CWW calls for all IDA's to be eliminated. These non accountable quasi-public agencies are dens of corruption. Urge that you contact your representatives to abolish all IDA from NYS.
(June 29, 2007) — ALBANY — Projects planned by nursing homes, associations for the handicapped and low-income housing providers are among those that could be jeopardized starting Sunday because of a squabble in the state Legislature over industrial development agencies.
The IDAs, quasi-public agencies whose main job is to provide low-cost financing and tax breaks to projects that generate new jobs, also assist nonprofit groups with construction projects.
But the law that allows them to help out those groups expires on Sunday. The Senate and Assembly couldn't agree on how to change the law, so they left the Capitol last week without adopting any legislation to extend that authority.
The Assembly sponsor of a measure to extend the authority for seven months, Local Governments Committee Chairman Sam Hoyt, D-Buffalo, said the next step is up to the Senate.
"If they pass the seven-month extender when they come back (to the Capitol) on July 16, no problem,'' Hoyt said.
But Hoyt's counterpart in the Senate, Elizabeth Little, R-Queensbury, Warren County, instead steered a bill through the Senate that extends the authority for two years.
"The Assembly needs to come back and pass my bill,'' she said, since seven months isn't enough time for projects to be completed.
Caught in the middle of this dispute are projects like a trio in Monroe County. They are the renovation of the Friendly Home, a nursing home in Brighton, the fixing up of two stores owned by the Association for the Blind in Brockport and Webster, and renovation of low-income housing owned by Ridgeview Special Needs in Irondequoit.
"If they don't have access to low-cost loans, these projects may have to be abandoned or scaled back,'' said Judy Seil, executive director of the County of Monroe Industrial Development Agency. She estimated the total value of those three projects at about $30 million.
More than $1.4 billion in total projects could be held up, said Brian McMahon of the state Economic Development Council, the IDA trade group. Hoyt said that authorization for the state's 117 IDAs to finance projects has been regularly renewed by the Legislature for years.
But this year he insisted on new provisions to make their operations more open and accountable and designed to encourage environmentally friendly construction.
JGALLAGH@Gannett.com
Saturday, June 30, 2007
Friday, June 29, 2007
Parts of the true costs of wind production energy by Glenn Schleede
a. The 1.42% "system benefit charge" (the "tax" imposed by the NYS PSC) that is added to the electric bills for customers of all NY investor-owned utilities -- the proceeds of which flow to NYSERDA and is then handed off to others (i.e., subsidies). That's the source of the $295 million that your Governor, NYSERDA and NYS PSC. on April 19, 2007, promised to 9 "wind farm" owners and a few small hydro and biomass producers.) (See Attached paper for details.)
b. The added costs you pay via your federal and state income tax bills because the federal and state governments have decided to give "wind farm" owners huge tax breaks -- which breaks mean that the tax burden escaped by "wind farm" owners is shifted to ordinary taxpayers who don't enjoy the tax shelters enjoyed by "wind farm" owners. The three principal tax breaks are:
1. The Federal Production Tax Credit of $0.02 per kilowatt-hour of electricity produced during the first 10 years of the project's operation.
2. Five-year accelerated depreciation deduction from income subject to federal corporate income taxes.
3. The deduction in #2 above "flows through" and results in lower state corporate income taxes.
Again, see attached paper for details.
c. There are other costs that DO flow through your electricity bill but they may be too complex for your presentation to your town board. These added costs are due to the intermittence, volatility and unreliability of electricity from wind turbines. Examples include the cost of providing reliable generation backup, reduced efficiency for the backup generation unit because it is running at less than full capacity, added burden of grid management. These parts of the true costs are, in effect, hidden in your electric bill.
b. The added costs you pay via your federal and state income tax bills because the federal and state governments have decided to give "wind farm" owners huge tax breaks -- which breaks mean that the tax burden escaped by "wind farm" owners is shifted to ordinary taxpayers who don't enjoy the tax shelters enjoyed by "wind farm" owners. The three principal tax breaks are:
1. The Federal Production Tax Credit of $0.02 per kilowatt-hour of electricity produced during the first 10 years of the project's operation.
2. Five-year accelerated depreciation deduction from income subject to federal corporate income taxes.
3. The deduction in #2 above "flows through" and results in lower state corporate income taxes.
Again, see attached paper for details.
c. There are other costs that DO flow through your electricity bill but they may be too complex for your presentation to your town board. These added costs are due to the intermittence, volatility and unreliability of electricity from wind turbines. Examples include the cost of providing reliable generation backup, reduced efficiency for the backup generation unit because it is running at less than full capacity, added burden of grid management. These parts of the true costs are, in effect, hidden in your electric bill.
Energy East chief gets $21.8 million lump sum payment by Jeff Platsky
Wesley W. von Schack, in addition to continuing as a chief executive of Energy East following its acquisition by Iberdrola, will receive a lump-sum payment of $21.8 million from the Spanish company to satisfy all benefits due him under the Energy East's supplemental executive retirement program.
Details of the agreement between von Schack and Iberdrola were contained in a regulatory filing released Thursday evening. The executive contract indicated that the man who has been in charge of Energy East for the past 11 years will continue in that role, serving as head of the regulated utility that will be owned by the company based in Bilbao, Spain.
Iberdrola announced on Monday that it would acquire Energy East for $4.5 billion, or $28.50 a share. The transaction is expected to be completed by mid-2008.
In addition to salary and bonus, von Schack will be eligible for an annual $2.5 million payment in stock or cash if he meets certain self-established "performance objectives."
The contract between Iberdrola specifies that von Schack is also due an annual salary of $900,000, the same base salary that he now receives. In addition, he will get a "retention bonus" of $900,000 annually for at least three years if he remains with the company that long. The veteran utility industry executive also qualifies for annual bonus payments up to two times his annual base salary.
When added together, the base salary, bonus and retention payments could total as much as $5.2 million yearly. The most recent Energy East proxy statement put von Schack's energy East stock holdings at 1.7 million shares, for which he will be paid $28.5 million at the announced purchase price.
The 70-page document filed with the Securities Exchange Commission provides that all Energy East executive stock options, vested and unvested, will be paid to those who qualify when the deal closes.
Details of the agreement between von Schack and Iberdrola were contained in a regulatory filing released Thursday evening. The executive contract indicated that the man who has been in charge of Energy East for the past 11 years will continue in that role, serving as head of the regulated utility that will be owned by the company based in Bilbao, Spain.
Iberdrola announced on Monday that it would acquire Energy East for $4.5 billion, or $28.50 a share. The transaction is expected to be completed by mid-2008.
In addition to salary and bonus, von Schack will be eligible for an annual $2.5 million payment in stock or cash if he meets certain self-established "performance objectives."
The contract between Iberdrola specifies that von Schack is also due an annual salary of $900,000, the same base salary that he now receives. In addition, he will get a "retention bonus" of $900,000 annually for at least three years if he remains with the company that long. The veteran utility industry executive also qualifies for annual bonus payments up to two times his annual base salary.
When added together, the base salary, bonus and retention payments could total as much as $5.2 million yearly. The most recent Energy East proxy statement put von Schack's energy East stock holdings at 1.7 million shares, for which he will be paid $28.5 million at the announced purchase price.
The 70-page document filed with the Securities Exchange Commission provides that all Energy East executive stock options, vested and unvested, will be paid to those who qualify when the deal closes.
Thursday, June 28, 2007
FMCE: Wind Development/RG&E sold to Spanish Corp?
Dear Assemblyspeaker Silver and Senate Majority Leader Bruno,
Most, if not all the utilities in New York State (LIPA, NYSEG, RG&E,Con Ed, Niagara Mohawk, Orange and Rockland), offer NewWind Energy, an electricity commodity, premium, "block" or green energy certificate marketed by Community Energy Incorporated. http://www.newwindenergy.com/
On May 02, 2006, IBERDROLA of Madrid, Spain "entered the US wind energy market after signing an agreement to acquire full ownership of Community Energy Inc (CEI). "
Click here: Web Iberdrola - Press Release - 02/05/2006 http://www.iberdrola.es/wcorp/corporativa/iberdrola?IDPAG=ENMODULOPRENSA&URLPAG=/gc/en/comunicacion/notasprensa/060502_NP_empresaEEUU.html
How will the PSC's statements of "keeping the dollars spent on energy in the State's Economy" be affected by this acquisition?
Ask PSC states:
For only a few pennies more a day, you can choose Green Power and make a world of difference for generations to come. Green Power:
Helps to diversify the fuel supply, increasing the reliability of the New York State electric system and contributing to more stable energy prices.
Reduces use of imported fossil fuels, keeping dollars spent on energy in the State's economy.
Should the definition of commodity, premium, block, energy certificate or utility be revaluated to protect the consumer and uphold the stated goals?
With the new Energy Bill of August 8, 2005, how will these definitions affect the Eminent Domain status of hundreds of thousands of acres affected by these land intensive industrial wind farms??
Most of all, who is(are) the responsible party(ies) entrusted to protect the State and those who reside in it, when the energy entity (block, certificate, premium) is not clearly defined within the laws of the State of NY?
I Love NY,
Dr. Alice Sokolow
34 Avonmore Way
Penfield, NY 14526
Most, if not all the utilities in New York State (LIPA, NYSEG, RG&E,Con Ed, Niagara Mohawk, Orange and Rockland), offer NewWind Energy, an electricity commodity, premium, "block" or green energy certificate marketed by Community Energy Incorporated. http://www.newwindenergy.com/
On May 02, 2006, IBERDROLA of Madrid, Spain "entered the US wind energy market after signing an agreement to acquire full ownership of Community Energy Inc (CEI). "
Click here: Web Iberdrola - Press Release - 02/05/2006 http://www.iberdrola.es/wcorp/corporativa/iberdrola?IDPAG=ENMODULOPRENSA&URLPAG=/gc/en/comunicacion/notasprensa/060502_NP_empresaEEUU.html
How will the PSC's statements of "keeping the dollars spent on energy in the State's Economy" be affected by this acquisition?
Ask PSC states:
For only a few pennies more a day, you can choose Green Power and make a world of difference for generations to come. Green Power:
Helps to diversify the fuel supply, increasing the reliability of the New York State electric system and contributing to more stable energy prices.
Reduces use of imported fossil fuels, keeping dollars spent on energy in the State's economy.
Should the definition of commodity, premium, block, energy certificate or utility be revaluated to protect the consumer and uphold the stated goals?
With the new Energy Bill of August 8, 2005, how will these definitions affect the Eminent Domain status of hundreds of thousands of acres affected by these land intensive industrial wind farms??
Most of all, who is(are) the responsible party(ies) entrusted to protect the State and those who reside in it, when the energy entity (block, certificate, premium) is not clearly defined within the laws of the State of NY?
I Love NY,
Dr. Alice Sokolow
34 Avonmore Way
Penfield, NY 14526
Letter to the Cohocton Planning Board by Bonnie Palmiter
PLEASE TAKE NOTICE, the Town of Cohocton Planning Board is holding a special meeting on June 27, 2007 immediately following the scheduled public hearings, to continue with its review and consideration of the special use permits, site plan applications and the FEIS (Final Environmental Impact Statement) which were submitted by Canandaigua Power Partners, LLC and Canandaigua Power Partners II, LLC.
In my opinion this is very irresponsible of you to put a rush on this project, it is not two projects but one, UPC has acknowledged this to the PSC. There is no exact sites for these turbines, Chris Swartly state this project is still a work in progress, you have not once been able to show the exact map of where these turbines are going, nor have the transmission lines been placed in any one location, two times they have been moved, and still not stated where they will be located. Until a final map comes into play I don’t see how you can go forward with a FEIS.
If you were at the Town Board meeting last Tuesday, you would have heard Jack having a problem signing a contract for Tom Simons to do road work,(Tom being an employee of this town, not an out of state, out of country employee) Jack needed dollar amounts not blanks, Mr. Levesque, Mr. Wise and Jack stating that they couldn’t sign a contract they weren’t going to give him a blank check (yet that is what you are doing with UPC).
My point being, I am a resident of this town, have been for 28 years, and I have a problem with you signing contracts, special use permits, site plans applications, final FEIS giving UPC, Canandaigua Power Partners, Canandaigua Power Partners II a blank check to our town to change things along the way as they see fit, their track record to date, just with meteorological towers, is without following the laws we already have in place right now. You are allowing foreign owned companies to come into our town and do as they see fit with you, the planning board’s permission. This is irresponsible and not without liabilities to this town.
Putting a 6 month moratorium on this project is the responsible thing to do, wait till all court rulings are in, and get a finished and final map to where the turbines, substations, and transmission lines are to be placed. This meeting tonight should stand without any decisions made to get all the lose ends securely put in order, allowing the residents of Cohocton to truly believe that you are looking out for the best interest of this town, not the best interest of UPC.
PLEASE FOR ONCE, ACT RESPONSIBLE AND WITH A CONSCIENCE
Bonnie Palmiter
In my opinion this is very irresponsible of you to put a rush on this project, it is not two projects but one, UPC has acknowledged this to the PSC. There is no exact sites for these turbines, Chris Swartly state this project is still a work in progress, you have not once been able to show the exact map of where these turbines are going, nor have the transmission lines been placed in any one location, two times they have been moved, and still not stated where they will be located. Until a final map comes into play I don’t see how you can go forward with a FEIS.
If you were at the Town Board meeting last Tuesday, you would have heard Jack having a problem signing a contract for Tom Simons to do road work,(Tom being an employee of this town, not an out of state, out of country employee) Jack needed dollar amounts not blanks, Mr. Levesque, Mr. Wise and Jack stating that they couldn’t sign a contract they weren’t going to give him a blank check (yet that is what you are doing with UPC).
My point being, I am a resident of this town, have been for 28 years, and I have a problem with you signing contracts, special use permits, site plans applications, final FEIS giving UPC, Canandaigua Power Partners, Canandaigua Power Partners II a blank check to our town to change things along the way as they see fit, their track record to date, just with meteorological towers, is without following the laws we already have in place right now. You are allowing foreign owned companies to come into our town and do as they see fit with you, the planning board’s permission. This is irresponsible and not without liabilities to this town.
Putting a 6 month moratorium on this project is the responsible thing to do, wait till all court rulings are in, and get a finished and final map to where the turbines, substations, and transmission lines are to be placed. This meeting tonight should stand without any decisions made to get all the lose ends securely put in order, allowing the residents of Cohocton to truly believe that you are looking out for the best interest of this town, not the best interest of UPC.
PLEASE FOR ONCE, ACT RESPONSIBLE AND WITH A CONSCIENCE
Bonnie Palmiter
Wednesday, June 27, 2007
Letter to Cohocton Planning Board by Don Sandford
No new special use permits for test towers or pending commercial industrial turbines should be considered or issued until fines levied for previously violations of illegally erected test towers by UPC, if still outstanding, have been paid in full. I am aware the planning board is considering issuing special use permits for erecting commercial industrial wind turbines. The Town of Cohocton planning board should be primarily concerned at this particular time with the several pending court cases under litigation such as an article 78 pertaining to local law#2 with Steuben County Surrogate Court Judge Maryann Furfure, and local law #1 under appeal, both challenging the process and content contained under local laws written and approved by both town boards in conjunction with UPC.
Also a federal anti-trust complaint is a reality as it progresses. Recently, The Public Service Commission had an “Evidentiary Hearing” involving UPC and its pending proposed Town of Cohocton’s wind project .Representatives of UPC, Mr. Chris Swartley and others testified under oath as to information in part specifically requested by PSC officials with answers expected to be provided to the court at the time of the hearing. However, much of the information requested was still not made available, was deemed confidential or site plans as an example, not finalized when requested. Again many more questions than answers were apparent when the hearing ended.
Considering all the suspect, questionable testimony and/or lack thereof by the less than candid answers by both Town of Cohocton Attorney Mr. John Henry before Judge Furfure’s court and UPC representatives before the PSC, it would not be unreasonable to assume that forthcoming decisions by the courts could potentially affect the validity of any special use permits issued under present local law #2, requiring mandatory changes to be made. It certainly then would be premature and short-sighted for the planning board to issue any permits at this time until these cases have been resolved.
There also should be a sense of concern among the members of the planning board as to what the legal & financial consequences could be if it unwisely decides under pressure from others, to issue even a single permit not knowing the outcome of the pending litigation and then at a later date being required by law to immediately void those same issued permits. It is not at all surprising the courts now have assumed the role of the independent, impartial entity as called for over a year ago and ignored time after time by our boards, free from the inside influences, designs or demands of UPC, town officials and involved lease holders.
Justice is by design is slow and deliberate at times and will be playing itself out in the weeks/months ahead involving the various courts, exposing the bad law made by the boards in collusion with UPC. For this planning board to knowingly and intentionally proceed any further at this time by issuing any special use permits before and until all these legal matters are finally settled would be exhibiting undeniable bad judgment and negligence, with undoubtedly only additional future litigation and expense for the town taxpayer to be gained as its result.
Respectfully submitted,
Don Sandford
Also a federal anti-trust complaint is a reality as it progresses. Recently, The Public Service Commission had an “Evidentiary Hearing” involving UPC and its pending proposed Town of Cohocton’s wind project .Representatives of UPC, Mr. Chris Swartley and others testified under oath as to information in part specifically requested by PSC officials with answers expected to be provided to the court at the time of the hearing. However, much of the information requested was still not made available, was deemed confidential or site plans as an example, not finalized when requested. Again many more questions than answers were apparent when the hearing ended.
Considering all the suspect, questionable testimony and/or lack thereof by the less than candid answers by both Town of Cohocton Attorney Mr. John Henry before Judge Furfure’s court and UPC representatives before the PSC, it would not be unreasonable to assume that forthcoming decisions by the courts could potentially affect the validity of any special use permits issued under present local law #2, requiring mandatory changes to be made. It certainly then would be premature and short-sighted for the planning board to issue any permits at this time until these cases have been resolved.
There also should be a sense of concern among the members of the planning board as to what the legal & financial consequences could be if it unwisely decides under pressure from others, to issue even a single permit not knowing the outcome of the pending litigation and then at a later date being required by law to immediately void those same issued permits. It is not at all surprising the courts now have assumed the role of the independent, impartial entity as called for over a year ago and ignored time after time by our boards, free from the inside influences, designs or demands of UPC, town officials and involved lease holders.
Justice is by design is slow and deliberate at times and will be playing itself out in the weeks/months ahead involving the various courts, exposing the bad law made by the boards in collusion with UPC. For this planning board to knowingly and intentionally proceed any further at this time by issuing any special use permits before and until all these legal matters are finally settled would be exhibiting undeniable bad judgment and negligence, with undoubtedly only additional future litigation and expense for the town taxpayer to be gained as its result.
Respectfully submitted,
Don Sandford
New York Lt. Gov. Paterson Convenes Renewable Energy Task Force
Do you really believe that this NYS government plan will will lead to bright economic future?
Cohocton Wind Watch opposes this corporate welfare scam that will cost every New York state resident dearly.
New York Lieutenant Governor David A. Paterson today convened the first meeting of the state’s Renewable Energy Task Force, which will work to attract clean energy industries to New York.
“Increasing the use of clean renewable energy is good for the economy, the environment and public health. Renewable energy sources, such as wind, solar, hydroelectric and fuel cells, can help to re-charge our Upstate economy while reducing greenhouse gas emissions,” said Governor Spitzer. “I am pleased to have the Lt. Governor leading our efforts to make New York a national leader in bringing clean renewable energy into our communities.”
(Click to read entire article)
Cohocton Wind Watch opposes this corporate welfare scam that will cost every New York state resident dearly.
New York Lieutenant Governor David A. Paterson today convened the first meeting of the state’s Renewable Energy Task Force, which will work to attract clean energy industries to New York.
“Increasing the use of clean renewable energy is good for the economy, the environment and public health. Renewable energy sources, such as wind, solar, hydroelectric and fuel cells, can help to re-charge our Upstate economy while reducing greenhouse gas emissions,” said Governor Spitzer. “I am pleased to have the Lt. Governor leading our efforts to make New York a national leader in bringing clean renewable energy into our communities.”
(Click to read entire article)
Dan Wing analysis of Energy East purchase by Iberdrola
Apparently NY and Federal formal approval has not yet been obtained for finalization of Iberdrola's purchase of Energy East.
Iberdrola's scheme is simple.
Own the companies (Energy East, RG&E, NYSEG, etc.) that BUY windpower at the END POINT for REGIONAL CONSUMPTION. Then Iberdrola has those END POINT companies greatly increase the BUYING , MARKETING, and REGIONAL DISTRIBUTION TO CONSUMERS of windpower -- that windpower being GENERATED / PRODUCED by Iberdrola (and its subsidiaries') owned WINDFARMS.
When owned by Iberdrola, Energy East, RG&E, NYSEG, etc., will be directed by Iberdrola to purchase a lot more windpower from Iberdrola (and its subsidiaries') owned windfarms, resulting in INCREASED DEMAND for Iberdrola-generated windpower, resulting in the construction of more windpower turbines and windfarms built and owned by Iberdrola (and its subsidiaries) which, in turn will result in Iberdrola obtaining more "freebie" tax credits (state and federal massive giveaway monies for windpower -- which is currently still a technologically very inefficient and very unprofitable source of electricity which CANNOT economically exist without massive "freebies"). The more wind turbines and windfarms Iberdrola builds resulting from this scheme, the greater the windpower load carried and transmitted by the TRANSMITTER / SUPPLIER company CEI (owned by Iberdrola), resulting in vastly increased "freebie" windpower tax credits for Iberdrola owned CEI. In this scheme, Iberdrola owned Energy East, RG&E, NYSEG, etc. also reap a windfall of "freebie" tax credits (for their owner Iberdrola) resulting from their anticipated increasing purchases of windpower, which is Iberdrola's objective. "Freebie" windpower tax credits across the board to all Iberdrola-owned companies.
Additionally, the scheme allows Iberdrola (and its subsidiaries) to control windpower PRICING and DEMAND by controlling OUTPUT SALES, by controlling TRANSMISSION / SUPPLY PRICES, and by controlling END POINT BUYING / PRICING by ensuring that Iberdrola's produced and supplied windpower is the only windpower available at the END POINT (as is currently the case with END POINT'S Energy East, RG&E, NYSEG). Availability (of windpower-produced electricity) is limited in regional consumer markets (such as in Rochester, NY) solely [or mostly] to only Iberdrola-generated windpower, resulting in monopolization windpower price fixing and price gouging by Iberdrola and the subsidiaries Iberdrola owns.
The wholesale selloff to Foreign Corporations of our Nation's power generation grid (nuclear power generation being the only exception), as aided by the quick bucks attitude of some of oour Local Governments, and by our State and Federal Governents, poses a National Security Concern. Our Nation is in deep trouble being that it is on the verge of no longer controlling nor owning its very own electric power supply.
Iberdrola's scheme is simple.
Own the companies (Energy East, RG&E, NYSEG, etc.) that BUY windpower at the END POINT for REGIONAL CONSUMPTION. Then Iberdrola has those END POINT companies greatly increase the BUYING , MARKETING, and REGIONAL DISTRIBUTION TO CONSUMERS of windpower -- that windpower being GENERATED / PRODUCED by Iberdrola (and its subsidiaries') owned WINDFARMS.
When owned by Iberdrola, Energy East, RG&E, NYSEG, etc., will be directed by Iberdrola to purchase a lot more windpower from Iberdrola (and its subsidiaries') owned windfarms, resulting in INCREASED DEMAND for Iberdrola-generated windpower, resulting in the construction of more windpower turbines and windfarms built and owned by Iberdrola (and its subsidiaries) which, in turn will result in Iberdrola obtaining more "freebie" tax credits (state and federal massive giveaway monies for windpower -- which is currently still a technologically very inefficient and very unprofitable source of electricity which CANNOT economically exist without massive "freebies"). The more wind turbines and windfarms Iberdrola builds resulting from this scheme, the greater the windpower load carried and transmitted by the TRANSMITTER / SUPPLIER company CEI (owned by Iberdrola), resulting in vastly increased "freebie" windpower tax credits for Iberdrola owned CEI. In this scheme, Iberdrola owned Energy East, RG&E, NYSEG, etc. also reap a windfall of "freebie" tax credits (for their owner Iberdrola) resulting from their anticipated increasing purchases of windpower, which is Iberdrola's objective. "Freebie" windpower tax credits across the board to all Iberdrola-owned companies.
Additionally, the scheme allows Iberdrola (and its subsidiaries) to control windpower PRICING and DEMAND by controlling OUTPUT SALES, by controlling TRANSMISSION / SUPPLY PRICES, and by controlling END POINT BUYING / PRICING by ensuring that Iberdrola's produced and supplied windpower is the only windpower available at the END POINT (as is currently the case with END POINT'S Energy East, RG&E, NYSEG). Availability (of windpower-produced electricity) is limited in regional consumer markets (such as in Rochester, NY) solely [or mostly] to only Iberdrola-generated windpower, resulting in monopolization windpower price fixing and price gouging by Iberdrola and the subsidiaries Iberdrola owns.
The wholesale selloff to Foreign Corporations of our Nation's power generation grid (nuclear power generation being the only exception), as aided by the quick bucks attitude of some of oour Local Governments, and by our State and Federal Governents, poses a National Security Concern. Our Nation is in deep trouble being that it is on the verge of no longer controlling nor owning its very own electric power supply.
$471M deal puts Alstom in the wind game: French company rounds off energy portfolio with purchase of turbine producer
Alstom already had gas, hydro and nuclear projects in the fold - now it's added wind to its energy portfolio.
The French-based engineering company has announced the purchase of the Spanish wind turbine company - Ecotècnia - for $471.1 million.
According to the Alstom Web site, Ecotècnia, headquartered in Barcelona, designs, assembles and installs a wide range of onshore wind turbines spanning 640 kilowatts to 2 megawatts. It is currently developing new wind turbines with a capacity of up to 3 megawatts. The company has taken a significant part of the development of the Spanish wind energy market, which is ranked second in Europe, and currently generates about 50 percent of its sales from other European countries.
The Spanish company has installed or is installing more than 1,500 wind turbines in 72 wind farms, totaling a capacity of 1,433 megawatts. Ecotècnia also has recently become involved with the solar panel market in Spain.
Ecotècnia employs 765 people. Its five factories in Spain are located in Coreses (the Zamora region), Somozas and Rio de Pozo (Galicia), Bunuel (Navarre) and Pla de Santa Maria (Catalonia).
Alstom's acquisition of Ecotècnia will be finalized once the legal consultations and the procedures necessary to modify the company's structure have been successfully completed. Ecotècnia is currently a cooperative and will be transformed into a limited liability company prior to the planned acquisition by Alstom.
Alstom CEO Patrick Kron told Forbes.com Tuesday Alstom would not rule out other acquisitions in the renewable energy market, "or in any other of the activities" in which it already operates.
“This acquisition, when completed, will consolidate Alstom's position as the company with the broadest and most complete range of products and systems in power generation,” Kron was quoted as saying on Forbes.com.
The French-based engineering company has announced the purchase of the Spanish wind turbine company - Ecotècnia - for $471.1 million.
According to the Alstom Web site, Ecotècnia, headquartered in Barcelona, designs, assembles and installs a wide range of onshore wind turbines spanning 640 kilowatts to 2 megawatts. It is currently developing new wind turbines with a capacity of up to 3 megawatts. The company has taken a significant part of the development of the Spanish wind energy market, which is ranked second in Europe, and currently generates about 50 percent of its sales from other European countries.
The Spanish company has installed or is installing more than 1,500 wind turbines in 72 wind farms, totaling a capacity of 1,433 megawatts. Ecotècnia also has recently become involved with the solar panel market in Spain.
Ecotècnia employs 765 people. Its five factories in Spain are located in Coreses (the Zamora region), Somozas and Rio de Pozo (Galicia), Bunuel (Navarre) and Pla de Santa Maria (Catalonia).
Alstom's acquisition of Ecotècnia will be finalized once the legal consultations and the procedures necessary to modify the company's structure have been successfully completed. Ecotècnia is currently a cooperative and will be transformed into a limited liability company prior to the planned acquisition by Alstom.
Alstom CEO Patrick Kron told Forbes.com Tuesday Alstom would not rule out other acquisitions in the renewable energy market, "or in any other of the activities" in which it already operates.
“This acquisition, when completed, will consolidate Alstom's position as the company with the broadest and most complete range of products and systems in power generation,” Kron was quoted as saying on Forbes.com.
Letter to the Cohocton Planning Board by Steven W. Verbanic
June 27, 2007
Cohocton Planning Board
15 South Main Street
Cohocton New York 14826
Dear Raymond Schrader and Planning Board Members:
My name is Steven Verbanic and reside at 8988 Pawling Rd Cohocton, NY. I firmly do not believe that this wind project is complete and should not be accepted as such. Any “rush to get it done” attitude would be irresponsible, especially with out all the data in place or being heard from all concerned, pro or against. I am writing to say that I am one of those people.
My property borders two other land owners where the turbines or substation is sited for and til this day I have NEVER been contacted in person or by mail or E-mail, voice mail or cell phone by anyone concerning project of wind turbines. The two properties are the Farrels and Walters that I border.
Others facts that would lead anyone to believe that this project is far from complete are:
• The access road has been changed from VanUcker Rd to Pawling Rd. Obviously this has not been well thought out. Concerns are for drainage, pitch of road, curves, etc….
• Pawling Rd is a dead end road ending almost directly in front of Sue Farrels house, then there is a tractor path that leads up to proposed sites. I own to the center of this path and without my permission this path will not be used as part of the access road. Major excavation would have to be done to reroute a access road on Farrels side and without throwing off drainage and ruining landscape with water gauging.
• One has got to wonder since I live at almost the highest point in Steuben County, why on earth would you need the tallest turbines allowed? If it needs to be that high on one of the highest points then maybe, just maybe you’re in the wrong spot or do not need to be that high. Where is the data that states what the readings were at all levels? I would not know because once again no one has communicated with me at all.
• Apparently Sue Farrels sited turbine has been moved off her property over to Walters. I do not know where this site is. Is it in the 500ft/ 1500ft rule? I would not know because once again no one has communicated with me at all.
• My land falls within the 1500ft mark (danger zone I believe most call it) UPC says sure go ahead and build anything you want in it (maybe a house for one of the children) but nobody has told me if anyone will insure it or if they could even get a loan. I have not seen any contract or data concerning ramifications of this “danger zone” and what exactly does it entail. What kind of insurance do I have for this? If I could get insurance for a structure but at a steep price will UPC compensate me?
• I do not know if the maps that I have seen (which I had to find on my own) are accurate as far as distant to my land and resident.
Now a little from the heart. My family and myself moved on Pawling RD because it was a dead end road in the country. At night on the back porch do you know what I hear? Nothing absolutely nothing. When my children were younger they used to have to walk a half mile down the road at barely daylight to catch the school bus because the bus would not come up the road due to pitch and condition. These are sacrifices we were willing to make to have our peace and privacy. I will not even get into the huge concerns I have for the wildlife and the landscape. If the wind turbines are accepted this will all change. This project is far from complete there are too many facts that need to be addressed. These are my concerns and I am sure there are others that need to be heard.
Steven W. Verbanic
8988 Pawling Rd
Cohocton, NY 14826
Cohocton Planning Board
15 South Main Street
Cohocton New York 14826
Dear Raymond Schrader and Planning Board Members:
My name is Steven Verbanic and reside at 8988 Pawling Rd Cohocton, NY. I firmly do not believe that this wind project is complete and should not be accepted as such. Any “rush to get it done” attitude would be irresponsible, especially with out all the data in place or being heard from all concerned, pro or against. I am writing to say that I am one of those people.
My property borders two other land owners where the turbines or substation is sited for and til this day I have NEVER been contacted in person or by mail or E-mail, voice mail or cell phone by anyone concerning project of wind turbines. The two properties are the Farrels and Walters that I border.
Others facts that would lead anyone to believe that this project is far from complete are:
• The access road has been changed from VanUcker Rd to Pawling Rd. Obviously this has not been well thought out. Concerns are for drainage, pitch of road, curves, etc….
• Pawling Rd is a dead end road ending almost directly in front of Sue Farrels house, then there is a tractor path that leads up to proposed sites. I own to the center of this path and without my permission this path will not be used as part of the access road. Major excavation would have to be done to reroute a access road on Farrels side and without throwing off drainage and ruining landscape with water gauging.
• One has got to wonder since I live at almost the highest point in Steuben County, why on earth would you need the tallest turbines allowed? If it needs to be that high on one of the highest points then maybe, just maybe you’re in the wrong spot or do not need to be that high. Where is the data that states what the readings were at all levels? I would not know because once again no one has communicated with me at all.
• Apparently Sue Farrels sited turbine has been moved off her property over to Walters. I do not know where this site is. Is it in the 500ft/ 1500ft rule? I would not know because once again no one has communicated with me at all.
• My land falls within the 1500ft mark (danger zone I believe most call it) UPC says sure go ahead and build anything you want in it (maybe a house for one of the children) but nobody has told me if anyone will insure it or if they could even get a loan. I have not seen any contract or data concerning ramifications of this “danger zone” and what exactly does it entail. What kind of insurance do I have for this? If I could get insurance for a structure but at a steep price will UPC compensate me?
• I do not know if the maps that I have seen (which I had to find on my own) are accurate as far as distant to my land and resident.
Now a little from the heart. My family and myself moved on Pawling RD because it was a dead end road in the country. At night on the back porch do you know what I hear? Nothing absolutely nothing. When my children were younger they used to have to walk a half mile down the road at barely daylight to catch the school bus because the bus would not come up the road due to pitch and condition. These are sacrifices we were willing to make to have our peace and privacy. I will not even get into the huge concerns I have for the wildlife and the landscape. If the wind turbines are accepted this will all change. This project is far from complete there are too many facts that need to be addressed. These are my concerns and I am sure there are others that need to be heard.
Steven W. Verbanic
8988 Pawling Rd
Cohocton, NY 14826
Tuesday, June 26, 2007
Energy East deal catches PSC off guard by George Spohr
Monday's announcement that Energy East had been sold to a Spain-based company caught even the state Public Service Commission off guard.
"We saw that announcement today, just as you did," Anne Dalton, a PSC public affairs officer, said this afternoon. "Nothing has been filed with the Public Service Commission."
Iberdrola, of Bilbao, Spain, said Monday it would buy a 100 percent stake in New York State Electric & Gas Corp. (NYSEG) parent Energy East. The $4.5 billion purchase requires state and federal approval, which is has not yet received, Energy East said.
The deal, which company officials said likely would close in 2008, also is subject to Energy East shareholders' approval. Industry analysts have said that's seen as likely, as the $28.50-per-share price for Energy East represents a 26 percent premium over the company's closing price -- $22.54 -- on Monday, when the sale was announced.
The deal's impact on NYSEG customers is unclear.
Asked how the sale might affect the rates consumers pay for gas and electric, Dalton said, "We have nothing filed with us. We literally have no comment."
Energy East's news release announcing the sale offered little insight, other than to say the sale would "enhance our commitment to customers, through improved quality of supply."
Iberdrola is the nation's second-largest producer of wind power.
"We saw that announcement today, just as you did," Anne Dalton, a PSC public affairs officer, said this afternoon. "Nothing has been filed with the Public Service Commission."
Iberdrola, of Bilbao, Spain, said Monday it would buy a 100 percent stake in New York State Electric & Gas Corp. (NYSEG) parent Energy East. The $4.5 billion purchase requires state and federal approval, which is has not yet received, Energy East said.
The deal, which company officials said likely would close in 2008, also is subject to Energy East shareholders' approval. Industry analysts have said that's seen as likely, as the $28.50-per-share price for Energy East represents a 26 percent premium over the company's closing price -- $22.54 -- on Monday, when the sale was announced.
The deal's impact on NYSEG customers is unclear.
Asked how the sale might affect the rates consumers pay for gas and electric, Dalton said, "We have nothing filed with us. We literally have no comment."
Energy East's news release announcing the sale offered little insight, other than to say the sale would "enhance our commitment to customers, through improved quality of supply."
Iberdrola is the nation's second-largest producer of wind power.
New York State Renewable Energy Task Force Members Named
Paterson to Lead Effort to Attract Clean Energy Industries to New York
June 24, 2007 -- New York Lieutenant Governor David A. Paterson today announced the appointment of members to New York's Renewable Energy Task Force. Under Lieutenant Governor Paterson’s leadership, the goal of the Task Force will be to identify and recommend ways of expanding the state’s use of renewable energy and alternative fuels.
(Click to read entire article)
June 24, 2007 -- New York Lieutenant Governor David A. Paterson today announced the appointment of members to New York's Renewable Energy Task Force. Under Lieutenant Governor Paterson’s leadership, the goal of the Task Force will be to identify and recommend ways of expanding the state’s use of renewable energy and alternative fuels.
(Click to read entire article)
IBERDROLA-SCOTTISHPOWER TRANSACTION TAKES EFFECT
• Ignacio Galán, Chairman and CEO of IBERDROLA, said that “today sees the birth of one of the largest energy companies in the world, with a total enterprise value of more than €65 billion”
• IBERDROLA and ScottishPower have a combined installed capacity of around 40,000 MW, are world leaders in renewables (16,500 MW) and reach more than 21 million consumers in Europe and the Americas
IBERDROLA and ScottishPower have completed the transaction signed on November 27 of last year, following sanction as required under UK legislation (Companies Act 1985) at the meeting of the Court of Session held this afternoon in Edinburgh.
With this final step, IBERDROLA has acquired all issued ordinary shares of ScottishPower: approximately 52.3% in exchange for cash or loan notes and the remaining 47.7% (approximately) in IBERDROLA shares.
As a result, and following the corresponding Board approval, IBERDROLA has today increased its share capital by €8,031 million, equivalent to 245,225,982 new shares which are expected to start trading on the Spanish continuous market (symbol: IBE.SM) on Wednesday 25 April.
The new IBERDROLA shares have a nominal value of €3 and a paid-in surplus of €29.75, making up 21.4% of the new share capital of the Company after the capital increase, which amounts to 1,146,775,163 shares.
Not for release, publication or distribution, in whole or in part, in or into or from, the United States, Australia, Canada or Japan.
Ignacio Galán, Chairman and CEO of IBERDROLA, expressed his satisfaction at the closing of the transaction, which “marks a major milestone in the 100-year history of the Company with the birth of one of the largest electricity companies in the world, a leader in renewables with an enterprise value of more than €65 billion.”
With the integration of IBERDROLA and ScottishPower the new Group has a combined installed capacity around 40,000 megawatts (MW) compared with the 30,500 MW of IBERDROLA alone (a rise of 28%). Of this new capacity, 32,500 MW relates to conventional generation, an increase of 25% over IBERDROLA’s current level of 26,000 MW.
World leader in renewables
The new integrated group will consolidate IBERDROLA’s world leadership in renewable energy – including large-scale hydroelectric power – with an installed capacity of 16,500 MW that in the coming years the Company expects to exceed 20,000 MW.
The combination of IBERDROLA and ScottishPower will at the same time reinforce world leadership in wind power, adding the almost 2,000 MW of ScottishPower capacity, mostly from its PPM subsidiary in the United States to the nearly 5,000 MW of IBERDROLA, an increase of 40%.
The new Group has a significantly larger consumer base (+18%), with the 3.3 million of ScottishPower adding to the 18.4 million of IBERDROLA to total 21.7 million in Europe and the Americas.
At present, the Company has 2.7 billion cubic metres of gas storage capacity in the UK and the United States, with significant expansion potential.
The geographical footprint of IBERDROLA and ScottishPower is now of significant proportions, creating an Atlantic energy platform. It has operations in Spain, the UK, the United States, Mexico, Brazil, Greece, Portugal, France, Germany, Italy, Poland, Guatemala, Bolivia and Chile. The group also has a substantial project pipeline that will enable it to continue growing in the future.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in any such jurisdictions into which this announcement is released, published or distributed should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not constitute an offer for sale of securities or an invitation to purchase or subscribe for any securities or a solicitation of an offer to buy any securities pursuant to the announcement or otherwise in any jurisdiction in which such offer or solicitation is unlawful.
The New Iberdrola Shares to be issued to ScottishPower Shareholders pursuant to the Scheme are not and will not be registered pursuant to the U.S. Securities Act or any other U.S. regulations applicable to securities. The New Iberdrola Shares will be issued pursuant to a registration exemption provided by Article 3(a)(10) of the U.S. Securities Act.
Terms defined in the scheme circular dated 26 February 2007 have the same meaning in this announcement.
• IBERDROLA and ScottishPower have a combined installed capacity of around 40,000 MW, are world leaders in renewables (16,500 MW) and reach more than 21 million consumers in Europe and the Americas
IBERDROLA and ScottishPower have completed the transaction signed on November 27 of last year, following sanction as required under UK legislation (Companies Act 1985) at the meeting of the Court of Session held this afternoon in Edinburgh.
With this final step, IBERDROLA has acquired all issued ordinary shares of ScottishPower: approximately 52.3% in exchange for cash or loan notes and the remaining 47.7% (approximately) in IBERDROLA shares.
As a result, and following the corresponding Board approval, IBERDROLA has today increased its share capital by €8,031 million, equivalent to 245,225,982 new shares which are expected to start trading on the Spanish continuous market (symbol: IBE.SM) on Wednesday 25 April.
The new IBERDROLA shares have a nominal value of €3 and a paid-in surplus of €29.75, making up 21.4% of the new share capital of the Company after the capital increase, which amounts to 1,146,775,163 shares.
Not for release, publication or distribution, in whole or in part, in or into or from, the United States, Australia, Canada or Japan.
Ignacio Galán, Chairman and CEO of IBERDROLA, expressed his satisfaction at the closing of the transaction, which “marks a major milestone in the 100-year history of the Company with the birth of one of the largest electricity companies in the world, a leader in renewables with an enterprise value of more than €65 billion.”
With the integration of IBERDROLA and ScottishPower the new Group has a combined installed capacity around 40,000 megawatts (MW) compared with the 30,500 MW of IBERDROLA alone (a rise of 28%). Of this new capacity, 32,500 MW relates to conventional generation, an increase of 25% over IBERDROLA’s current level of 26,000 MW.
World leader in renewables
The new integrated group will consolidate IBERDROLA’s world leadership in renewable energy – including large-scale hydroelectric power – with an installed capacity of 16,500 MW that in the coming years the Company expects to exceed 20,000 MW.
The combination of IBERDROLA and ScottishPower will at the same time reinforce world leadership in wind power, adding the almost 2,000 MW of ScottishPower capacity, mostly from its PPM subsidiary in the United States to the nearly 5,000 MW of IBERDROLA, an increase of 40%.
The new Group has a significantly larger consumer base (+18%), with the 3.3 million of ScottishPower adding to the 18.4 million of IBERDROLA to total 21.7 million in Europe and the Americas.
At present, the Company has 2.7 billion cubic metres of gas storage capacity in the UK and the United States, with significant expansion potential.
The geographical footprint of IBERDROLA and ScottishPower is now of significant proportions, creating an Atlantic energy platform. It has operations in Spain, the UK, the United States, Mexico, Brazil, Greece, Portugal, France, Germany, Italy, Poland, Guatemala, Bolivia and Chile. The group also has a substantial project pipeline that will enable it to continue growing in the future.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in any such jurisdictions into which this announcement is released, published or distributed should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not constitute an offer for sale of securities or an invitation to purchase or subscribe for any securities or a solicitation of an offer to buy any securities pursuant to the announcement or otherwise in any jurisdiction in which such offer or solicitation is unlawful.
The New Iberdrola Shares to be issued to ScottishPower Shareholders pursuant to the Scheme are not and will not be registered pursuant to the U.S. Securities Act or any other U.S. regulations applicable to securities. The New Iberdrola Shares will be issued pursuant to a registration exemption provided by Article 3(a)(10) of the U.S. Securities Act.
Terms defined in the scheme circular dated 26 February 2007 have the same meaning in this announcement.
Energy East sold for $4.5 billion by Jeff Platsky
A Spanish company has agreed to acquire Energy East for $4.5 billion, the companies announced this afternoon.
Under the terms of the deal, the company will pay $28.50 for each share of Energy East stock, a 26 percent premium over the Monday's closing price.
The company acquiring Energy East is IBERDROLA, which is described as a "global energy Platform."
"The combination with Energy East fits with the philosophy of our Strategic Plan, will serve to enhance the international expansion we initiated several years ago in markets with stable growth, and consolidates our position as one of the world's leading electricity companies," said IBERDROLA Chairman and CEO, Ignacio Galan said.
Energy East has been the subject of acquisition rumors for several years. Wesley W. von Scack said last year that the energy industry was undergoing upheaval, and expected there to be some consolidation of transmission and distribution companies, though he would not speculate on future of Energy East.
"This transaction is a unique opportunity to deliver enhanced value to Energy East's shareholders and to build a stronger future for our company, employees and the states we serve," said von Schack.
"The energy industry is at a major inflection point," continued von Schack. "Policymakers now recognize the need for our industry to make significant investments in our energy infrastructure. Our objective is to team with the States in which we do business to help meet the goals they have established to increase renewable sources of energy, improve energy efficiency, and invest in a secure and reliable energy infrastructure. We believe our combination with IBERDROLA will not only accelerate our progress but will transform the way we do business."
"Furthermore, while IBERDROLA is a global energy company, its operations are managed locally. I'm therefore delighted to assure Energy East's three million customers that they can continue to rely on the same local people whom they've come to know and trust to provide exceptional customer service," concluded von Schack.
Under the terms of the deal, the company will pay $28.50 for each share of Energy East stock, a 26 percent premium over the Monday's closing price.
The company acquiring Energy East is IBERDROLA, which is described as a "global energy Platform."
"The combination with Energy East fits with the philosophy of our Strategic Plan, will serve to enhance the international expansion we initiated several years ago in markets with stable growth, and consolidates our position as one of the world's leading electricity companies," said IBERDROLA Chairman and CEO, Ignacio Galan said.
Energy East has been the subject of acquisition rumors for several years. Wesley W. von Scack said last year that the energy industry was undergoing upheaval, and expected there to be some consolidation of transmission and distribution companies, though he would not speculate on future of Energy East.
"This transaction is a unique opportunity to deliver enhanced value to Energy East's shareholders and to build a stronger future for our company, employees and the states we serve," said von Schack.
"The energy industry is at a major inflection point," continued von Schack. "Policymakers now recognize the need for our industry to make significant investments in our energy infrastructure. Our objective is to team with the States in which we do business to help meet the goals they have established to increase renewable sources of energy, improve energy efficiency, and invest in a secure and reliable energy infrastructure. We believe our combination with IBERDROLA will not only accelerate our progress but will transform the way we do business."
"Furthermore, while IBERDROLA is a global energy company, its operations are managed locally. I'm therefore delighted to assure Energy East's three million customers that they can continue to rely on the same local people whom they've come to know and trust to provide exceptional customer service," concluded von Schack.
Alstom does not rule out acquisitions in wind turbines, other activities
PARIS (Thomson Financial) - Alstom does not rule out making acquisitions in the wind turbine business, 'or in any other of the activities' in which it already operates, chief executive Patrick said at a presentation on the acquisition of Ecotecnica.
Alstom this morning announced it had signed an agreement to acquire Spanish wind turbine manufacturer Ecotecnica for 350 mln eur, in order to gain a foothold in the market for wind energy equipment.
Alstom this morning announced it had signed an agreement to acquire Spanish wind turbine manufacturer Ecotecnica for 350 mln eur, in order to gain a foothold in the market for wind energy equipment.
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