PISGAH MOUNTAIN'S LATEST MORPH AS OF OCTOBER 6

PISGAH'S LATEST MORPH AS OF OCTOBER 6, 2016

This is the latest MPUC submission of ownership structure from Pisgah Mountain, LLC to justify their request to maintain their community based standing and their $93/MWH power purchase agreement with Bangor Hydro, now Emera:

Pisgah Mountain, LLC (Maine LLC) Locally Owned Electricity Energy Generating Facility

Pisgah Holdings, LLC (Maine LLC) (Qualifying Local Owner) [Approx. 58% Distribution Share of Pisgah Mountain]

Share of Distribution

(year 1 – 20)

58% of Cash Flow

Allocation of Taxable Income:

Year 1 – 3: 1% of NI

Year 3 – 5: 33 1/3% of NI

Year 5 – 20: 58% of NI

IWH, an Affiliate of Elemental Energy Inc. (Tax Equity Investor) [Approx. 42% Distribution Share of Pisgah Mountain]

Share of Distribution

(year 1- 20)

42% of Cash Flow

Allocation of Taxable Income:

Year 1 – 3: 99% of NI

Year 3 – 5: 66 2/3% of NI

Year 5 – 20: 42% of NI

Pisgah also talks in its new documents about membership “units”. In an August document (heavily redacted) it reads:

Units. The relative Economic Interests and Membership Interests of the Members in the Company shall be represented by units of membership interest ("Units").· The Units may, but need not, be evidenced by certificates.

In this latest version, it says:

Revision of the composition of the management board to include 1 seat for Pisgah Holdings, 2 seats for IWH and 4 seats for SWEB.

And also:

In addition, our March 8, 2016 Notice indicated a Pisgah Holdings Financing Arrangement with SWEB, in order to assure that Pisgah Holdings has sufficient capital to meet the ongoing capital obligations for the Project, SWEB will continue to agree to make a loan to Pisgah Holdings for all capital contribution requirements to Pisgah Mountain, through a subordinated loan with typical mezzanine pricing for transactions of this asset class profile. Repayment on the loan will be made from the cash available for distribution to Pisgah Holdings via their 58% share of distributions discussed above.

So, you tell me, who is owning and running this facility? Local, no way.

This is message from Peter Beckford who is currently hearing the construction of the turbines to the west of his property on Rebel Hill in Clifton:

Hello fello wind warriors. Back in April, some of you asked the PUC to not affirm our neighboring industrial wind development as a local, community based Maine renewable energy project due to it having been sold to an Austrian company. (I'll include a link to my  April 7, 2016 BDN op-ed that detailed how Pisgah Mt LLC remained a shell company for the sake of getting 3x the going price for energy .)

Well, the good news is that the PUC received lots of comments on an issue that would normally pass unnoticed. They have really dragged their feet on this requested "confirmation", and still have not indicated that the company will retain the fat, long term, rate-payer subsidized contract. I feel like all the comments have really helped- they let the PUC know the public cares and just made them reckon w/the idea that they and ratepayers are being scammed.

Bad news is that the new company went ahead and built the project and it is almost done, towers loom. They obviously decided it's worth it whether they get the fat contract or not. But they sure want more money!!

The Reason To Comment Now is because it's been sold again to IWHoldings, subsidiary of JH Investments of Vancouver. Pisgah's latest submission to the PUC, (see esp. Page 4, #4, "Tax Attributes”) really lays out the money grubbing that is industrial wind. They are asking the PUC to hurry up w/an answer because they went and built it. It's more or less a matter of principle for us at this point, but it's an important principle that Maine people shouldn't be asked to fund these greedy tax manipulators, and it'd be sweet to win one in a long, losing fight. EVEN ONE SENTENCE MATTERS TO THE PUC.

Thanks a lot, Pete at Rebel Hill Farm 

EASY to COMMENT on Docket # 2011-00154:  Use this link to do it online:  https://mpuc-cms.maine.gov/CQM.Public.WebUI/Comments/PublicComments... You can also call them w/questions, they'll be helpful. (287-3831). In the Pisgah file 2011-00154 you can click on "Public Comments(21)" for great reading.

Background from April op-ed:  http://bangordailynews.com/2016/04/05/opinion/contributors/how-an-a...

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Comment by Thinklike A. Mountain on October 14, 2016 at 10:53am

Without question, the corporations have bought the politicians and everyone else they need. And they needn't buy everybody - just the leadership who then have the power to execute the corporate request. And they may buy a key individual here and there at a committee, a regulator, an agency, etc. And the very first time one of these parties takes the bribe, then they are owned for life via blackmail. The government official is now in the quicksand. In addition to the corporations writing the laws they need, they also create rules and regulations so complicated and with such huge breadth, that only deep pocketed and heavily staffed corporations can keep up with the law. It's arguably a form of restraint of trade as smaller competition may lack the scale to be compliant. Many times the corporations don't have to look too hard to find the willing traitors in government as the traitors come to them. Author Peter Schweizer has documented that politicians will threaten to pass bills that will harm a corporation/industry and the next thing that happens is the lawmaker is descended upon by the corporation's bag men and, presto, everything is good - the bill goes away.

The corporations are charged with one thing and one thing only - maximizing their gains. So aside from their many illegal and immoral tactics, they cannot be blamed as much as the lawmakers who are elected to represent the people. Equally guilty are all other groups who should be looking out for the people but instead of doing this, they put themselves up for sale and rent to the corporations, and they then most certainly sell out. It is nothing but betrayal. Finally I will say that topping things off is that the traitors mistake their dishonesty for intelligence and pat themselves on the back for how smart they are. They say one thing to the people and in private they laugh at us. But they do underestimate us as their thinking is warped by their greed. Ultimately they may come to their senses and try to redeem themselves but historically such a change of heart requires the slamming of a jail gate or the approach of a pitchfork.

Comment by Eskutassis on October 14, 2016 at 10:02am

Typical of the way this has been done since 2008 and Baldacci and the Legislature pushed through the "expedited wind bill."  Under the table, back room skulduggery that rapes the ratepayer and puts money in the coffers of lawyers and politicians.  What ever happened to our dcountry and the idea that our government was to be of the people, by the people and for the people.  It is only for the elite right now.

Comment by Donna Amrita Davidge on October 13, 2016 at 2:56pm
Oh no
Comment by Paula D Kelso on October 13, 2016 at 2:21pm

The PUC site is being a wee bit grumpy this afternoon.  If you can get there,  http://www.maine.gov/mpuc/  the Pisgah doc's are accessed by going from the menu on the left of the home page to "online filing, docketed cases", etc.

then to "Public" and then to case # 2011-00154. You can then read doc's and make comments. We'd appreciate any comments to support not granting Pisgah community-based status under it's new structure. If you click on, for example, the #41 Oct. 6 submission and it doesn't seem to bring up the doc', on my computer they come up in a separate window and sometimes it takes a wee bit of time.

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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