yadkin River on 04 Dec 11 - No Cached
  • Mr. Stickler is correct when he states, “We don’t put $300 million of investment in the ground and remove those assets in a couple of years,” says Stickler. HE AND HIS HOPEFUL INVESTORS JUST DO NOT MAKE THE INVESTMENT IN THE 1ST PLACE. His last “Proposed” Rebar plant (http://www.steeldevelopment.com/home.php) was in Amory, MS…… They committed to “DECADES” in Amory, MS, only to spend about 3 million dollars in grading and to leave when their “Equity Investors” , apparently Chinese, pulled out. Commissioner Dennis and the rest of the Commissioners have just reason to be concerned. I have spoken to people involved in the Amory MS project as well as Ontario, OH, where good people acted in good faith and listened to the “Stickler Pitch”… This time and in this community, Officials are aware of the previous dealings that this group “Proposed” and did NOT deliver on. It seems as if ALCOA has a big problem on their hands attempting to Introduce Clean-Tech to the Community. It makes you wonder if they conducted their due diligence, or did they? I stand firmly behind the County Commissioners and it is my hope Governor Perdue and Sec. Crisco are aware of the very questionable ability of Clean-Tech to perform considering that they DID NOT in Armory, MS. Comment by JohnMullis - September 30, 2011 9:10 PM
  • The jobs and revenue produced for the public by publicly controlled hydropower, where public entities have control of the FERC license for the hydroelectric dams is well documented on the Stanly County website. http://www.co.stanly.nc.us/ALCOARelicensing/tabid/176/Default.aspx This website has links to key documents information about the Alcoa situation which ought to be read by anyone seeking to be informed about the issue or desiring to make an intelligent comment based on knowledge, not ignorance. In particular, take a look at the links on the Stanly County website to about the large numbers of jobs and revenue for the localities produced by the agreements struck between Alcoa and the New York Power Authority in December 2007 and between Alcoa and Chelan County, Washington, in June 2008. http://www.co.stanly.nc.us/ALCOARelicensing/tabid/176/Default.aspx In addition, opponent's of recapture of the Yadkin Project ought to look at industrial recruitment advantages that South Carolina enjoys with low cost electrical power produced by Santee-Cooper, South Carolina’s state-owned electric and water utility, and the state’s largest power producer. https://www.santeecooper.com/portal/page/portal/santeecooper/homepage Comment by WaterPatriot - September 27, 2011 2:13 PM
  • Yadkin River on 04 Dec 11
     
    Alcoa, Stanly County Square Off Over JobsJulie Rose Monday September 26, 2011
Yadkin River

Renewable Energy, Hydroelectric Power - 0 views

www.altenergy.org/...hydroelectric.html

hydro electric power economic development

shared by Yadkin River on 14 Dec 11 - Cached
  • Relicensing is a complex process in which private dams are re-evaluated every 30 to 50 years. The Federal Energy Regulatory Committee "considers anew whether it is appropriate to commit the public's river resources for private power generation FERC is now required, when deciding whether to issue a license, to consider not only the power generation potential of a river, but also to give equal consideration to energy conservation, protection of fish and wildlife, protection of recreational opportunities, and preservation of other aspects of environmental quality." Relicensing was infrequent until 1993, when hundreds of licenses began to expire. "The Hydropower Reform Coalition formed in 1992 to take advantage of this once-in-a-lifetime opportunity to restore river ecosystems through the relicensing process." To the Coalition's dismay, a new bill is being considered called the Hydroelectric Licensing Process Improvement Act, which if passed, "would limit the abilities of federal agencies to protect natural resources," making relicensing easier for dam operators.
Yadkin River

WFAE 90.7 FM - 0 views

www.wfae.org/...1_218_332.cfm

alcoa yadkin hydro Commissioners financial wfae

shared by Yadkin River on 18 Dec 11 - No Cached
  • So much misinformation. FERC statement about not being an option is boiler plate language referring to there be no other applicant at time license filed. Alcoa gave up rights when they accepted monopoly use of public waters as free fuel and argued for 30 year license in vs. 50 license because they wanted extra years to recover building Tucker Town and new pot lines. They acknowledged they had no assurances of keeping the project property at end of license period. Water worth billions and tens of thousands of jobs should not be traded for pennies and a promise. The water is what will guaratee jobs and prosperity ...not Alcoa. Hydro is self financing...will not cost the tax payers a dime. Forward contracts on power sales or revenue bonds like financed Santee will get the job done. Comment by Waterperson - December 9, 2011 2:20 PM
Yadkin River

» Blog Archive » Commissioners Hear Debate Over Yadkin Project - 1 views

insidestanly.com/?p=6330

DEC2011 Commissioners CommissionersMeeting Alcoa CleanTech

shared by Yadkin River on 07 Dec 11 - No Cached
  • In a power point presentation, Chairman Dunevant challenged the numbers released by Alcoa last week as to their options on the table, particularly the $1.2 million financial guarantee from Alcoa to Stanly County should the 450 Clean Tech jobs not materialize. Dunevant pressed the value of this guarantee over the life of the 50-year license, asserting that Alcoa had not factored in depreciation. Dunevant contended that due to inflation that amount would be worth only $500,000 by the year 2020 and just $188,000 at the end of 50 years when the license would again be up for renewal.
  • On the flip side, Dunevant said that Alcoa’s profits from dam revenues would grow at a 3.15% inflation rate from Alcoa’s reported $25 million per year to $114 million at the end of 50 years.
  • “I hope you got that… $1.2 million down to $185,000 and $25 million up to $114 million,” Dunevant stated.
  • ...8 more annotations...
  • In addition to seeing this as inequitable for Stanly County, Dunevant made the point that the $1.2 million would not come directly to Stanly County, rather the funds would go to an economic development trust to be co-managed by the commissioners and the N.C. Department of Commerce. “The money would not go to human services, education or public safety, but to an economic development trust,” Dunevant said.
  • “We will be looking for some long-term guarantee that offsets the inflation. A penalty is supposed to create an incentive to perform, not the opposite,” Dunevant said regarding the $1.2 million guarantee now on the table that shrinks over time.
  • “That shows me that water is becoming a commodity,” Snyder said. “We don’t need to allow a coup to obtain a license for clean water at the expense of the public.”
  • “Alcoa thought they’d get a rubber stamp for renewal, but there’s too much discord in this community for that,” Bryant said. We need to recapture the FERC license and remove Alcoa.”
  • “It’s ludicrous to think the commissioners don’t want jobs,” Dick said.
  • Bramlett warns of selling Stanly County’s birthright
  • “We don’t need to sell our birthright for a cup of soup,
  • “I’ve never seen bribery and blackmail like what had been going on the past couple weeks,” he said regarding the Alcoa commitments and Clean Tech deadline. “Alcoa has falsified records and poisoned this river. You have every right not to trust Alcoa.”
Yadkin River

China's cyberwar against U.S. is too vital to ignore | CharlotteObserver.com & The Char... - 0 views

www.charlotteobserver.com/...as-cyberwar-against-us-is.html

ALCOA infrastructure ownership chinese FERC cyberwar

shared by Yadkin River on 22 Dec 11 - No Cached
  • China's cyberwar against U.S. is too vital to ignore
  • China is waging a quiet, mostly invisible but massive cyberwar against the United States
  • obtaining the ability to sabotage vital infrastructure.
  • ...5 more annotations...
  • stealing its most sensitive military and economic secrets
  • The Chinese offensive - and the economic and national security threats it poses - is simply too important to ignore.
  • guard domestic civilian targets
  • utilities such as power and water companies - not to mention the private e-mail accounts of thousands of Americans
  • This is the future of war. Sending armies to "invade" a country is too risky and fraught with diplomatic minefields. But covert strikes on sensitive and vulnerable technological targets? That is relatively easy, hard to trace, and capable of reaping significant rewards or causing large amounts of confusion and damage. A Like Reply
  • Yadkin River on 22 Dec 11
     
    Alcoa's relationship with China Power is too hard to Ignore
Yadkin River

TTC News Archives-Trans Texas Corridor: "Virtually unregulated foreign ownership of Ame... - 0 views

corridornews.blogspot.com/...gulated-foreign-ownership.html

ALCOA infrastructure ownership chinese FERC

shared by Yadkin River on 21 Dec 11 - No Cached
  • demands immediate congressional attention to examine any national security implications and to clarify present and future control issues before the deal receives regulatory approval.
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