Maine DEP asks First Wind to prove financial capacity (PPH)

First Wind is going to INVEST a billion in Maine? Hardly.

First Wind is going to invest a billion in themselves so that they can grab the Production Tax Credit, a lavishly generous subsidy that is the largest of all the "subsidy extenders" draining the national treasury. This will do nothing positive for Maine but will create many large negative impacts to Mainers' health, Maine's environment, Maine communities, tourism and electricity rates.

With each passing day, a larger and larger percentage of Mainers is becoming wise to this house of cards industry.

Maine DEP asks First Wind to prove financial capacity

The state wants assurances that the wind power developer has the money to finish four projects in Maine worth $1 billion.

By Tux Turkel tturkel@pressherald.com
Staff Writer

EXCERPTS:

AUGUSTA – The Maine Department of Environmental Protection is asking First Wind, Maine’s largest wind power developer, to prove that it has enough money to build four major projects that are in different stages of construction and permitting.

The request follows a Maine Supreme Judicial Court ruling last month that the state’s Public Utilities Commission erred when it approved a joint venture between First Wind and Emera Inc. of Nova Scotia, the energy company that owns two utilities in northern and eastern Maine. The projects that the DEP is scrutinizing had millions of dollars in financing from Emera, money that First Wind now can’t use.

The PUC is holding meetings to decide how to comply with the court’s ruling.

The DEP’s request affects four wind-energy projects: Oakfield Wind in Aroostook County, Hancock Wind in Hancock County, Bingham Wind in Somerset County, and Bowers Wind in Penobscot and Washington counties. Taken together, the projects could cost about $1 billion to build.

READ THE REST HERE:

http://www.pressherald.com/news/Maine_DEP_asks_First_Wind_to_prove_...

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Must Read: All Eyes Should be on the First Wind – PUC Affair (The Maine Wire)

Clearly, Maine's PUC has not helped build trust in Maine's state government and has done more than its fair share in garnering Maine the distinction of having the second least trusted state government in the nation. *

Whether it's the Kurt Adams affair where their Chairman jumps to First Wind to become their director of transmission after laying the groundwork for wind-required transmission at $1.4 billion ratepayer expense over PUC staff objection, or their approval of the First Wind-Emera merger in violation of Maine law over PUC staff objection or David Littell's dual life as RGGI Vice Chair (now Treasurer)  and PUC Commissioner, the Maine PUC never ceases to disappoint.

All Eyes Should be on the First Wind – PUC Affair

EXCERPTS:

Now, almost two years later First Wind has a problem.

The Court decided.  It voided the deal because Maine law clearly says that utilities cannot own, control, or have interest in generation assets. Whether that law makes sense is a subject for another column, but its present effect is to send Maine’s biggest turbine installer into a tailspin.  Anyone concerned about the economy and the environment should be paying close attention.

With no more money from the Emera spigot, now First Wind is scampering in the Street like a drunkard desperately seeking a drink. The Boston developer, brainchild of former ENRON alumni Steve Vavrik, Paul Gaynor, and Michael Alvarez, this week announced that they have gotten consent from existing creditors to raise $75 million in junk bond financing from institutional high rollers (who might want to show a loss for the tax year).  If they can raise it, that money is a fraction of what they need to stay afloat, but it restores a pulse for a few weeks or months.

Please read the rest here:

http://www.themainewire.com/2014/04/eyes-wind-puc-affair/

* Maine second least trusted state in the nation:

Please see the accompanying article here:

http://www.cnsnews.com/news/article/cnsnewscom-staff/north-dakota-m...

Speaking of trust, let's not forget:

‘F’ in national study means Maine ‘ripe’ for corruption

http://pinetreewatchdog.org/f-in-national-study-means-maine-ripe-fo...

and

Conflicts of interest run rampant in state legislatures

http://pinetreewatchdog.org/conflicts-of-interest-run-rampant-in-st...

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Comment by Martha thacker on April 14, 2014 at 4:39am

Mike

The banks that First Wind has been doing business with in the past..except for one , are all in trouble. If you look at the SEC reports for First Wind under risks throughout the years...don't think Wall Street would be too interested at this time. That one lawsuit that Duke Energy(owned by Exxon) lost over wind farms is a big indicator to me. When they can't buy off the court system, it is over. It was found out in NY that Cohocton wind farm did not have access to the grid, the same as all the wind farms in ME, with the exception of Mars Hill. Their power goes to Canada. It was stated that the transmission lines would be in place by 2011. Well, that didn't happen. Just too big of a scam to pull off. If we had a fair MPUC , the rate increase for "updates" would have to be returned. Because no transmission lines are being built. Stetson wind farm was finished in 2008..Cohocton before that ..with no access to the grid. Good planning?

Comment by Mike DiCenso on April 13, 2014 at 10:35pm

I am sure the scoundrels and their scurrilous lawyers can play junk the bond game. they have enough junk projects to easily piece together something their sales sharks can sell to unsuspecting investors. They should play on Wall Street and get out of Maine.

Comment by alice mckay barnett on April 13, 2014 at 6:00pm

Collins and King are wind.....Poliquin is the only candidate for senate stating against wind.

Erick Bennett??? I do not think he knows anything about wind.   Bellows?  no answer yet...

ask and publish...put them to the test...save Maine.

Comment by Martha thacker on April 13, 2014 at 3:26pm

My emails were forwarded to his campaign manager. He used to answer all calls with a follow up letter. So, it looks like we have to ask him in person. If he campaigns around here, I will certainly ask him . Haven't liked all his votes in the past but he does seem to try to represent his constituents who are conservative. Couldn't vote for him unless he has made a decision against wind farms and the expedited wind law.

Comment by Long Islander on April 13, 2014 at 3:15pm

Does candidate Michaud have an opinion on the heinous expedited wind law?

Comment by Martha thacker on April 13, 2014 at 3:04pm

From Mike Michaud's campaign manager

"

Thank you for expressing your concerns about wind farms, which I have shared with the Congressman. Rest assured, Congressman Michaud understands the concerns about the siting and regulation of wind farms, be they inland or off-shore. Although he is a strong advocate for finding alternative forms of energy that can generate job growth while making the state a cleaner place to live for generations to come, he believes that communities and the individuals living in them need to be involved in any discussions about whether to bring wind (or any other large-scale project) to the area and where to put it if/when it is approved.  

 

In short, the Congressman believes that local communities, government, and business leaders need to be engaged in the process to see whether support exists among the people who will be most impacted by such projects in their area. That is especially true when it comes to wind power. 

As for going against the Party, Congressman Michaud has never considered himself beholden to any group or political Party, and that will not change if he is elected governor.  He believes in doing the right thing regardless of party, and he also believes in working with Republicans, Democrats and independents alike to come up with the best ideas to help Maine."

So he wants to here our concerns.

Comment by Martha thacker on April 10, 2014 at 1:17pm

"What happened?"

Poor criminal management for a poor criminal corporation. Literal and figurative definition of poor .

Comment by Long Islander on April 9, 2014 at 10:45am

Dan in the link you listed it appears First Wind had some 39 projects in the worls in 2008. Now, after perhaps hundreds of millions in government gifts, such as ARRA stimulus funds, their website seems to list only 17 projects.

What happened?

ur Portfolio of Wind Energy Projects as of June 30, 2008

Name
  MW   Market
Region
  Location   Actual/Projected
Date of
Commercial
Operation(1)
 

Operating

                     
 

Kaheawa Wind Power I

    30   Hawaii   HI     June 2006  
 

Mars Hill

    42   Northeast   ME     March 2007  
 

Steel Winds I

    20   Northeast   NY     June 2007  
                     
   

Capacity Subtotal

    92                
                     

Under-construction

                     
 

Cohocton I

    125   Northeast   NY     December 2008  
 

Stetson I

    57   Northeast   ME     December 2008  
                     
   

Capacity Subtotal

    182                
                     

Advanced

                     
 

Prattsburgh I

    54   Northeast   NY     2009  
 

Sheffield

    40   Northeast   VT     2009  
 

Stetson II

    25 * Northeast   ME     2009  
 

Rollins

    60   Northeast   ME     2009  
 

Oakfield

    49   Northeast   ME     2010  
 

Longfellow

    40   Northeast   ME     2010  
 

Grand Manan I

    19   Northeast   Canada     2009  
 

Milford I

    203   West   UT     2009  
 

Milford II

    200 * West   UT     2010  
 

Kahuku

    30   Hawaii   HI     2009  
                     
   

Capacity Subtotal

    720                
                     

Intermediate

                     
 

Grand Manan II

    100 * Northeast   Canada     2012+  
 

Kaheawa Wind Power II

    21 * Hawaii   HI     2010+  
 

Latah Wind

    150   West   WA     2011+  
 

Milford III

    200 * West   UT     2012+  
 

Palouse Wind

    75   West   WA     2011+  
 

New York I**

    50 * Northeast   NY     2010  
 

New York II**(2)

    30 * Northeast   NY     2010+  
 

New York III**

    37 * Northeast   NY     2011+  
                     
   

Capacity Subtotal

    663                
                     

Early

                     
 

Down East

    150   Northeast   ME     2011+  
 

Cascade

    80   West   OR     2012+  
 

Clover Ridge

    160   Northeast   NY     2011+  
 

Desert Sage Wind I

    700   West   NM     2012+  
 

Desert Sage Wind II

    1,200   West   NM     2013 - 2014+  
 

Garvie Mountain

    37   Northeast   Canada     2011+  
 

Grand View Winds

    150   West   CA     2011+  
 

Hawaii Expansion**

    250   Hawaii   HI     2012 - 2014+  
 

Ikaika Wind Power I

    50   Hawaii   HI     2011+  
 

Indigo Winds

    50   West   CA     2011+  
 

Maine I**

    80   Northeast   ME     2012+  
 

Milford IV

    200 * West   UT     2014+  
 

Milford V

    200 * West   UT     2015+  
 

Mojave Winds

    150   West   CA     2012+  
 

Windham

    50   Northeast   VT     2012+  
 

Wyoming Wind

    400   West   WY     2011 - 2014+  
                     
   

Capacity Subtotal

    3,907                
                     

Total Capacity of Portfolio

    5,564                
             

http://www.sec.gov/Archives/edgar/data/1434804/000104746908008563/a...

Comment by Dan McKay on April 9, 2014 at 10:35am
Comment by Long Islander on April 9, 2014 at 9:45am

First Wind would like Mainers to believe that if they don't roll over and sign up for their projects, Maine will be left behind. Meanwhile, it seems that First Wind is actually a surprisingly small outfit which is very Maine-centric as seen by the projects they list on their website.

If you look at their list of projects, you can see that Maine, at five projects (which includes Oakfield, a project where FW is involved with a pending lawsuit) has more FW projects than any other state.

If you then compare their project penetration by state to population by state, you can see that their penetration per capita is highest in Maine by far, 8.7 times the average in their six state operating universe.
So, yeah - they like to create an image of Maine going to be left behind if citizens question these projects of this wonderful large company. But in fact, they are heavily skewed to Maine and frankly, incredibly dependent on Maine. Yet everyone from legislators to towns providing TIF's treat them as if it's the other way around.
Their Maine-centricity is consistent with the fact that Kurt Adams and Angus King III hold powerful positions with them.
Could it be that they only have 50 employees as seen below?

 

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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We have the facts on our side. We have the truth on our side. All we need now is YOU.

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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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