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By Jessica Hendricks, AAE's State Policy Director
Verdant is a microgrid company with no existing ties to LA. Ingevity and Verdant teamed up and drafted a plan whereby Verdant would build a microgrid, consisting of 1000 kW of solar, 2000kW of Combined Heat & Power (CHP) and a heat recovery steam generator (“HRSG”) on Ingevity owned property. Verdant would then sell the power solely to Ingevity, and Ingevity would continue to rely on Cleco Power for 10-20% of its electric load.
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At a special session on March 28th, 2016 the Louisiana Public Service Commission approved the previously rejected Cleco/Macquarie sale. For the full story and to read the statement made by CEO of the Alliance for Affordable Energy, Casey DeMoss, click on the link listed below.
Source: Associated Press/ABC News Website: http://abcnews.go.com/Business/wireStory/louisiana-regulators-approve-cleco-corporation-sale-37999579 At a special session on March 28th, 2016 the Louisiana Public Service Commission approved the previously rejected Cleco/Macquarie sale. For the full story click on the link listed below.
Source: KALB TV Website: http://www.kalb.com/home/headlines/Sale-of-Cleco-approvec-373787741.html On February 24th the Louisiana Public Service Commission ruled that the proposed Cleco sale was not in the public's best interest. For KADN's coverage of the 02/24 LPSC meeting click on the link listed below.
Source: KADN Website: http://www.cajunfirst.com/news/local-news/cleco-buyout-rejected On February 24th the Louisiana Public Service Commission ruled that the Cleco sale was not in the public's best interest. For Law360.com's coverage of the Cleco sale rejection click on the link listed below.
Source: Law360.com Website: http://www.law360.com/assetmanagement/articles/763737/la-utility-regulators-nix-4-7b-cleco-sale-to-investor-bloc On February 24th, 2016 the Louisiana Public Service Commission ruled that the Cleco sale was not in the public's best interest. For the full Utility Dive insight about the denial of the Cleco sale click on the link listed below.
Source: Utility Dive Website: http://www.utilitydive.com/news/louisiana-psc-rejects-cleco-acquisition-by-international-consortium/414551/ On February 24th, 2016 Louisiana Public Service Commissioners ruled that the sale of Cleco Power to Macquarie Infrastructure and Real Assets is not in the public's best interest. For The Advocate's full coverage of the 02/24 Louisiana Public Service Commission meeting click on the link listed below.
Source: The Advocate Website: http://theadvocate.com/news/14976675-172/utility-regulators-reject-5-billion-sale-of-cleco The Chairman of the Louisiana Public Service Commission Clyde Holloway has stated publicly that he does not support the proposed Cleco sale. KALB TV reports on Chairman Holloway's statement about the proposed Cleco sale. For the full story click on the link below
Source: KALB TV Website: http://www.kalb.com/home/headlines/Commissioner-Clyde-Holloway-releases-statement-on-proposed-sale-of-Cleco-369878411.html New Orleans Sun Times discusses the upcoming vote by the Louisiana Public Service Commissioner to approve or not approve the proposed Cleco sale. For the full story click on the link listed below.
Source: New Orleans Sun Times Website: http://neworleans.suntimes.com/nola-business/7/126/341049/5-billion-cleco-sale-up-for-final-approval-wednesday WWL Radio's 'The Think Tank' with Garland Robinette interviews CEO of the Alliance for Affordable Energy, Casey DeMoss and President of Cleco Power, Darren Olagues about the proposed Cleco sale. To hear the interviews click on the link below. Background about proposed Cleco/Macquarie sale: Cleco Power, the oldest of Louisiana’s major electric utility companies, is the target of a private equity takeover bid by a group of foreign own investment funds. The offer is a bad deal for Louisiana, as it leverages an enormous amount of debt for the takeover, allows executives and shareholders to walk away with millions, and leaves customers to pay down the debt. For more information about our opposition to the Cleco/Macquarie sale click here.
Source: WWL Radio Website: http://media.wwl.com/a/113355311/the-think-tank-1210pm-purchase-of-cleco.htm On February 18th the Alliance for Affordable Energy hosted three Town Hall meetings to inform people about the risks involved in the proposed Cleco sale. Click on the link below for The Daily Iberian's coverage of the New Iberia Town Hall meeting. Background : Cleco Power, the oldest of Louisiana’s major electric utility companies, is the target of a private equity takeover bid by a group of foreign own investment funds. The offer is a bad deal for Louisiana, as it leverages an enormous amount of debt for the takeover, allows executives and shareholders to walk away with millions, and leaves customers to pay down the debt. For more information about our opposition to the Cleco/Macquarie sale click here.
Source: The Daily Iberian Website: http://www.iberianet.com/news/utility-up-for-sale/article_0594c1f2-d725-11e5-bc56-f39b89d4c96a.html Local and national entities have taken notice of the proposed Cleco sale. Equities.com reports on stock prices of Cleco Power during the month of February. February 24th is the date of the Louisiana Public Service Commission B & E meeting where Commissioners will decide if the Cleco/Macquarie sale will be approved or not. For the full story click on the link listed below. Background about proposed Cleco/Macquarie sale: Cleco Power, the oldest of Louisiana’s major electric utility companies, is the target of a private equity takeover bid by a group of foreign own investment funds. The offer is a bad deal for Louisiana, as it leverages an enormous amount of debt for the takeover, allows executives and shareholders to walk away with millions, and leaves customers to pay down the debt. For more information about our opposition to the Cleco/Macquarie sale click here.
Source: Equities.com Website: https://www.equities.com/news/cleco-corp-cnl-is-trading-lower-on-unusual-volume-for-february-19 WDSU TV New Orleans reports on Administrative Law Judge Valerie Seal Meiner's ruling that the proposed Cleco sale is not in the public's best interest. To view the full story click on the link listed below. Background about proposed Cleco/Macquarie sale: Cleco Power, the oldest of Louisiana’s major electric utility companies, is the target of a private equity takeover bid by a group of foreign own investment funds. The offer is a bad deal for Louisiana, as it leverages an enormous amount of debt for the takeover, allows executives and shareholders to walk away with millions, and leaves customers to pay down the debt. For more information about our opposition to the Cleco/Macquarie sale click here.
Source: WDSU Website: http://www.wdsu.com/news/local-news/new-orleans/judge-rules-cleco-sale-not-in-publics-interest/38082676 The Reading Eagle of Reading, PA reports on the Administrative Law Judge ruling that the Cleco sale is not in the public's best interest. To read the full story click on the link listed below. Background about proposed Cleco/Macquarie sale: Cleco Power, the oldest of Louisiana’s major electric utility companies, is the target of a private equity takeover bid by a group of foreign own investment funds. The offer is a bad deal for Louisiana, as it leverages an enormous amount of debt for the takeover, allows executives and shareholders to walk away with millions, and leaves customers to pay down the debt. For more information about our opposition to the Cleco/Macquarie sale click here.
Source: The Reading Eagle Website: http://www.readingeagle.com/ap/article/judge-rules-cleco-sale-not-in-publics-interest Cleco Power, the oldest of Louisiana's major electric utilities, is the target of a private equity takeover by a foreign-owned investment group, Macquarie Infrastructure and Real Assets, based in Sydney, Australia. "Administrative Law Judge Valerie Seal Meiners joined commission staff in recommending against the sale as currently structured." The Alliance for Affordable Energy has continuously spoken out against this proposed sale. For more details about the proposed Cleco sale click on the link below.
Source: The Town Talk - Alexandria, LA Website: http://www.thetowntalk.com/story/news/2016/02/17/judge-rules-cleco-sale-not-public-interest/80463174/ |
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