first_img FacebookTwitterLinkedInEmailPrint分享Bloomberg Businessweek:As President Donald Trump prepares to pay failing coal plants to stay open, several states are hatching plans to gently put them to sleep. One solution gaining steam among lawmakers, environmentalists, and policy experts can be found in an unlikely place: the bond market.For utilities, getting out of the coal business can be costly. They have to pay to dismantle generators, and they don’t want to miss out on future revenue by scrapping still-productive assets early. Plus, coal-plant workers will need to be retrained for other jobs. To pay for all that, states could allow utilities to issue special bonds at low rates. While the plan has yet to be implemented, Colorado, New Mexico, and Missouri are among the states where legislation has been debated.“If there’s a no-cost option available to the state, I think it would be absurd to not do it,” says Jacob Candelaria, a Democratic state senator in New Mexico. Candelaria sponsored a bill that failed to pass and plans to reintroduce it next year. No tax dollars would be spent for such bonds, he says, but the debt would be backed by ratepayers. That means the utility can add a special charge to customers’ bills to cover the payments. The predictable cash flow means the bonds can carry lower rates. For years, coal’s been losing out to cheaper natural gas and cleaner renewables such as wind and solar. Coal-fired facilities accounted for more than half of U.S. electricity from 1949 through 2005, according to the Energy Information Administration. Since then, its share has declined to less than one-third of the U.S. total.Strategies for managing the transition vary. The operators of New England’s power grid have instituted a plan, sometimes called “cash for clunkers,” that includes—as a side effect to making room for new clean energy sources—paying old plants to retire. Trump, who has struggled to fulfill a campaign promise to help the coal industry, announced on June 1 that he was ordering Energy Secretary Rick Perry to stem the tide of closures. The government would establish a “strategic electric generation reserve” and compel grid operators to buy electricity from coal and nuclear plants. The administration says this is to protect national security. Still, many state and local authorities—and even a lot of utilities—see coal-plant shuttering as inevitable. Almost two dozen coal plants, with a combined capacity of more than 16 gigawatts, are scheduled to close in 2018, according to data compiled by Bloomberg New Energy Finance from the EIA and the Sierra Club. Another 30 gigawatts’ worth of plants are slated to follow suit by the end of 2025.It’s just a question of how the process unwinds. Candelaria estimates his legislation would have allowed utility PNM Resources Inc. to issue bonds that would pay 1 percent to 3 percent, as long as the proceeds were spent on shutting a coal plant. If PNM had to issue bonds on its own to do the same thing, it might have to pay interest of 6 percent to 8 percent, the lawmaker says. The exact rates would depend on a variety of factors, but “we’re talking about real money,” Candelaria says. Ron Darnell, senior vice president of public policy for PNM, calls the strategy “an equitable way to facilitate the transition to newer, cleaner energy resources.”More: Buy Bonds, Kill Coal States turn to bond market to fund decommissioning of coal plantslast_img read more


first_imgWenger was impressed by Praet when Arsenal played Anderlecht in 2014 (Picture: Getty)In the end, Praet decided to swap Genk for Anderlecht so he could continue his studies, winning the Belgian Pro League three times after joining the first team, before moving to Sampdoria in 2016.Speaking about his time at Arsenal back in 2014, Praet told Belgian newspaper HLN: ‘I was 16 when I went to do a trial at Arsenal. I played a match with the reserves, I visited the training complex and I went through training with the first team. I never met Arsene Wenger. Metro Sport ReporterFriday 7 Jun 2019 8:31 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.5kShares Comment What Arsene Wenger has said previously about ‘physically weak’ Arsenal target Dennis Praet Praet tussles with Nacho Monreal in the Champions League five year ago (Picture: Getty)During those European clashes in 2014 – in which Anderlecht famously came from three goals down to draw at the Emirates – Wenger was asked about Praet’s brief time at the club.AdvertisementAdvertisementADVERTISEMENT‘When he was 15 or 16 years old, he came with Kyle Ebecilio who, in between, went back to Holland,’ Wenger recalled.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘At the time, he was judged – I didn’t know he was here, I didn’t know him at the time – a bit weak physically.‘Since then he has developed well. I was honestly impressed by his performance when we played in the first game [which Arsenal won 2-1 in Anderlecht].’ The Belgian midfielder had a trial with the Gunners when he was a teenager (Picture: Getty)Sampdoria star and Arsenal target Dennis Praet was considered ‘physically weak’ when he failed to impress while on trial at the club as a teenager, Arsene Wenger has previously revealed.The Belgian midfielder has been heavily linked with a move to the Emirates this summer along with Sampdoria teammate Joachim Anderson, with reports in Italy claiming the Gunners have proposed a £44million double deal.Praet is already familiar with the red half of north London, having spent time there on trial as a 16-year-old while he also played against Arsenal twice in the Champions League. Advertisement Praet has enjoyed a strong campaign with Sampdoria this past season (Picture: Getty)‘The move to Arsenal fell through because I gave priority to school. Absolutely 100% I wanted to finish my school and at Anderlecht I could make the perfect combination.’Praet made 37 appearances for a Sampdoria side that finished ninth in Serie A this past season, scoring two goals and laying on three assists, while he knows Arsenal star Lucas Torreira well and formed a strong partnership with the Uruguayan before he moved to the Emirates.More: SchoolMum finds girl, 6, rubbing talcum powder on her face to make herself whiteParents vow to homeschool son after headteacher bans face masks in classTrans boy, 17, waiting two and a half years to get an appointment at gender clinic Advertisementlast_img read more