Legalectric

It’s one of those mornings, had a long bath in the bestest tub in the world, then got the doggies fed and out and pooped, and ready to commence work, fired up the machine, got maybe two emails opened and suddenly… SILENCE and DARKNESS (it’s dark on the side of a bluff).  No computer, no light, no ceiling fan… There goes Xcel again, they know I’ve got work to do, and they sent out their terrorist army.

NOT… it was a squirrel.  Alan hear the fuse on the distribution pole across the street go, and saw something drop, I said, “it’s a squirrel.”  Damned if it wasn’t a squirrel he saw fall, a brave soul who gave is life to Xcel to bring everything to a halt this a.m.  Power is back.  And neener, neener, neener, neener, Xcel, I got to office in Prestigious West Red Wing withwireless, Greek Strata and unlimited coffee.

Xcel is trading a bunch of paper for a bunch of money, 21,850,000 pieces of paper to be precise.  How much money is that?  Seems to be $469,775,000,  or $408,500,000, gross, or $396,245,000 net to Xcel, depending on what numbers you look at, or what they sell at!

Xcel’s 424B2 filed with SEC August 4, 2010

What will they do with it?  According to the prospectus, and an article written about it:

“Xcel Energy intends to use any net proceeds that it receives upon settlement of the forward sale agreement described above, or from the sale of any shares to the underwriters to cover over-allotments, to repay outstanding commercial paper and make capital contributions to its operating subsidiaries.”

Here’s an article from Marketwatch:

Xcel Energy Announces Pricing of Common Stock

Doesn’t this have the feel that they’re desperate for cash flow?  We know they can’t get their construction capital to build the Brookings transmission line, and they’re hot to trot both about PUC ordained rate recovery, which they did not get and their Motion for Reconsideration (PUC Docket 09-1048) went nowhere.

Here’s Seeking Alpha’s Xcel 2Q Earnings Call Transcript!

Seeking Alpha Xcel 2Q Earnings Call Question & Answer

And a choice answer snippet from the Q&A:

Ben Fowke

Transaction transmission will be a very big part of our capital profile as you get to the middle and latter part of the decade it’s a result of all the years of efforts we’ve already put into project like CapEx 2020. It takes a very long time to get these things done.

Well, a busy couple of days.  Mark Roberts, M.D., Exponent, toady for whatever project developer has the dough to pay him, made appearances in Goodhue, Minnesota for a hearing on the Goodhue Wind project, and in Wausau, Wisconsin, for an open house for a proposed biomass plant.  How much of a toady is he?

Dig this, he was “Corporate Medical Director of BP.”  Yes, our friend British Petroleum!

LINK TO PROFILE - MARK ROBERTS, M.D.

Wednesday, he was here in Goodhue, a puppet for the developers.

Here’s a link to the rest of the story: Goodhue Wind Truth

Thursday, he’s in Wausau, WI, a puppet for the developers.

Here’s a link to the rest of the story: Saving Our Air Resource, opponents of that Wausau biomass plant.

From Faux News 55:

Here’s from the Wasau Daily Herald:

Rothschild residents preview Biomass plant plans

By Kathleen Foody • Wausau Daily Herald • July 23, 2010

OTHSCHILD — The mood at the open house hosted by We Energies on Thursday about a proposed biomass plant in Rothschild was calm, though discussion about the project has become heated.

About 110 residents attended the sessions, one each in the afternoon and evening, at the Holiday Inn in Rothschild. Staff from We Energies and Domtar stood near displays and video monitors, explaining the plant plan and its effects on the community.

The proposal to burn woody biomass as fuel to create electricity for sale by the Milwaukee energy company and steam to power the Domtar paper mill is pending before the Wisconsin Public Service Commission. Since the plant was proposed in September 2009, We Energies has tried to get ahead of critics with direct mailings, community meetings and door-to-door consultations.

Many residents who attended the Thursday meetings said they were undecided or in favor of the $250 million project and felt satisfied with answers to their questions about air quality, jobs and traffic around the plant.

“I want to make sure it’s safe. My grandkids attend (Rothschild Elementary School) across the street (from the mill),” Andy Champine of Weston said. “I walked in neutral to get the facts.”

Barry McNulty, a spokesman for We Energies at the event, said the company was pleased with turnout and the questions posed.

“No one particular issue stood out,” he said. “Residents asked very similar questions (as at the February open house), and we tried to give them a better understanding of what we do and how we do it.”

Rob Hughes, a member of Save Our Air Resources, a citizen group that has opposed the plant, said he applauded the open house events. But he’s not satisfied with We Energies’ responses to his requests for specific information on air quality if the plant is constructed.

“They had a doctor there saying this is good, but thousands of doctors have signed on to a letter (in Massachusetts) saying these plants are bad for people’s health,” Hughes said.

Hughes was referring to the Massachusetts Medical Society, and its December decision to oppose three biomass plants, citing respiratory problems that air pollution can cause or worsen. The organization also asked state governments to discourage the construction of biomass facilities.

The Public Utilities Commission hearing/meeting on the Certificate of Need (09-1186) and Siting Permit (08-1233) for Goodhue Wind went on until 10:30 last night, and many people still had not spoken.   It starts up again at3:00 p.m., again at the Goodhue school.

For the full record, go to www.puc.state.mn.us and “Search eDockets” for 08-1233 (siting) or 09-1186 (Certificate of Need).

And here is a small part of Goodhue Wind Truth’s filings:

Direct Testimony - Richard R. James, INCE

The “How-To” Guide to Siting Wind Turbines to Prevent Health Risks from Sound

Wind Turbine Noise - What Audiologists Should Know

News coverage of yesterday’s shindig:

In the Beagle

Goodhue Wind releases detailed site plan

On MPR:

Wind turbine or the Foshay Tower: Which is taller?

At Finance & Commerce:

Goodhue Wind execs, opponents meet before administrative judge

Rochester Post-Bulletin:

Wind buffer proposals from Zumbrota, Goodhue meet resistance

And at MinnPost:

Concerns about wind farms to be aired at Goodhue hearing

Rochester Post-Bulletin:

Proponents and critics of proposed Goodhue County wind farm speak up

On KSTP - check the video!!!

Controversy brewing over wind mill farm

I’d guess there will be something in the News Record and the Beacon soon too…

In the STrib - info on capital funding for the Goodhue project and other National projects:

Deutsche Bank funding will give a push to local wind developer

National Wind will get help on 12 projects and a loan to expand.

By JENNIFER BJORHUS, Star Tribune

A Minneapolis-based wind developer is getting a lift from Deutsche Bank. The German investment bank will help finance 12 wind projects, including five slated for Minnesota, that National Wind has in various stages in the pipeline, National Wind said Thursday. The bank also gave the developer a senior secured loan for an undisclosed amount to finance an expansion to the West Coast and New England.

“We anticipate that Deutsche Bank will participate in financing those projects,” Leon Steinberg, National Wind’s chief executive, said in an interview Thursday.

The projects are still subject to underwriting, but it’s good news for the company at a time when many wind developers are struggling with tight financing.

Robert Martorano, managing director of Deutsche Bank’s asset finance and leasing group, said in a statement that Deutsche Bank is making renewable energy a priority.

National Wind, which employs about 42 people, develops relatively large wind farms with local land owners who maintain majority ownership when projects are done. It has sold three operational wind farms so far: one in Minnesota’s Cottonwood County and two in North Dakota. The 12 projects it is working on would generate 3,950 megawatts of electricity, or enough to power an estimated 1.6 million to 3.6 million homes, depending on weather and the sizes of the homes. The five slated for Minnesota would generate about 1,030 megawatts, or enough to power 412,000 to 927,000 homes.

National Wind made headlines in April with news that one of Texas oil magnate Boone Pickens’ companies is backing another National Wind project in the state, a 78-megawatt wind farm it’s developing around Goodhue, Minn., south of Red Wing. Pickens’ Mesa Power is helping finance that project and supplying about 52 1.5-megawatt GE wind turbines.

The state Public Utilities Commission has granted the Goodhue farm preliminary approval. A group called Goodhue Wind Truth has been opposing the project, which would span about 32,000 acres.

Today (well, really really late yesterday), Goodhue Wind Truth filed the testimony of Richard R. James, INCE, for Wednesday’s hearing over in Goodhue:

Direct Testimony - Richard R. James, INCE

A must read:

The “How-To” Guide to Siting Wind Turbines to Prevent Health Risks from Sound

And this was published earlier this month:

Wind Turbine Noise - What Audiologists Should Know

To check out the rest of his exhibits, look at the PUC docket for the AWA Goodhue Wind project:

• www.puc.state.mn.us

• and then to “Search eDockets”

• and then search for docket 08-1233

Wednesday’s hearing is for both the Certificate of Need and Siting Permit for AWA Goodhue’s 78MW wind project in Goodhue County, west of the City of Goodhue, utilizing the Goodhue and Vasa substations.  This is the one that T.Boone Pickens is involved with, and they’re claiming it’s a C-BED project — but the AWA Goodhue LLC’s HQ is at 8117 Preston Road, Suite 200, Dallas, Texas, 75225.  Walker Clarke is the “organizer” and he’s in Houston.

Yup, sounds locally owned to me!