Connect with us

Montana

Montana lawmakers briefed on Talen bankruptcy

Published

on

Montana lawmakers briefed on Talen bankruptcy


Talen Vitality tried to place its chapter in the absolute best mild Thursday in a gathering with Montana legislators about what the corporate’s restructuring meant for Colstrip Energy Plant.

In a listening to that lasted roughly an hour, Debra L. Raggio, a Talen senior vp who appeared by Zoom, asserted the chapter was good for the state’s largest energy plant and wouldn’t negatively impression environmental cleanup or worker pensions tied to Colstrip.

Raggio characterised the choice by a number of Talen core collectors to swap $1.4 billion in unsecured debt for possession as an funding in an organization collectors imagine in. There will probably be no change in the way in which Talen operates, she stated.

“Talen can have house owners however the purpose they’re investing on this firm is as a result of they imagine within the plan that we have proven them and the marketing strategy and the way we’re working. It’s not going to be a model new method,” Raggio advised the Vitality Telecommunication Interim Committee in a livestreamed listening to. “It’s not going to be a model new method there. There is not a need to dump property or change issues considerably upon emergence to my information. We will not predict what is going to occur, however on condition that they wish to take part after listening to the plans and our property and the way we construction and the way we run issues, at the least I really feel assured that issues aren’t going to vary that a lot.

Advertisement

Individuals are additionally studying…

Talen’s debt is roughly $4.5 billion. In its chapter submitting Might 9, the Texas-based firm stated that its seven coal-fired energy vegetation had turn into unprofitable in markets the place energy from gas-fired turbines and renewable vitality sources had been extra cheaply priced. The corporate’s chapter marketing consultant knowledgeable the U.S. Chapter Courtroom for the Texas Southern District that Talen deliberate to remove coal at its wholly-owned services, which doesn’t embrace Colstrip.

Advertisement

The Montana Division of Environmental High quality emphasised Thursday that Talen’s cleanup bond to cowl the corporate’s share of environmental prices was in hand, ought to the state by default turn into accountable for cleansing up the facility plant’s poisonous coal ash ponds at a value of a number of hundred million {dollars}.

However final 12 months, DEQ lower the $122 million from the cleanup bond requirement for the Colstrip ash ponds servicing the now-shuttered producing Items 1 and a pair of. DEQ has lowered the cash-up-front necessities for cleanup of the practically 50-year-old energy plant complicated beneath the idea more cash might be collected later. Talen negotiated down the bond over 11 months in 2021, eight of which came about after it had employed a chapter marketing consultant, in line with court docket data, stated Anne Hedges, of the Montana Environmental Data Heart.






Advertisement

A 2013 aerial view exhibits the Colstrip energy vegetation and settling ponds.




“They preserve telling us, ‘Don’t fear, we’ve the chance to re-up Talen’s bond at a 12 months, or five-year increments, if nothing else,” Hedges advised lawmakers. “Properly, what occurs when an organization merely doesn’t have the cash? What occurs if the corporate doesn’t exist? We’ve seen corporations on this state, who now not exist, that truly owe for cleanup at services that DEQ beneath bonded.

Advertisement

“We don’t need that to occur. As a result of what would occur is the remainder of the house owners must choose up the Talen share. And, you already know who the remainder of the house owners are? A part of them, they’re us. They’re NorthWestern Vitality prospects,” Hedges stated.

NorthWestern, the biggest monopoly utility serving Montana, owns a 30% share of Colstrip Unit 4, a twin share to Talen’s 30% stake in Unit 3. The opposite house owners are PacifiCorp and Portland Common Electrical, of Oregon, and Puget Sound Vitality and Avista Corp., of Washington.

In a separate lawsuit in opposition to Talen’s Colstrip predecessor, PPL Corp., Talen claims that PPL wrongfully took $733 million of the online proceeds from the sale of PPL’s Montana hydroelectric dams earlier than spinning off its coal energy properties to Talen Montana in 2015.

Talen alleges that PPL’s actions left the present Colstrip Energy Plant operator and co-owner “unable to fund its important obligations each for environmental remediation, in addition to obligations to different collectors resembling its workers’ and former workers’ pension plan.”

Raggio advised legislators {that a} report for the final quarter confirmed the pension 94% funded.

Advertisement






Debra L. Raggio, Talen Energy

Raggio


Wednesday, Talen Vitality advised Lee Montana Newspapers that Talen anticipated to have the pension totally funded by the top of 2025.

Advertisement

Earlier within the week, previous and current Colstrip workers obtained letters from Talen CEO Alex Hernandez addressing how the chapter of Talen Vitality Provide and its subsidiaries would have an effect on pensions. Hernandez advised workers that funds to the pension fund would proceed via the chapter.

Courtroom data present Talen requested authority to spend as much as $14.7 million on an interim foundation to pay for its Colstrip co-ownership obligations together with pension and payroll obligations in the course of the chapter. Hernandez famous that the U.S. Pension Profit Warranty oration, a federal company that bails out troubled personal pensions, was accessible as a backup.

In the identical letter, non-union workers had been advised that lump sum funds weren’t an possibility in the course of the chapter. Talen clarified to Lee that the suspension of lump sum funds utilized to workers aside from these at Colstrip, which didn’t have the choice.

Raggio stated that Colstrip bills could be amongst these lined by $1.7 billion in debtor in possession financing the corporate had secured to cowl prices in the course of the chapter, which Talen expects to wrap up by October.



Advertisement




State Senator Mary McNally.

McNally


The principally cordial listening to flared briefly after Raggio was requested by Chairman Mary McNally, a Billings Democrat, to remark about Colstrip Unit 3 lately being down.

“Unit 3 just isn’t down. Unit 3 is operating. Unit 4 is out on a upkeep outage, however simply routine upkeep, however Unit 3 is actively operating,” Raggio stated.

Advertisement

Sen. McNally replied, “OK thanks. I simply heard that in right here.” Then, Raggio lower her off.

“I’ve heard numerous issues, and I wish to appropriate them, however you already know,” Raggio stated.

A couple of minutes later, Rep. Denise Hayman, a Bozeman Democrat, raised the difficulty of Unit 3 operations once more.

“Simply to be completely clear, three was down and it went on-line at present, is that appropriate?” Hayman stated.

Raggio replied that it may need come on-line a day earlier.

Advertisement

“I feel we’re splitting hairs right here,” Hayman stated. “It has been down. Appropriate?”

Raggio replied “it has been down, Consultant Hayman.”

The exciter servicing the facility plant’s Unit 3 generator wants repairs, which most definitely must be completed in North Carolina.







Rep. Denise Hayman, D-Bozeman

Advertisement

Hayman




Two of the facility plant’s different house owners, each with a stake in Unit 3, had confirmed to Lee Montana prior to now week that repairs wanted for Unit 3 have impacted Colstrip’s efficiency for a number of weeks. The price of repairs, together with the exciter, is predicted to be important, which isn’t any small matter on condition that the facility plant’s six house owners have disagreed about Colstrip upkeep prices for a number of years, with a lot of the house owners eager to spend lower than Talen, as energy plant operator, has requested.

There was a letter submitted into proof Thursday indicating that Colstrip house owners with a mixed 70% stake within the energy plant, had realized about Talen’s monetary issues via the information and wished to know why Talen hadn’t advised them.

Advertisement


Colstrip house owners with a mixed 70% stake within the energy plant realized about Talen’s pending chapter within the information, after which they wrote Talen demanding to know why Talen hadn’t advised them.


“Talen’s failure to report materials adjustments in its monetary situation is inconsistent with its fiduciary duties as Operator, and augments concern about Talen’s skill to proceed to carry out in that function,” the proprietor’s wrote. Energy plant co-owners Portland Common Electrical, Avista Corp., PacifiCorp and Puget Sound Vitality had issued the letter.

The 4 house owners went on to say that Talen’s actions impression their skill to make choices about protected and compliant operation of Colstrip and jeopardized the continued operation of the items. The letter was issued April 12, practically a month earlier than Talen’s chapter submitting.

Relations between Talen and Colstrip’s majority house owners have been strained for just a few years due to upkeep spending disagreements. In 2021, Talen persuaded legislators to move a legislation empowering Montana’s legal professional common to dictate repairs and impose every day fines of $100,000 on any Colstrip proprietor out of compliance.

Advertisement

Most of Colstrip’s energy is consumed in Washington and Oregon, the place local weather change legal guidelines require utilities to start reducing coal from buyer provide beginning in 2025. Colstrip house owners in these state’s object to pricey repairs useful to the plant’s operation after their exits.







Colstrip

Colstrip items 1 and a pair of, left, had been shut down by Talen Vitality in 2020 as a result of the items had been now not economical. Talen is a component proprietor in unit 3 and runs the every day operation of the facility plant. 

Advertisement




One legislator in 2021 likened the state of affairs to a divorce wherein the “Pacific Northwest house owners had been trashing the home and keying the automobile on their approach out the door.”

One other Talen-backed legislation requires all Colstrip arbitration to happen in Montana, nullifying the arbitration phrases of the Colstrip Possession and Operations settlement. With each legal guidelines, the state of Montana makes an attempt to override the personal enterprise contract that’s ruled the facility plant for practically 40 years. The house owners and the state at the moment are tangled in lawsuits over the brand new legal guidelines.

The one proprietor not signing onto the letter demanding details about Talen’s monetary troubles, was NorthWestern Vitality, the biggest monopoly utility working in Montana and a 30% shareholder in Unit 4.

In an April 29 earnings name, NorthWestern President Brian Fowl stated the utility didn’t count on Talen’s monetary troubles to hurt Colstrip.

Advertisement

“I might say this, we’ve been in touch with Talen and we’re pondering via the implications. I feel, be certain it’s clear to, perceive that Talen is an proprietor of Unit 3. We’re an proprietor of Unit 4. Although, we’ve a reciprocate sharing settlement between the 2 items, nonetheless, how that chapter may impression the operations on the plant, they’re the operator. We’re actually retaining our eyes on, at this cut-off date, we don’t imagine it would have an effect on the operations of the plant,” Fowl stated.

Thursday, McNally known as the Colstrip scenario untenable and requested Talen for an assurance it could be speaking with the opposite energy plant house owners.

“I can commit that we’ll keep in communication to the extent we will with the co-owners and I might ask that they do the identical with us,” Raggio stated.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Montana

Montana Lottery Mega Millions, Lucky For Life results for Jan. 17, 2025

Published

on


The Montana Lottery offers multiple draw games for those aiming to win big. Here’s a look at Jan. 17, 2025, results for each game:

Winning Mega Millions numbers from Jan. 17 drawing

08-10-37-54-69, Mega Ball: 22, Megaplier: 3

Check Mega Millions payouts and previous drawings here.

Winning Lucky For Life numbers from Jan. 17 drawing

01-04-06-09-46, Lucky Ball: 04

Advertisement

Check Lucky For Life payouts and previous drawings here.

Winning Big Sky Bonus numbers from Jan. 17 drawing

05-15-25-26, Bonus: 04

Check Big Sky Bonus payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

When are the Montana Lottery drawings held?

  • Powerball: 8:59 p.m. MT on Monday, Wednesday, and Saturday.
  • Mega Millions: 9 p.m. MT on Tuesday and Friday.
  • Lucky For Life: 8:38 p.m. MT daily.
  • Lotto America: 9 p.m. MT on Monday, Wednesday and Saturday.
  • Big Sky Bonus: 7:30 p.m. MT daily.
  • Powerball Double Play: 8:59 p.m. MT on Monday, Wednesday, and Saturday.
  • Montana Cash: 8 p.m. MT on Wednesday and Saturday.

Missed a draw? Peek at the past week’s winning numbers.

Winning lottery numbers are sponsored by Jackpocket, the official digital lottery courier of the USA TODAY Network.

Advertisement

Where can you buy lottery tickets?

Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets.

You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oregon, Puerto Rico, Texas, Washington, D.C., and West Virginia. The Jackpocket app allows you to pick your lottery game and numbers, place your order, see your ticket and collect your winnings all using your phone or home computer.

Jackpocket is the official digital lottery courier of the USA TODAY Network. Gannett may earn revenue for audience referrals to Jackpocket services. GAMBLING PROBLEM? CALL 1-800-GAMBLER, Call 877-8-HOPENY/text HOPENY (467369) (NY). 18+ (19+ in NE, 21+ in AZ). Physically present where Jackpocket operates. Jackpocket is not affiliated with any State Lottery. Eligibility Restrictions apply. Void where prohibited. Terms: jackpocket.com/tos.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Great Falls Tribune editor. You can send feedback using this form.

Advertisement



Source link

Continue Reading

Montana

94-year-old Iowa-based trucking company closes terminal in Montana

Published

on

94-year-old Iowa-based trucking company closes terminal in Montana


Family-owned Decker Truck Line Inc. of Fort Dodge, Iowa, confirmed that it has permanently closed its terminal in Missoula, Montana, citing findings from a thorough review of its operations and freight network as the main reason for the closure.

“This decision was not made lightly, but it is necessary due to the changing freight network patterns and the associated costs of operating a full terminal that is not being utilized sufficiently,” CEO Dale Decker said in a statement Tuesday about the closure. 

As many as 18 positions were eliminated at the Missoula terminal, according to NBC Montana.

Decker said a small group of drivers was also affected by the closure but added that the company will continue to utilize truck drivers in Montana to haul freight.

Advertisement

The trucking company said it plans to work with employees of the now-shuttered terminal to “explore relocation options” if they want to stay with Decker Truck Line.

“As our business continues to grow, our focus will shift more towards core regions. This strategy aims to enhance density in our well-established areas,” Decker said. “However, we will continue to require drivers residing in the Montana area, but we no longer consider it a strategic advantage for having a terminal in Missoula along with the associated overhead costs.”

The 94-year-old trucking company has around 790 company drivers and the same number of power units. It hauls general freight, refrigerated food and building materials, according to the Federal Motor Carrier Safety Administration’s SAFER website.

Besides its home terminal in Fort Dodge, which has approximately 190 employees, Decker Truck Line operates terminals in Mediapolis, Iowa; Bessemer, Alabama; and Hammond, Indiana, as well as a maintenance facility in Des Moines, according to the company’s website.
 

“Although this location no longer offers sufficient value to warrant a terminal, expansion in other regions may prompt new investments in areas that do provide clear benefit to our network,” Decker said.

Advertisement

Do you have a news tip or story to share? Send Clarissa Hawes an email or message @cage_writer on X, formerly known as Twitter. Your name will not be used without your permission.

Wyoming trucking company pays $124,000 to settle sexual harassment suit

New Hampshire man created fake trucking, ag businesses to collect COVID funds
St. Louis trucking company, affiliate file for Chapter 11 bankruptcy





Source link

Advertisement
Continue Reading

Montana

Why fight a 'clean and healthful' environment when it's good for all Montanans? • Daily Montanan

Published

on

Why fight a 'clean and healthful' environment when it's good for all Montanans? • Daily Montanan


Montanans are witnessing an inexplicably vicious attack on the ruling by the state’s Supreme Court that the plain language of the constitution guarantees “a clean and healthful environment in Montana for present and future generations.”  

What we haven’t heard is why a dirty and unhealthful environment is good for anybody — or the future of our state. 

Truly, why would anyone think they or their kids or grandkids would be better off with a degraded and toxic environment?  Yet, the court’s decision has sparked a misguided rebellion against the environmental laws that protect all Montanans — and an attack on the judiciary as if it’s some kind of enemy of the people.  

But it seems pretty clear that enemies of the people don’t rule to protect the people.  And ensuring that the laws passed by the Legislature comply with the Montana Constitution is the primary job of the Montana Supreme Court.  It’s the foundational checks-and-balances upon which our system of government relies to ensure the executive and legislative branches stay within constitutional mandates to preserve the rights of the people.

Advertisement

Making war on the environment is a dead-end street — which we’re increasingly finding out as the tragedies driven by atmospheric pollution stack up along with the hundreds of billions of dollars to deal with the aftermath. So, where’s the wisdom in deciding to protect polluters at the cost to the rest of the populace?

How about this little truth: Pollution does not discriminate between Republicans and Democrats, nor Independents, Libertarians, or any other organizational clusters regardless of what they call themselves.  Nor does polluted air or water recognize any boundaries — we all need clean air and water, which is not only a shared resource, but a shared responsibility to provide those vital necessities to nourish, not poison, our people. 

The fact is, we have many good environmental and conservation laws on the books that serve all our people well. There’s simply no good reason why one political party or another should be against those laws, none at all.  

Perhaps one of the greatest mistakes of the “environmental movement” was attaching itself at the hip with the Democratic Party.  Yet, in Montana’s history, it has often been Democrat governors who have been responsible for some of the worst environmental decisions. 

In the mid-1980s, Democrat Gov. Ted Schwinden cut the coal severance tax in half to supposedly make Montana competitive with Wyoming.  He succeeded in losing hundreds of millions of dollars for the Coal Tax Trust Fund, but it didn’t save the coal industry because distance to market was the deciding factor. 

Advertisement

Democrat Gov. Brian Schweitzer morphed into the “Coal Cowboy” within one year of taking office.  His mission?  Save the coal industry by peddling economically ridiculous proposals for coal-to-liquids when fracking was producing record amounts of cheap oil and gas. 

Democrat Gov. Steve Bullock allowed radioactive waste from the Bakken fracking operations to be disposed of in Montana’s landfills — because it’s illegal to do so in North Dakota.

Of course Republicans have their own rogue’s list of bad decisions and policies — but there’s not room in one column to cover all those.  

There’s absolutely no reason whatsoever why a clean environment should be partisan.  The great attractions of Montana are our clean rivers, our blue skies, and an abundance of fish and wildlife that are the envy of the nation and world.  The Constitution plainly states: “The state and each person shall maintain and improve a clean and healthful environment in Montana” — and that’s a legacy worth upholding. 

Advertisement



Source link

Continue Reading

Trending