We hope that today’s “IS IT TRUE” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way? Please take time and read our articles entitled “STATEHOUSE Files, CHANNEL 44 NEWS, LAW ENFORCEMENT, READERS POLL, BIRTHDAYS, HOT JOBS” and “LOCAL SPORTS”. You now are able to subscribe to get the CCO daily.If you would like to advertise on the CCO please contact us [email protected] LinkEmail IS IT TRUE that it looks like the deal between Deaconess Hospital-Evansville and Henderson Community Methodist Hospital/Union County Hospital is about ready to be consummated? …we give the officials at Deaconess Hospital-Evansville credit for making one heck of a savvy business deal between the two area hospitals? … we are told that the quality of healthcare in the Henderson area should dramatically improve after the merger of services during the next several months? …that the CCO recently questioned the terms and conditions of the business transactions between both hospitals? … it’s now obvious that Henderson Community Methodist Hospital has to do something quickly in order to keep the doors opened and pay their current bills? …we wish both hospitals the best in the future and hope that the citizens of Henderson, Kentucky area will continue receiving up-to-date and affordable healthcare?IS IT TRUE we’ve been told that the e-mail that local Realtor Stacy Stevens GRI, CRS, SRES sent to City Council members concerning the proposed noise ordinance really insulted members of Council? …we wouldn’t be surprised that an attempt to make sure that Ms. Stevens won’t be re-appointed to Area Plan Commission could be in the making?IS IT TRUE it looks like the former Evansville Mayor and current Ivy Tech Chancellor Jonathon Wienzapfel meddling in state and local politics may be over with? …it was recently publicized that Mr. Wienzapfel was helping to host a political fundraising event for a local and statewide candidate? …we were told that Chancellor Wienzapfel current employer told him to withdraw from being a sponsor of the two political fundraising events? …we are told that Chancellor Wienzapfel is now spending his time educating students at Ivy Tech and not being a “political kingmaker”?IS IT TRUE on the corner of the Lloyd Expressway and Fielding Road plans to build an IGA Convenience Store and Gas station has hit a snag? … that the Area Plan Commission voted against this questionable project and members the Evansville City Council and upstaged them by voting to approve this controversial project across from Harrison High School? …even afterward the residents voiced serious concerns about this project City Council still approved it anyway?IS IT TRUE like a thief in the night the original plans for the IGA Convenience Store and Gas station were changed without giving proper notice to the adjoining property owners or City Council members? …it looks like the project developer may have discreetly changed the route of the access road of Fielding Manor Court, without any discussion with the adjoining property owners?IS IT TRUE that this project has gone through many phases? … step #1 was to rezone the property to meet the County’s zoning regulations? …step #2 was that the Area Plan Commission voted 7-3 against the rezoning, with two abstentions?IS IT TRUE that step #3 the rezoning request was forwarded to City Council for a final vote and passed by a 6-3 vote in favor of the rezoning? …the 6-3 vote made by City Council ensures that this decision can’t be vetoed by the Mayor?IS IT TRUE that step #4 allowed the City Engineer’s office to begin the lengthy oversite with local, county and state departments in reviewing and approving reasonable options for access along Fielding Road and developing the best possible solution for safety and mobility?IS IT TRUE that it’s obvious that either a staff member of Area Plan or State officials errored in allowing the project developer to amend the site plans without contacting City Council or adjoining property owners?IS IT TRUE we would like to thank State Representative Wendy McNamara for providing information to the City-County Observer concerning the current happenings at the State House?IS IT TRUE we wonder if anybody has heard from the Democrat who is running for the United States House of Representatives seat against Congressman Larry Bucshon?IS IT TRUE last Friday was officially the last day for former CVB Executive Director, Bob Warren? … Mr. Warrens staff had a going away lunch for him and he left town right afterward? ….that former CVB Executive Director Warren did some good things to improve tourism during his last 6 years in Evansville? …we are told that Mr. Warren may also be remembered as the man who used taxpayers dollars to buy a “ROASTED PIG” for the CVB Christmas party? …we wish him well during his retirement?Todays “Readers Poll” question is: Do you feel that changing the route of the access road to Fielding Manor Court, without any discussion with the adjoining property owners was inappropriate? IS IT TRUE we are told that the Vanderburgh County Commission candidate Jeff Hatfield has raised a whopping $90,000 plus during the first month of his campaign? …were also told that we shouldn’t be surprised to hear that Mr. Hatfield’s campaign war chest will go over the $100,000 mark by the end of this month?
Exports of Irish bakery products increased by more than 20% in 2009 despite difficult market conditions.Bord Bía (Irish Food Board) told British Baker it estimated that bakery exports were worth E30.84m (£27m) for 2009 compared to E25.7m (£22.5m) in 2008. Products showing growth potential were morning goods (muffins), rolls and innovative breads (e.g. seeded breads). Key markets were the UK, which takes 80% of total exports, followed by the US and Denmark. Much product for export is par-baked.Exports were helped by increased capacity in Ireland, according to Bord Bía in its Performance and Prospects 2009/2010 report. While Bord Bía could not comment on individual companies, industry sources said Aryzta (Cuisine de France’s) new facility, at Grangecastle in Dublin, with an investment of around E195m (£171m), was one of the most efficient and modern of its kind in Europe.Bakery product exports bucked an otherwise downward trend. Overall food exports to the UK were down by 15% or E400m (£351m). A key factor was the decline in sterling against the euro. Bord Bía told British Baker that, in 2010, it expected the market environment to remain difficult.
On Saturday night, Tame Impala made its first-ever appearance as the musical guest on Saturday Night Live. For the Kevin Parker-led psych-rock outfit’s debut on SNL, they delivered a live rendition of recently released single, “Patience”, and unveiled yet another new song, “Borderline”.With the stage awash in characteristic Tame Impala liquid light projections, Parker and company delivered a soothing, swirling performance of the nostalgic new “Patience”. Released late last week, “Patience” marked Tame Impala’s first new track since 2015. As the band noted in a press release announcing the release of the track,“Patience” is a mid-tempo chugger of 70’s disco and 90’s house, stoned on the house-made Tame Impala lysergic liquor. A jubilant, confident cut of elegant piano jabs, driving disco drums and Parker’s inimitable vocal style. The track is a lyrical meditation on life’s cycles and phases that ascends to an overwhelmingly blissed out zenith, as our protagonist makes peace with the transience of time. It’s a potent hint at the infinite possibilities for future Tame Impala.Check out the live debut of “Patience” on Saturday Night Live below:Tame Impala – “Patience” – SNL[Video: Saturday Night Live]With their only “new” song already out of the way, it was anyone’s guess as to what the band would do with their second performance slot of the night. Parker answered that burning question by queueing up a never-before-heard new song, “Borderline”. Whereas “Patience” is a watery sonic breeze, “Borderline” comes in with a more pronounced, danceable backbeat. While it comes across with a decidedly different vibe, “Borderline” shares some similar sonics with “Patience”, with ethereal psychedelic elements popping up throughout to augment Parker’s spectral vocals. It’s equally as likely to get caught in your head—the mark of yet another great new Tame Impala track. Here’s hoping there’s more on the way. Listen to the debut of “Borderline” below:Tame Impala – “Borderline” [Debut] – SNL[Video: Saturday Night Live]See below for a list of Tame Impala’s upcoming dates. For more information, head here.Tame Impala 2019 Tour DatesApril 13 – Indio, CA – Coachella Valley Music & Arts FestivalApril 20 – Indio, CA – Coachella Valley Music & Arts FestivalMay 2 – Nashville, TN – Ascend AmphitheatreMay 3 – Asheville, NC – ExploreAsheville.com ArenaMay 5 – Atlanta, GA – Shaky Knees Music FestivalMay 6 – St. Augustine, FL – St. Augustine AmphitheaterMay 11 – Miami Beach, FL – Fillmore Miami Beach at the Jackie Gleason TheaterMay 11 – Guadalajara, Mexico – Corona Capital FestivalMay 25 – Boston, MA – Boston Calling FestivalMay 31 – Barcelona, Spain – Primavera SoundJun 1 – Paris, France – We Love Green FestivalJun 5 – Gothenberg, Sweden – GardenJun 6 – Aarhus, Denmark – NorthSideJun 21 – Sheebel, Germany – Hurricane FestivalJun 22 – Neuhausen ob Eck, Germany – Southside FestivalJun 26 – Pilton, England – GlastonburyJuly 27-28 – Detroit, MI – Mo Pop FestivalAug 1-4 – Chicago, IL – LollapaloozaAug 9 – Helsinki, Finland – Flow FestivalAug 14 – Hasselt, Belgium – PukkelpopAug 15 – Rennes, France – La Route Du RockAug 16 – Walibi Holland, Netherlands – Lowlands FestivalView Upcoming Tour Dates
Rain and cool temperatures didn’t dissuade a crowd of hundreds from gathering under a white tent just off Brattle Street on Friday for the annual post-Commencement celebration, luncheon, and reunion known as Radcliffe Day.The event honors an individual who has had “a transformative impact on society.” Past honorees include Justice Ruth Bader Ginsburg, Federal Reserve chair Janet Yellen, Massachusetts Chief Justice Margaret Marshall, and actress Jane Alexander. But this year was different, with recognition for two people — journalists whose work literally changed the face of the industry in the United States.Judy Woodruff and the late Gwen Ifill were awarded the Radcliffe Medal for their commitment to groundbreaking journalism and for shattering the broadcast news industry’s glass ceiling. In 2013, the pair became the first women to lead a network newscast when they took the helm of “PBS NewsHour” as both co-anchors and co-managing editors of the broadcast.“In covering news they made news,” said Lizabeth Cohen, dean of the Radcliffe Institute for Advanced Study. “Judy and Gwen weren’t just a stellar team of journalists with decades of combined experience on camera and in print. They became part of the history of American journalism.”Ifill died in November at 61 after a yearlong battle with cancer.As part of the afternoon ceremonies, Woodruff recalled her colleague and friend during a discussion with Walter Isaacson ’74, biographer of Einstein, Steve Jobs, and others, and CEO of the Aspen Institute. Soon after learning they would be sharing the anchor desk, the two reporters had a series of meetings. Woodruff said she quickly realized that “I was in the presence of someone who was emblematic of the kind of journalism I believed in.”Ifill was a reporter obsessed with facts and finding the truth, a mentor who loved helping the next generation of journalists, and a devoted colleague “fearless in the way she talked about the kind of stories we were going to do,” and unafraid to share her opinion when a story seemed less than worthy.“Gwen would be the one to say, ‘You know, that’s really a terrible idea, and here’s why.’”Woodruff started out as a news anchor at a CBS affiliate in Atlanta in 1970. Her career has included stints at NBC News, CNN, and PBS, where she previously worked as a senior correspondent on “The NewsHour with Jim Lehrer” and substitute anchor. She also hosts a weekly program for Bloomberg Television.Woodruff said she and Ifill understood they were custodians of a broadcast dedicated to analyzing, clarifying, and “bringing light and not heat” to important topics. When it comes to the current state of the news media, more needs to be done, she said, to reach broad sections of the country poorly represented in the mainstream press. Networks need to promote more women into management positions, and to reach more young viewers by meeting them “where they are.” Newsrooms need to recruit young journalists from across the country, not just Washington and New York, she added.Without diversity in the newsroom, said Woodruff, “we are not doing our job.”The daughter of Caribbean immigrants, Ifill was drawn to journalism starting in her youth in the 1960s. It was work that could help her make sense of turbulent times, she told an interviewer in 2011. “I was very conscious of the world being this very crazed place that demanded explanation,” Ifill said in a conversation with the Archive of American Television.A graduate of Simmons College, where she studied communication, Ifill began her journalism career at the Boston Herald American. She became a reporter covering politics for The Evening Sun in Baltimore in 1981. After stints at The Washington Post and The New York Times, she made the jump to television in 1994, first to NBC and then to PBS, where she moderated the news and public affairs program “Washington Week.”In morning remarks, New York Times columnist David Brooks remembered Ifill’s smile, her tenacity, and her humanity.Brooks said Ifill was “at the end of the spectrum on toughness and resilience, but she’s also at the end of the spectrum on kindness.”Journalist and author Michele Norris accepted the Radcliffe Medal on behalf of Ifill. Her friend was a tough questioner who could spot trends before anyone else, and an exacting journalist who wasn’t afraid to push the boundaries with her work, said Norris. She was also a devoted friend whose compassion was absolute. Ifill, she said, often “knew what you needed before you knew what you needed.”In a morning discussion moderated by Ann Marie Lipinski, curator of the Nieman Foundation for Journalism, panelists agreed that growing distrust of mainstream media in combination with more attention for “fake news” is a dismaying trend.Conservative columnist and senior editor at the National Review Jonah Goldberg sees a need to turn young audiences from “The Daily Show” and other satirical programs, where many say they get their main news, toward more straightforward outlets.“We have to figure out how to better train young people to want good news and good journalism, because as it stands right now, a lot of them don’t.”Danielle Allen, James Bryant Conant University Professor and director of Harvard’s Edmond J. Safra Center for Ethics, suggested targeting an even younger crowd.“One of the most painful victims of our polarization has been social studies education” for grades K-12, she said.For the past 15 years less time has been spent on social studies curricula in schools, in large part due to a lack of standards, she said, “because as a society we couldn’t agree on how American history should be taught. Is it a triumphalist story of America’s continually breaking through one frontier barrier after another, achieving greatness? Or is it a story that is dragged down by the history of slavery and genocide of Native Americans?“There’s a way to talk about both parts of the story together. We have not found a way to do that politically. And so paradoxically, I think rebuilding civic education such that young people can have the tools to process the media, to be the kind of market for high-quality media that we need, actually requires the grownups … to be able to tell a shared history.”
STEP 1—SELECT: Visit Culturalist to see all of your options. Highlight your 10 favorites and click the “continue” button. STEP 2—RANK: Reorder your 10 choices by dragging them into the correct spot on your list. Click the “continue” button. Pick your favorites, then tune in for the results on the next episode of The Broadway.com Show! Last week, after the news that Bruce Willis will make his Broadway debut in Misery, we asked you to rank the Stephen King books you’d love to see adapted for the Great White Way. The results are in, and the eerie thriller The Shining came out on top. This week, Andrew Lloyd Webber is celebrating his 67th birthday—so we want to know: Which of the legendary composer’s celebrated musicals is the best of all time? Broadway.com Editor-in-Chief Paul Wontorek posted his list of top 10 picks here! STEP 3—PREVIEW: You will now see your complete top 10 list. If you like it, click the “publish” button. (If you don’t have a Culturalist account yet, you will be asked to create one at this point.) The Broadway.com staff is crazy for Culturalist, the fun site that lets you choose and rank your own top 10 lists. Each week, we’re challenging you with a new Broadway-themed topic to rank—we’ll announce the most popular choices on the new episode of The Broadway.com Show every Wednesday. Once your list is published, you can see the overall rankings of everyone on the aggregate list. View Comments
44,476 45,841 (3.0)% Table 1: Consolidated Earnings ‘ Reconciliation of GAAP to Non-GAAP Measures Second Quarter and Year-to-Date 2011 vs. 2010 (Per share in U.S. $) Table 5: Entergy Wholesale Commodities’ Operational Performance Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E for definitio ns of measures) 2011 2010 Change 2011 2010 Change As-Reported Earnings 1.76 1.65 0.11 3.14 2.77 0.37 Changes detailed above – 29 2011 2010 Change 2011 2010 Change As-Reported Second Quarter Year-to-Date Increased preferred dividend requirements 30 – Unit-contingent 76% 59% 36% 14% 12% Unit-contingent with availability guarantees 20% 14% 16% 13% 13% Firm LD 3% 24% 24% 8% ‘% Offsetting positions (3)% (10)% ‘% ‘% ‘% Total energy sold forward 96% 87% 76% 35% 25% Average revenue under contract per MWh (c) (d) $54 $49 $45 – 51 $49 – 55 $49 – 57 Total Sales 26,717 25,922 3.1% Adjustment to normalize weather Second Quarter Year-to-Date O&M expense per MWh $19.09 $19.21 (0.6)% Parent & Other · Increased Parent non-fuel operation and maintenance expense due primarily to the offset of lower intercompany employee stock option expense at Utility · Higher Parent interest expense due to $1 billion permanent debt issued in September 2010, with proceeds used to pay down lower-cost revolving credit facility · Increased preferred dividend requirements largely due to affiliate dividend income at Utility described above · Accretion / other includes the effect of 2010 share repurchases and lower effective income tax rate in 2011 Increased Parent interest expense Vermont Yankee – 29 Increased depreciation expense on nuclear assets Less Special Items 0.45 Balance of 2011 2012 2013 2014 2015 Energy IV. Parent & Other Table 2: Consolidated Earnings ‘ Reconciliation of GAAP to Non-GAAP Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E for definitions of certain measures) (Per share in U.S. $) (0.10) Detailed earnings variance analysis is included in Appendix A-1 and Appendix A-2 to this release. In addition, Appendix A-3 provides details of special items shown in Table 2 above. Consolidated Net Cash Flow Provided by Operating Activities Key assumptions supporting 2011 earnings guidance are as follows: Northstar Vermont Yankee,Entergy Corporation (NYSE: ETR) reported second quarter 2011 earnings of $1.76 per share on as-reported and operational bases versus $1.65 for the second quarter of 2010. A far-flung energy company based in New Orleans, Entergy owns the Vermont Yankee nuclear power station in Vernon, Vermont. Bundled capacity and energy contracts 26% 18% 16% 16% 16% Capacity contracts 33% 30% 26% 25% 11% Total capacity sold forward 59% 48% 42% 41% 27% Average capacity contract price per kW per month $2.4 $2.9 $3.2 $3.1 $2.9 Table 3: Consolidated Net Cash Flow Provided by Operating Activities Second Quarter and Year-to-Date 2011 vs. 2010 (U.S. $ in millions) Earnings guidance for 2011 should be considered in association with earnings sensitivities as shown in Table 8. These sensitivities illustrate the estimated change in operational earnings resulting from changes in various revenue and expense drivers. Traditionally, the most significant variables for earnings drivers are utility sales for Utility and energy prices for Entergy Wholesale Commodities. Estimated annual impacts shown in Table 8 are intended to be indicative rather than precise guidance. Percent of planned energy and capacity sold forward 96% 87% 74% 37% 25% Average contract revenue per MWh (c) (d) $55 $51 $49 $54 $56 Second Quarter Year-to-Date Table 6: Entergy Wholesale Commodities’ Capacity and Generation Projected Sold Forward Third Quarter 2011 through 2015 (see Appendix E for definitions of measures) (0.35) Electricity usage, in gigawatt-hour sales by customer segment, is included in Table 4. Current quarter sales reflect the following: Weather Impact 0.18 0.09 0.09 0.28 0.26 0.02 353,662 350,313 1.0% Increased other income Lower effective income tax rate Entergy Wholesale Commodities 2010 Operational Earnings per Share 3.13 Table 7: 2011 Earnings Per Share Guidance ‘ As-Reported and Operational (Per share in U.S. $) ‘ Prepared October 2010 (e) Decreased net revenue from nuclear assets due to lower pricing net of higher volume Parent & Other reported as-reported and operational earnings of $0.01 per share in second quarter 2011 compared to a loss of $(0.08) per share on an as-reported basis and $(0.10) per share on an operational basis in the second quarter of 2010. Lower income tax expense on Parent & Other activities was the primary factor driving results for the quarter. Income tax expense was lower due to reversal of a tax reserve. (0.62) · All Utility operating companies filed reports with retail regulators outlining expected benefits of joining MISO. · Entergy Wholesale Commodities announced the sale to Con Edison of 500 MWs of unit and license renewal contingent energy and firm capacity from the Indian Point Energy Center for a five year term beginning in 2013. · The New York Public Service Commission issued an order resolving the Show Cause proceeding related to notification requirements. · Entergy announced that the company’s board of directors voted to approve the fabrication of fuel and the refueling of the Vermont Yankee nuclear power plant in October. Expected Change 2011 Guidance Midpoint 2011 Guidance Range – 33 0.20 I. Consolidated Results Entergy’s business highlights include the following: Subtotal 4.33 0.37 4.70 (0.05) Operational (a) Second quarter and year-to-date periods in 2010 exclude the effect of the special item for non-utility nuclear spin-off expenses.Table 6 provides capacity and generation sold forward projections for Entergy Wholesale Commodities. III. Entergy Wholesale Commodities Utility · Normal weather · Retail sales growth of around 2 percent on a weather-adjusted basis; around 1 percent on a normalized basis excluding the effects of industrial expansion and cogen loss · Increased revenue associated with rate actions · Decreased non-fuel operation and maintenance expense resulting largely from lower compensation and benefits costs (including lower expense associated with employee stock options, which is offset in Parent & Other) · Increased depreciation expense associated with capital spending at the Utility, partially offset by new depreciation rates established in the Entergy Arkansas rate case effective July 2010 · Increased other income largely due to affiliate dividend income arising out of the use of proceeds from storm cost financings in Louisiana, offset at Parent & Other · Lower effective income tax rate in 2011 · Accretion / other primarily driven by the effect of 2010 share repurchases Table 4: Utility Operational Performance Measures Second Quarter and Year-to-Date 2011 vs. 2010 (see Appendix E for definitions of measures) Entergy Wholesale Commodities · 41 TWh of total output for the EWC nuclear fleet, reflecting an approximate 93 percent capacity factor, including 30 day refueling outages at Pilgrim and Indian Point 3 in Spring 2011 and Vermont Yankee in Fall 2011 · 95 percent of energy sold under existing contracts and 5 percent sold into the spot market for the EWC nuclear fleet · $53/MWh average energy contract price and $40/MWh average unsold energy price based on published market prices at the end of September 2010 for the EWC nuclear fleet; average energy price for unsold volume based on prices as of the end of June 2011 is around $45/MWh · $3.0/kW-month average capacity contract price and $1.2/kW-month average unsold capacity price based on published market prices at the end of September 2010 for the EWC nuclear fleet; average capacity price for unsold volume based on prices as of the end of June 2011 is approximately $0.4/kW-month · Increased nuclear fuel expense reflected in net revenue · Non-fuel operation and maintenance expense for nuclear operations, including refueling outage expense and purchased power, around $25/MWh reflecting slightly higher compensation and benefits costs due in part to a long-term workforce planning initiative and other general expense increases, offset by the absence of spending associated with remediation of the tritium leak at Vermont Yankee and the write-off of capitalized engineering costs associated with a potential uprate project in 2010 · Increased depreciation expense on nuclear assets associated with capital spending · Higher effective income tax rate in 2011 · Flat year-over-year results for the balance of EWC’s business, consisting primarily of the non-nuclear generation portfolio · Accretion / other including the effect of 2010 share repurchases Utility 1.39 1.18 0.21 2.30 1.91 0.39 Entergy Wholesale Commodities 0.36 0.55 (0.19) 1.04 1.01 0.03 Parent & Other 0.01 (0.08) 0.09 (0.20) (0.15) (0.05) Consolidated As-Reported Earnings 1.76 1.65 0.11 3.14 2.77 0.37 2011 2010 % Change 2011 2010 % Change Owned Capacity 6,016 6,351 (5.3)% 6,016 6,351 (5.3)% GWh billed 10,652 10,498 1.5% 21,171 21,626 (2.1)% Average realized price per MWh $52.32 $58.15 (10.0)% $54.64 $58.23 (6.2)% Non-fuel O&M expense/purchased power per MWh (a) $26.87 $26.93 (0.2)% $25.91 $25.37 2.1% 0.44 Second Quarter Year-to-Date ‘The Utility business continued on track to achieve its asset portfolio objectives with regulatory filings for a new 550-megawatt combined-cycle gas-fired unit at our Ninemile Point plant site and the pending acquisitions of the 620-megawatt Hot Spring and 450-megawatt Hinds existing combined-cycle plants,’ said J. Wayne Leonard, Entergy’s chairman and chief executive officer . ‘These highly efficient facilities will provide reliable, low-cost energy to serve the growing needs of our customers while reducing the overall consumption of fossil fuels. At Entergy Wholesale Commodities, license renewal efforts continued. We also announced that we will proceed with the 29th refueling outage at Vermont Yankee following a careful review of the merits of our case and the record from the most recent hearing in Federal District Court. Number of retail customers Increased Parent non-fuel operation and maintenance expense Entergy will host a teleconference to discuss this release at 10 a.m. CT on Tuesday, August 2, 2011, with access by telephone, (719) 457-2080, confirmation code 8424061. The call and presentation slides can also be accessed via Entergy’s website at www.entergy.com(link is external). A replay of the teleconference will be available through August 9, 2011, by dialing (719) 457-0820, confirmation code 8424061. The replay will also be available on Entergy’s website at www.entergy.com(link is external) . Palisades – – Operational Earnings 1.76 1.71 0.05 3.14 3.03 0.11 Accretion / other 25 – Indian Point 2 – 11 (0.10) $18.49 $18.24 1.4% In second quarter 2011, Utility’s as-reported and operational earnings were $1.39 per share compared to $1.18 per share on the same bases in second quarter 2010. Earnings for the Utility in the current quarter reflect higher net revenue due to increased sales volume, including the effects of significantly warmer-than-normal weather, and the net effect of rate adjustments at Entergy Arkansas, Entergy Texas and Entergy New Orleans. Lower interest expense resulting from refinancing of long-term debt at lower interest rates as well as the absence of an interest charge recorded on a fuel audit refund in 2010 also contributed to the Utility’s earnings increase. 2010 special items for non-utility nuclear spin-off expenses II. Utility Table 5 provides a comparative summary of Entergy Wholesale Commodities’ operational performance measures. 53,254 52,681 1.1% Planned net MW in operation (b) 4,998 4,998 4,998 4,998 4,998 Percent of capacity sold forward Industrial Blended Capacity and Energy Recap (based on revenues) Accretion / other Subtotal (0.36) (0.34) (0.70) Utility – – – – – – Entergy Wholesale Commodities – (0.08) 0.08 – (0.36) 0.36 Parent & Other – 0.02 (0.02) – 0.10 (0.10) Consolidated Special Items – (0.06) 0.06 – (0.26) 0.26 (0.10) Retail sales growth was positive for the quarter at 2.9 percent, or 1.1 percent on a weather-adjusted basis. Results were mixed across the jurisdictions. Entergy Texas produced the strongest sales growth, including a 15.1 percent increase in industrial sales due largely to expansions. Entergy Arkansas sales were down slightly compared to the same period a year ago with a decrease in industrial sales. Residential sales increased 3.7 percent as compared to the second quarter of 2010, but were slightly below last year on a weather-adjusted basis, reflecting an increase in the number of customers but a decrease in the usage per customer. Industrial sales growth leveled off somewhat after significant growth since the beginning of 2010. Entergy’s service territory continues to benefit from expansions, while there has been some pullback in the paper and wood segments and small industrials. Entergy affirmed its 2011 earnings guidance in the range of $6.35 to $6.85 per share on both as-reported and operational bases. Year-over-year changes are shown as point estimates and are applied to 2010 earnings to compute the 2011 guidance midpoint. Drivers for the 2011 guidance range are listed separately. Because there is a range of possible outcomes associated with each earnings driver, a range is applied to the guidance midpoint to produce Entergy’s guidance range. The 2011 earnings guidance is detailed in Table 7 below. Table 2 provides a comparative summary of consolidated earnings per share for second quarter and year-to-date 2011 versus 2010, including a reconciliation of GAAP as-reported earnings to non-GAAP operational earnings. Utility’s earnings increased quarter-over-quarter as a result of higher net revenue due to increased retail sales volume as well as pricing adjustments from previous rate actions. Lower interest expense also contributed to the higher Utility earnings. Entergy Wholesale Commodities’ second quarter 2011 operational earnings were lower than the same quarter last year as a result of lower net revenue due primarily to lower pricing. Also contributing to the lower operational results at Entergy Wholesale Commodities was a higher effective income tax rate. Parent and Other’s operational results increased in the current period compared to a year ago due primarily to lower income tax expense on Parent & Other activities. Entergy’s results for the current period also reflect the positive effect of accretion associated with the company’s share repurchase programs. Segment Description of Drivers 2010 Earnings per Share · Decreased deferred fuel cost collections · A reduction in Entergy Wholesale Commodities’ net revenue 0.10 2011 2010 % Change % Weather Adjusted 2011 2010 % Change % Weather Adjusted GWh billed Table 3 provides the components of net cash flow provided by operating activities contributed by each business with quarterly and year-to-date comparisons. ‘We continue to work with regulators to gain approval to join the MISO regional transmission organization that would stretch from Canada to the Gulf of Mexico,’ Leonard said. ‘Despite the various hurdles we still face to accomplish our major initiatives, we believe 2011 is shaping up to be a transformational year in achieving our corporate strategy.’ Share Repurchase Program · 2011 average fully diluted shares outstanding of approximately 180 million, assuming completion of the $750 million repurchase program in 2010; does not assume any repurchases under the incremental $500 million share repurchase authority approved by the Board of Directors in October 2010 Decreased non-fuel operation and maintenance expense Consolidated Earnings Increased depreciation expense Second Quarter Year-to-Date (b) Assumes successful license renewal at all plants. NRC license renewal applications are in process for three units (with current license expirations noted parenthetically): Pilgrim (6/8/2012), Indian Point 2 (9/28/2013), and Indian Point 3 (12/12/2015). In addition, two Entergy subsidiaries filed a complaint in federal court seeking declaratory and injunctive relief to prevent the state of Vermont from forcing Vermont Yankee to cease operation on March 21, 2012. (c) A portion of EWC’s total planned generation sold forward through March 2012 is associated with the Vermont Yankee contract, for which pricing may be adjusted. (d) Average revenue under contract may fluctuate due to factors including positive or negative basis differentials, option premiums and market prices at time of option expiration, costs to convert Firm LD to unit-contingent and other risk management costs. Also, average revenue under contract excludes payments owed under the value sharing agreement with the New York Power Authority. Entergy Wholesale Commodities earned $0.36 per share on as-reported and operational bases in second quarter 2011, compared to as-reported earnings of $0.55 per share and operational earnings of $0.63 per share in second quarter 2010. Entergy Wholesale Commodities’ operational earnings declined largely as a result of lower net revenue with decreased pricing. A higher effective income tax rate resulting from changes in Michigan tax law stemming from legislation enacted in May 2011 also contributed to the Entergy Wholesale Commodities’ earnings decline. (0.50) 0.15 Less Special Items – (0.06) 0.06 – (0.26) 0.26 0.19 Planned TWh of generation (b) 21 41 40 41 41 Percent of planned generation sold forward · Residential sales in second quarter 2011, on a weather-adjusted basis, decreased 0.5 percent compared to second quarter 2010. · Commercial and governmental sales, on a weather-adjusted basis, increased 0.3 percent quarter over quarter. · Industrial sales in the second quarter increased 2.8 percent compared to the same quarter of 2010. Residential 7,993 7,705 3.7% (0.5)% 17,034 17,350 (1.8)% 0.6% Commercial and governmental 7,548 7,384 2.2% 0.3% 14,580 14,448 0.9% (0.2)% Industrial 10,140 9,862 2.8% 2.8% 19,657 18,596 5.7% 5.7% Total Retail Sales 25,681 24,951 2.9% 1.1% 51,271 50,394 1.7% 2.3% Wholesale 1,036 971 6.7% Operational Earnings Highlights for Second Quarter 2011 Indian Point 3 7 – ‘ Higher effective income tax rate Appendix B provides information on selected pending local and federal regulatory cases. Flat non-fuel operation and maintenance expense for nuclear operations Commercial and governmental (0.10) EWC Nuclear Fleet Subtotal 3.13 (0.53) 2.60 – – 2011 2010 Change 2011 2010 Change Utility 507 577 (70) 640 993 (353) Entergy Wholesale Commodities 173 231 (58) 381 520 (139) Parent & Other (26) (14) (12) (44) (45) 1 Total Net Cash Flow Provided by Operating Activities 654 794 (140) 977 1,468 (491) Table 4 provides a comparative summary of the Utility’s operational performance measures. Utility 1.39 1.18 0.21 2.30 1.91 0.39 Entergy Wholesale Commodities 0.36 0.63 (0.27) 1.04 1.37 (0.33) Parent & Other 0.01 (0.10) 0.11 (0.20) (0.25) 0.05 Consolidated Operational Earnings 1.76 1.71 0.05 3.14 3.03 0.11 Weather Impact 0.18 0.09 0.09 0.28 0.26 0.02 Consolidated Operational 2011 Operational Earnings per Share Guidance Range 7.10 (0.50) 6.60 6.35 ‘ 6.85 · Utility’s results were higher due primarily to higher sales volume and pricing adjustments from previous rate actions, as well as lower interest expense. · Entergy Wholesale Commodities’ earnings declined as a result of lower net revenue primarily from lower pricing on the nuclear fleet as well as a higher effective income tax rate. · Parent & Other’s results were higher due to lower income tax expense on Parent & Other activities. Accretion / other Increased net revenue due to sales growth and rate actions (0.04) Residential 2,368,321 2,351,556 0.7% Consolidated As-Reported 2010 As-Reported Earnings per Share 6.66 Utility 2010 Operational Earnings per Share 4.33 Capacity 1,983 2,287 (13.3)% (0.03) 2011 As-Reported Earnings per Share Guidance Range 6.66 (0.06) 6.60 6.35 ‘ 6.85 (e) Updated February 2011 to reflect 2010 final results. Capacity factor 91% 90% 1.1% 91% 92% (1.1)% GWh billed 9,993 9,868 1.3% 19,906 20,123 (1.1)% Average realized price per MWh $52.38 $57.69 (9.2)% $54.91 $58.22 (5.7)% Production cost per MWh (a) $25.96 $24.40 6.4% $24.99 $24.05 3.9% Refueling outage days: (0.10) Pilgrim 25 – Parent & Other 2010 Operational Earnings per Share (0.36) V. 2011 Earnings Guidance Other · Overall effective income tax rate of 35 percent in 2011 · Pension discount rate of 6.1 percent (the final pension discount rate is 5.6 ‘ 5.7 percent) Entergy’s net cash flow provided by operating activities in second quarter 2011 was $654 million compared to $794 million in second quarter 2010. The overall quarterly decrease was due primarily to:
FacebookTwitterLinkedInEmailPrint分享Christopher Guinn for the Lakeland Ledger:A flaw built into Lakeland Electric’s McIntosh Unit 3 power plant 34 years ago could lead the utility to close the coal-burning workhorse depending on the cost to fix it, city officials said Tuesday.Of the generator’s 360 devices that limit individual electrical components’ exposure to overloads, 164 are considered underrated in the case of an extreme failure, a design flaw that has existed since the plant was constructed.In the case of a cataclysmic event, the devices could fail to disconnect an overloaded circuit, potentially causing connected components to catch fire or detonate and throw shrapnel.The utility’s engineers are working with an outside engineering firm to look for solutions to the problems, Lakeland Electric General Manager Joel Ivy said. Then, the utility and the City Commission will need to balance the cost of the fixes against the expected lifespan of the generator.“Everything’s fixable, but at what price?” Ivy said. “Right now we’re looking for the things we haven’t thought of, aside from replacing everything wholesale.”Unit 3 has been off as part of a scheduled outage for several weeks, but whether it is turned back on next month will depend on whether the utility can refit equipment or change operating procedures in a way to keep plant employees safe in the case of a cataclysmic event.Full article: Design flaw threatens Lakeland power plantOctober 2015 Report by IEEFA: Why This Coal-Fired Electric Plant in Florida Should Be Closed Design Flaw Threatens Lakeland Power Plant
U.K. offshore wind capacity pipeline tops 50GW FacebookTwitterLinkedInEmailPrint分享Greentech Media:The U.K. offshore wind pipeline has surpassed 50 gigawatts with the latest award of seabed rights revealed on Monday.The U.K. government is targeting 40 GW of installed capacity by 2030, with 10 GW already operational. Offshore wind will make a major contribution to its economywide 2050 net-zero target.In the first half of 2020, offshore wind provided 14 percent of the U.K.’s electricity, compared to 12 percent for onshore wind. Coal was down to 2.4 percent.The U.K. has the most ambitious offshore wind target in Europe, double that of Germany, helped by its vast coastlines and shallow waters.The existing 50 GW pipeline will need to deliver up another 30 GW of capacity to build on the 10 GW already in operation and hit its target. Beyond 2030, the government is consulting on other marine energy technologies, notably tidal stream and floating offshore wind. It’s looking to design support and a route to market to maximize each technology’s cost-reduction path and deployment potential.The U.K. is looking to add floating projects to its installed base in the years ahead in addition to the traditional bottom-fixed technology. The ScotWind seabed tender is the first to designate space for floating wind projects.[John Parnell]More: U.K. offshore wind pipeline passes 50GW
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