Friday, 26 December 2014
Last updated 2 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.