RALEIGH, N.C. (AP) - The new owners of four North Carolina dams that the state fought to claim as a public resource are losing their bid to force Duke Energy Corp. to buy the generated hydropower.
The North Carolina Utilities Commission decided that Cube Yadkin Generation missed a deadline to trigger Duke Energy's legal obligation to buy the clean hydropower. The dispute started before Cube completed its purchase of the four Yadkin River dams in 2016.
Cube spokeswoman Christina Chen declined comment Tuesday.
Cube bought the dams from Alcoa Corp., which for decades used the hydropower to run an aluminum smelter that once employed 1,000. The dams generated more than $225 million in revenues in the decade after the smelter closed and electricity has been sold to commercial customers.