Texas Coal Plant at Risk of Shutdown Has Lost Half Its Appraised Value FacebookTwitterLinkedInEmailPrint分享Goliad (Texas) Advance Guard:The merger announcement Oct. 30 between Coleto Creek Power Plant owner Dynegy and the Vistra company has raised questions about the future of the plant.Fears that it might be sold, closed – or both – stem from Vistra’s history of closing its coal-powered power plants.Seventeen days before the two companies announced their intention to merge, Vistra announced it was closing three of its coal-powered plants – in Austin, Houston and East Texas.Vistra CEO Curt Morgan reportedly blamed the decision on wholesale power prices, an oversupply of renewable generation and low natural gas prices.Analysts note the difficulty in today’s wind-farm and solar-panel environment for any coal-powered plant to see a profit.Earlier this year, in a research analysis entitled “The Beginning of the End,” The Institute for Energy Economics and Financial Analysis (IEEFA) noted that “Fundamental changes in the Texas electricity market are putting coal-fired power plants under increasing economic and financial stress, including:Natural gas becoming competitive because of its price collapse.Increased competition from wind- and solar-generating facilities.New public and environmental regulations.“These circumstances,” the report says, “have combined to undermine the profitability of the companies and public power utilities and power agencies which own coal-fired power plants.”The Coleto Creek plant is among seven coal-fired plants in Texas the IEEFA lists as “at risk.”Miller notes that since 2007, “we have seen a general decline in the value of the power plant.”In 2006, the appraised value was $290,468,000. In 2018, the value is $155,000,000 – a drop of 47 percent.Should the plant close, Miller says, the immediate effect would be a loss of $3.4 million to that tax base.Broken down, the loss to the county would be $1.2 million, and to Goliad Independent School District, $1.9 million.“The loss of the plant would have serious repercussions for the community as a whole,” Miller says. “Some serious choices would have to be made. Many don’t realize that Coleto Creek is an integral part of the community.”Nothing immediate is expected because the planned merger is not expected to be finalized until spring, if then.More: No change to power plant status until spring
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A judge granted an ex-Nassau County police commander’s request to postpone serving his jail sentence for a misconduct conviction while New York State’s highest court decides if it will hear his appeal.Leslie Stein, an associate judge at the state Court of Appeals in Albany, granted Monday the stay of execution of a 60-day jail term that William Flanagan, a former deputy Nassau police commissioner, was sentenced to after he was convicted of misconduct and conspiracy two years ago.“Stay is granted only pending this court’s determination” of whether it will hear Flanagan’s attorneys argue why they think the court should overturn his conviction, the judge wrote in her order. The conviction was upheld two weeks ago by the state Supreme Court Appellate Division, Second Judicial Department.Prosecutors have said that Flanagan helped quash the case against Zachary Parker, of Merrick, who stole thousands of dollars worth of electronics from his alma mater, John F. Kennedy High School in Bellmore, shortly before he graduated in 2009 while he interned with the Nassau police Ambulance Bureau. The burglar’s father, Gary, was volunteering for the nonprofit Nassau County Police Department Foundation when he asked Flanagan for help with the case.Acting Nassau County District Attorney Madeline Singas had opposed the request to stay Flanagan’s sentence. The appellate division in Brooklyn first stayed the execution of his sentence pending the first round of appeals.Flangan’s attorney, Donna Aldea, head of the Appellate Practice Group for Garden City-based Barket Marion Epstein & Kearon, LLP, said that she is confident that the Court of Appeals will overturn the conviction. Her argument is that he didn’t receive a fair trial due to prosecutorial misconduct, prejudicial statements and insufficient evidence.Singas’ office stands by the conviction. A panel of four judges in the appellate division wrote in their decision upholding the conviction that any errors prosecutors made were mitigated by “overwhelming evidence of the defendant’s guilt.”Two other ex-police commanders—John Hunter, the retired Deputy Chief of Patrol, and Det. Sgt. Alan Sharpe—both pleaded guilty to misconduct and were sentenced to probation in connection with the case, which stemmed from a Press expose into police favoritism for the nonprofit’s donors. Zachary Parker pleaded guilty to burglary and was sentenced to prison after violating his probation. He has since been released.
Tourism is still our most active sector, and investors are most interested in investing in coastal areas, and in the two largest cities, Split and Zagreb. According to the latest research and analysis of the Croatian investment and real estate market by the consulting company Colliers International, the total volume of transactions in the commercial real estate market reached about 810 million EUR, which is twice as much as in 2017, all as a result of positive investor sentiment and attractive returns. Investors focus on the retail and HTL sectors, but the number of projects under construction in most sectors is still significantly smaller than in the pre-crisis period, which has the greatest impact on prices in the housing sector. HTL most active sector However, the analysis emphasizes that numerous factors threaten the competitiveness of Croatian tourism and hinder further investment potential. Thus, the main obstacles include the level of VAT (one of the highest rates in the Mediterranean), the high rate of total wage contributions, the lack of skilled labor, bureaucracy and the increase in tourist taxes. While on the one hand there is a lack of foreign investment, the leading domestic HTL players in Croatia (Adris, Valamar, Plava Laguna) have continued to make large investments to improve their quality and competitiveness. Regardless of the lack of quality real estate for sale, in 2019 it is expected to continue transactions in commercial real estate, mostly in the HTL sector, as well as to strengthen the share of office real estate in the total value of transactions. ATTACHMENT: Colliers International, / Research and analysis of the Croatian investment and real estate market (H2 2018 market overview & 2019 forecasts)
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