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Coal-fired plants shutting down, despite Trump’s promises

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More U.S. coal-fired power plants were shut in President Donald Trump’s first two years than were retired in the whole of Barack Obama’s first term, despite the Republican administration’s efforts to prop up the industry to keep a campaign promise to coal-mining states.

In total, more than 23,400 megawatts (MW) of coal-fired generation were shut in 2017-2018 versus 14,900 MW in 2009-2012, according to data from Reuters and the U.S. Energy Information Administration (EIA).

Trump has tried to roll back rules on climate change and the environment that discouraged coal generation adopted during the Obama administration to fulfil pledges to voters in states like West Virginia and Wyoming.

But the second highest year for coal shutdowns was in Trump’s second year, 2018, at around 14,500 megawatts, following a peak at about 17,700 megawatts in 2015 under Obama.

One megawatt can power about 1,000 U.S. homes.

Coal capacity peaked in 2011

The number of U.S. coal plants has continued to decline every year since coal capacity peaked at just over 317,400 MW in 2011, and is expected to keep falling as consumers demand power from cleaner and less expensive sources of energy.

Cheap natural gas and the rising use of renewable power like solar and wind have kept electric prices relatively low for years, making it uneconomic for generators to keep investing in older coal and nuclear plants.

Generators said they plan to shut around 8,422 MW of coal-fired power and 1,500 MW of nuclear in 2019, while adding 10,900 MW of wind, 8,200 MW of solar and 7,500 MW of gas, according to Reuters and EIA data.

The predictions come from estimates compiled by Thomson Reuters and U.S. Energy Information Administration data.

Since taking office in January 2017, the Trump administration has announced its intention to leave the 2015 Paris Agreement on climate change and is relaxing Obama-era rules on emissions from power plants as it seeks to boost domestic production of oil, gas and coal.

U.S. carbon dioxide emissions rose in 2018

U.S. emissions of carbon dioxide, the main greenhouse gas, spiked in 2018 after falling for the previous three years as cold weather spurred gas demand for heating and the booming economy pushed planes and trucks to guzzle fuel, according to a study by Rhodium Group, an independent research group.

After falling to 5,144 million tonnes in 2017, the lowest since 1992, the EIA projected U.S. energy-related carbon emissions will rise to 5,299 million tonnes in 2018.

“There will be a limit to what increasingly cheap renewable power and continuously cheap natural gas can deliver with respect to emissions reductions,” said John Larsen, a director at Rhodium Group who leads the firm’s power sector research, noting the rising use of gas to produce power as coal plants shut. Natural gas emits about half the carbon as coal.

The Trump administration has also tried to slow the retirement of coal and nuclear plants through a directive in 2017 from Energy Secretary Rick Perry to subsidize the aging units, arguing they make the electric grid more resilient.

That plan was bashed by advocates for gas, renewable power and consumers and unanimously rejected by the U.S. Federal Energy Regulatory Commission (FERC), led by former Chairman Kevin McIntyre. The plan could resurface now that Trump has a chance to replace McIntyre, who died on Jan. 2.

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Wedding attack and tech: How OpenText’s investigations service beats the traditional approach

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At its heart, an investigation is a hunt for relevant facts in order to tell a story — a story that drives strategies for organizations, including law firms.

Tracy Drynan, head of OpenText Recon Investigations — a seamless end-to-end service that helps companies and law firms find evidence for all types of investigations including internal investigations, litigation assessments, compliance and regulatory investigations, c-suite vetting and more — says these stories are a more powerful tool than most people think.

The team led by Drynan arms both in-house and external counsel with the information needed to guide their corporate and outside lawyers with the information needed to guide their clients: an investigation empowers them. What differentiates OpenText Recon is the speed with which the team utilizes specialized tools and workflows to efficiently locate evidence. This approach gains insights into patterns, gaps and relationships in a fraction of the cost of a traditional eDiscovery review, and more quickly gathers the relevant facts to create that critical story.

“Whether it be litigation or a regulatory investigation or an internal audit, often time is of the essence,” Drynan says. “Being able to make decisions that affect your bottom line, your liability, your risks which ultimately challenge your resources, even public opinion, is critical.”

Too often, an archaic model is applied to investigations — one derived when we still existed in a paper society — that analyzes all available information but doesn’t actively hunt for relevant facts, and that produces a disconnect. An efficient model does not need to analyze every piece of information.

“It’s flawed for this reason,” Drynan says. “When you review a set of information, even when you apply advanced analytics and information retrieval science, it is still at the end bucketed for a team to analyze it contiguously. In a way, we are still following the pre-electronic paradigm — we are reviewing almost paper documents one by one, and that unfortunately is handicapping both the talent and the technology in the hunt for the facts.”

While lawyers may make a living hunting facts and building narratives, Drynan would argue their approach could be improved and points out that many of the companies hired by firms to help out during an investigation still apply that outdated model. OpenText Recon breaks that pattern and approaches the hunt differently — they don’t compartmentalize anything, which means the team can identify patterns more easily. Those patterns become the clues, which become the facts, that become the story that allow lawyers to make those critical decisions. The result is not a stack of documents, but a more nuanced report outlining the important facts to analyze.

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Canada takes aim at Netflix, Airbnb in $6.5B big-tech tax plan

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Canada’s federal government is planning to force foreign-based technology firms such as Netflix Inc. and Airbnb Inc. to charge their users a sales tax in a move aimed at boosting the government’s coffers by as much as $6.5 billion over the next five years. 

The new taxation plans, outlined in the government’s Fall Economic Statement, attempt to level the playing field between Canadian companies and foreign-based digital corporations that were largely exempt from paying federal sales taxes. Some provinces — such as Saskatchewan, British Columbia, and Quebec — introduced taxes on streaming services like Netflix earlier this year. 

The government announced Monday that any foreign-based company selling digital products or services to consumers in Canada will be required to collect and remit the Goods and Services Tax or Harmonized Sales Tax. The new tax changes are proposed to begin on July 1, 2021. 

“Canadians want a tax system that is fair, where everyone pays their fair share, so the government has the resources it needs to invest in people and keep our economy strong. That is why we are moving ahead with implementing GST/HST on multinational digital giants and limiting stock option deductions in the largest companies,” said Finance Minister Chrystia Freeland, in prepared remarks. 

“And Canada will act unilaterally, if necessary … to apply a tax on large multinational digital corporations, so they pay their fair share just like any other company operating in Canada.”

Those taxes will include any sales on products or services made through digital marketplace platforms, sales to Canadians of goods that are located in Canadian fulfillment warehouses, as well as any companies whose platforms help to facilitate short-term rental accommodations in Canada. 

However, the new taxation moves wouldn’t see streaming services such as Netflix, Amazon.com Inc.’s Prime Video, Walt Disney Co.’s Disney+, and Spotify Technology SA meet certain Canadian-content requirements, something the Canadian Radio-television and Telecommunications Commission​ recommended be adopted rather than introduce new tax measures in a wide-ranging report released earlier this year. 

The CRTC estimates that those streaming services record annual revenue of roughly $5 billion, according to its most recent financial data. The federal broadcast regulator said in January that Ottawa should require foreign streaming services to invest in local programming rather than “digital taxes” that would likely get passed down to consumers. 

“It is more appropriate to establish a regime that requires such online streaming services that benefit from operating in Canada to invest in Canadian programming that they believe will attract and appeal to Canadians,” the report said. 

Ottawa will also consider new corporate-level taxes for foreign-owned digital corporations and is working with the Organisation for Economic Co-operation and Development to develop a framework it expects to provide further details on in the next budget. It expects the new measure will result in $3.4 billion in new tax revenue over the next five years once it is introduced sometime in 2022. 

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RevoluGROUP Canada Inc. RevoluPAY To Pursue Dubai Financial Services Authority PSP License

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VANCOUVER, British Columbia(GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce that it has dispatched Company advisor Erik A. Lara Riveros to pursue the petition of a Payment Service Provider (“PSP”) Money Service Business License in the Dubai International Financial Centre (“DIFC”) from the Dubai Financial Services Authority.

Corporate Rational For a PSP License in Dubai

In May 2020, RevoluPAY was granted the European PSD2 license. In September, RevoluPAY received Pan-European passporting approval to operate in 27 E.U. countries. The Company has further expanded its international open banking reach through definitive agreements (“DA”) with BBVA, Flutterwave, and Thunes. Additionally, via direct PSD2 SEPA passporting, the Company added sixty-eight countries and territories to its financial operations roster. In November, the Company submitted petitions for both the analogous United States MSB licenses and the Canadian FINTRAC license. The MEASA region of the Middle East, Africa, and South Asia is a significant financial hub that necessitates exposure for both financial operations and a strategic base for the region’s operations. The Company considers the DIFC an excellent regional hub, having introduced robust legislation for payment services providers (“PSP”) like RevoluPAY.

Furthermore, DIFC conveniently fills the timezone gap for a global financial center between London and New York’s leading financial centers in the West and Hong Kong and Tokyo in the East. Company advisor Erik A. Lara Riveros is duly accredited with the Dubai Financial Services Authority, which should aid the Company’s plans to obtain the Dubai PSP license and establish a corporate financial hub in the region. The Company has diligently prepared all required documentation, and Mr. Lara Riveros arrives in Dubai on the 4th of December 2020 to initiate the license petition process. The global operations of RevoluPAY expect to benefit from the multi timezone capability garnered from a supplementary and PSP licensed subsidiary domiciled in the MEASA region.

License Sought in Dubai

The Company intends to pursue the Category 3D license, which covers the following activities, “Providing or Operating a Payment Account, executing Payment Transactions or Issuing Payment Instruments, including creating and maintaining accounts for executing payment transactions, issuance of personalized sets of procedures agreed upon by the users and the provider, for initiation or execution of payment instructions.”

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