Then and Now: Mississippi Power in line for another Credit Downgrade after Kemper Cost Continue to Skyrocket

RFP gets the credit for this post for doing most all of the legwork gathering these blasts from the past. First up is the latest from Moody’s Investor Service.

Moody’s Investors Service placed Mississippi Power Company’s ratings on review for another downgrade after the company last week announced a ninth extension for placing the now $7 billion Kemper energy facility into service using lignite. ~ Mary Perez 2-6-17

“There’s a big capital cost, I get that, but the energy coming out of this technology will be super-cheap,” Fanning said.He said Kemper’s technology, which would capture carbon dioxide and other byproducts and sell them to other users is “a home run, not only for the state of Mississippi but for America and the world.” ~ Tom Fanning, Chairman and CEO of Southern Company

Bonus quote from the above article:

Former New York City Mayor Rudolph Giuliani, Republican U.S. Rep. Gregg Harper and others attacked President Barack Obama’s administration and environmentalists.

Giuliani said those opposed to burning coal and drilling for oil are “living in some kind of ideological dream world that makes sense only to you.”

“As long as I’m governor, Mississippi is going to have an energy policy, and our energy policy is more American energy. It’s projects like these and efforts like this that will help us (economically), not only now, but in the long term. . . This is going to produce reliable power for Mississippi for decades and decades to come.” ~ Former Mississippi Governor Haley Barbour

Bonus quote:

But Barbour praised the plant for its relative eco-friendliness, saying, “The Left said there’s no such thing as clean coal — Well, this is it!”

Continue reading “Then and Now: Mississippi Power in line for another Credit Downgrade after Kemper Cost Continue to Skyrocket”

Latest boondoggle proposed by Phil Bryant and the Mississippi Development Authority: Jackson Movie Studio

God help everyone hold onto their wallets because the Movie Industry is targeting the Mississippi treasury after successfully looting Louisiana’s with taxpayer funded boondoggle. Geoff Pender promotes the scheme for the Clarion Ledger:

Adam Rosenfelt, a film producer and president of Element Pictures with more than 15 feature films to his credit, including “Mr. Brooks” and “Waiting,” wants to create Mississippix Studios, based in Jackson.

And, he wants to create a new program of film incentives that would result in more money coming in to the state, and permanent jobs. Typically film productions are granted tax breaks or other incentives upfront, shoot for a few months then head back to Hollywood with states often seeing little direct financial benefit. Rosenfelt is proposing the state create a loan guarantee program that serves as a “backstop.” If his company is successful, the state pays nothing, and instead gets 10 percent of his profit.

One big clue the latest scheme is gonna be a problem is the guy in Jackson promoting it is:

  1. Spreading a BS story about how much he loves the Mississippi coast which is why he’s been 3 and a half hours away in Jacktown for the past year with his nose up Phil Bryant’s hiney. Bryant, never known for private sector financial acumen was likely sucked right in by the promise of getting to hob nob with Slabbed favorite Bull Durham, who was last seen celebrating his successful shakedown of BP back during the oil spill.
  2. Was a “pioneer in state film incentives, and helped develop Louisiana’s groundbreaking motion picture tax credit program.” This program was groundbreaking in the sheer amount of taxpayer money that has been pissed away into the pockets of people like Rosenfelt, who now splits his time between Los Angeles and Jackson.

In fact pioneering the latest movie industry scheme to fleece the taxpayers is exactly what Rosenfelt is doing in Mississippi because he’d no more live in Jackson, Mississippi than he would Montgomery Alabama if the taxpayers weren’t gonna pay for it some sort of way. Louisiana pissed away over one bllion dollars before people started to ask the critical questions that had not been previously asked about Rosenfelt’s Louisiana film tax credit boondoggle according the Louisiana Budget Project (PDF of their 12 page report can be found here).

One would naturally think that after the financial crash just 5 years ago the problems with Rosenfelt’s scheme would be apparent, especially to Lt. Gov Tate Reeves, who comes from a financial background.  Here are Rosenfelt’s talking points: Continue reading “Latest boondoggle proposed by Phil Bryant and the Mississippi Development Authority: Jackson Movie Studio”