This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alcoa's NC Jobs-for-license Offer, A Year Later

Another principal in both the Mississippi and North Carolina projects, David Stickler, said he doesn't know where the jobs proposed by Clean Tech might land or when a decision might come. He called the incentive-packed Mississippi deal "a challenging project to get off of the ground in these less-than robust economic times."

The main condition for landing the Clean Tech jobs was that officials drop their opposition to Alcoa receiving a new federal license to operate its four hydroelectric dams along the Yadkin for up to another 50 years. Alcoa planned to take a 25 percent stake in Clean Tech had a deal been reached.

"Alcoa was prepared to make a substantial investment in the proposed Clean Tech project in Badin and obviously our financial commitment was a critical piece of the proposal. Unfortunately, that Clean Tech opportunity passed last year and we are now focused on moving forward and renewing our license," said Ray Barham, Alcoa's manager leading the Yadkin relicensing effort.

Alcoa has sold the electricity to commercial customers since its smelter closed about a decade ago. Company figures estimate that the dams could generate more than $2 billion in revenues over 50 years, a figure that could multiply if demand for clean power booms or the dams increase their output.

State and local officials have resisted Alcoa's relicensing under the belief that cheap energy from public control of the dams could result in thousands of jobs in coming decades, and that freedom to use the river's water was needed as supplies tighten for North Carolina's 9.5 million residents.

Correnti said he may again test the interest of North Carolina officials to make a deal.

Correnti may approach Gov.-elect Pat McCrory's administration after he takes office next month to again pitch the steel plant for the Alcoa site. McCrory, a Republican, will decide his own position on Alcoa's license after it was opposed by his Democrat predecessors, Beverly Perdue and Mike Easley.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs