ERIE BOULEVARD HYDROPOWER (EBH) of New York, US, is seeking tax refunds of more than US$10M from local authorities for its electricity-generating stations on the Hudson river at the Spier Falls, Sherman Island and Feeder dams.
The lawsuit challenges assessments for the years 1998 to 2002. If EBH wins, it will be due a US$9M tax refund plus interest, totalling nearly US$11M.
Spier Falls dam between Moreau and Lake Luzerne is the largest of the three hydro stations. The Moreau portion is valued at US$98.8M. EBH says it’s worth US$50M.
The company says electricity revenues have gone down during the period under consideration and that the court should consider the changes in the assets revenue generation when assessing hydro dam’s value for taxation.