Missouri PSC Approves Grain Belt Express HVDC Transmission Project

LCG, March 22, 2019--The Missouri Public Service Commission (PSC) approved a request filed by Grain Belt Express Clean Line LLC for a certificate of convenience and necessity (CCN) to construct, own, operate, control, manage and maintain a high-voltage, direct-current (HVDC) transmission line to move power east from wind farms in western Kansas to load centers in Missouri, Illinois and Indiana.

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FPL Targets 1,490 MW of Solar Capacity for New Community Solar Program

LCG, March 15, 2019--Florida Power & Light Company (FPL) Wednesday filed a proposal with the Florida Public Service Commission (PSC) for a new community solar program, FPL SolarTogether. Pending PSC approval, FPL plans to install 1,490-MW of capacity at 20 new solar power plants across FPL's service territory to meet anticipated customer enrollment in the program.

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Industry News

Credit Rating of Mirant Cut by Moody's

LCG, Oct. 11, 2002--Mirant's exposure to "weak power markets and a continuing lack of investor and counterparty confidence" were cited by rating service Moody's, which downgraded $6.6 billion worth of Mirant debt to a lower sub-investment grade, "Ba3", from a previously issued junk rating.

The merchant energy supplier has $2.7 billion of debt scheduled to expire in 2004. The rating agency found that the company may find it difficult to refinance the debt, although it currently "appears to have adequate liquidity" based on asset sales. Moody's also found that Mirant's cash flow will be reduced by its smaller generation portfolio, which could pose problems if its borrowing costs increase.

Much of the company's ability to shrink its debt load will depend on more asset sales.
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