Wednesday
Jun012011
Song: Green Energy Blues
Original Song - Wind Power Blues
Don't infer from this clip that we're lovers of carbon pollution; there are no easy energy solutions (outside of cold fusion), and wind farms are not without their problems, as demonstrated cogently in the above clip.
---
This is an absolute must see...
---
Further reading (includes excellent Al Gore cartoons)...
h/t to john for sending this clip our way...
Jun 1, 2011 at 3:48 PM
Reader Comments (277)
Angus King backs Obama for re-election, but that doesn’t mean he’d caucus with Democrats
http://bangordailynews.com/2012/03/09/news/state/king-supports-obama-for-re-election/
Let me explain a little here. King was an attorney and had past ties to the energy sector in Virginia. The law firm he was associated with also specializes in RICO law.
While Governor, King used his position as governor to pick the winners, namely himself and stave off the competition until his second term was up.
http://www.macalester.edu/windvisual/redingtoninfo.html
After his term in office, King formed his own wind company that has received federal money (much like First Wind (which employs his son) as well as his PUC Commisioner (Kurt Adams) who got stock and a job at First Wind while he was a sitting member of the PUC.
http://bangordailynews.com/2010/04/21/politics/expuc-head-enriched-by-utility-company/
There also were a lot of stay behind's in the next administration that moved Kings' efforts forward. Then guess what... He decided to get into the wind business
http://en.wikipedia.org/wiki/Wind_power_in_Maine
While King was reaping the rewards of his efforts, the next administration really got things rolling for them...
http://www.asmainegoes.com/content/chronies-living-well-long-after-baldacci-gone
So much so that Governor Baldacci stated that when his term was up he would be working for the wind industry... but then changed his mind after leaving office.
http://www.asmainegoes.com/content/wind-power-corruption-tux-turkel-pph-blows-lid.
Now who is Jay Cashman? His other company specializing in dredging just got a sweet contract cleaning up the PCB mess left by GE in the Hudson river and is gearing up to do work on the proposed offshore wind projects. (King is a big promoter of that folly).
http://www.hudsondredging.com/2011/04/06/ge-selects-contractor-for-hudson-dredging/
We all know from my posting here that GE got stimulus money and then cancelled it's offshore efforts but never returned the money.
http://dailybail.com/home/ge-dumps-offshore-wind-power-plans-after-collecting-125-mill.html
We also know that Jack Immelt, CEO of GE is also Obama's job czar.
There is much more, but now you know why Angus King supports Obama.
http://thehill.com/blogs/ballot-box/senate-races/216533-pingree-tried-to-get-king-to-drop-maine-senate-bid
Pingree tried to get King to drop Maine Senate bid
http://thehill.com/blogs/ballot-box/senate-races/216533-pingree-tried-to-get-king-to-drop-maine-senate-bid
This is what King had to say a few days ago...
http://thehill.com/blogs/ballot-box/sam-youngman/215597-angus-king-im-the-two-parties-worst-nightmare
Independent senators say Angus King must choose caucus party
http://bangordailynews.com/2012/03/18/politics/independent-senators-say-angus-king-must-choose-caucus-party/?ref=regionstate
[snip]
The nation’s two independent senators have a message for Maine’s Angus King if he’s elected to replace Olympia Snowe: Choose a side.
Sens. Bernie Sanders of Vermont and Joe Lieberman of Connecticut enjoy their political freedom, but they say that if the former Maine governor is elected he’ll find the Senate’s run by the two major political parties, and independence has its limits.
King’s said that if elected, he wouldn’t decide which party caucus he’d join before he gets to Washington.
But Sanders and Lieberman tell Maine Today Media that being the most effective senator means getting the best possible committee assignments, and it’s the Democratic and Republican caucuses that divvy up those assignments and decide who chairs committees and subcommittees.
Lieberman and Sanders both caucus with the Democrats.
http://www.windtaskforce.org/profiles/blogs/developing-u-s-senate-hopeful-angus-king-wind-project-cited-by-co
[snip]
Just a day after Angus King announced he was divesting his stake in his wind energy company, a Congressional Oversight Committee has called into question the basis for a $102 million loan guarantee granted to King’s Record Hill Wind project.
The U.S House of Representatives Committee on Oversight and Reform yesterday released an extensive report on questionable funding for projects authorized through the U.S. Department of Energy. The report, titled “The Department of Energy’s Disastrous Management of Loan Guarantee Programs”, reveals that the Record Hill project received a loan guarantee based on “questionable reasoning” by King’s company.
From the report:
“After conducting a substantial review of the Department of Energy’s (DOE) loan guarantee program, it is clear that the significant losses absorbed by taxpayers as a result of Solyndra’s collapse is just the beginning. The investigation conducted by the House Committee on Oversight and Government Reform has uncovered numerous examples of dysfunction, negligence and mismanagement by DOE officials, raising troubling questions about the leadership at DOE and how it has administered its loan guarantee programs.”
The report shows that the Department of Energy (DOE) “approve[d] Record Hill Wind’s $102 million loan guarantee project as “innovative,” despite the project using commercial technology. DOE knew that the Record Hill project did not use significantly innovative technology.”
“the Record Hill Wind project attempted to categorize minor modifications to existing commercial technology as “innovativeness.” DOE eventually agreed with Record Hill Wind’s questionable reasoning”
Folks. This is where the rubber hits the road.
I hope you are listening... Talked to you at the Quincy Half Marathon. You did well in that one. I would like to see you do well in the other race too.
Read all of the posts beginning from the last one.
thePlatform to manage UPC online video
http://www.broadbandtvnews.com/2011/09/08/theplatform-to-manage-upc-online-video/
[snip]
IBC 2011 – Amsterdam. UPC parent Liberty Global has selected thePlatform to run its video management service across 14 territories, to provide the back-end video management system across its online video properties. Liberty Global will use thePlatform’s “TV Everywhere” solution to enable subscribers to catch-up and watch content on their computers.
thePlatform is owned by US operator Comcast and the Liberty proposition – expected to be unveiled by Liberty Global President and CEO Mike Fries in a presentation this afternoon – is expected to reflect Comcast’s own online service Xfinity TV.
...{GE owns Comcast}...
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/articleType/ArticleView/articleId/6396/US-House-Report-Funding-for-Kahuku-Windfarm-is-Junk-Industrial-Solar-Failing.aspx?utm_source=March+25%2C+2012+news+from+Hawaii+Free+Press&utm_campaign=March+25+2012+Email&utm_medium=email
[snip]
Excerpt from Report of US House Committee on Oversight and Government Reform March 20, 2012 pp 10-15.
II. The DOE Portfolio of Loan Commitments
DOE committed to issuing 27 loans or loan guarantees under the § 1705 program. These loan commitments total in excess of $16 billion. At the outset, the ratings agencies rated 23 of these loans as non-investment grade categories, also known as “Junk,” due to their poor credit quality, while the other four were rated BBB, which is at the lowest end of the “investment” grade of categories. Overall, DOE’s 1705 portfolio’s initial un-weighted average rating was BB-, which is considered “Junk grade.” According to Fitch, a ‘BB’ rating is speculative and indicates an elevated vulnerability to default risk. (Kahuku is rated as junk at BB+)
LINK: Kahuku is 3rd on this list of US DoE loans and loan guarantees.
Within the range of non-investment grade credit risk, six of the Junk loans were rated at the lower tiers of the range. Specifically, these six projects or loans received ratings within either the “B” or “CCC” categories under the Fitch or Standard and Poor’s classifications.
Despite lending to highly speculative and troubled projects, the government only charged those green energy firms its own cost to borrow money. In other words, the government sought no profit or compensation for credit risk. Given the extent of losses already apparent, the failure to seek any compensation for credit risk inevitably means the taxpayer will lose substantial funds. This is distinguishable from normal business practices, where banks or investment firms charge a premium or require more upfront capital as a condition for agreeing to finance riskier projects; thus, if the project were to go completely under, the banks would have some capital to show for the losses.
http://bangordailynews.com/2012/03/26/politics/angus-king-appoints-political-and-field-policy-directors-for-campaign/
http://www.zerohedge.com/news/obama-bashes-big-oil-listen-here
[snip]
It has been at least 1 hour since the president decided to scapegoat someone for something. Here he is now, bashing Big Oil for his own policy errors. Will Obama also bash Big Oil for not defying him in blocking strategic pipeline expansions? Find out here, and do a shot every time "clean energy" is mentioned.
http://bangordailynews.com/2012/03/30/energy/blowing-in-the-wind-maines-energy-past-and-future/
[snip]
“We are positioned to do more,” said Don Theriault, senior asset manager in the Northeast for First Wind. “Maine has learned how to do wind power and Mars Hill really started it.”
Note: and could very well end it.
http://www.washingtonpost.com/national/energy-environment/obama-administration-5-states-reach-deal-to-quicken-approval-of-wind-farms-in-great-lakes/2012/03/30/gIQARZxakS_story.html
The U.S. Senate candidate rebuts GOP claims that a federal loan for Record Hill in Roxbury was too risky an investment.
http://www.pressherald.com/news/wind-farm-loan-wasnt-a-mistake-king-says_2012-04-01.html
But, but, but..."The only thing they emit is money". Angus King.
http://www.windtaskforce.org/profiles/blog/show?id=4401701%3ABlogPost%3A38001
[snip]
Facing an imminent denial, the applicant, through lead counsel Juliet Browne of Verrill Dana, filed a request several weeks later that they be allowed to withdraw the project application. After much deliberation, the LURC board tabled the request to withdraw, but did agree to give the applicant some additional time to reconfigure the project. Interveners in the case argued that the applicant was simply venue shopping. In the end, the LURC Commissioners awarded the applicant an additional 90 days to reconfigure the project in hope of mitigating the project’s scenic impact, while expressing serious reservations that it could be mitigated at all. The applicant assured the Commission that 90 days would be enough time and that they would bring back a formal outline of a reconfigured project by March 9th.
Twenty minutes prior to expiration of the deadline, the applicant submitted a letter stating that “[First Wind] is not able to present a particular reconfigured project to the Commission at this time.” The letter then repeated the earlier request that they be allowed to withdraw the Bowers application. At today’s meeting LURC voted to officially deny First Wind’s request to withdraw and directed its staff to resume preparation of the application denial document. The denial is now scheduled to become official by Commission vote on May 4, 2012.
Massachusetts Green Bubble Alert: First Wind
http://bjdurk.newsvine.com/_news/2012/04/01/10888055-massachusetts-green-bubble-alert-first-wind
[snip]
(UPC) First Wind President and CEO Paul Gaynor plays a significant and enviable role in the crafting of MA renewable energy mandates as a Boston-based wind developer who is the Deval Patrick Administration appointed Advisor on renewable energy policies.
It is alarming that Paul Gaynor was tapped to bring the "success" of UPC (First Wind) subsidiary Italian Vento Power Corporation IVPC to the United States, http://www.wpi.edu/News/Transformations/2005Summer/windpower.html, when seven IVPC wind projects
have since been seized by Italian police.
UPC First Wind subsidiary IVPC Director Oreste Vigorito was arrested for wind energy fraud.
In the words of Anti-Mob Prosecutor Roberto Scapinato, Fox News Report: ‘Mafia Invests in Sicilian Windfarms’ May 5, 2009
(excerpt): [Scarpinato]:
"This is the amazing thing -- that developers got public money to build wind farms that did not produce electricity," he said.
Furthermore, locally-built wind farms are often bought up by multinational energy firms from other parts of Europe, none of which know the true identities of the original owners.
"A handful of people control the wind sector," said Scarpinato. "Many companies exist, but it is the same people behind them." Eight arrests have already been made."
http://bangordailynews.com/2012/04/10/news/state/wind-deal-near-final-ok-in-maine/?ref=regionstate
[snip]
The owner of several northern New England wind power projects says Maine utility regulators have agreed to a transaction involving the owner of Bangor Hydro-Electric Co.
First Wind said Tuesday the Public Utilities Commission has approved, with conditions, the deal in which Emera Inc. of Nova Scotia will invest more than $300 million to have a 49 percent stake in First Wind’s Northeast project portfolio. First Wind says that includes eight projects in Maine, New Hampshire and Vermont. Emera will form a joint venture with Algonquin Power and Utilities Corp.
The PUC has not yet issued a final order on the transaction. First Wind, based in Massachusetts, says it looks forward to reviewing the complete written decision, but it’s encouraged by the PUC’s deliberations and is eager to move forward.
Cape Wind Selects Construction Contractor
http://www.marketwatch.com/story/cape-wind-selects-construction-contractor-2012-04-10
[snip]
Cape Wind President Jim Gordon said, “We are confident this is the right team with the best skills and capabilities to successfully build Cape Wind and create hundreds of jobs in the region.”
Boston-based Cashman Equipment Corp. has constructed many marine projects in Massachusetts and New England and is one of the leading providers of floating marine equipment in the country and provides floating marine equipment worldwide. Company President Jaime Cashman said, “I am thrilled that our Massachusetts company will be helping to make Cape Wind happen.”
Maine Senate passes renewable power bill
http://bangordailynews.com/2012/04/12/politics/maine-senate-passes-renewable-power-bill/?ref=regionstate
[snip]
In a straight party-line vote, the Maine Senate on Thursday approved a bill that lifts the 100-megawatt cap for qualifying renewable power generation such as hydropower.
Supporters have said the bill would allow Maine to buy low-cost energy that meets the renewable energy standard, thereby reducing energy costs for businesses and homeowners.
Opponents, however, said the bill does nothing but provide a “carrot” to the only large-scale hydropower producer in the region, Hydro Quebec, without getting anything in return.
LD 1863 was one of four energy-related bills submitted this session by Gov. Paul LePage and the one he wanted most.
Just last week, it appeared the bill would not have enough support in the Senate, but the governor’s office lobbied Republicans hard.
LePage called out some lawmakers for not supporting LD 1863 and criticized the lobbying influence of other energy providers during the process.
“I do not support Augusta being in the business of increasing costs on Maine ratepayers to pad the pockets of special-interest groups,” he said in a statement. “I believe it is morally and ethically wrong to take more money from those who can least afford it to line the pockets of those that are politically connected here in Augusta.”
http://www.zerohedge.com/news/visualizing-aubrey-mcclendon-rehyptohecation-scheme-and-china-trail
http://news.hedgefund.net/default.aspx?story=13639
[snip]
New York-based hedge fund firm DE Shaw plans to launch a new fund whose investments will include European loans.
The new fund will start in July, and will invest in residential mortgage-backed securities, consumer asset-backed debt and troubled loans, according to an internal document obtained by Bloomberg.
Note: I have discussed their work with Larry Summers, who worked for Shaw and the wind fraud which includes Mafia connections with IVPC in Italy.
http://bangordailynews.com/2012/05/15/news/mid-maine/wilton-columnist-financial-adviser-found-dead-in-his-home/
[snip]
He appears to have died of a self-inflicted gunshot wound, and police are investigating the death as an apparent suicide.
According to police, his body has been transported to the state medical examiner’s office for examination.
Two detectives from the Major Crimes division of the Maine State Police assisted Wilton Police at the Dwight residence, known as Ridgewood Farm.
A former columnist for the Sun Journal and current columnist for The Maine Wire, Dwight wrote about wind power, global warming, energy independence, state government and finance, among other things.
A SEC registered investment adviser, Dwight was founder and president of Dwight Investment Counsel and served on the board of advisers of the Maine Heritage Policy Center.
Flashback:
http://www.liveleak.com/view?i=735_1281453104
Wind (renewables and other energy) have serious ties to organized crime. This stuff goes straight to the top and I can assure you of that.
http://thehill.com/blogs/e2-wire/e2-wire/229457-obama-to-congress-on-green-energy-tax-break-extension-do-it-now
Read the comments too. This isn't about real jobs and the economy, it's for political donations and favors.
Speaking of jobs and the economy, I hope some might find this useful.
‘Offshore Oil Guide’: Are You Ready for Some Real Free-market Jobs, Anyone Anywhere?
http://www.masterresource.org/2012/05/offshore-oil-guide-jobs/
http://www.thenewamerican.com/tech/energy/item/11397-welcome-to-the-renewable-energy-future-a-lesson-from-germany
[snip]
Germany's power grid is in trouble, and federal regulators are warning something must be done before the onset of winter's usual skyrocketing energy demands. They say the current grid is unable to support the forced transition from nuclear to government-mandated "renewable" energies and must be expanded quickly to avoid blackouts.
"The situation of the power grid in the Winter 2011/12 was very tense," recounted a press release announcing publication of the annual report from the Federal Network Agency (FNA), Germany's energy regulating bureau. But the tension didn't surprise regulators.
Last August they recommended precautionary measures in light of the nuclear power station shutdowns forced by Germany's nuclear energy exit bill. The legislation, passed in July in a knee-jerk reaction to Japan's Fukushima nuclear power plant disaster, wiped out 40 percent of German nuclear capacity. This, along with the unpredictability of wind and solar power and February's unexpected gas supply shortage, forced the country to lean heavily on emergency reserves and imports from Austria.
"Reserve capacity in Germany and Austria was strained on multiple occasions," reads the FNA annual report. The agency recommends about 1,000 megawatts of reserve power to be on standby this coming winter. It also promises to implement "regulatory measures" to "ban the shutdown of conventional power plants" in an effort to meet demand.
[snip]
The Kennebec Valley Gas Co., which has proposed a natural gas pipeline through central Maine, is being sold to the subsidiary of a Colorado-based company.
From comments:
"Interesting to note that this is the sceond expansion of a very local western company into Maine. Buckeye, who had been major players in LPG distribution systems out of the texas refinersies just purchased the oil pipepline between Sourth Portland and Bangor.
And then of course there is Denver based DCP Midstream, whose parent owns the North East and Maritimes Natural Gas pipeline, who are seeking to bring a 22 million gallon regional LPG terminal into Searsport.
Further interesting to note that Buckeye and DCP Midstream are also ISNetworld Member companies which apparently means all Maine contractors for these two companies must also be ISNetworld approved contractors and subscribers."
My Research:
http://www.swosu.edu/alum-foun/foundation/bios/jim-mogg.asp
[snip]
Jim W. Mogg currently serves as non-executive Chairman of the Board of First Wind Holdings, Inc. and as a member of the board of directors, the compensation committee, and corporate governance committee at both Oneok, Inc. and Bill Barrett Corporation...
... From 2000 – 2004, he served as Chairman, President and Chief Executive Officer of Duke Energy Field Services. Also, from 2000 – 2005, Mr. Mogg was Vice Chairman/Chairman of TEPPCO Partners and from 2005 – 2007 he was Chairman of DCP Midstream Partners Services.
'Midstream Partners Services' search on my hard drive produced a First Wind SEC filing of October 13, 2010.
Amendment No. 8
to
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Could be Jim Mogg's work history is provided....or something else.
http://www.sec.gov/Archives/edgar/data/1434804/000104746910008574/a2195887zs-1a.htm
Keep up the great work,,,,wind, Broadband and pipelines have in common Enron's and wind companies' investments.
Thanks, John!
Barbara
Go to 14 minutes in the video for candidates responses to a wind energy (subsidies) question that was posed.
http://video.mpbn.net/video/2242839005/
http://www.themainewire.com/2012/04/op-ed-maine’s-wealthy-elite-profit-political-connections/
http://bangordailynews.com/2012/06/13/politics/angus-king-pledges-to-discourage-pac-money-if-his-opponents-do-the-same/
http://bangordailynews.com/2012/06/27/energy/energy-firms-announced-wind-deal-despite-risk-posed-by-legal-appeal/
[snip]
Less than two weeks ago, a Canadian energy company and a major wind power developer with turbines in Maine announced they had closed a deal worth hundreds of millions of dollars to expand wind power projects across the Northeast.
But the announcement left out one important fact that could jeopardize the deal: Legal appeals had been filed just days before by the state’s Office of the Public Advocate and a Maine utility company challenging a ruling by a state agency that cleared the way for the joint venture.
“I was somewhat surprised” to see the announcement that the deal had closed, said Eric Bryant, the attorney in the public advocate’s office who filed one of the appeals.
“It’s unusual for a company to make a decision when there’s risk involved that it may have to undo it because of a legal matter.”
The partnership is between Emera, a Canadian energy company that owns electric utilities — including Bangor Hydro Electric Co. — in the Northeastern U.S., Atlantic Canada and elsewhere, and First Wind, which develops, constructs, operates and owns utility-scale wind projects across the United States and in Hawaii. First Wind is the Northeast’s largest wind power developer and has four major wind projects in Maine, with a fifth, Bull Hill, under construction.
S&P affirms First Wind Capital LLC
http://in.reuters.com/article/2012/06/29/idINWNB215220120629
Financial disclosure reports show great wealth disparity among Maine Senate candidates
http://bangordailynews.com/2012/06/29/politics/financial-disclosure-reports-show-great-wealth-disparity-among-maine-senate-candidates/
[snip]
BRUNSWICK, Maine — Former Gov. Angus King has received more than $350,000 over the past year and a half as a consultant, trust executor, college professor, corporate director, public speaker and author, and he and his wife, Mary Herman, hold millions of dollars in assets that include stocks, bonds and mutual funds.
Meanwhile, King’s Republican and Democratic rivals for Maine’s open U.S. Senate seat have incomes that are notably smaller and less diversified.
The details are contained in financial disclosure reports the candidates had to file with the U.S. Senate Select Committee on Ethics. King filed his report last month and Republican Charlie Summers and Democrat Cynthia Dill finished their reports this week.
The deadline for filing the financial disclosure report was May 15. Candidates face a $200 penalty for filing more than 30 days late.
The length of the reports — which cover Jan. 1, 2011, through the report filing date — speaks to the differences in wealth and income among King and his two rivals.
King’s 25-page report lists 23 sources of non-investment income and 15 pages of mutual fund, stock and bond holdings for King, Herman and their children.
Barbara D, please take notice. Lots more.
Notes to myself:
http://bangordailynews.com/2012/07/03/business/bangor-natural-gas-parent-buys-rights-to-searsport-to-loring-pipeline/
http://bangordailynews.com/2012/06/13/business/katahdin-trust-expands-presence-in-bangor/
http://www.faqs.org/sec-filings/100811/MAINE-and-MARITIMES-CORP_8-K/exh99_1.htm#b
Angus King backs Obama for re-election, but that doesn’t mean he’d caucus with Democrats
http://bangordailynews.com/2012/03/09/news/state/king-supports-obama-for-re-election/
Let me explain a little here. King was an attorney and had past ties to the energy sector in Virginia. The law firm he was associated with also specializes in RICO law.
While Governor, King used his position as governor to pick the winners, namely himself and stave off the competition until his second term was up.
http://www.macalester.edu/windvisual/redingtoninfo.html
After his term in office, King formed his own wind company that has received federal money (much like First Wind (which employs his son) as well as his PUC Commisioner (Kurt Adams) who got stock and a job at First Wind while he was a sitting member of the PUC.
http://bangordailynews.com/2010/04/21/politics/expuc-head-enriched-by-utility-company/
There also were a lot of stay behind's in the next administration that moved Kings' efforts forward. Then guess what... He decided to get into the wind business
http://en.wikipedia.org/wiki/Wind_power_in_Maine
While King was reaping the rewards of his efforts, the next administration really got things rolling for them...
http://www.asmainegoes.com/content/chronies-living-well-long-after-baldacci-gone
So much so that Governor Baldacci stated that when his term was up he would be working for the wind industry... but then changed his mind after leaving office.
http://www.asmainegoes.com/content/wind-power-corruption-tux-turkel-pph-blows-lid.
Now who is Jay Cashman? His other company specializing in dredging just got a sweet contract cleaning up the PCB mess left by GE in the Hudson river and is gearing up to do work on the proposed offshore wind projects. (King is a big promoter of that folly).
http://www.hudsondredging.com/2011/04/06/ge-selects-contractor-for-hudson-dredging/
We all know from my posting here that GE got stimulus money and then cancelled it's offshore efforts but never returned the money.
http://dailybail.com/home/ge-dumps-offshore-wind-power-plans-after-collecting-125-mill.html
We also know that Jack Immelt, CEO of GE is also Obama's job czar.
And this:
Financial disclosure reports show great wealth disparity among Maine Senate candidates
http://bangordailynews.com/2012/06/29/politics/financial-disclosure-reports-show-great-wealth-disparity-among-maine-senate-candidates/
[snip]
BRUNSWICK, Maine — Former Gov. Angus King has received more than $350,000 over the past year and a half as a consultant, trust executor, college professor, corporate director, public speaker and author, and he and his wife, Mary Herman, hold millions of dollars in assets that include stocks, bonds and mutual funds...
...During the nearly 18 months covered by the report, King earned five-figure sums for sitting on company boards, including $67,000 for the Bank of Maine, $18,000 for Hancock Lumber and $25,000 for Woodard & Curran, an international engineering firm with an office in Portland. Campaign spokeswoman Crystal Canney said King resigned from the federally regulated Bank of Maine board in April in order to avoid a conflict of interest.
King also divested his ownership in wind development company Independence Wind in preparation for his Senate run, selling his stake to partner Rob Gardiner. The disclosure report shows that King earned a profit of $69,500 from that transaction. He also had earned $50,000 a year in management fees for three years he spent working on the development of two wind turbine projects, at Record Hill in Roxbury and Highland Plantation in Somerset County.
King also earned almost $40,000 from his Maine state government pension and between $10,000 and $30,000 during the reporting period in rental income from two rental properties in Brunswick and a rental condo on the Caribbean island of St. Thomas.
Both King and Gardner were with the Public Private Partnership known as Maine PBS. Here is a little about those PPP's
http://www.zerohedge.com/news/guest-post-public-private-partnership-another-phrase-fascism
And this:
W.P. Stewart & Co., Ltd. (Bermuda) Announces Appointment to Board of Directors
http://www.prnewswire.com/news-releases/wp-stewart--co-ltd-announces-appointment-to-board-of-directors-71829577.html
There is much more, but now you know why Angus King supports Obama and like Mitt Romney, loves offshore finance.
Would this pattern indicate the use by Public Officials of a Public Office(s), public utilties, for private and personal gain? It's impossible to distinquish First Wind execs from Public Officials.
The public is required to purchase renewable energy under the Renewable Portfolio Standard, RPS, first adopted by the TX Public Utility Commission when Patrick Wood II, First Wind Director, was Chairman, (1999).
Also, UPC First Wind Director is SunPower Director and co-owner, Patrick Wood III, also the Director of TPI Composites-(all publicly subsidized Pignapokes).
TPI Composites:
http://bjdurk.newsvine.com/_news/2012/06/03/12037051-massachusetts-green-bubble-alert-tpi-composites
and Xtreme Battery, (save for another day)
First Wind execs as policy advisors make the rules that mandate their inferior goods and services that the public must subsidize and purchase--
Boston-based First Wind CEO and President Paul Gaynor is Massachusetts Governor Deval Patrick’s appointed Co-chair of: “The Climate Protection Advisory Committee” under the Global Warming Solutions Act. First Wind Paul Gaynor is also co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.”
http://www.mass.gov/dep/public/committee/cpsubcom.htm#5\
http://www.mass.gov/eea/docs/eea/energy/2020-clean-energy-plan.pdf
http://www.mass.gov/governor/pressoffice/speeches/termonespeech/070208-energy-bill-signing.html
Second Wind (Patrick appointed Advisor) First Wind Paul Gaynor's Vice President Michael Jacobs worked as a sales manager at Second Wind, Inc., and held the position of utility analyst for the Massachusetts Department of Public Utilities
“Second Wind received a $500,000 loan from the Massachusetts Renewable Energy Trust to help develop the Triton.”
http://www.masscec.com/index.cfm/cdid/11697/pid/11150
Second Wind is partnering with WindPole Ventures-
http://www.mass.gov/Eoeea/docs/eea/restructuring_roundtable_2010.pdf
In Somerville, Second Wind, which makes equipment to measure wind speeds and generate other data, has already had orders delayed or canceled and has laid off workers as result of uncertainty about the tax credit, Kerry and the company said.
http://articles.boston.com/2012-02-24/business/31091359_1_cape-wind-american-wind-energy-association-wind-industry
'Enron Figures Buy Up Hawaii Windfarms'
By News Release
Good Energies has a long term track record of successful previous wind investments including G3 Energy, Ventus and Everpower and continues to hold stakes in Sequoia Energy, Eolectric, Second Wind and 3TIER.
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/articleType/ArticleView/articleId/6761/Enron-Figures-Buy-Up-Hawaii-Windfarms.aspx
Second Wind
Board of Directors
Ian Blakeley
As a director in Good Energies' New York office, Ian Blakely focuses on development investments across the clean energy sector. During his time at Good Energies, he has made investments in wind, solar, biomass and load management companies. Ian currently sits on the boards of 3Tier, Agile Energy, Champlin/GEI Wind Holdings, Eolectric, Second Wind and Sequoia Energy. Previously, he was involved with Good Energies' investments in Everpower, Tendril and Ventus.
http://www.secondwind.com/About/Board-of-Directors.html
DeepWater Wind (Patrick Appointed Advisor Paul Gaynor is DeepWater Wind Board of Managers) and Chief Executive Officer of First Wind; Michael Alvarez Board of Managers of DeepWater and President and Chief Financial Officer of First Wind, former Vice President of Strategic Planning at Edison International and Executive Vice President, Chief Financial Officer, and General Counsel at Nexant, and President of Kenetech Energy Systems
From this SEC link see First Wind "Investment".
http://www.sec.gov/Archives/edgar/data/1434804/000104746910008574/a2195887zs-1a.htm
SunPower Director and 10% Owner Patrick Wood III is Director of TPI Composites, and Director of First Wind,
'SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama'
Congressman's son lobbied for failing solar panel company
by Neil W. McCabe
10/11/2011
How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.
The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain
TPI Composites Director of TPI Composites is Director of First Wind Patrick Wood III
TPI Composites’ Statement On Award of More than $9 Million In Recovery Act Manufacturing Tax Credits from the Obama Administration. http://www.tpicomposites.com/press-room/press-releases/tpi-composites%E2%80%99-statement-on-award.aspx
Massachusetts Clean Energy Center (MassCEC) has awarded TPI a $250,000 grant http://www.sustainablebusiness.com/index.cfm/go/news.display/id/20936
“After all, TPI Composites has also received accolades from Barney Frank, Debbie Wasserman Schultz, and President Obama. Iowa companies have received more than $160 million in Department of Energy stimulus grants. How unfortunate that some Republican contenders chose to endorse more of the same instead of taking the opportunity to explain the senselessness of such a system. One would think that the Iowa Straw Poll would have been the optimal event to explain the free market perspective rather than acquiesce to the demands for more corporate welfare…”
http://biggovernment.com/jgriffith/2011/08/25/wasserman-schultz-and-romney-agree-we-should-pander-to-iowa-caucus-voters-with-corporate-welfare/#comments
Thank You,
Barbara
Barbara Durkin @Barbarajdurkin
First Wind trackers' inside information source, numero uno, The Daily Bail Green Energy Blues, see latest comments http://dailybail.com/home/song-gree …
Flattery will get you everywhere... and you are quite outstanding yourself. Lot's more to come and thanks again.
http://thehill.com/blogs/e2-wire/e2-wire/237013-house-gop-plan-would-end-green-energy-loan-program
FERC claims Lincoln Paper manipulated energy market, seeks $4.4M in penalties
http://bangordailynews.com/2012/07/18/news/penobscot/ferc-claims-lincoln-paper-manipulated-energy-market-seeks-4-4m-in-penalties/
Note: this mill is located next to one of First Wind's boondoggles. It appears the mill intentionally reduced their generation and purchased someone else's.
http://www.reuters.com/article/2012/07/23/us-unitedtech-sale-idUSBRE86M1EH20120723
http://www.necn.com/Boston/Business/2009/09/27/TWIB-Paul-Gaynor-CEO-of/1254084174.html
[snip]
(NECN) - On This Week in Business, Paul Gaynor, the CEO of First Wind talks about the upturn in the IPO market and his meeting in Washington this week with Treasury Secretary Geithner and Energy Secretary Chu about the role stimulus money has played in helping his business.
note: at about the 1 minute make he mentions A123, the company in financial trouble that the energy department refuses to comment about (but I did)...
The circa 2009 First Wind CEO Paul Gaynor NECN interview you provide where he crows success contrasts sharply with reality in 2012.
He boasted about his White House roundtable and our $115 million loan guarantee to his company.
Same loan we made as this-
"Another about $115 million of the $503 million went to a company called First Wind, whose owners include the Chicago-based Madison Dearborn Partners and a member of the D.E. Shaw group. Bloomberg quotes President Obama's White House chief of staff, Rahm Emanuel, a congressman at the time the article was published, as saying of Madison Dearborn, "They've been not only supporters of mine, they're friends of mine." The Bloomberg article says, "Employees of Madison Dearborn have donated $77,500 to Emanuel's re-election committee since 2001, collectively emerging as the top contributor to his campaigns in his congressional career, according to the nonpartisan Center for Responsive Politics." D.E. Shaw is the firm at which Mr. Obama's chief of the National Economic Council, Lawrence Summers, held a $5.2 million a year, one-day-a-week job. The Energy Department did not respond to a query from FutureOfCapitalism.com about whether Messrs. Emanuel or Summers had been involved in the decision to award the grant. The Journal did say that "Government officials said there was no cap on the program and that every qualifying application would be funded," though, as CIT could tell you, what constitutes a "qualifying" application is often the billion-dollar question in Washington. One company official, however, described the process of applying for the grants as "nondiscretionary," explaining that all firms whose applications met the terms of the law would receive funding."
http://www.futureofcapitalism.com/2009/09/clean-energy
Another First Wind grant intended for "shovel ready" projects, was for a project already 15 months in operation.
"The wind farm was built in two phases. The developer, First Wind, received a total of $61.8 million in stimulus grants on Sept. 1, 2009, when the administration began rolling out money for the program. But FAA records indicate both were completed at least 15 months earlier -- by May 20, 2008..."
http://investigativereportingworkshop.org/investigations/wind-energy-funds-going-overseas/story/wind-farms-built-before-stimulus/
Investigative reporter Ira Stoll writes in Future of Capitalism on Mar 8, 2010 :
"First Wind Holdings LLC will get a $117 million loan guarantee from federal "stimulus" funds to finance the construction and start-up of a wind energy project in Kahuku, Hawaii, the federal Department of Energy announced Friday. Once complete, the project will create "six to ten" jobs, according to the Department of Energy. At $117 million, works out to a federally guaranteed loan of between $19.5 million and $11.7 million for each job created...."
http://www.futureofcapitalism.com/2010/03/another-117-million-for-first-wind
The First Wind Hawaii Kahuku project, (12) Clipper Liberty wind turbines, was constructed under a Trade Secret, the wind turbines fail that are publicly-funded.
'Confidential Memo: Wind Turbine Model Installed at Kahuku has structural problems'
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/articleType/ArticleView/articleId/5604/Confidential-Memo-Wind-Turbine-Model-Installed-at-Kahuku-has-Structural-Problems.aspx
Check out "Wind Farm Doing Nothing!" on Fix Oahu Now! Panos Prevedouros for Mayor of Honolulu
To view this video, visit:
http://www.fixoahunow.com/video/video/show?id=2206164%3AVideo%3A8443
http://www.hawaiifreepress.com/main/ArticlesMain/tabid/56/ArticleType/ArticleView/ArticleID/4239/Default.aspx
Thursday, May 05, 2011
Video: Kahuku Wind turbines don’t even turn on windy day
Oahu News, Oahu Politics, Hawaii State News, Hawaii State Politics
Got Wind? YES. Got Power? NO
by Panos Prevedouros PhD
(From a press release) First Wind, an independent U.S.-based wind energy company, and Hawaiian Electric Company held a ribbon-cutting ceremony today to mark the commencement of commercial operations of the Kahuku Wind project. State, local and community leaders gathered at the project site on Oahu’s North Shore to recognize the environmental and economic benefits of the 30 MW project, which features an innovative battery storage system and has the capacity to generate enough renewable energy to power up to 7,700 Oahu homes each year.
My investigation five weeks later (April 30, 2011)… A picture is worth a thousand words… watch this:
(CLICK LINK TO VIDEO)
The bottom line is that both HECO and government got it wrong. Even when wind is present, the turbines are doing nothing.
---30---
RELATED:
• Rush Limbaugh reads “Wind Energy's Ghosts”
• Hawaii Wind Developer tied to Largest-ever asset seizure by anti-Mafia police
THE TESTIMONY OF UPC (First Wind):
this link is no longer operational--but the content is downloaded on several computers :)
http://www.sheffieldwind.com/UserFiles/File/regulatory_sheffield/Cowan-Rowland-Vavrik%20-%20Direct%20Testimony.pdf
“The IVPC subsidiaries achieved an exceptional operating record, with its wind turbines available 98.5% of the time on a fleet-wide basis…”
But, UPC Subsidiary IVPC is the focus of “Gone with the wind” investigation into failing wind projects that blossomed into the largest asset seizure in Mafia history, $1.9 billion, for wind fraud.
Seven IVPC projects were seized by Anti-Mafia Police.
By Guy Dinmore in Financial Times, November 12, 2009
“President of Italian Wind Energy Association arrested for fraud By Guy Dinmore in Financial Times, November 12, 2009 “Gone with the wind”, mounted by the finance ministry’s anti-fraud police, started in 2007 and began by blocking public subsidies worth €9.4m ($14m, £8.4m) granted by the ministry for economic development. Last year police confiscated seven wind farms with 185 turbines in Sicily linked to IVPC. Anti-Mafia prosecutors in Sicily have launched a parallel investigation. The Financial Times was told in April that a large number of wind farms had been built with public subsidies but had never functioned. Police said yesterday they had sent requests for documentation to five foreign companies – two in the Netherlands and three in Spain – that were linked to IVPC. Other companies in Ireland and the UK, said to be Italian affiliates of IVPC, have been asked by Italian authorities to provide information. Police also said they were carrying out checks on 12 companies in Italy, including nine with company names that are variations of IP Maestrale and which share the same street name and number as IVPC in Avellino, near Naples.
Financial Times article reprint, here: http://redneckusa.wordpress.com/2009/11/12/president-of-italian-wind-energy-association-arrested-for-fraud/
UPDATE: Oreste Vigorito IVPC, July 06, 2012 to answer to forgery and abuse of office charges--
Crotone Province and Province
wind power, judgement Misiti. Acquitted Ferraro the two former regional officials were under investigation in connection with the inquiry into the Park of carafe. A process also has two private companies manager.
The judge in the preliminary hearing of the Court of Catanzaro, Antonio Rizzuto, he returned to the former official of the Department of productive activities in the region, Carmelo Misiti, and the legal representatives of the companies Ivpc Ivpc Power3, Power4 and Gianpietro Sanseverino and Oreste Vigorito, as part of its inquiry into the construction of the wind farm of carafe. Acquitted, on the other hand, the other institution's official involved in the investigation, Joseph Ferraro.
The three defendants, which you must submit before the judge the next November 30, must respond in various ways of forgery and abuse of Office. According to prosecutors, the wind park's Jug was made despite the negative opinion delivered by the Municipal Council. Some of the towers were also made less than 500 metres from dwellings, violating as prescribed by law. The investigation was opened in 2006 and after being passed by several judges came to the pm Charles Villani who last September, has issued a notification that the end of investigations and put forward the request for indictment. The Park was inaugurated in November 2008.
07/06/2012 18:20
© riproduzione riservata.
http://www.corrieredellacalabria.it/stories/Crotone%20e%20Provincia/5993_eolico_rinviato_a_giudizio_misiti_prosciolto_ferraro/
Campania, Puglia, Calabria and Sicilia host IVPC Projects:
Campania, Puglia, Calabria and Sicilia
Dirty Business--
Eco-mafia Report since 1994. This year ’s
version states that almost 26,000 ecological
crimes were committed in Italy in 2008,
amounting to 71 offences every day.
Nearly half the crimes took place in the
Campania, Calabria, Sicily and Puglia
regions, all of which are known mafia
strongholds. [cut] continue reading:
http://www.jamesgeary.com/assets/Feature4_Ecomafia.pdf
Mafia making billions from environmental destruction
The Italian mafia is making billions from carrying out wanton destruction of the environment, a report has found.
The most affected regions were Campania, Calabria, Sicily and Puglia, which are home to Italy's four distinct mafia organisations
http://www.telegraph.co.uk/news/worldnews/europe/italy/9386961/Mafia-making-billions-from-environmental-destruction.html
Operating wind farms
The IVPC Group has installed and manages various Wind Farms situated over four regions in Italy: Campania, Puglia, Calabria and Sicilia.
The wind farms
Operating wind farms
Campania
MW in operation 179,65
Number of wind turbines 139
IVPC srl (BN):
42 MW belong to the IVPC Group – 70 wind turbines
IVPC POWER 3 srl (BN):
70,2 MW belong to the IVPC Group – 27 wind turbines
IVPC POWER 3 srl (AV):
41,6 MW belong to the IVPC Group – 21 wind turbines
IVPC POWER 8 srl (AV):
25,85 MW belong to the IVPC Group – 21 wind turbines
torna su
Puglia
MW in operation 42,6
Number of wind turbines 71
IVPC srl (FG):
42,6 MW belong to the IVPC Group – 71 wind turbines
torna su
Calabria
MW in operation 31,15
Number of wind turbines 27
IVPC POWER 4 srl (CZ):
12,75 MW belong to the IVPC Group – 15 wind turbines
IVPC POWER 9 srl (CZ):
18,4 MW belong to the IVPC Group – 12 wind turbines
torna su
Sicilia
MW in operation 29,6
Number of wind turbines 9
TRINACRIA EOLICA (RG):
29,6 MW belong to the IVPC Group – 9 wind turbines
torna su
Total Statistics
Total operating MW 283
Total wind farms 246
* Updated as of October 2010 [cut]]
Paul Gaynor boasts A123 going public in 2009 and voilla! Investors are suing A123 over alleged violations of securities law by 2012.
IMPORTANT UPDATE: MARCH 29, 2012 DETROIT FREE PRESS:
Shares of electric vehicle battery supplier A123 Systems continued falling to new lows Wednesday as one New York law firm began seeking investors who might want to sue management and the board over alleged violations of securities law.
On Monday, the Waltham, Mass.-based firm with plants in Livonia and Romulus announced that it would replace faulty batteries shipped to five customers, including Fisker Automotive. [cut] continue reading....
http://www.freep.com/article/20120329/BUSINESS01/203290437/Electric-car-battery-firm-shares-fall?odyssey=mod%7Cnewswell%7Ctext%7CFRONTPAGE%7Cs
Everything Paul Gaynor touches turns to ashes, including our money. Thank God he withdrew his IPO when the SEC required him to get specific when listing UPC First Wind shell corporations.
http://www.thenorthwestern.com/article/20120731/OSH0101/307310114/Massachusetts-lawmakers-approve-renewable-energy-bill
Note: Massachusetts is infamous for it’s Solyndra’s… Beacon Power, Evergreen Solar, A123 (stock quote AONE) is in very serious trouble and of course the infamous Enron spinoff’s First Wind and UPC Wind.
But it gets even better...
Here is a post Barbara Durkin put up a while back and look at who is on the Mass. Energy Task Force.
Thanks for your excellent continuing coverage, John! I note that First Wind execs, like Kurt Adams, revolve thru public utilitiy commissions' doors in the states of TX, ME and MA.
Would this pattern indicate the use by Public Officials of a Public Office(s), public utilties, for private and personal gain? It's impossible to distinquish First Wind execs from Public Officials.
The public is required to purchase renewable energy under the Renewable Portfolio Standard, RPS, first adopted by the TX Public Utility Commission when Patrick Wood II, First Wind Director, was Chairman, (1999).
Also, UPC First Wind Director is SunPower Director and co-owner, Patrick Wood III, also the Director of TPI Composites-(all publicly subsidized Pignapokes).
TPI Composites:
http://bjdurk.newsvine.com/_news/2012/06/03/12037051-massachusetts-green-bubble-alert-tpi-composites
and Xtreme Battery, (save for another day)
First Wind execs as policy advisors make the rules that mandate their inferior goods and services that the public must subsidize and purchase--
Boston-based First Wind CEO and President Paul Gaynor is Massachusetts Governor Deval Patrick’s appointed Co-chair of: “The Climate Protection Advisory Committee” under the Global Warming Solutions Act. First Wind Paul Gaynor is also co-chair of the Mass Department of Environmental Protection Advisory Committee “Low Carbon Energy Supply Subcommittee.”
http://www.mass.gov/dep/public/committee/cpsubcom.htm#5\
http://www.mass.gov/eea/docs/eea/energy/2020-clean-energy-plan.pdf
http://www.mass.gov/governor/pressoffice/speeches/termonespeech/070208-energy-bill-signing.html
Second Wind (Patrick appointed Advisor) First Wind Paul Gaynor's Vice President Michael Jacobs worked as a sales manager at Second Wind, Inc., and held the position of utility analyst for the Massachusetts Department of Public Utilities
“Second Wind received a $500,000 loan from the Massachusetts Renewable Energy Trust to help develop the Triton.”
http://www.masscec.com/index.cfm/cdid/11697/pid/11150
Second Wind is partnering with WindPole Ventures-
http://www.mass.gov/Eoeea/docs/eea/restructuring_roundtable_2010.pdf
In Somerville, Second Wind, which makes equipment to measure wind speeds and generate other data, has already had orders delayed or canceled and has laid off workers as result of uncertainty about the tax credit, Kerry and the company said.
http://articles.boston.com/2012-02-24/business/31091359_1_cape-wind-american-wind-energy-association-wind-industry
'Enron Figures Buy Up Hawaii Windfarms'
By News Release
Good Energies has a long term track record of successful previous wind investments including G3 Energy, Ventus and Everpower and continues to hold stakes in Sequoia Energy, Eolectric, Second Wind and 3TIER.
http://www.hawaiifreepress.com/ArticlesMain/tabid/56/articleType/ArticleView/articleId/6761/Enron-Figures-Buy-Up-Hawaii-Windfarms.aspx
Second Wind
Board of Directors
Ian Blakeley
As a director in Good Energies' New York office, Ian Blakely focuses on development investments across the clean energy sector. During his time at Good Energies, he has made investments in wind, solar, biomass and load management companies. Ian currently sits on the boards of 3Tier, Agile Energy, Champlin/GEI Wind Holdings, Eolectric, Second Wind and Sequoia Energy. Previously, he was involved with Good Energies' investments in Everpower, Tendril and Ventus.
http://www.secondwind.com/About/Board-of-Directors.html
DeepWater Wind (Patrick Appointed Advisor Paul Gaynor is DeepWater Wind Board of Managers) and Chief Executive Officer of First Wind; Michael Alvarez Board of Managers of DeepWater and President and Chief Financial Officer of First Wind, former Vice President of Strategic Planning at Edison International and Executive Vice President, Chief Financial Officer, and General Counsel at Nexant, and President of Kenetech Energy Systems
From this SEC link see First Wind "Investment".
http://www.sec.gov/Archives/edgar/data/1434804/000104746910008574/a2195887zs-1a.htm
SunPower Director and 10% Owner Patrick Wood III is Director of TPI Composites, and Director of First Wind,
'SunPower: Twice As Bad As Solyndra, Twice As Bad For Obama'
Congressman's son lobbied for failing solar panel company
by Neil W. McCabe
10/11/2011
How did a failing California solar company, buffeted by short sellers and shareholder lawsuits, receive a $1.2 billion federal loan guarantee for a photovoltaic electricity ranch project—three weeks after it announced it was building new manufacturing plant in Mexicali, Mexico, to build the panels for the project.
The company, SunPower (SPWR-NASDAQ), now carries $820 million in debt, an amount $20 million greater than its market capitalization. If SunPower was a bank, the feds would shut it down. Instead, it received a lifeline twice the size of the money sent down the Solyndra drain
TPI Composites Director of TPI Composites is Director of First Wind Patrick Wood III
TPI Composites’ Statement On Award of More than $9 Million In Recovery Act Manufacturing Tax Credits from the Obama Administration. http://www.tpicomposites.com/press-room/press-releases/tpi-composites%E2%80%99-statement-on-award.aspx
Massachusetts Clean Energy Center (MassCEC) has awarded TPI a $250,000 grant http://www.sustainablebusiness.com/index.cfm/go/news.display/id/20936
“After all, TPI Composites has also received accolades from Barney Frank, Debbie Wasserman Schultz, and President Obama. Iowa companies have received more than $160 million in Department of Energy stimulus grants. How unfortunate that some Republican contenders chose to endorse more of the same instead of taking the opportunity to explain the senselessness of such a system. One would think that the Iowa Straw Poll would have been the optimal event to explain the free market perspective rather than acquiesce to the demands for more corporate welfare…”
http://biggovernment.com/jgriffith/2011/08/25/wasserman-schultz-and-romney-agree-we-should-pander-to-iowa-caucus-voters-with-corporate-welfare/#comments
http://news.hedgefund.net/default.aspx?story=13960
Second fire in two years at First Wind facility
http://www.kitv.com/news/hawaii/-Blaze-in-battery-warehouse-shuts-down-Oahu-wind-farm/-/8905354/15936674/-/blflf5/-/index.html
[snip]
Firefighters were forced to fight a burning building without water on the North Shore Wednesday, when a battery warehouse at an Oahu wind farm went up in flames
The battery warehouse caught on fire at the First Wind wind farm for the second time in two years. But unlike last year's small fire, the latest blaze shut down the wind farm's huge turbines.
Smoke poured from the First Wind facility before five in the morning.
"The fire was out of control when we got to it," said Honolulu Fire Department Capt. Terry Seelig.
On fire was the 10,000 square foot battery warehouse, where electricity is stored from the farm's dozen wind turbines. The flames caused the burning batteries to release toxic smoke, creating a challenge for emergency crews called in to fight the fire.
"This was a very dangerous environment to fight a fire in because of the confined warehouse. There were small isles with racks of batteries, small enough that it makes it difficult to maneuver -- much less shoot water on them," said Seelig.
In fact, fire crews did not spray water on the burning batteries, which would have created a lot of toxic runoff but would had very little effect on the electrical fire. Instead, they brought in a thousand pounds of a chemical suppressant. By the time that arrived on the North Shore and emergency crews went into the warehouse, it was too late to stop the flames.
"The battery warehouse was an innovative new technology. We pre-planned for an emergency like this, but we've never seen anything like this on this scale," said Seelig.
http://www.hawaiinewsnow.com/story/19194074/kahuku-wind-farm-fire-spreads-concerns-over-future-projects
Note: One of the criteria for federal money to be issued for projects is that they had to be "innovative". Here is another "innovative" project that is being scrutinized...
King Wind Project Cited by Congressional Investigation
http://www.themainewire.com/2012/03/developing-king-wind-project-cited-congressional-investigation/
[snip]
Just a day after Angus King announced he was divesting his stake in his wind energy company, a Congressional Oversight Committee has called into question the basis for a $102 million loan guarantee granted to King’s Record Hill Wind project.
The U.S House of Representatives Committee on Oversight and Reform yesterday released an extensive report on questionable funding for projects authorized through the U.S. Department of Energy. The report, titled “The Department of Energy’s Disastrous Management of Loan Guarantee Programs”, reveals that the Record Hill project received a loan guarantee based on “questionable reasoning” by King’s company.
From the report:
“After conducting a substantial review of the Department of Energy’s (DOE) loan guarantee program, it is clear that the significant losses absorbed by taxpayers as a result of Solyndra’s collapse is just the beginning. The investigation conducted by the House Committee on Oversight and Government Reform has uncovered numerous examples of dysfunction, negligence and mismanagement by DOE officials, raising troubling questions about the leadership at DOE and how it has administered its loan guarantee programs.”
The report shows that the Department of Energy (DOE) “approve[d] Record Hill Wind’s $102 million loan guarantee project as “innovative,” despite the project using commercial technology. DOE knew that the Record Hill project did not use significantly innovative technology.”
“the Record Hill Wind project attempted to categorize minor modifications to existing commercial technology as “innovativeness.” DOE eventually agreed with Record Hill Wind’s questionable reasoning”
Note 2: King is running for Olympia Snowe's senate Seat.
That said, here is a video of First Wind CEO Paul Gaynor bragging about how fast Tim Geithner cut him a nice big fat check...
http://www.necn.com/searchNECN/search/v/39575587/twib-paul-gaynor-ceo-of-first-wind.htm
Now for the battery component of this story...
http://www.reliableplant.com/Read/23320/Xtreme-Power-First-Wind-Hawaii
Note how much money was involved.
http://upcnarenewables.com/
http://www.upiasia.com/Top-News/2012/07/05/Indonesia-pursues-wind-power/UPI-63031341501928/
They also have Broadband concerns worldwide.
Now the question begs, how much money has really been doled out to them? How many hundreds, if not thousands of LLC's etc. are associated with them. How are they able to conduct Illegal activities and get away with it in many different countries? How did they get the money to suddenly appear out of nowhere just after the demise of Enron? How did they know or obtain proprietary information of competitors? How did they pull strings to shut out competitors during permitting processes? How were they able to procure permits without proper public hearings? How were they able to offer public utilities officials stocks and a job while they still served on those commissions?
It is time to have some questions answered.
http://www.upcrenewables.com/ph/contentpage.php?workplaceID=17
[snip]
UPC Renewables is a privately owned business, owned and managed by its partners :
Brian Caffyn
Brian has managed the day to day operations of UPC Renewables China since early 2009. After an extensive career as a financier to the private power industry in the United States working for GE Capital and Heller Financial, Brian became President of Cannon Power in San Diego CA which operated over 700 turbines installed mostly in the late 1980s. He managed a staff of over fifty people involved in developing, constructing, operating and maintaining projects in California and Internationally. In 1996, Brian left Cannon when its Italian business was split off and became co-founder and Managing Director of UPC International Partnership CV II. Mr Caffyn moved to Italy and managed the build-out of UPC’s Italian business. In 2000 he and Peter Gish established what was to become a highly successful wind venture in the US – UPC Wind Partners (now FirstWind) where Brian served for the initial three years as CEO and over seven years as Chairman and remains on the Board. Brian has successfully completed some of the largest wind energy projects. Companies formed by Mr. Caffyn have over the last 14 years installed over 1,000 turbines representing over 2,000MW of operating or in construction wind energy projects. He has a Bachelors degree in Finance and Quantitative Methods from Babson College. Mr. Caffyn was an investor in and served as Chairman of Solar Integrated Technologies (a solar BIPV manufacturer) when it was an AIM listed company. Mr Caffyn has formed solar development companies in the US, Canada and the US and owes a number of solar projects.
Peter A. Gish
Peter served as the Corporate and Project Counsel for UPC International Partnership CV II in Europe from 1997 completing several of the largest wind project financings globally prior to co-founding UPC Wind Partners, the US arm of UPC’s operations. Peter has extensive experience in the acquisition, development, financing and operation of wind parks in North America, North Africa and Europe. He has published several articles on wind power financing, given testimony before the House Judicial Committee, Subcommittee on Commercial and Administrative Law, and has assisted in the development of state legislation in support of renewable energy. He is a member of the Massachusetts and Connecticut Bars and serves on the steering committee of the National Wind Coordinating Committee. He has a Bachelors Degree in Religion (Magna Cum Laude) from Dartmouth College, Juris Doctor Degree (Cum Laude) from Boston College Law School, and Masters of Arts in Jurisprudence (Honors) from Oxford University.
R. Mark Instance
Mark joined Clifford Chance in 1985 and worked as a lawyer specialising in large international structured finance transactions, such as acquisition financing and the first securitisation transactions in Europe and Australasia as well as debt capital markets. He joined Clifford Chance’s Madrid office in 1990 and opened and managed their Barcelona office in 1993 working on transactions that introduced techniques such as securitisation and project finance to Spain. In 1995 he moved to work in the Italian offices and developed a highly successful practice in Milan running the banking and structured finance group. Mark advised both banks and corporations on some of the largest acquisition financings and telecoms and energy project financings in Italy, including advising the IVPC wind farms from inception, until he joined UPC International Partnership CVII, owner of IVPC, as Global Counsel in 2003 where he remained until co-founding UPC Renewables. He is qualified as a solicitor in England and Wales and an Avvocato in Italy and is a member of the Milan Bar. He has a Bachelors Degree (Honors) and a Masters Degree (Honors) in Juris prudence from Oxford University.
David Sutton
David started his career in the investment banking division of the Barclays Group in project and structured finance with assignments in Johannesburg, Sydney, Hong Kong and London. In 1994 he joined GE Capital in Singapore and moved back to London in 1997 to take responsibility for GE Capital's structured finance advisory activities for Europe and Asia.
In 2002 he co-founded EFA, a boutique financial advisory firm focused on raising capital for renewable energy projects. Among other mandates, David led the advisory team, which arranged the financing for UPC’s IVPC 2000 project - the first non-recourse financing for an un-contracted green certificate wind project. In 2005, EFA led the restructuring, monetization and sale of UPC’s wind projects in Italy using a range of innovative financing techniques. He has a Bachelors Degree (Honors) in Economic History from Exeter University. David is based in Manila on a full time basis.
UPC China:
http://investing.businessweek.com/research/stocks/private/people.asp?privcapId=98562707
=========================================================================================
Here are a couple of items I am currently watching...
Liberty Global Underperforms - Analyst Blog
http://community.nasdaq.com/News/2012-08/liberty-global-underperforms-analyst-blog.aspx?storyid=161321
[snip]
Segment Results
Revenue from total UPC Broadband division was $1,694.7 million, up 8.4% year over year. Within this segment, revenue from Western Europe was $1,391.4 million, up 12% year over year. Revenue from Central and Eastern Europe was $275 million, down 4.8% year over year. Revenue from Central and other operation was $28.3 million, down 10.2% year over year.
China Wind Power Explains Delay in Filing Annual Financial Statements
http://www.sys-con.com/node/2324255
http://blogs.wickedlocal.com/massmarkets/2012/08/06/boston-based-wind-farm-developer-faces-new-challenge-as-it-tries-to-solve-mystery-of-hawaii-fire/#axzz22wzk3xks
[snip]
A plume of toxic smoke is one of the last things I would expect to see at a wind farm. Unfortunately for a Boston-based wind farm developer, that’s exactly what neighbors of the Kahuku wind farm in Hawaii got to see after a battery-filled warehouse went up in flames last week.
First Wind spokesman John Lamontagne tells me the company is working with Xtreme Power, the battery manufacturer, to figure out what caused last week’s fire on Oahu’s north shore. No one was injured in the blaze, although the local news media quoted a number of people expressing concerns about the hazardous smoke and the possibility of similar incidents in the future.
General Electric Com (NYSE:GE): Yesterday, the Senate Finance Committee voted for the extension of a tax credit for wind energy producers until 2013′s end, reports The New York Times. The tax credit, which was set for expiration at the end of this year, is predicted to save wind energy producers $3.3 billion next year, the publication added. The shares closed at $20.96, up $0.44 or 2.14% on the day. They have traded in a 52-week range of $14.02 to $21.00.
[Note: the next bit is part of the UPC family of companies.]
Liberty Global (NASDAQ:LBTYA) UPC Holding Q2 revenue rose 6 percent to EUR1.05 billion, a 2 percent increase. The shares closed at $54.21, up $1.53 or 2.9% on the day. They have traded in a 52-week range of $32.06 to $53.49.
http://thehill.com/blogs/e2-wire/e2-wire/242821-obama-aide-calls-wind-tax-credit-fight-huge-in-colorado
Note: First Wind/UPC/IVPC etc, started our as EVERGREEN WIND. The Chairman of N/F Evergreen/First Wind et.al. is Jim Mogg, who just so happens to reside in... EVERGREEN COLORADO.
http://wattsupwiththat.com/2012/08/15/newly-declassified-document-from-inspector-general-u-s-climate-change-spending-abroad-is-a-mess/
The audit report, issued last month by the State Department’s Office of the Inspector General (OIG), casts an unflattering spotlight on a relatively obscure branch of the State Department that supervises climate change spending, and depicts it as over-extended in its responsibilities, unstaffed in critical monitoring posts, and more concerned with spending money than in monitoring its effectiveness.
…
According to a State Department website, the U.S. has contributed some $5.1 billion in climate change funding to developing countries in 2010 and 2011 alone, with additional money still pouring forth in 2012.
…
OIG looked at seven of 19 program grants totaling $34 million, and discovered they contained no specific plans for monitoring the results. As the report demurely noted, “Without comprehensive monitoring of grants, the department may not always have reasonable assurance that federal funds were spent in accordance with the grant award; that the grant recipient performed program activities as dictated in the grant award; and that the program’s indicators, goals and objectives were achieved.”
So-called grant oversight officers whose responsibilities included developing the monitoring plans, also failed to provide written reviews of compliance with State Department reporting standards, along with a variety of other financial procedures. In some cases, there apparently weren’t enough oversight officers to go around; when three left their jobs, OIG found evidence that only one was replaced.
Oversight officers apparently didn’t do a lot of overseeing. The OIG discovered that actual visits to climate change sites were rare, and when they occurred, not much effort went into examining the actual paperwork involved. In one series of Indian cases examined by OIG, the officers’ reports “typically summarized meetings held with grantee officials where only the statuses of the programs were discussed.”
Requirements that grant recipients submit quarterly financial statements were apparently ignored, even though procedures called for cutoffs if the statements were not provided. The report cites an unnamed recipient in Hyderabad, India, who got two separate grants totaling $1.1 million: funding continued to be doled out throughout the project, even though the reporting requirements were completely ignored. And in other cases, even when quarterly reports were received, they were often flawed...
http://oig.state.gov/documents/organization/195671.pdf
http://www.courthousenews.com/2012/06/04/47082.htm
[snip]
Xtreme Power Solutions seeks damages from Synapower and for breach of implied and express warranty, negligence and breach of contract.
It is represented by W. Stephen Benesh of Bracewell & Giuliani in Austin.
Bracewell & Giuliani...
http://en.wikipedia.org/wiki/Bracewell_%26_Giuliani