Fortune explores the state’s battle to take over Alcoa’s dams
Posted by Mitch Kokai at 06:53 AMIf you’ve followed the fight between state government and Alcoa over control of the company’s hydroelectric dams along the Yadkin River, you might want to read a new four-page feature (“The North Carolina Power Grab”) on the topic in the latest Fortune magazine.
You’ll read arguments on both sides of this dispute, including a single paragraph that encapsulates the heart of the debate from the property-rights perspective:
Alcoa beat back legislation last year that would have created a state trust to manage the hydroelectric projects. Its most effective argument was that the state wanted to seize private property without paying sufficient compensation. “It’s almost as if it’s Venezuela,” a company spokesman said during the fight.
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