Biomass Scandal on Gainesville Commission Deepens as Predicted Electric Rates Skyrocket

Jan 5, 2012, Gainesville, Fl:

Local energy consultant, Dian Deevey spoke at public comment before the Gainesville City Commission to deliver stunning news that could cause the city Commission to consider canceling the proposed biomass generator.

According to Deevey, the electric rate hike to pay for the generator will skyrocket to $33.00 Per Month per 1000 KWH from the $10.56 previously estimated by GRU official, Ed Regan.

She said GRU official, Ed Regan made a significant error in calculating the amount of woody biomass required to generate electricity from the proposed incinerator. The correct numbers are revealed in the Air Permit application that GRU submitted to the Florida Public Service Commission, she said.

SUN article from Oct. 10, 2011  CLICK HERE

______________________________________________________________________

___________________________________________________________________

NOTE FROM AUTHOR:

In view of ongoing global financial volatility and the diminishing credibility of the Gainesville City Commission and GRU on persistent Sunshine Law violations, an emergency review of the information provided to Moody by Gainesville Regional Utilities and the City Commission headed by Mayor Craig Lowe is highly recommended.

The nonrecourse debt financing for the City of Gainesville in Alachua County, Florida (Gainesville Regional Utilities, American Renewables, GREC, Gainesville Renewable Energy Center) is being provided by the Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as coordinating lead arranger, as well as Natixis, Rabobank Nederland, ING Capital, Crédit Agricole and Société Générale. Equity is being provided by the parties involved in the development of GREC (Energy Management Inc., BayCorp Holdings Ltd., and Tyr Energy Inc.), as well as by certain principals of Fagen Inc., the contractor building the facility. Christopher Smith acted as financial advisor to the project; Cadwalader, Wickersham & Taft acted as counsel to the borrower; and Chadbourne & Parke acted as tax counsel to the borrower. In view of ongoing global financial volatility and the diminishing credibility of Mayor Craig Lowe the Gainesville City Commission and GRU on persistent Sunshine Law violations, an emergency review of the information provided to Moody by The City Commission and GRU is highly recommended.

http://www.forestbusinessnetwork.com/4668/gainesville-biomass-plant-completes-construction-financing/