Sunday, December 5, 2010

BUSINESS: Calais LNG reaches another "Tipping Point"

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Cursed by their own rush to push through applications with the Maine Board of Environmental Protection and the FERC, Calais LNG LLC has lost their principal investor Goldman Sachs and the option on the land at Devil's Head where their terminal was to be built. While deadlines have been extended numerous times to accommodate this well-connected company, new deadlines set by both agencies may finally determine the future of this proposed development.

It seems likely that Calais LNG is in a state of chaos since reporters seem unable to make contact with key staff, their website still shows Goldman Sachs as their principal investor and the last update on their home page was January 27, 2010. As one wise investor said, "When the lawns are untended ... beware."

If you are interested in the history up to now, this is available at www.savepassamaquoddybay.org or follow the links below.

Art
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Calendar > 2010 December
Dec 13 — FERC deadline for Calais LNG to provide a schedule for re-establishing TRI and financial capacity.

Documents > Environment & NEPA-related > Maine Board of Environmental Protection (BEP) > LNG proposal — Calais LNG > Letters > 2010 December
Dec 2
Calais LNG to BEP, admitting the applicant's lack of TRI and financial capacity
Dec 3
Maine State Chamber of Commerce comments on Calais LNG delay
Roosevelt Campobello International Park comments on Calais LNG delay

Maine LNG Terminal Development Failure History> 2005–2010 > City of Calais > Location: Calais Village of Red Beach > Developer: Calais LNG Project Co. > Anti-LNG Organizations: Save Passamaquoddy Bay 3-Nation Alliance > Results
2010 Aug 31 — Calais LNG failed to renew its option to purchase the land required for its proposed terminal by this deadline, losing title, right, or interest (TRI) required for Maine and FERC permitting;however, at the Sep 15 Board of Environmental Protection meeting regarding the project, the company failed to inform the BEP of this lapse.
2010 Nov 17 — Owners of the land required for Calais LNG's terminal notified the BEP that Calais LNG had not renewed its option to purchase upon expiring on Aug 31; meaning, Calais LNG no longer holds the required TRI for state permitting.
2010 Nov 23 — Calais LNG wrote to the BEP that if the BEP were to recommence the permitting process, the applications would be appropriately and summarily dismissed, due to lack of financial capacity and TRI.
2010 Dec 3— FERC wrote to Calais LNG, indicating FERC's awareness of Calais LNG's lack of financial capacity and TRI. FERC demanded Calais LNG provide a schedule by Dec 13 to when the company would secure TRI and financial capacity.

BEP Hearing Schedules > Calais LNG project BEP Hearing Schedule > 2010 July 19–23


[Historical information added]
2010 Jul 13 — Calais LNG notified the BEP that the company's state permits were incomplete,requesting delay of the permit hearings.
2010 Jul 14 — The BEP granted Calais LNG's request to delay the hearings.
2010 Jul 21 — Calais LNG indicated it had lost its financial partner, GS Power Holdings, a subsidy of Goldman Sachs.
2010 Aug 31 — Calais LNG failed to renew its option to purchase the land required for its proposed terminal, losing Title, Right, or Interest (TRI) in the land. TRI is required for Maine (and FERC) permitting.
2010 Nov 17 — Owners of the land required for Calais LNG's terminal notified the Maine Board of Environmental Protection that Calais LNG had not renewed its option to purchase upon expiring on 2010 Aug 31; meaning, Calais LNG no longer holds the required TRI for state permitting.

FERC > FERC LNG Project Review Process > eLibrary Dockets > eLibrary Docket Comment Submissions >Formal Filing Docket Comment Submissions > Calais LNG — CP10-31 & CP10-32 > 2010 > December

> Dec 3
Filed By: Save Passamaquoddy Bay — Requesting FERC dismiss Calais LNG's permits for failing to have the requred TRI and financial capacity. Issued By: FERC OFFICE OF ENERGY PROJECTS — Demanding that by Dec 13, Calais LNG provide a schedule for re-establishing TRI and financial capacity.

LNG Developers > Developer #3: "Calais LNG Project Company LLC"
> Aliases
Updated North East Energy Development (NEED)
> Partners in Calais LNG Project Co. and/or North East Energy Development LLC
Updated partnership information

News Stories & Editorial > Dec 4 [For faster page loading, go to our Latest News page.]
US Natural Gas Production Foils LNG Imports
LNG exports from US a real possibility; hurdles remain (Dec 5)


Media Credit: wikipedia.com