31 Dec
2020

Indiana NAACP pushing NIPSCO for earlier closure of Michigan City coal plant

first_img FacebookTwitterLinkedInEmailPrint分享Energy News Network:A northwest Indiana utility made headlines in September when it announced it will retire its last coal plant within a decade. That is not soon enough for the predominately African American community that bears the brunt of the plant’s pollution burden.NIPSCO’s new timeline for coal retirements has been widely celebrated by environmental groups both in and outside the state. Meanwhile, Indiana NAACP leaders continue to press the utility and regulators to act with greater urgency. “Those most impacted should not have to wait another decade for clean air,” said La’Tonya Troutman, environmental chair for the NAACP chapter in Michigan City, where NIPSCO plans to continue operating its coal plant through 2028.NIPSCO surprised many with its announcement that it would speed up coal plant retirements by about a decade and replace the generation with solar, wind and storage instead of a new natural gas plant. The utility retired its Bailly Generating Station in 2018 and now plans to close its R.M. Schahfer Generating Station in Wheatfield by 2023 and the Michigan City plant five years after that.State and local NAACP chapters say it is unacceptable for NIPSCO to leave Michigan City — the plant with the most African Americans living in its shadow — running for years beyond the rest of the utility’s coal fleet. They are calling on the utility to retire the plant by 2025. But that would pose an unacceptable risk to its reliability, according to NIPSCO planning documents. NIPSCO says keeping the Michigan City plant open until 2028 will buttress the energy delivery system while the utility upgrades its grid and secures new wind and solar generation. The plant already has the costly emissions control upgrades that would be necessary to keep R.M. Schahfer open for longer instead.In a previous round of long-term planning that ended in 2016, NIPSCO determined it would close both units of its coal-fired Bailly plant in 2018 (which it did) and two of five R.M. Schahfer units by 2023. The rest of Schahfer and the Michigan City plant would keep running as late as 2037 or beyond. NIPSCO’s new plan would close the Michigan City plant by around a decade earlier than previously planned. Its analysis also showed that an even earlier retirement would save customers more money still, but it says more time is needed to expand transmission and secure new generation, which is underway. The utility recently announced agreements for 800 megawatts of new wind capacity that will be online by 2020.“From a pure economic standpoint, the lowest-cost option for customers pointed toward retiring all remaining coal immediately,” said NIPSCO spokesman Nick Meyer. “However, we must ensure the reliability of our system for customers and there are steps that need to occur prior to the coal retirements.”More: Indiana NAACP leaders say coal plant timeline is unacceptable for residents Indiana NAACP pushing NIPSCO for earlier closure of Michigan City coal plantlast_img read more

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18 Dec
2020

FASB to hold roundtable on CECL

first_img 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Financial Accounting Standards Board (FASB) will hold a roundtable discussion on its current expected credit loss (CECL) model during the first quarter, even as staff members continue preparations for finalizing the standard in early 2016.“We don’t yet have the details, but expect to announce them sometime in early January 2016,” FASB spokeswoman Christine Klimek told Sageworks in an email.The focus of the roundtable discussion will be small community banks, she added, and speakers will include representatives of that community.“In the past, we have done roundtables on other accounting topics to better understand the views of our stakeholders,” she said.Earlier this week, the FASB continued discussing the proposed standard for accounting for credit losses, making a couple of decisions related to purchased credit-impaired assets. The board agreed that when using a method to estimate the allowance for credit losses that does not discount future expected cash flows, an entity should base the allowance on the par amount of the purchased credit-impaired asset. It also agreed that when using a method to estimate the allowance for credit losses that discounts future expected cash flows, an entity should use the discount rate that equates the purchase price of the impaired asset with the present value of estimated future cash flows. While the board held some discussion on requiring the use of a discounted cash flow approach to measure expected credit losses on these types of assets as of the date they are acquired, members decided against requiring the use of a specific method for the estimate, either initially or on subsequent measurement dates. continue reading »last_img read more

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17 Sep
2020

Celebration Galore as Curtains Fall on 2018 Saharalympics

first_imgOf the 70 gold, silver and bronze medals handed out at the close of the event; forty two medals were shared among Ikeja Electric, Asharami Synergy and Sahara Group respectively. Ikeja Electric had the distinction of scoring the highest number of gold medals to emerge the overall winners of the 2018 Saharalympics. The companies which occupied the fourth, fifth and sixth positions include Egbin Power, Centrum and Asharami Energy.Bethel Obioma, Head Corporate Communications said the Saharalympics had become a phenomenon that is attracting global interest, especially as it clearly demonstrates the role of sports in enhancing excellence, team performance and sustainability. “Sahara Group is proud of the Saharalympics and how the platform is evolving in line with global standards. It is amazing and remarkable that participants from the previous editions have not lost the drive and enthusiasm that saw them achieve remarkable sporting feats while our new colleagues making their Saharalympics debuts have also embraced our values, adding to the swell of physical and intellectual talent that runs right across the organization.”The warmth and enthusiasm of the crowd was just as palpable when former Nigerian Super Eagles captain and Everton central defender Joseph Yobo made a special appearance to kick off the Women’s football game.“The atmosphere was amazing and the organization of the event was exceptional. Sahara Group put up a spectacle that I would always remember. The athletes were quite competitive but still upheld the values of fair play and team work. Their determination to work hard and play hard was outstanding,” said Yobo.The biennial event comes up again in 2020 when many more participants are expected given the ongoing expansion drive of the Sahara Group across the globe.“For now, with the memories still fresh, Saharians are left with a series of vivid snapshots: EXCO members aggressively popping balloons as they squared off against their peers in a one of a kind ‘Treasure Hunt’, the various teams trading hilarious banters and the sheer spectacle of witnessing the might and grit of the brawniest athletes pitted against each other in a Tug of War. 2020 may look like forever, but one thing is sure, Sahara Group will raise the bar higher again, we always do,” enthused Obioma.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Sahara Group’s company–wide games, The Saharalympics, lived up to its billing with amazing track and field performances that saw staff win  70 medals in the keenly contested completion that was designed to promote excellence and team sprit at the leading energy and infrastructure conglomerate.The Saharalympics competition which kicked off by 10.am at the Campus Mini Stadium, Lagos Island on Saturday, September 29, 2018 attracted hundreds of Sahara Group staff from the energy giant’s various locations in Africa, Asia, Middle East and Europe.A total of 6 teams jostled for medals and glory at the track and field competition. They include Asharami Synergy (Downstream Division), Asharami Energy (Upstream Division), Sahara Power Group, Egbin Power Plc., Ikeja Electric and First Independent Power Limited (all of the Power Division) Centrum, SIVC and CVL (Infrastructure Division) and Sahara Group Ltd- the organisation’s innovation and strategy nerve centre.last_img read more

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