Well, surprise, surprise, surprise!
Clean Line is trying to put together a deal to sell its failed Grain Belt Express project. No surprise, really, the writing has been on the wall for at least a year now. What is surprising is that some dunderheads signed an intent to buy it. Musta been cheap. I mean really cheap. Fire sale cheap.
Despite Michael Skelly's blathering about how he was going to build the project (while his company fell apart completely) and how the lack of Clean Line employees was mere "personnel changes," it looks like this deal was a last minute thing. Invenergy must have driven a hard bargain on price because without that last minute deal, Skelly was facing having to admit failure of the project in Missouri yesterday. Yesterday was the deadline for Clean Line to file supplemental testimony detailing any changes to its situation at the Missouri PSC. You can read Clean Line's and Invenergy's testimony here. (Look up Case #EA-2016-0358).
Oh, and what a change! Clean Line says it has entered into an agreement to sell the project to Invenergy. Of course, this deal isn't final and is contingent upon both Missouri and Kansas approving the sale of the project in separate, newly filed proceedings. Everything changes!
The owner of the project changes. All the deals and contracts Clean Line has entered into on behalf of GBE will end and Invenergy will sign new contracts. Might as well file a whole new application in both states, Invenergy, because this change changes everything. Why in the world would both states approve GBE (or a permit extension) with a new owner based on the promises of people who don't even work for Clean Line anymore, much less Invenergy? The whole premise is absurd!
So, welcome to the fray, Invenergy. It's really not true that communities love you. In fact, it seems some of them hate you. Really hate you. At least owning GBE and being hated by landowners in 3 states won't be anything new, will it? But why? Why would Invenergy want to purchase a failed merchant transmission project? It's not like they can repurpose it as their own personal 700-mile generation tie line. Perhaps Invenergy is just trying to keep up with its competitor, NextEra, who bought a different failed "clean" line in an attempt to bugger Invenergy's Wind Catcher deal with AEP. Is this nothing more than some slapping and hair pulling between competitors?
Despite Michael Skelly's blathering about how he was going to build the project (while his company fell apart completely) and how the lack of Clean Line employees was mere "personnel changes," it looks like this deal was a last minute thing. Invenergy must have driven a hard bargain on price because without that last minute deal, Skelly was facing having to admit failure of the project in Missouri yesterday. Yesterday was the deadline for Clean Line to file supplemental testimony detailing any changes to its situation at the Missouri PSC. You can read Clean Line's and Invenergy's testimony here. (Look up Case #EA-2016-0358).
Oh, and what a change! Clean Line says it has entered into an agreement to sell the project to Invenergy. Of course, this deal isn't final and is contingent upon both Missouri and Kansas approving the sale of the project in separate, newly filed proceedings. Everything changes!
The owner of the project changes. All the deals and contracts Clean Line has entered into on behalf of GBE will end and Invenergy will sign new contracts. Might as well file a whole new application in both states, Invenergy, because this change changes everything. Why in the world would both states approve GBE (or a permit extension) with a new owner based on the promises of people who don't even work for Clean Line anymore, much less Invenergy? The whole premise is absurd!
So, welcome to the fray, Invenergy. It's really not true that communities love you. In fact, it seems some of them hate you. Really hate you. At least owning GBE and being hated by landowners in 3 states won't be anything new, will it? But why? Why would Invenergy want to purchase a failed merchant transmission project? It's not like they can repurpose it as their own personal 700-mile generation tie line. Perhaps Invenergy is just trying to keep up with its competitor, NextEra, who bought a different failed "clean" line in an attempt to bugger Invenergy's Wind Catcher deal with AEP. Is this nothing more than some slapping and hair pulling between competitors?
NextEra: Hah! We own Plains & Eastern Clean Line!
Invenergy: Oh ya? Well, hold my beer! We now own Grain Belt Express!
Invenergy: Oh ya? Well, hold my beer! We now own Grain Belt Express!
Honestly, what a waste of time and money. Neither one of these projects are ever going to happen. The reasons are myriad, such as...
Oh wait... why would I help you chuckleheads out? There's a regulatory process in the works. Surprise! Surprise! Surprise!
See ya in the funny pages, Invenergy!
Oh wait... why would I help you chuckleheads out? There's a regulatory process in the works. Surprise! Surprise! Surprise!
See ya in the funny pages, Invenergy!
RSS Feed