Orsted, Northland Power win big in first Taiwan offshore wind auction

first_imgOrsted, Northland Power win big in first Taiwan offshore wind auction FacebookTwitterLinkedInEmailPrint分享Recharge:Global pacesetter Orsted emerged as the big winner in Taiwan’s first offshore wind auction, winning 920 MW in a competitive process that awarded 1.66 GW and followed May’s allocation by the country of an initial 3.84 GW. Orsted said its winning price across the two projects in the Changhua region was TWD2,548/MWh, equivalent to about €72.3/MWh ($84.20).The other winner was Canada’s Northland Power, which secured 744 MW for its Hai Long 2 & 3 projects, according to a statement by Taiwan’s energy ministry.The average price across all four projects was TWD2,224/MWh, equivalent to about $73.5/MWh, according to the ministry. That is significantly lower than expected–less than half the TWD5,850 projects can receive if they signed a deal this year under the existing feed-in-tariff (FIT) scheme.The first allocation round in May was awarded on the basis of FITs, but the latest round was auction driven. The result is an average price that beats Taiwan’s average wholesale power cost, currently around TWD2,600.The Orsted projects–which subject to environmental permits will be built by 2025–add to the 900 MW Orsted secured in the May allocation, bringing its total pipeline off the Asian island nation to 1.82 GW–all in Changhua. The Danish group said the second award will allow it to make maximum use of transmission assets off Changhua and serve the projects from a common hub.Northland is developing Hai Long 2&3 with local partner Yushan Energy, which holds a 40% stake. Northland had already been allocated 300MW under the earlier FIT-based allocation process. The projects are also due for grid-connection by 2025.More: Orsted and Northland share 1.66GW in second Taiwan roundlast_img read more

Foundation asks court to amend IOTA rule

first_imgFoundation asks court to amend IOTA rule Mark D. Killian Managing Editor The Florida Bar Foundation will seek a rule change that would throw open the IOTA program to financial institutions other than banks and require those holding the trust accounts to pay interest rates or dividends commensurate with those offered to their non-IOTA depositors. That, according to Foundation board member Kathy McLeroy who chaired the ad hoc committee studying the proposed change has the potential to double the money generated by the IOTA program. McLeroy said if the rule changes are adopted it would “allow us to be treated as similarly situated bank customers would be treated and, therefore, increase IOTA revenue to what I understand could be in the neighborhood of $26 million.” Meeting recently on Amelia Island, the Foundation board voted without dissent to ask the Supreme Court to amend the IOTA rule to allow financial services companies such as Morgan Stanley Dean Witter or Merrill Lynch to hold IOTA accounts. The change also would require any institution that wants to handle IOTA accounts to offer the same market rate of interest or dividends on products available to non-IOTA depositors with comparable balances. Authorized investments would include FDIC insured accounts, daily bank repurchase agreements (REPOS) or appropriate safe- guarded investment products such as money market accounts, money market funds or mutual funds. Currently, IOTA funds can only be held in federally insured checking accounts or REPOs. “I think this is a big step for this Foundation to take,” said Foundation President Hamilton Cooke, noting that currently most banks do not offer the same products to lawyers’ IOTA accounts as they do to other large customers. In short, said Foundation Executive Director Jane Curran, banks generally are not treating lawyers’ IOTA funds the same as other customers who might take their business to a bank paying higher interest rates. Curran also said the Foundation recognizes there is no broad consumer demand for higher checking account rates, which is why the Foundation obtained Supreme Court approval for REPOs. “Unfortunately, only two major Florida banks SunTrust and AmSouth have agreed to offer, on a limited basis, REPOs to law firms with large IOTA accounts,” Curran said. In tailoring the proposed change, McLeroy said the Foundation worked to put the onus of meeting the new standards on the financial institutions and not the lawyers. Cooke said the Foundation will now have to put together an education plan and strategy to get the changes adopted. “Obviously there are going to be road blocks,” Cooke told the board. “Bankers, we are probably going to hear from them, and we are probably going to hear from some lawyers.” Under the current program, total IOTA revenue will amount to about $11.1 million this year, and has been steadily falling since the mid-1990s as interest rates have waned. At its peak, IOTA was generating about $19 million a year for legal aid, administration of justice and law school assistance programs. Board member Bill Davis of Tallahassee said it’s a good idea to require banks wanting to hold IOTA accounts to provide market interest rates. “I can’t help but think that IOTA accounts are being discriminated against in the market place by some banks,” Davis said. “I think this rule is really what attorneys have been asking for,” said board member Drew O’Malley of Tampa, noting lawyers are reluctant to “beg” their banks for higher IOTA rates. “This rule takes the lawyer out of the equation.” Several lawyers on the board agreed that attorneys are often not willing to push banks to increase their IOTA interest rates because it would jeopardize side business relationships they have with their banks. Bill Thompson said one of the “great aspects” of the rule is it will create some competition for IOTA accounts. Thompson also said as the Foundation drafts the proposed rule for the court’s consideration, the board must keep in mind the large number of small-firm lawyers to make sure they are not burdened by the changes. “We tried to make it so there would be very little impact on the lawyers themselves,” McLeroy said, adding that allowing IOTA accounts of any size to be opened at eligible financial services companies was made in response to the Supreme Court’s directive that the Foundation continue to investigate alternative investment opportunities that would accomplish the dual goals of increasing IOTA revenues and safeguarding trust funds. “That is something the Supreme Court had asked us to consider a number of years ago and we think is significant in this proposal,” McLeroy said McLeroy said requiring that IOTA accounts earn the highest interest rate available to non-IOTA depositors with comparable balances at the same bank or financial services company would make IOTA voluntary for institutions. And by meeting the standard, banks would become eligible for participation, and lawyers and firms would be required to deposit IOTA funds only in eligible institutions, she said. As part of the plan, McLeroy said the Foundation also will independently work with banks and financial services companies to develop appropriate products which are in compliance with the IOTA rule. McLeroy said that will include providing them computer and technical support needed to remit IOTA earnings to the Foundation and conduct the required reporting. McLeroy said the Foundation, not the lawyer, will be responsible for monitoring usage of banks’ and financial services companies’ existing products available to non-IOTA depositors, with respect to rates being paid on individual attorney and law firm IOTA accounts as reported by the Foundation on IOTA remittance reports, in order to determine compliance with the IOTA rule. The proposal calls for no action to be required of law firms by the proposed amendments to monitor their institution’s compliance and unless and until an attorney’s or law firm’s bank becomes ineligible to hold IOTA funds because of its unwillingness to offer products in compliance with the rule. In that instance, the Foundation would advise the attorney or law firm that their financial institution had become ineligible to hold IOTA funds. “However, in the event a bank is in compliance with the comparable interest rate or dividend provisions of the rule, but is unwilling to remit interest directly to the Foundation, in order to accommodate law firms, the firm would be permitted to maintain their account where it was situated and remit directly to the Foundation rather than be forced to change institutions,” McLeroy said. McLeroy said the proposed IOTA rule changes provide that IOTA funds are as safe or safer than in the current IOTA rule. For example, if not FDIC insured or in the currently-approved REPOs, which are collateralized by U.S. government notes, bonds or agency debt, then the Foundation would indemnify attorneys and law firms. That would provide, in a sense, “deposit insurance” against market loss of client funds held, for example, in government money market funds. The Foundation would purchase private insurance to cover the cost of such indemnification, if any. Foundation asks court to amend IOTA rule February 15, 2001 Managing Editor Regular Newslast_img read more

Yasiel Puig re-aggravates hamstring injury in Dodgers’ 3-0 win over San Diego Padres

first_imgDodgers manager Don Mattingly said that Puig did not report any problems with the hamstring since he missed his last game Sunday against the Colorado Rockies. The disabled list “is always on the table but we didn’t have to make a decision tonight,” Mattingly said.If Puig requires a disabled-list stint this time around, the Dodgers can at least take solace in the fact that they did not lose any of the four games he missed.In his fourth start of the season, Zack Greinke (3-0) threw seven shutout innings, allowing only four hits and three walks while striking out seven. “Really good fastball command, then the off-speed was at least solid,” he said. “It was kind of a perfect game pitching, defense — everything was flawless. It was a good game all around.”Greinke worked out of a bases-loaded, none-out situation in the second inning without allowing a run by striking out Alexi Amarista and Cashner. With two outs, Wil Myers hit a line drive back up the middle, but second baseman Howie Kendrick was shifted into position to extend his arm and snag the line drive. SAN DIEGO >> The Dodgers won the game but lost their right fielder Friday.Yasiel Puig re-aggravated the left hamstring strain that caused him to miss four games last week running out a ground ball in the sixth inning of a 3-0 win over San Diego Padres.After pulling up gingerly, Puig jogged back to the dugout and was replaced in the field by Andre Ethier in the bottom of the sixth. A 96-mph Andrew Cashner fastball hit Puig on the side of his left knee in the first inning Friday, but he remained in the game. Puig did not speak to reporters before limping out of the visiting clubhouse at Petco Park after the game. Greinke owns the lowest career ERA and opponents’ batting average of any active pitcher against the Padres.“He’s probably one of the best righties I’ve caught in terms of command,” catcher Yasmani Grandal said. “I think when I was with the Padres, the one thing we looked at was movement — get him up in the zone, everything down just let it go, because he works a lot off of movement. That’s one of the things he’s got going for himself now. He can use movement when he wants to, but he’s got that four-seam fastball that rides the bottom of the zone, it kind of looks like a ball and it’s a strike. He gets a lot of strikes by doing that.”An RBI single by Juan Uribe in the second inning, and a solo home run by Carl Crawford in the seventh, gave Greinke all the runs he needed.Pedro Baez relieved Greinke in the eighth inning and survived a tense few minutes thanks to shortstop Jimmy Rollins.Rollins made the first out, on a ground ball by Myers, by ranging far to his right and making a perfect throw from the outfield grass. With Matt Kemp on second base, Rollins stopped a hard-hit ground ball by Justin Upton from going into left field, forcing Kemp to hold at third. With two outs, Rollins preserved the shutout by denying Yonder Alonso a hit on a grounder up the middle.The Dodgers tacked on an insurance run in the top of the ninth when Grandal walked, Crawford doubled, and Joc Pederson belted a sacrifice fly to center field to score Grandal.Crawford went 2 for 4 and Grandal went 2 for 3, accounting for half of the Dodgers’ eight hits.Yimi Garcia was chosen to pitch the ninth inning, his first career save opportunity coming in his 17th career game. The 24-year-old retired all three batters he faced in becoming the third Dodger to record a save this season.Mattingly said after the game that he would not “anoint” a closer until Kenley Jansen returns from the disabled list. Garcia, who’s pitched three straight games, has been the Dodgers’ best relief pitcher, striking out 16 batters and allowing just three hits in 9 2/3 innings.The Dodgers (10-6) had lost three straight games, all to the Giants in San Francisco. The win allowed them to take a half-game lead over the Colorado Rockies (10-7) in the National League West.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Philippines scores gold in lawn bowls men’s fours

first_imgHotdog’s Dennis Garcia dies National Historical team rescues Amorsolos, artifacts from Taal Britain’s Prince Harry and Meghan Markle to give up royal titles Bishop Baylon encourages faithful in Albay to help Taal evacuees LATEST STORIES Police seize P68-M worth of ‘shabu’ in Pasay Marcosian mode: Duterte threatens to arrest water execs ‘one night’ The PH athletics team had a late gold-medal spurt Wednesday to save the Philippines’ campaign from a goldless day. The team composed of Emmanuel Portacio, Curte Robert Guarin, Leoncio Carreon Jr., and Ronald Lising bested host Malaysia 16-14 in the championship round. FEATURED STORIESSPORTSEnd of his agony? SC rules in favor of Espinosa, orders promoter heirs to pay boxing legendSPORTSRedemption is sweet for Ginebra, Scottie ThompsonSPORTSMayweather beats Pacquiao, Canelo for ‘Fighter of the Decade’Thailand, meanwhile, took home the bronze in the men’s fours. Search on for 5 Indonesians snatched anew in Lahad Datu MOST READcenter_img Unlike its fate on Wednesday, the Philippines pinned down a gold medal early on Thursday in the 2017 Southeast Asian Games. The Filipinos struck gold in the men’s fours event of the lawn bowls tournament in Kuala Lumpur for the country’s 11th medal so far. ADVERTISEMENT McGregor has boxing skill, but enough to beat Mayweather? OSG plea to revoke ABS-CBN franchise ‘a duplicitous move’ – Lacson Sports Related Videospowered by AdSparcRead Next What’s in store for your animal sign this year Trending Articles PLAY LIST 00:50Trending Articles02:11SEA GAMES 2019: PH’s Nesthy Petecio boxing featherweight final (HIGHLIGHTS)08:07Athletes treated to a spectacle as SEA Games 2019 officially ends06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold05:02SEA Games 2019: Philippines clinches historic gold in women’s basketball05:21Drama in karate: Tsukii ‘very sad’ over coach’s bullying, cold shoulder03:24PH’s James Palicte boxing light welterweight final (HIGHLIGHTS) Don’t miss out on the latest news and information. View commentslast_img read more