RALEIGH, N.C. (AP) - North Carolina dams that once produced electricity for a factory employing 1,000 workers has generated more than $225 million in revenues since the plant was closed and the hydroelectric power sold to commercial customers.
Alcoa last year sold to Maryland-based Cube Yadkin Generation the Yadkin River dams built for the aluminum smelter Alcoa that closed in 2007. The power has since been sold on the wholesale electricity market.
Cube reported to federal regulators that the dams generated 570,000 megawatt hours of electricity in the year ending last September. Wholesale price data provided by energy information company Platts means the dams generated revenues of about $15 million over the 12-month period.
A Cube spokesman wouldn't say how much profit resulted, adding power production fell nearly 40 percent due to dry weather.