Wednesday, 29 June 2016
Last updated 21 min ago
Sep 6 2011 | 3:55am ET
Moore Capital Management founder Louis Bacon is taking his fight to keep a 140-mile power line off of his massive Colorado ranch to the courts.
Bacon plans to sue the Colorado Public Utilities Commission, which approved the line two years ago and which has upheld it in two internal appeals processes. The hedge fund billionaire, who bought the 250-square-mile Trinchera Ranch for $175 million three years ago, said he'll file his suit after the PUC issues its written decision. The agency rejected most of Bacon's appeal on Friday, and both sides agreed that the two minor issues he won on were not enough to end the proposed line.
The proposed power line will run through undeveloped mountains and valleys in the ranch, Bacon says, and will cost more than is needed. Xcel Energy and the Tri-State Generation and Transmission Association say that the new line is vital to improve system reliability.
"Fortunately, this decision is not the final hurdle for the utilities," Bacon spokesman Cody Wertz said. "They still need to justify this project to the public in a federal environmental impact statement assessment process. They then need approval from the county commissioners of each of the four counties through which the line would slash."
And, of course, they'll have to beat back Bacon's lawsuit.