Under the 2013 Note Purchase Agreement and the 2018 Note Purchase Agreement, OTP may not permit its Interest-bearing Debt to exceed 60% of Total Capitalization and may not permit its Priority Indebtedness to exceed 20% of its Total Capitalization, in each case as provided in the related agreement.
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Based on results from the 2017 MNCIP program year, OTP recognized a financial incentive of $2.6 million in 2017. The 2017 program resulted in a decrease in energy savings compared to 2016 program results of approximately 10%. OTP requested approval for recovery of its 2017 MNCIP program costs not included in base rates on March 30, 2018. The request included a $2.6 million financial incentive and an update to the MNCIP surcharge from the MPUC. On June 13, 2018, in reply comments to a MNDOC recommendation for approval filed on May 30, 2018, OTP increased its request for a financial incentive to $2.9 million. On October 4, 2018, the MPUC issued an order approving OTP’s request of $2.9 million with an effective date of November 1, 2018, subject to further review by the MPUC to ensure no previous decisions conflict with the decision, with $0.3 million subject to possible refund.
In the end, we did make it out. We climbed up through a manhole just outside the northern boundary of the city, emerging at the foot of a restaurant in the street. And, you know, we surprised all these people, who were sitting and eating lunch. A waiter spilled a tray of silverware on the street as six people climbed out of the underground, you know, spattered in all forms of ejecta. And then we scouped across the street and had a – opened a bottle of Champagne to celebrate.
Of the 10,000 houses envisioned for workers, the 4,000 that were completed are occupied mostly by retirees. The current workforce of about 1,500 civil servants is tasked primarily with keeping parts of the plant in serviceable condition. The combined 120 kilometers (75 miles) of internal roads and railroads, as well as the school, the library, and the hospital for workers and their families, are largely unused. The runway of an airstrip built to serve the area needs to be resurfaced.
On February 12, 2015 another group of stakeholders filed a complaint with the FERC seeking to reduce the ROE component of the transmission rates that MISO transmission owners, including OTP, may collect under the MISO Tariff from 12.38% to a proposed 8.67%. This second complaint established a second 15-month refund period from February 12, 2015 to May 11, 2016. The FERC issued an order on June 18, 2015 setting the complaint for hearings before an ALJ, which were held the week of February 16, 2016. A non-binding decision by the presiding ALJ was issued on June 30, 2016 finding that the MISO transmission owners’ ROE should be 9.7%. OTP is currently waiting for the issuance of a FERC order on the second complaint.
The family member told police he asked Graczyk where the fuses for the bombs were and that Graczyk replied the fuses were arriving in the mail the next day and the bombs were “already filled up centerfire highly explosive,” followed with a plea, “don’t call the cops o.k.”
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All the Company’s long-lived assets are within the United States and sales within the United States accounted for 98.4% of sales in 2018, 98.2% of sales in 2017 and 98.6% of sales in 2016.
In order to refinance its debt due August 2019, the Group issued in April 2018 a €400 million senior notes.
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