Tag Archives: debt

Southern Company sells off gas assets second time this year 2018-11-07

For the second time this year, Southern Company sells off gas-fired assets. Could it be to service debt for those way-late and over-budget Plant Vogtle nukes?

Southern Company, PR, 7 November 2018, Southern Power Reaches Agreement to Sell the Mankato Energy Center,

Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, today announced that it has entered an agreement to sell the Mankato Energy Center to Xcel Energy for $650 million.

Mankato, a natural gas combined-cycle generation facility, will have a maximum capacity of approximately 760 megawatts upon completion of an ongoing expansion project. The completion of the sale, subject to regulatory approval and other closing conditions, is expected to be mid-2019.

“The Mankato Energy Center is a valuable part of the local community and the regional energy infrastructure,” said Southern Power President and CEO Mark Lantrip. “This transaction is a great opportunity to deliver value for the benefit of Southern Company shareholders.”

Proceeds from this transaction will be used to strengthen the balance sheet of Southern Company and position Southern Power to continue providing clean, safe, reliable and affordable wholesale energy to its customers across the U.S, including the expansion of one of the nation’s largest carbon-free renewable energy portfolios.

What does “strengthen the balance sheet” mean? Continue reading →

Solar price drops setting invisible price limit for ever-dirtier fossil fuel extraction

A fairly insightful piece on the how oil price rises drive more fossil fuel production, currently fueled by debt because wages of most workers have been falling, still misses two big points: solar prices continually plumetting now undercut all fossil fuel prices, and dirtier fossil fuel extraction and its massive colonial invasion of pipelines are meeting resistance everywhere, including at the regulatory-captured puppet agencies like FERC.

“Tyler Durden”, ZeroHedge, 13 May 2016, Submitted by Gail Tverberg via Our Finite World blog, The Real Oil Limits Story – What Other Researchers Missed, Continue reading →

Brad Lofton leaving Myrtle Beach, SC

Looks like Horry County, SC stuck to its initial three-year offer, both for Lofton, and for millage to fund his development authority there. There are things the newly-renamed Valdosta-Lowndes Development Authority could do to let sunshine turn Lofton’s local land legacy green.

Jason M. Rodriguez and Amanda Kelley wrote for Myrtle Beach Online yesterday, Brad Lofton leaving Myrtle Beach Regional Economic Development Corporation,

Membership to the EDC increased earlier this year, but revenue from the membership decreased by nearly $60,000, impacting the organization’s marketing services and more.

Loton has had many projects succeed, and met some challenges during his time in Horry County.

Earlier this month Continue reading →

Harrisburg just keeps getting worse

After Harrisburg, PA defaulted on its incinerator bonds, started selling off pieces of itself, and threatened bankruptcy (twice), now the SEC is suing the city for fraud.

James O’Toole wrote for CNN Money 6 May 2013, SEC sues financially troubled Harrisburg,

The Securities and Exchange Commission has sued the city of Harrisburg for fraud, alleging that officials in the Pennsylvania capital misled the public about the city’s financial condition.

The SEC says the misleading statements came in the city’s 2009 budget report, its annual and mid-year financial statements and a “State of the City” address. The case marks the first time the SEC has charged a municipality with misleading investors in statements made outside of securities documents.

Harrisburg has been mired in

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HB 267 Financing costs; construction of nuclear generating plant

As promised, a bipartisan bill was filed Thursday to stop Georgia Power from charging for nuclear cost overruns on Plant Vogtle; this could free up some financing for Georgia to move ahead on solar and wind power.

2013-2014 Regular Session – HB 267 Financing costs; construction of nuclear generating plant; change calculation that utility can recover from customers,

A BILL to be entitled an Act to amend Code Section 46-2-25 of the Official Code of Georgia Annotated, relating to the procedure for changing any rate, charge, classification, or service and the recovery of financing costs, so as to change the calculation used under certain circumstances to determine the costs of financing associated with the construction of a nuclear generating plant that a utility may recover from its customers; to provide for related matters; to provide an effective date; to repeal conflicting laws; and for other purposes.

The bill would add this text to Georgia Code:

…provided, however, that in the event the amounts recorded in the utility’s construction work in progress accounts plus the amount of all financing costs accrued on any construction work in progress accounts exceeds the costs approved by the commission in the original certificate of the nuclear generating plant granted under Code Section 46-3A-5, the cost of equity portion of the financing costs shall be calculated using a rate no higher than the utility’s actual cost of debt.

Let’s see what Georgia Power does to fight this one. So far, it’s Continue reading →

Rep. Austin Scott (R GA-08) @ VLCoC 2013-01-10

Ron Borders introduced Congressman Austin Scott (R GA-08) who made some remarks on the front porch at the Chamber of Commerce Thursday 10 January 2013.

Bookended by some formulaic remarks about debt (without mentioning that it’s already mostly solved), the Congressman noted he is on the Committee on Armed Services. He said there is no current BRAC (Base Realignment and Closure Commission), although one has been asked for. He said a BRAC wouldn’t do anything for near-term debt, anyway (but he didn’t say anything about ending the war in Afghanistan or stopping funding for un-needed weapons systems as ways of saving money).

He said he is the chair of a House Agriculture Subcommitee (Horticulture, Research, Biotechnology, and Foreign Agriculture). He said he was for research, for the agricultural extension, and for agricultural exports.

Here’s the WCTV news report, with responses by Gretchen Quarterman, Chair of the Lowndes County Democratic Party (LCDP).

Here’s a video playlist:

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Land Development For Future Industries —Andrea Schruijer of VLCIA

Executive Director Andrea Schruijer explained the Industrial Authority’s theory behind all those industrial parks. And she mentioned market analysis for a sustainable local economy. Nothing about market analysis about whether industrial parks actually bring in new businesses….

Valdosta CEO posted 28 NOvember 2012, Valdosta-Lowndes County Industrial Authority Invests in Land Development For Future Industries,

Andrea Schruijer, Executive Director of the Valdosta Lowndes County Industrial Authority. A few years ago the community had the foresight to approve a mill that they would set aside for the Industrial Authority to provide for economic development. And because the community did that, the industrial authority is able to better plan for the future in growing our opportunities for economic development. One of the things that we noticed a few years ago is that we didn’t have enough land for development. And we didn’t have the right sized tracks in case we had a large user coming in looking at the community, where would we put them?

She says “the community did that”? That’s funny, Gary Minchew said he organized that. Kari L. Sands wrote for VDT 20 June 2007, Lowndes preps for vote on budget,

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Importing illegal immigrants into private Georgia prisons

Ocilla, about an hour north of here, took the private prison gamble, and now is scrambling to import enough prisoners to fill it.

Jim Galloway wrote for the AJC 11 April 2012, Importing illegal immigrants — into private Georgia prisons quoting Hannah Rappleye and Lisa Riordan Seville in The Nation 10 April 2012, How One Georgia Town Gambled Its Future on Immigration Detention,

Deportations have reached record levels under President Barack Obama, and demand for detention facilities has increased. Starting in 2002, ICE had funding for 19,444 beds per year, according to an ICE report. Today, ICE spends about $2 billion per year on almost twice the number of beds.

ICE’s reliance on facilities like the Irwin County Detention Center has put small rural towns at the center of one of today’s most contentious policy arguments—how to enforce immigration law. A yearlong investigation by The Nation shows how much politics has come to rule detention policy. Even as Georgia and Alabama passed harsh new immigration laws last year designed to keep out undocumented immigrants, documents obtained through the Freedom of Information Act reveal that politicians from both states were lobbying hard to bring immigrant detainees in. ICE succumbed to the pressure, sending hundreds of detainees to the financially unstable facility in Georgia that promised to detain immigrants cheaply. That promise came at the expense of the health, welfare and rights to due process of some 350 immigrants detained daily in Ocilla.

Marvelous. Pass a low to eject illegal immigrants, except it really locks up a bunch of them, but not enough to keep Ocilla’s private prison full, so import a bunch of them back in as prisoners.

Aren’t you glad we didn’t accept a private prison in Lowndes County, Georgia?

Ocilla and Irwin County didn’t just make that bad bet once, they doubled down on it:

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Support Public School education! —Karen Noll

Received today. -jsq

Dear Friends,

After learning abut the for-profit charter school issue from and the tax credits for private school tuition, I interpret today’s VDT articles as part of a political agenda to further dismantle a Georgia Constitutional right to Free Public School Education. Here we are again, let’s paint the schools as failing and then try to legitimize further defunding of the schools. And instead of Free Public Education the students from poor families will continue to get what ever is left when the well-to-do take their large piece of the public school education pie.

CHARTER SCHOOLS SERVE STUDENTS ALREADY SERVED WELL IN PUBLIC EDUCATION:

It is important that we understand that Free Public Education is clearly being
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SGMC asks Lowndes County Commission to guarantee $100 M in bonds 10 October 2011

Commissioners asked some perceptive questions two weeks ago at their work session, as well they should, when South Georgia Medical Center was asking the county to guarantee a hundred million dollars in bonds. Some questions may remain.

Representatives from SGMC gave a two part presentation about expansion of SGMC facilities, to include 96 new private rooms in the Dasher Heart Center, the 5 story parking deck, now under construction and due to be completed in early 2012, and Life Safety and Generator Equipment updates.

Additionally, they spoke briefly on the acquisition of Smith Northview Hospital on September 1, 2011. Smith Northview operates as a campus of SGMC and all Smith Northview employees are now SGMC employees.

The second part of the presentation was about the financial Continue reading →