It's been a tradition since 1999, according to the TimesUnion.com. 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!