New Mexico regulators approve utility plan to abandon 847MW San Juan coal plant

first_img FacebookTwitterLinkedInEmailPrint分享Santa Fe New Mexican:The state’s largest electric utility will be allowed to abandon a coal-fired power plant near Farmington and recover investments by company shareholders after a unanimous vote Wednesday by the New Mexico Public Regulation Commission.The video meeting was cut short by a so-called Zoom bomb — named for the popular video-conferencing app — just as commissioners appeared to be preparing to vote on whether to allow Public Service Company of New Mexico to abandon its coal-fired San Juan Generating Station.PNM Resources Chairwoman, President and CEO Pat Vincent-Collawn said in a statement that customers and the environment “will benefit as we move to exit all of our coal-fired generation and replace it with lower-cost, cleaner energy resources.”Vincent-Collawn also said the company’s ability to recover costs will help it offer $40 million for workers who will lose their jobs and for economic development in the community of Farmington if the coal plant idles.But whether the plant will actually close as a result of PNM leaving it behind is still unclear. A company called Enchant Energy is pursuing a separate plan to buy the station and install carbon-capture technology to keep it running.The decision Wednesday comes after months of legal proceedings that delayed certainty over whether PNM could leave the coal plant behind. Commissioners approved recommendations from the regulatory agency’s hearing examiners to allow the PRC to abandon the coal plant under provisions in a new renewable energy law that gives PNM the ability to sell bonds to earn back investments made by shareholders.[Michael Gerstein]More: PRC approves PNM plan to close San Juan plant after meeting derailed by ‘Zoom bomb’ New Mexico regulators approve utility plan to abandon 847MW San Juan coal plantlast_img read more

Barbados records over 2% economic growth so far in 2017

first_imgSustained tourism activity Could dampen consumption The bank said preliminary data suggest that the expansion in real economic output continued into the second quarter. Contributing to the growth was sustained growth in tourism activity. The fiscal deficit narrowed moderately in the first quarter of fiscal year 2017/18. That was partially the result of the fiscal consolidation measures implemented in the previous fiscal year. International reserves fall “However, the stock of international reserves fell below 10 weeks of import cover. Expected external debt service obligations and on-going delays in securing planned foreign investment inflows partially contributed to the reserve drop.” In its release of the “Barbados Current Economic Performance,” the CBB said the short to medium-term outlook is for a sustained stabilization effort by government. This is needed to facilitate the restoration of public finances, rebuild international reserves and provide the platform for long-term growth. The bank Gadding that tighter fiscal policy will remain at the center of the adjustment effort. A stronger adverse impact on consumption is anticipated for 2018, according to the central bank. A more positive outlook for growth is feasible if the implementation of foreign-funded projects is accelerated. The Barbados economy registered an estimated 2.2 per cent growth during the first six months of this year. The Central Bank of Barbados (CBB) on Friday described the growth as “an uneven performance.” Given the size of the tax adjustment and the expected impact on prices, the fiscal measures are likely to dampen consumption, particularly for imported goods, towards the end of 2017 and into 2018. The bank said that the average 12-month unemployment rate for the four quarters ending March 2017 was recorded at 9.7 per cent. Down from 10.2 per cent in the previous year, the stronger rate is mainly due to job gains in the construction, wholesale and retail trade, business and other services, and tourism industries. The rate of inflation stood at 3.2 per cent at the end of April 2017, compared to a general reduction in retail prices of one per cent as at end April 2016. In addition, the labor force participation rate grew moderately to 65.5 per cent for the first quarter of 2017. The CBB said the Barbados economy has underperformed in the aftermath of the global financial crisis, evidenced by low growth and significant fiscal and external imbalances.last_img read more