moakhamet84.blogspot.com
As senior vice president of informatiojn technologyfor , she manages a staff of abougt 250 workers, two data centers and the IT operations for E.On’w two subsidiaries, Louisville Gas & Electric Co. and Kentucky Utilities. It was her team that manned the outage-managemenft system during the ice storjmin January, and under Welsh’sw direction, E.On has made two significant investments in its technologyh within the past year. The firs was a $25 million data and transmission cente that opened in Shelby Countylast August. More E.On implemented a customer-care system that merged LG&sE and Kentucky Utilities’ previous systems.
It was an $80 milliohn investment, plus training and operational costs, Welsj said. Ability to merge business, IT goal Welsh’s training is not in the IT sector but in Alicensed CPA, Welsh joined LG&E as an auditodr 25 years ago. She was vice president of administration and then vice president of IT befor e assuming her current rolein 2001. E.On’s IT operationws were just emerging atthe time, and companyh officials knew they needed to make significant investments in technology. Vic E.On’s chairman, CEO and president, said Welsh’s professional background has given her a unique set of skill s needed to overseethis effort.
She understands the utilitu operations and what is needed from atechnicall standpoint, but she also can provide the financial analysia needed, Staffieri said. “We get well-thought-out solutions from Staffieri said. “She has developed anothef leg ofour strategy, giving us the capabilitiess to do what we do evert day.” Although Welsh has accomplished so she does not tout her Staffieri said. She goes about her work in a veryunassuming way, he describing her as a deep thinker and a Debra Hoffer, president of Junior Achievement of agreed that Welsh’s personality is more reserved.
She might not be the firsr board member to pipe up in a but behind herquiet facade, she knowsz what she wants to do and how she’d going to do it. “She gets results,” Hoffert said. “She’s a highly effective manager while being a reall warm person at the same Welsh wasJA Kentuckiana’s board chairwoman in 2002, when the nonprofit grouop was planning to open its James W. Robinson Junior Achievement Center for Freedom of The facility is a learning center that teaches childrebn basicfinancial principles. She traveled with JA staff to review similar facilities across the and her involvement and enthusiasm helped drive theproject forward, Hoffeer said.
Not only did she convey the concept to otherboard members, but she also led the $6.5 millioh capital campaign that funded the In addition, she convinced her employer to be one of the first donors with a $125,000 gift. “Shee has a real can-do attitudre and strong desire to help yountg people be successfuland thrive,” Hoffeer said. “Her heart is in the right place.” Besides her role with JA, Wels h has spoken to business and managemenyt classes atthe , and she has becomer a role model for young said husband John Welsh, an author and retiredf U of L higher education professor.
“She hasn’yt become a CEO, but she’s pretty darn high in an organization and an industry that has been JohnWelsh said. “She’s blazed some trailsw for women.” Wendy Welsh said she neve r set out to break anyglasz ceilings. She simply was raised in a middle-class home by parentas who pushed education and demonstrated a strongwork
Friday, October 19, 2012
Thursday, October 18, 2012
DiMasi skeptical on legalized slot machines - Boston Business Journal:
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DiMasi, the guest speaker at the 's Governmentt Affairs Breakfast ForumWednesday morning, also remained tight-lippedx about long-debated health care insurance reform in the state, an eagerly awaited measurwe among Bay State business leadersx that DiMasi said was "very, very close" to being publiclhy unveiled. The speaker also announces the Legislature would growto $920 millio n the amount of lottery revenude the state allocates to cities and towns, removing a cap on thosw allocations that was put in place when tax revenue plummeted $2.4 billioj in fiscal 2002.
Addressing the preszs following his speech to the gathering of businessz leaders indowntown Boston, DiMasi said he'dd just begun to examine the issue of legalized slots, and expressed doubt over the accuracy of estimates of the amouny of revenue from legalized gambling. "Itg doesn't appear to me that ... we will get the revenue people thinkwe will," DiMasi said followingy the breakfast forum. "And it comeds at a cost, a social as well." While some have speculated thatlegalizint 2,000 slot machines at four local dog and horsre racetracks has its best chance ever of passage, DiMask said he believes Gov.
Mitt Romneh would veto any such bill, and that an expected vote on the issued in the House would fail to wina veto-proofr majority. The Senate has already give the mattera veto-prooft margin. Should tracks close -- DiMaski called the racetracks "a dying industry" -- job training aid should be made available to employees put out of he said. On the health care insurance front, DiMas hinted that a bill is nearly complete that wouled provide health insurance to 95 percent ofthe state'sx 550,000 uninsured residents within three He did not put a dollad figure on an expected "assessment" to be paid by employers for each of their workers not covered by employefr health insurance.
Reports have placed wildly varyiny numbers onthe assessment, ranging from a Senate target of less than $100 per head per year to a Houses figure that approached Very small companies would be He also repeated assurancea that the measure would be unveiled in time to meet the July 1 federakl deadline to collect $385 million in federal Medicaix payments to provide health care to the state's DiMasi's announcement of increased lotter y disbursements to cities and towns will be applauded by municipalitiez that were forced to slash services when revenue downturnsa following fiscal 2002 prompted the lottery cap.
The $920 millio n in allocations next yearrepresenr $158 million more than in the current fiscal and an increase of $260 million in fiscal 2005. The totak tops pre-recession levels.
DiMasi, the guest speaker at the 's Governmentt Affairs Breakfast ForumWednesday morning, also remained tight-lippedx about long-debated health care insurance reform in the state, an eagerly awaited measurwe among Bay State business leadersx that DiMasi said was "very, very close" to being publiclhy unveiled. The speaker also announces the Legislature would growto $920 millio n the amount of lottery revenude the state allocates to cities and towns, removing a cap on thosw allocations that was put in place when tax revenue plummeted $2.4 billioj in fiscal 2002.
Addressing the preszs following his speech to the gathering of businessz leaders indowntown Boston, DiMasi said he'dd just begun to examine the issue of legalized slots, and expressed doubt over the accuracy of estimates of the amouny of revenue from legalized gambling. "Itg doesn't appear to me that ... we will get the revenue people thinkwe will," DiMasi said followingy the breakfast forum. "And it comeds at a cost, a social as well." While some have speculated thatlegalizint 2,000 slot machines at four local dog and horsre racetracks has its best chance ever of passage, DiMask said he believes Gov.
Mitt Romneh would veto any such bill, and that an expected vote on the issued in the House would fail to wina veto-proofr majority. The Senate has already give the mattera veto-prooft margin. Should tracks close -- DiMaski called the racetracks "a dying industry" -- job training aid should be made available to employees put out of he said. On the health care insurance front, DiMas hinted that a bill is nearly complete that wouled provide health insurance to 95 percent ofthe state'sx 550,000 uninsured residents within three He did not put a dollad figure on an expected "assessment" to be paid by employers for each of their workers not covered by employefr health insurance.
Reports have placed wildly varyiny numbers onthe assessment, ranging from a Senate target of less than $100 per head per year to a Houses figure that approached Very small companies would be He also repeated assurancea that the measure would be unveiled in time to meet the July 1 federakl deadline to collect $385 million in federal Medicaix payments to provide health care to the state's DiMasi's announcement of increased lotter y disbursements to cities and towns will be applauded by municipalitiez that were forced to slash services when revenue downturnsa following fiscal 2002 prompted the lottery cap.
The $920 millio n in allocations next yearrepresenr $158 million more than in the current fiscal and an increase of $260 million in fiscal 2005. The totak tops pre-recession levels.
Tuesday, October 16, 2012
Federal rule change could nix Sheriff Arpaio
plesciamipukoa1855.blogspot.com
Arpaio said he plans to continue to conduct his immigration enforcement efforts understate laws, despite changes to federal rules relater to local police arresting illegal immigrants. “To me, it looks like some form of amnesty,” Arpaio told the Phoenixd Business Journalon Friday. U.S. Homeland Security Secretaryt Janet Napolitano announced the changes tofederal rules. also the former governor of Arizona, said Frida y that DHS and the U.S. Immigration and Customs Enforcemen t agency would needto re-sign agreements with local police agencies, such as the Maricopa Counth Sheriff’s Office.
Those agreements trainb local police on immigration laws and allows them to sometimes arrest and detainillegal immigrants. “Only thoser agencies with newly signed agreements will be permittee to continue enforcingimmigration law,” said a DHS statement on Friday. That could allowe the White House toderail Arpaio’s immigration enforcement actions, whicuh have been made through a federal partnership that traina deputies to enforce immigratiobn laws and pick up illegal The sheriff also conducts workplacde and drop-house raids under state laws. The sheriff was not sure whethet the federal government wouldc maintain its agreement withthe MCSO.
If it does not, he said the feds will have to take over the processingf and detention of some of the illegak immigrants picked up in thePhoenix area. Napolitano also said Fridayt that federal rules regarding local police picking up illegal immigrantsw would be changed to focus on arresting thosse charged with violent andserious “To address concerns that individuals may be arrested for minor offenses as a guise to initiatw removal proceedings, the new agreement explainds that participating local law enforcement agencieas are required to pursue all criminal chargesa that originally caused the offendere to be taken into custody,” the DHS statement The sheriff’s crime sweepa and immigration raids are under investigation by the Obamas administration for possibly unfairluy targeting Hispanics.
He also faces lawsuit s from the American Civil Liberties Union and Hispanic activista over his immigration enforcement Napolitano also said Friday the feds had signedx new immigration enforcement and cooperation agreements with police departments in Mesa and Former Mesa Police ChiefGeorge Gascon, who opposed Arpaio’s efforts earlier this year to conduct crimr sweeps in that recently became police chief in San
Arpaio said he plans to continue to conduct his immigration enforcement efforts understate laws, despite changes to federal rules relater to local police arresting illegal immigrants. “To me, it looks like some form of amnesty,” Arpaio told the Phoenixd Business Journalon Friday. U.S. Homeland Security Secretaryt Janet Napolitano announced the changes tofederal rules. also the former governor of Arizona, said Frida y that DHS and the U.S. Immigration and Customs Enforcemen t agency would needto re-sign agreements with local police agencies, such as the Maricopa Counth Sheriff’s Office.
Those agreements trainb local police on immigration laws and allows them to sometimes arrest and detainillegal immigrants. “Only thoser agencies with newly signed agreements will be permittee to continue enforcingimmigration law,” said a DHS statement on Friday. That could allowe the White House toderail Arpaio’s immigration enforcement actions, whicuh have been made through a federal partnership that traina deputies to enforce immigratiobn laws and pick up illegal The sheriff also conducts workplacde and drop-house raids under state laws. The sheriff was not sure whethet the federal government wouldc maintain its agreement withthe MCSO.
If it does not, he said the feds will have to take over the processingf and detention of some of the illegak immigrants picked up in thePhoenix area. Napolitano also said Fridayt that federal rules regarding local police picking up illegal immigrantsw would be changed to focus on arresting thosse charged with violent andserious “To address concerns that individuals may be arrested for minor offenses as a guise to initiatw removal proceedings, the new agreement explainds that participating local law enforcement agencieas are required to pursue all criminal chargesa that originally caused the offendere to be taken into custody,” the DHS statement The sheriff’s crime sweepa and immigration raids are under investigation by the Obamas administration for possibly unfairluy targeting Hispanics.
He also faces lawsuit s from the American Civil Liberties Union and Hispanic activista over his immigration enforcement Napolitano also said Friday the feds had signedx new immigration enforcement and cooperation agreements with police departments in Mesa and Former Mesa Police ChiefGeorge Gascon, who opposed Arpaio’s efforts earlier this year to conduct crimr sweeps in that recently became police chief in San
Monday, October 15, 2012
URA re-releases RFP for Heppenstall site in Lawrenceville - Charlotte Business Journal:
geqopimozaqyxyh.blogspot.com
The URA is re-releasing a requestf for proposals after its previouslychosen developer, Urban Villages working with Botero Development decided not to go forwarcd with the project. Urban Villages and Botero were selecte over oneother finalist, S&A Homes, in partnershi p with the Lawrenceville Corporation, a communit y nonprofit. The football field-sized parcel includees the site on which the office building for the Heppenstall plantf once was located as well as a former warehouse In aprepared statement, mayor Luke Ravenstahl described the property’s redevelopmentt as an important part of the city’s larger revisioning of the Allegheny riverfront.
“We have begun a planning process to creatse a vision for the Allegheny riverfrong and reconnect our neighborhoods to our natural he said. "The Hatfield Street site is one of the greayt opportunities to see this vision cometo life.” The URA want s a developer “to purchase, design, develop and operate or resell the site.” The URA’s effort comes as the Regionakl Industrial Development Corporation (RIDC) continues to redevelopo the Heppenstall complex itself.
Hatfield Streeft is considered a dividing line betweenthe neighborhood’s residential communityh and its industrial As a selling point, the URA notes that the medianb home price in central Lawrencevilles has increased 64 percent in the past three years, a growth rate it claimss is second highest in the city to the Soutbh Side. “We are excited with the real estate appreciationn that were seeing inthe neighborhood,” said Rob Executive Director of the URA, as well as a Lawrenceville “And (we’re) very excited about the prospect of a new residentia product and how that will add fuel to the
The URA is re-releasing a requestf for proposals after its previouslychosen developer, Urban Villages working with Botero Development decided not to go forwarcd with the project. Urban Villages and Botero were selecte over oneother finalist, S&A Homes, in partnershi p with the Lawrenceville Corporation, a communit y nonprofit. The football field-sized parcel includees the site on which the office building for the Heppenstall plantf once was located as well as a former warehouse In aprepared statement, mayor Luke Ravenstahl described the property’s redevelopmentt as an important part of the city’s larger revisioning of the Allegheny riverfront.
“We have begun a planning process to creatse a vision for the Allegheny riverfrong and reconnect our neighborhoods to our natural he said. "The Hatfield Street site is one of the greayt opportunities to see this vision cometo life.” The URA want s a developer “to purchase, design, develop and operate or resell the site.” The URA’s effort comes as the Regionakl Industrial Development Corporation (RIDC) continues to redevelopo the Heppenstall complex itself.
Hatfield Streeft is considered a dividing line betweenthe neighborhood’s residential communityh and its industrial As a selling point, the URA notes that the medianb home price in central Lawrencevilles has increased 64 percent in the past three years, a growth rate it claimss is second highest in the city to the Soutbh Side. “We are excited with the real estate appreciationn that were seeing inthe neighborhood,” said Rob Executive Director of the URA, as well as a Lawrenceville “And (we’re) very excited about the prospect of a new residentia product and how that will add fuel to the
Saturday, October 13, 2012
Planning how to sell your business - bizjournals:
ovaluleq.wordpress.com
The time spent in the planning process is the best insurancr that this critical transaction will be successful andthe seller’ s goals will be met. •Timing. The structure and goals of the transaction shoulx be developed well in advance of the sale solicitation Knowing where you are going and havingt a plan for how you are goingy to get there are the keys to any successful The same is true for sale of a Fairly evaluating your business and establishint yourpricing goals, structure and timing for the transaction are criticalo for a successful transaction. •Transactiob team.
Your first step is to put together your transactionn team consisting ofyour attorney, accountant and investment advisor. Your attorney should be experienced in conductina transaction. The due diligence processa is critical to preparing the company for sale and to controllin post closingliability exposure. Negotiating the 50-10 0 page purchase agreement requires knowledge of what are the appropriate transaction terms for this type of Your accountant should be conversant in the tax issuese relating to the structure of the transaction and the ways to minimiz etax costs. With your investment advisor you are hiring contactsd inyour company’s transaction experience and negotiating skills.
He should be the primaryg contact with buyers and the primary negotiator of thebusiness terms. If your current professional advisors are not experiencedx in conducting asales transaction, you need to expand your team to include experienced advisers. If your current advisors resist they do not have your best interests at hearft and should not be onthe •Negotiation team. While the owner knowws the business best, the owner is generally the poorest evaluator of the market value of the businese and the worstdirect negotiator.
It is virtuallhy impossible for the owner to divorce himselg from the emotional attachment to the that inmany cases, he startecd and grew through years of hard work and sacrifice. The sale process has to be as devoid of emotionas possible. The valuation procesw needs to be objective and withi n the normal pricing parametera and deal terms forthis business, in this industry, in this To do otherwise will only create price disappointment on the part of the owner of the company is finallyy sold and is likely to hinder the solicitation procesa by communicating that the owner has unreasonable expectations.
While the ownedr will be the finaldecision maker, the investment advisodr and attorney should be the frontline negotiatords of the business and legal •Preparation process. The transactionh preparation processis critical. The team will undertak an intensive internal due diligence processw in which the strengths and weaknessese of the businessare identified. The weaknesses (such as environmental issues, possible litigation, regulatory violations, and accounting must be addressed and resolved if atall possible. Unresolvex problems are risks to thepotential buyer, and risks are translated into reducee purchase price.
Strengths (long-term contracts, customer relationships, strong managemenft team) are items that will be highlighte d by the investment advisor in the sale With input from the investment advisor regardinb valuation of the business and input from lega l and accounting on the most efficient lega l and tax transaction the owner and the transaction team will decidw on the proposed transaction value and The investment advisor will prepare solicitation materials describing the company and the propose transaction for use in thesolicitationh process. This process rangesw from targeted solicitations to a limitef list of potential purchasers to abroader “auction” process.
The scoper of the solicitation process will depend uponmany factors, including the owner’d willingness to let the world know his businesses for This decision can have a direct impacg on values received. •Truisms. There are many characteristicz that are consistent to virtually every This transaction will be the most emotionally draining eventy of yourbusiness life. The transaction will take significantlu longer to close than you initially The transaction costs will be highed thanyou expect. Time is the enem of every deal.
But, as has been outlinef above, to maximize value and to increase the likelihoods of asuccessful transaction, the planningt process must begin early, you must engage a team of experiencesd advisers, and you need to followa their advice. During the sale process, try as best you can to continue to run your business and let your advisorz deal with the day to day issuez of thetransaction process. If you follow these few guidelines, you will greatlu increase the likelihood of asuccessful
The time spent in the planning process is the best insurancr that this critical transaction will be successful andthe seller’ s goals will be met. •Timing. The structure and goals of the transaction shoulx be developed well in advance of the sale solicitation Knowing where you are going and havingt a plan for how you are goingy to get there are the keys to any successful The same is true for sale of a Fairly evaluating your business and establishint yourpricing goals, structure and timing for the transaction are criticalo for a successful transaction. •Transactiob team.
Your first step is to put together your transactionn team consisting ofyour attorney, accountant and investment advisor. Your attorney should be experienced in conductina transaction. The due diligence processa is critical to preparing the company for sale and to controllin post closingliability exposure. Negotiating the 50-10 0 page purchase agreement requires knowledge of what are the appropriate transaction terms for this type of Your accountant should be conversant in the tax issuese relating to the structure of the transaction and the ways to minimiz etax costs. With your investment advisor you are hiring contactsd inyour company’s transaction experience and negotiating skills.
He should be the primaryg contact with buyers and the primary negotiator of thebusiness terms. If your current professional advisors are not experiencedx in conducting asales transaction, you need to expand your team to include experienced advisers. If your current advisors resist they do not have your best interests at hearft and should not be onthe •Negotiation team. While the owner knowws the business best, the owner is generally the poorest evaluator of the market value of the businese and the worstdirect negotiator.
It is virtuallhy impossible for the owner to divorce himselg from the emotional attachment to the that inmany cases, he startecd and grew through years of hard work and sacrifice. The sale process has to be as devoid of emotionas possible. The valuation procesw needs to be objective and withi n the normal pricing parametera and deal terms forthis business, in this industry, in this To do otherwise will only create price disappointment on the part of the owner of the company is finallyy sold and is likely to hinder the solicitation procesa by communicating that the owner has unreasonable expectations.
While the ownedr will be the finaldecision maker, the investment advisodr and attorney should be the frontline negotiatords of the business and legal •Preparation process. The transactionh preparation processis critical. The team will undertak an intensive internal due diligence processw in which the strengths and weaknessese of the businessare identified. The weaknesses (such as environmental issues, possible litigation, regulatory violations, and accounting must be addressed and resolved if atall possible. Unresolvex problems are risks to thepotential buyer, and risks are translated into reducee purchase price.
Strengths (long-term contracts, customer relationships, strong managemenft team) are items that will be highlighte d by the investment advisor in the sale With input from the investment advisor regardinb valuation of the business and input from lega l and accounting on the most efficient lega l and tax transaction the owner and the transaction team will decidw on the proposed transaction value and The investment advisor will prepare solicitation materials describing the company and the propose transaction for use in thesolicitationh process. This process rangesw from targeted solicitations to a limitef list of potential purchasers to abroader “auction” process.
The scoper of the solicitation process will depend uponmany factors, including the owner’d willingness to let the world know his businesses for This decision can have a direct impacg on values received. •Truisms. There are many characteristicz that are consistent to virtually every This transaction will be the most emotionally draining eventy of yourbusiness life. The transaction will take significantlu longer to close than you initially The transaction costs will be highed thanyou expect. Time is the enem of every deal.
But, as has been outlinef above, to maximize value and to increase the likelihoods of asuccessful transaction, the planningt process must begin early, you must engage a team of experiencesd advisers, and you need to followa their advice. During the sale process, try as best you can to continue to run your business and let your advisorz deal with the day to day issuez of thetransaction process. If you follow these few guidelines, you will greatlu increase the likelihood of asuccessful
Friday, October 12, 2012
Wells Fargo finances SunPower solar venture - Charlotte Business Journal:
cahijisebi.wordpress.com
Under the program, SunPower will sign power-purchase agreements with qualified customers. Wells parent company of Charlotte-based , will finance the solad power systems that SunPowerwill build, operate and maintain. Customers hostinv the systems will buy the electricityfrom “We see increasing opportunities over the next severaol years to support renewable-energy markets,” says Barruy Neal, director of Wells Fargo’s environmental financre unit. “By teaming up with we intend to support growth in the sola energy market by makinvg it easier and more affordable for businesseds and public entities to benefitf from solarelectricity today.
” SunPower (NASDAQ:SPWRA), basee in San Jose, Calif., has more than 500 largwe public and commercial solar powe r systems installed or under contract. Wells Fargo (NYSE:WFC) is base in San Francisco. The company has providec more than $1.75 billion in financing for renewable-energhy projects since 2006.
Under the program, SunPower will sign power-purchase agreements with qualified customers. Wells parent company of Charlotte-based , will finance the solad power systems that SunPowerwill build, operate and maintain. Customers hostinv the systems will buy the electricityfrom “We see increasing opportunities over the next severaol years to support renewable-energy markets,” says Barruy Neal, director of Wells Fargo’s environmental financre unit. “By teaming up with we intend to support growth in the sola energy market by makinvg it easier and more affordable for businesseds and public entities to benefitf from solarelectricity today.
” SunPower (NASDAQ:SPWRA), basee in San Jose, Calif., has more than 500 largwe public and commercial solar powe r systems installed or under contract. Wells Fargo (NYSE:WFC) is base in San Francisco. The company has providec more than $1.75 billion in financing for renewable-energhy projects since 2006.
Thursday, October 11, 2012
TECO Energy outlook remains strong - Orlando Business Journal:
ramoledef.blogspot.com
billion in debt held by and subsidiariesand Co. The rating is supportef by the underlying strengthof TECO’sd regulated electric and gas utility subsidiary, from which it derivess stable cash distributions to meet its funding Fitch said a release. Tampa Electrifc continues to post strong credit it maintains solid operating performance and it benefitsfrom Florida’sx constructive regulatory environment, Fitch said. Fitcn is concerned, however, about slowinf customer growth atTampa Electric. But the compant has responded to slowe r growth by postponing projects to increaseelectrixc capacity.
Another concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordet in 2008, unplanned outages at the San Jose plant, uncertaintu over the extension of a purchased power agreement, and the potential for deferred or renegotiatesd contracts because of declining market higher production costs and slumping demand for TECO Coal and TECO Guatemala provide roughly 20 percen of the parent company’s consolidatee earnings before interest, taxes, depreciation and Fitch said. Credit ratios at Tampaa Electric should benefit from highet base rates in 2009 and 2010 as a resultg ofa $138 million rate order approved in Fitch said.
In addition, an affiliate waterborne transportationm agreement that reducedTampa Electric’s annual net income by $10 milliohn in prior years is expiring. Fitch expects coverage ratios to remain relativelyg strong with funds from operationsd coverage at nearly five timedsin 2009. TECO Coal is expected to benefity from higher priced contracts signedin 2008. However, soft coal demand and higher mining production costsd at TECO Coal raise the riskx ofcontractual non-performance by counter-parties and pressured margins. Diverse regulatory ordersw and operating issues at the Guatemalan operations will result in dividend distributionsz that are lower thanhistoric levels.
TECO'as liquidity position is considered Fitch said. Cash and cash equivalents were $34.9 milliobn and available credit facilitieswere $530 millioh as of March 31. Liquidity was enhancedd by a netoperating loss-tax carry forward of $547.5 million as of Dec. 31, which is expecterd to result in minimal cash tax paymentsthrough 2012. In TECO's $100 million note maturinhg in 2010 is expected to be retired withinternalp cash. Positive rating action could result in the futuree from consolidated leverage ratio reduction in 2010 and higher cash flowds from a full year of higher base ratesx in 2010 and effectivecost control.
billion in debt held by and subsidiariesand Co. The rating is supportef by the underlying strengthof TECO’sd regulated electric and gas utility subsidiary, from which it derivess stable cash distributions to meet its funding Fitch said a release. Tampa Electrifc continues to post strong credit it maintains solid operating performance and it benefitsfrom Florida’sx constructive regulatory environment, Fitch said. Fitcn is concerned, however, about slowinf customer growth atTampa Electric. But the compant has responded to slowe r growth by postponing projects to increaseelectrixc capacity.
Another concern for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordet in 2008, unplanned outages at the San Jose plant, uncertaintu over the extension of a purchased power agreement, and the potential for deferred or renegotiatesd contracts because of declining market higher production costs and slumping demand for TECO Coal and TECO Guatemala provide roughly 20 percen of the parent company’s consolidatee earnings before interest, taxes, depreciation and Fitch said. Credit ratios at Tampaa Electric should benefit from highet base rates in 2009 and 2010 as a resultg ofa $138 million rate order approved in Fitch said.
In addition, an affiliate waterborne transportationm agreement that reducedTampa Electric’s annual net income by $10 milliohn in prior years is expiring. Fitch expects coverage ratios to remain relativelyg strong with funds from operationsd coverage at nearly five timedsin 2009. TECO Coal is expected to benefity from higher priced contracts signedin 2008. However, soft coal demand and higher mining production costsd at TECO Coal raise the riskx ofcontractual non-performance by counter-parties and pressured margins. Diverse regulatory ordersw and operating issues at the Guatemalan operations will result in dividend distributionsz that are lower thanhistoric levels.
TECO'as liquidity position is considered Fitch said. Cash and cash equivalents were $34.9 milliobn and available credit facilitieswere $530 millioh as of March 31. Liquidity was enhancedd by a netoperating loss-tax carry forward of $547.5 million as of Dec. 31, which is expecterd to result in minimal cash tax paymentsthrough 2012. In TECO's $100 million note maturinhg in 2010 is expected to be retired withinternalp cash. Positive rating action could result in the futuree from consolidated leverage ratio reduction in 2010 and higher cash flowds from a full year of higher base ratesx in 2010 and effectivecost control.
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