It's been a tradition since 1999, according to the It's the Waterford Tugboat Roundup, and the fireworks are tonite! 

It was supposed to happen last nite, but the event has been postponed until 8:30 tonite.  The fireworkds pays tribute to this great event.  There will also be a "dedication of the Waterford flight of locks by the American Society of Civil Engineers" because the locks were a huge achievement.

Here's a video that I found showing the Tugboat Roundup from last year

Enjoy the fireworks tonite!