Tag: 扬州夜网梧桐客栈

Vermont Yankee owner Entergy pulls plug on spinoff Enexus

first_img5 6% compound annual earnings growth from 2010 through 2014 (2009 base) Entergy Nuclear Vermont Yankee’s parent company, Entergy Corporation of New Orleans (NYSE: ETR), announced this morning that it will no longer pursue a plan to spin off the Vernon nuclear power plant and five others in its fleet into a new company called Enexus. The plan took a serious blow on March 25 when New York state effectively denied Entergy’s application to do so. Entergy said it will take a $0.40 to $0.45 writeoff to cover costs to date. The decision by the New York Public Service Commission was based on a high debt load for the new company of about $3 billion. New York officials were also concerned by the tritium leak at the Vermont plant and by the management action in Vermont associated with its relicensing. The Indian Point plants in Westchester County, NY, produce over 2 gigawatts of power, while the Vermont Yankee plant produces about 620 megawatts. Local response was understated.Steve Costello of Central Vermont Public Service said, “This may simplify things given the negative impression of Enexus in Montpelier.” He emphasized the “may.”Dorothy Schnure of Green Mountain Power said, “We are pleased at the news that Energy has decided not to proceed with the spin off as this appeared to be a major issue for many Vermonters.”Shawn Shouldice, of Capital Connections, LLC in Montpelier, said “There is actually a strong case that could have been made that Vermont would have been better served by Enexus rather than Entergy because of sizable additional financial assurances that the Vermont Department of Public Service was able to negotiate.”She added, “To the extent that this issue was largely a distraction in Vermont Yankee s license renewal process, however, taking the issue off the table, makes it more likely that Vermont Yankee will be able to continue to provide the state with clean, competitively-priced, and abundant power until 2032. So you could say, we welcome the company s announcement this week.”Shouldice is a registered lobbyist whose clients include the Vermont Energy Partnership and the National Federation of Independent Business.Vermont Yankee and the other plants targeted for the spin off are all so-called merchant plants, meaning that they are not owned directly by a utility but sell power directly to the wholesale power market. CVPS and GMP are former owners of the plant. They relinquished their stakes in the plant as the then Vermont Yankee Nuclear Power Corporation was sold to Entergy in 2002.Entergy said in a statement that the action is effective immediately as it plans to unwind the business infrastructure associated with the proposed separate non-utility nuclear generation and nuclear services companies while it evaluates and works to preserve its legal rights. This action includes the proposed new company, Enexus, and the associated management company, EquaGen. Meanwhile, Entergy said it is thus able to boost its dividend to shareholders to 83 cents per share from 75 cents, its first increase since 2007.Given the potential for the legal process to continue for an extended period, Entergy made the decision to unwind the internal organizations created for Enexus Energy Corporation and EquaGen LLC to eliminate dis-synergies related to the spin-off and redirect its efforts into other strategies as soon as possible in 2010. As a result of this decision, Entergy outlined capital return plans as well as updated long-term financial outlooks consistent with the current business structure. We are pleased the Board took action to return cash to our owners who have been patient during this protracted period of uncertainty, said J. Wayne Leonard, Entergy s chairman and chief executive officer . While we do not have an order from the New York State Public Service Commission, we believe there are serious questions with regard to the basis for the Commission s March 25 th decision to reject the spin-off transaction given the dialogue at the Commission s meetings over the last few months and will preserve all of our legal rights. That being said, we will leave that to the attorneys to figure out. We are moving forward on the business side to create and capture value unrealized today. Our tested business model focuses on portfolio management and operational excellence. Entergy has produced significant value by executing consistent with a market-based point-of-view through multiple changes in strategic direction over the last 11 years; in fact the highest total shareholder return in the industry over that period. Going forward, we will continue to apply this business model supported by strong cash flows and disciplined risk management to advance our financial and business aspirations.Capital Return PlansIn fourth quarter 2009, Entergy Corporation s Board of Directors authorized a new $750 million share repurchase program supported by the underlying business operations whether or not the spin-off transaction was completed. The company expects to execute on this $750 million share repurchase authority. The amount of repurchases may vary as a result of material changes in business results or capital spending or new investment opportunities. Further, this past weekend, the Board declared a quarterly dividend of $0.83 per common share payable June 1 to stockholders of record on May 12, reflecting the first increase in its quarterly common stock dividend since July 2007.Financial ImplicationsIn connection with the business unwind, Entergy estimated a total potential charge could range from $0.40 to $0.45 per share to reflect the write-off of capitalized costs incurred to date and certain other costs to be recorded in accordance with generally accepted accounting principles. The charge would be reported as a special item. This charge also includes the previously identified special items for spin-off dis-synergies and expenses for outside services provided to pursue the spin-off in 2010. Entergy will immediately take steps to eliminate spin-off dis-synergies as soon as possible during 2010.Overarching Financial AspirationEntergy continues to aspire to deliver superior value to owners as measured by total shareholder return. The company believes top-quartile total shareholder returns are achieved by:·Operating the business with the highest expectations and standards,·Executing on earnings growth opportunities while managing commodity and other business risks,·Delivering returns at or above the risk-adjusted cost of capital for each initiative, project, business, etc.,·Maintaining credit quality and flexibility,·Deploying capital in a disciplined manner, whether for new investments, share repurchases, dividends or debt retirements and·Being disciplined as either a buyer or a seller consistent with the market or Entergy s proprietary point-of-view.Long-term Financial OutlookOver the next five years, Entergy believes it offers a competitive utility investment opportunity combined with a valuable option represented by a unique, clean, non-utility nuclear generation business located in attractive power markets. The expected current long-term financial outlook includes the following:Earnings:·Utility: 5 to 6 percent compound annual earnings growth over the 2010 2014 horizon (2009 base year).·Entergy Nuclear: Relatively constant Adjusted EBITDA 1 under current forward prices, plus option value related to the potential positive effects of an economic rebound on market heat rates, capacity markets and natural gas prices. Potential environmental legislation and regulation could also recognize the value of clean energy to society.·Corporate: Results will vary depending upon factors including future effective income tax and interest rates, the amount of share repurchases and the ability to achieve the targeted financial results for the non-nuclear wholesale assets business.Capital deployment:·A balanced capital investment / return program. Entergy continues to see productive investment opportunities at the Utility in the coming years, as well as an investment outlook at Entergy Nuclear that supports continued safe, secure and reliable operations and opportunistic investments. Entergy aspires to fund this capital program without issuing traditional common equity, while maintaining a competitive capital return program. Given the company s financial profile with a mix of utility and non-utility businesses, return of capital is expected to be provided similar to the past through a combination of common stock dividends and share repurchases. Absent other attractive investment opportunities, capital deployment through dividends and share repurchases could total as much as $5 billion over the next five years under the current long-term business outlook. The amount of share repurchases may vary as a result of material changes in business results or capital spending or new investment opportunities.Credit quality:·Strong liquidity.·Solid credit metrics that support ready access to capital on reasonable terms.1 Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, income taxes, depreciation and amortization and interest and dividend income, excluding decommissioningexpense and other than temporary impairment losses on decommissioning trust fund assets.The long-term financial outlook should be considered in association with 2014 financial sensitivities as shown in Table 1 . These sensitivities illustrate the estimated change in earnings or Adjusted EBITDA resulting from changes in business drivers. Estimated impacts shown in Table 1 are intended to be illustrative. Assumption Corporate Entergy Corporation s common stock is listed on the New York and Chicago exchanges under the symbol ETR . EstimatedAnnual ImpactUtility Adjusted EBITDARelatively constant Adjusted EBITDA plus option value+0 1,500 Btu/kWh heat rate expansion+$0 30/ton CO 2+$0 4/kW-mo. capacity price- / + $0 2/MMBtu change in gas priceUp to 300Up to 500Up to 200Down / Up to 600 TeleconferenceEntergy will host a teleconference to discuss this release at 10:00 a.m. CT on Monday, April 5, 2010, with access by telephone, (719) 325-2247, confirmation code 8490199.  The call can also be accessed via Entergy s Web site atwww.entergy.com(link is external) .  A replay of the teleconference will be available through April 12, 2010 thereafter by dialing (719) 457-0820 , confirmation code 8490199.  The replay will also be available on Entergy s Web site atwww.entergy.com(link is external) . (Adjusted EBITDA                 in U.S. $; millions) Balanced capital investment  / return / credit quality 1% retail sales growth$100 million/year investment in service1% change in allowed ROE1% change in non-fuel operation and maintenance expense$100 million change in debt- / + 0.13- / + 0.03- / + 0.44+ / – 0.07+ / – 0.02 (Per share in U.S. $) (a ) *******************************************************************************************************************************In this news release, and from time to time, Entergy Corporation makes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Table 1 :  2014 Financial Sensitivities  Illustrative Earnings growth Forward-looking statements involve a number of risks and uncertainties.  There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed in Entergy s Form 10-K for the year ended December 31, 2009, and Entergy s other reports and filings made under the Securities Exchange Act of 1934, (b) uncertainties associated with efforts to remediate the effects of Hurricanes Gustav and Ike and the January 2009 Arkansas ice storm and recovery of costs associated with restoration, and (c) legislative and regulatory actions, and conditions of the capital markets during the periods covered by the forward-looking statements, in addition to other factors described elsewhere in this release and in subsequent securities filings. Source: Vermont Business Magazine. Entergy, 4.5.2010. Vermont Biz Drivers Additional investor information can be accessed on-line atwww.entergy.com/investor_relations(link is external) (Per share in U.S. $) (a ) 1% change in interest rate on $1 billion debt1% change in overall effective tax rate$500 million share repurchase+ / – 0.03+ / – 0.10+ 0.20 0.25(a) Based on estimated 2010 average fully diluted shares outstanding of approximately 187 million. Long-term Outlooklast_img read more

Read more…

Cricket News England win rain-hit ODI against Sri Lanka under the Duckworth-Lewis-Stern system

first_imgNew Delhi: England won the second One-day International against Sri Lanka due to faster run rate on Saturday after the match was interrupted by heavy rain.The visitors scored 278/9, with Eoin Morgan scoring 92 runs, however, the umpires stopped the play at Dambulla with Sri Lanka on 140/5 after 29 overs with Dhananjaya da Silva playing on 36 and Thisara Perera on 44. The duo had scored 66 for the sixth wicket stand after the hosts looked in deep trouble at 74 for five.ALSO READ: Parupalli Kashyap loses passport in Amsterdam; seeks Swaraj’s helpHeavy rain continued to lash at Dambulla Stadium an hour after the game was halted and England were recorded a 31-run victory under the Duckworth-Lewis-Stern run rate system.Earlier, a warm up game against Sri Lanka Cricket XI did not start due to rain.The third 50-over match is in Pallekele on Wednesday and the hosts are also scheduled to lock horns with Sri Lanka in two Tests and a T20I. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

Read more…

Rangers Rekindle Memories of Glory Days

first_imgShare this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram By Sam NnajiIt is hard to imagine what winning a league title was like three decades ago. Were medals doled out to the winners? Was there a guard of honour? A parade down the streets throughout the city? Perhaps they partied all night and maybe they got a grand reception from the state’s chief executive? Maybe. But evidently those glory days were characterized by battle chants and victory choruses, new fans were converted on a daily basis and the match venues of the league winners were packed full long before kickoff.Between 1974 and 1984, Rangers International had won six league titles, five FA Cups, an African Cup Winners Cup (now CAF Confederation Cup) title in 1977 amidst regular appearances on the continent. Undoubtedly one of the two biggest teams in the country, they regularly supplied playing personnel for the national teams. The Enugu club had built for themselves a very strong side with a fine rich tradition. That was in the days when some of today’s league heavyweights were still teething, trying to feed on the whatever crumbs the then big boys had leftover, some others had not even been formed.Strangely, Rangers shockingly went limp in the years that followed and a steady decline set in. The giant was unable to reproduce the performances that characterized the fruitful years. The momentum moved to the likes of Iwuanyanwu Nationale (now Heartland), Julius Berger and more recently Enyimba and Kano Pillars and the only positive was that somehow they ensured that year after year, a Premier League status was ensured. The younger generation most of whom either never witnessed those conquests or were too young to understand were left to make do with tales and pictures whenever memories were brought to the fore.But the Nnamdi Azikiwe Stadium, Enugu refreshed memories of what those glory days were like when it hosted over 20,000 fans in Rangers 2-1 win over Nasarawa United in the ground’s first Friday night game. Friday night games have become very popular in the league in recent times but this most recent edition was unprecedented, a perfect setting in all ramifications. The blazing floodlights announced to fans within its reach that indeed Ogui Road was the ‘happening place’ that moment. The fans heeded the invitation and into the grounds they throng to thousands of others watching, eagerly awaiting kickoff. It seemed everyone in the city was there; fathers, mothers, children, old faces and young ones. The bright neon lights from the new electronic scoreboard adding to the lovely spectacle.Beyond just a nice Friday evening gathering, this team had wooed Enugu fans with their breathtaking displays since the start of the season. Imama Amapakabo’s boys play what probably is the most scintillating football in the championship. The deadly quartet of Bobby Clement, Godwin Aguda, Obinna Nwobodo and Chisom Egbuchulam (acronym CANE from their last names) have terrorized defences to calamitous effect so far this season; their movement off and on the ball, the flash of their attacks and their potency in front of goal when it required.It was not surprising hence when that crowd held its breath in hope and anticipation when Chisom Egbuchulam set out with a trademark run in the third minute toward the Nasarawa goal. Expectedly so from a player who has six goals so far this term. They collectively heaved disappointingly when his strike flew over the target. Unlucky not to be on the scoresheet but his assist handed Rangers the opener. A blur of explosive bursts, he was at the heart of almost everything Rangers created on the night. Beyond a doubt, he looks to have come of age this season, symbolic of his team that had disappointed in the recent past but looks like it means business this time round.Beyond just watching the action unfold on the pitch, the fans were having themselves a great time. One group situated around the halfway line and facing the VIP gallery were partying all through. Clad in various attires and with diverse musical instruments, they were playing their drums, lighting up flames, waving the club’s flags while a few others jangled bells. The rest who ‘unprepared’ for the ensuing carnival quickly joined the party when the opportunity called for it. First was in the 23rd minute when Clement’s firm header from Egbuchulam’s corner-kick broke Nasarawa United’s resistance. ‘Holy, holy holy, holy Enugu Rangers is another champion!’ echoed round the stadium, some were standing, others clinched fists in solidarity.It was not a select few singing, both old and young were as one, loud in their voices. Next was the circle after circle of Mexican waves that swept through and through the galleries in the second half. The joyous expression as each section roared and lifted their arms in unison as it went by meant they were having a time of their life. This was different, this was unique, this was fever pitch excitement, beyond what is common in these regions.Friday night’s experience epitomizes more than just the goings on at Rangers right now it symbolizes a rejuvenated league itself to a greater extent. Beautiful eye-catching football is back, more and more fans are joining the party, surely the glory days look on its way back.For Rangers, what had been a whisper is getting louder by the day and although only the bravest of their fans can afford making the assertions at the moment with confidence, the rest of the Premier League pack are taking notice; Rangers look the real deal this season, a 32-year title wait could be over by October.last_img read more

Read more…

Trudy Ybarra, 69, Wellington: April 11, 1946 -March 4, 2016

first_imgTrudy Clara Ybarra died on Friday, March 4, 2016 at her home in Wellington, at the age of 69.Trudy YbarraTrudy was born the daughter of Virgil and Audrey (Boulanger) Herard on Sunday, August 11, 1946 in Pawhuska, Oklahoma.On May 14, 1962, Trudy and Galdino “Socko” Ybarra, Jr. were united in marriage in Wellington. Together they celebrated 53 years of marriage.Survivors include her husband, Socko Ybarra of Wellington; son, Jamie Ybarra and his wife Nedra of Wellington; daughter, Jeanie Watkins and her husband Brian of Wichita; son, Jesse Ybarra of Wellington; grandchildren: Taylor Ybarra, Tanner Ybarra, Chilson Ybarra, Logan Watkins, Warren Watkins, Tyler Ybarra, Manda Lynch, Taylan Ybarra, Madison Ybarra and Javian Ybarra; great-grandchildren: Hayden Watkins, Arianna Ybarra and Kendrick Ybarra; sister-in-law, Rachel Ybarra of Wellington, Kansas and brother-in-law, Andy Ybarra of Wichita. She was preceded in death by her parents and sister, Charlene Payne. Recitation of the Holy Rosary will begin at 7 p.m., Tuesday, March 8, 2016 in the chapel of Cornejo|Day Funeral Home & Crematory, Wellington.Funeral Mass for Trudy will be held at 10:00 a.m., Wednesday, March 9, 2016 at St. Anthony/St. Rose Catholic Church, Wellington.Interment will follow at Prairie Lawn Cemetery in Wellington.A memorial fund has been established in her loving memory to St. Jude Children’s Research Hospital or the Wellington Food Bank. Contributions may be mailed or left with the funeral home.To share a memory or leave condolences, please visit www.cornejodayfuneralhome.com.Arrangements are by Cornejo|Day Funeral Home & Crematory, Wellington.last_img read more

Read more…