With Umphrey’s McGee’s annual return to Red Rocks Amphitheatre on the horizon, with the group hosting their first-ever three-night run at the iconic Colorado venue across June 30th to July 2nd, the Indiana-born jam band is sure to be pulling out all the stops. While musically, there is sure to be a number of surprises, especially when considering that the run is supported by Stick Figure, Snarky Puppy, Bokante, and Bruce Hornsby & The Noisemakers, the band has some extra-special mementos for fans that they can take home with them.Watch Umphrey’s McGee Tear Through “2×2” During The First Night Of Their Milwaukee Run [Pro-Shot]In anticipation of this monumental occasion, Umphrey’s McGee has previewed a new poster that will be released for their Red Rocks run. As a standalone, the poster, printed by Kyle Baker’s Baker Prints, is already a gorgeous piece of art. However, yesterday, Umphrey’s announced that they’re releasing something special to take the artwork to the next level, and it’s certainly something else. It also will be compatible with something the band calls “Augmelted Reality,” which utilizes virtual reality and augmented reality technology to make the artwork digitally come to life. Co-produced with Flight School, which is an award-winning multi-media studio, the poster can be viewed through an app dubbed the “Umphrey’s AR App,” which goes live on June 29th. When looking at the poster with the Umphrey’s AR app, the artwork comes alive, “conjuring up effects previously only achieved by consuming psychedelics,” as described by the band in a recent statement.String Cheese Incident Releases Stunning Watercolor Video For “My One And Only” Featuring Bonnie PaineSo how does it work? The Augmelted Reality software has cataloged hundreds of tracking marks that it recognizes on the artwork of the poster itself, making for a dazzling visual experience that users can interact with on their phone. While the band has been more or less hush-hush on the actual experience of the poster itself, in their statement they teased that “the intricately illustrated Colorado spirit animals [on the poster] come out of the woods and need to hold on tight.” You can check out a brief video of the app in action below, as well as the artwork for Umphrey’s Red Rocks upcoming run below.
Sincerely,James Kim, Project Manager Plant Licensing Branch 1-1 Division of Operating Reactor Licensing Office of Nuclear Reactor RegulationDocket No. 50-271cc: Distribution via Listserv PDF Version: original letter Site Vice PresidentEntergy Nuclear Operations, Inc.Vermont Yankee Nuclear Power StationP.O. Box 250Governor Hunt RoadVernon, VT 05354SUBJECT: NRC RESPONSE TO NOTICE OF CANCELLATION OF PARENT GUARANTEE FOR VERMONT YANKEE NUCLEAR POWER STATION (TAC NO. ME6674)Dear Sir or Madam:On April 29, 2011, Entergy Nuclear Operations, Inc. (ENO) submitted to the U.S. Nuclear Regulatory Commission (NRC) a notice that Entergy Corporation intends to cancel a parent company guarantee by Entergy Corporation guaranteeing $40 million of the decommissioning cost for the Vermont Yankee Nuclear Power Station (Vermont Yankee) (Agencywide Documents Access and Management System (ADAMS) Accession No. ML 111250255). In the submittal, ENO states that because the NRC notified the licensees that Vermont Yankee’s facility operating licensee has been renewed for a 20-year term, now set to expire at midnight on March 21,2032, Entergy Corporation no longer needs to provide a parent company guarantee for Vermont Yankee, due to the anticipated earnings of the decommissioning funds during the renewal period.In its submittal, ENO referenced its decommissioning funding status report on March 31, 2011, which, according to its calculation, provided approximately $211 million in surplus funds over the NRC’s minimum funding amount without consideration of the parent guarantee, rendering the existing parent company guarantee for additional financial assurance no longer necessary. Also according to the submittal, Paragraph 13 of the parent company guarantee and Title 10 of the Code of Federal Regulations Part 30 Appendix A(III)(A), states that the parent company guarantee will remain in force unless the guarantor sends notice of cancellation and the cancellation may not occur during the 120 days beginning on the date of receipt of the notice of cancellation by both the licensee and the Commission. Therefore, ENO notified the NRC that Vermont Yankee no longer required a parent company guarantee and that Entergy Corporation was intending to remove the parent company guarantee 120 days from the receipt of the notice.The NRC staff has reviewed the notice of cancellation by ENO and has determined that external factors may affect the licensee’s decommissioning financial assurance. The reason for the NRC staff’s decision is based on the ongoing civil court case Entergy Nuclear Vermont Yankee v. Shumlin, No. 11-cv-99 (D.V.T filed April 8, 2011) (VY v. Shumlin). Also, on June 23, 2011, the State of Vermont Department of Public Service submitted a letter to the NRC stating that Vermont is currently reviewing land use, power needs, alternatives, costs, economic impacts and reliability for any generation source and has not determined that Vermont Yankee meets the State criteria for continued operation (ADAMS Accession No. ML 11187 A311). Depending on the outcome of Vermont’s review and VY v. Shumlin, Vermont Yankee may no longer operate after March 21, 2012. Under that condition, the anticipated earnings during the renewal period would not be realized. Because of the uncertainty surrounding the plant’s future, cancellation of the guarantee at this time would be premature.If the parent company guarantee is cancelled, the licensee will be required to provide adequate financial assurance within 90 days of receipt of the notice of cancellation. However, when the issues raised by Vermont and in the litigation are resolved, ENO may resubmit notice of its intent to remove the parent company guarantee for an expedited review by the NRC staff.If you have any questions regarding this letter, please contact me at 301-415-4125. Northstar Vermont Yankee,An effort by Entergy Corporation to cancel its $40 million guarantee of the decommissioning of the Entergy Vermont Yankee nuclear power station in Vernon has been stalled by the Nuclear Regulatory Commission. Entergy notified the NRC that it was cancelling the financial obligation because the NRC had approved the relicensing of the plant. With the relicensing for another 20 years, Entergy maintains that earnings from the plant during that period will cover the cost of decommissioning and therefore the guarantee would be unnecessary.However, the NRC is saying in a letter sent to Entergy Vermont Yankee that cancellation is “premature” at this time because operation of the plant for another 20 years after March 2012 is not guaranteed, given the uncerainty of ongoing legal action. The NRC says that Entergy may resubmit its request to cancel the guarantee after the issues with the state and in federal court are resolved.On Wednesday, Governor Peter Shumlin issued the follwing statement in reaction to the NRC letter: “Once again Entergy has tried to avoid taking full responsibility for its actions and sought to cut the state process out of the equation. I’m deeply concerned that Vermont Yankee doesn’t have the money to decommission the plant, including closing the facility and cleaning up the site, quickly and efficiently when it shuts down on schedule, and I’m grateful that the NRC hasn’t let Entergy off the hook.”LETTER FROM NRC: UNITED STATES NUCLEAR REGULATORY COMMISSION WASHINGTON, D.C. 20555-0001 August 10, 2011
Some 60% of sponsors had reported an accounting surplus in their pension scheme on an IAS19 (International Accounting Standard 19, Employee Benefits) accounting basis for 2019, rising to 70% in surplus – their best position for 20 years – by March this year.However, just one month later, that figure had fallen below 60% again as the pandemic hit.Moreover, the LCP analysis reveals that between 10 March and 18 March, debt-market volatility and rising interest rates wiped some £150bn (€167bn) from the total pension liabilities as investors sought shelter in fixed income.The development effectively balanced out Q1’s precipitous falls on global equity markets.The LCP study noted that two factors have served to shield FTSE 100 scheme sponsors from the worst effects of recent market turmoil.First, their combined asset holds are currently split 60/20 in favour of bonds over equities. This compares with the position in 2002 when just over 60% of fund assets were allocated to equities and less than 30% to bonds.Second, funds with extensive hedging strategies in place will have seen their liabilities reduced.Meanwhile, the key IAS 19 assumptions of discount rates, inflation and mortality, have also seen noteworthy developments.Since 31 December 2018, discount rates have fallen from around 2.8% to between 2% and 2.1% at 31 December 2019, which has had the knock-on effect, in isolation, of increasing scheme liabilities by around 15% – some £70bn for FTSE100 sponsors alone.InflationOn inflation, sponsors based their IAS 19 assumptions on a breakeven inflation assumption of some 3.2% less an inflation risk premium of between 0.2-0.3%.This risk premium is slightly higher than in previous years. The report’s authors suggest it could “be as a result of the increased uncertainty in the market and the perception that perhaps investors require additional returns if they were to hold inflationary risks in the current climate.”The report also noted that sponsors were beginning to adapt their IAS 19 assumptions to Retail Price Index inflation reform in the UK, which will eventually see the measure replaced with the CPIH measure.But, cautioned the report, the impact of that reform remains, however, uncertain.MortalityOn the third key assumption – mortality – the study revealed some disparity among sponsors over mortality assumptions.Although a clear majority in a sample of 45 samples had updated their mortality assumptions to take account of the latest developments in the CMI 2018, a significant minority relied on earlier iterations of the CMI dating back to 2013.The report disclosed that this introduced a level of subjectivity into the reporting that they value at some £50bn.The report focused on the DB net balance sheet position in the sponsor’s year-end financial statements. It did not take in the funding position, which represented a cash call on the sponsor.DividendsFinally, on the now contentious topic of dividend payments to shareholders, the report said that around one-third of FTSE 100 companies had either cancelled or deferred planned dividends.This move comes not just as a result of the COVID-19 outbreak but also in the face of growing pressure from the UK Pensions Regulator to strike an equitable balance between the interests of shareholders and pension scheme members.Most recently, the regulator had insisted that sponsors could only suspend or reduce deficit contributions if they halted dividend payments.LCP’s full report can be viewed here.To read the digital edition of IPE’s latest magazine click here. The coronavirus pandemic has so far had a limited impact on the net funding position of UK FTSE 100 defined benefit (DB) pension schemes, a new report from consultants Lane Clark & Peacock (LCP) has revealed.The study shows that the near total shutdown of the UK economy in response to the COVID-19 outbreak has left funds treading water to end March broadly in the same position as at the start of the year.LCP partner Jonathan Griffith said: “Before the economic earthquake of COVID-19, a large number of FTSE 100 pension schemes were in a relatively healthy position, with most reporting a surplus in their company accounts.“The pandemic has thrown all this up in the air as discount rates and asset values are impacted by the market volatility.”
Published on February 27, 2013 at 2:16 am Contact David: [email protected] Syracuse won more faceoffs, finished with more shots on goal and had more power-play opportunities against Lindenwood. But in the end, Lindenwood had more goals.The Orange (18-14-1, 12-6-1 College Hockey America) fell to the Lions (7-23-3, 7-9-3 CHA) on Tuesday night 2-1 in overtime. It was SU’s first lost of the season to LU, and moves the Lions closer to tying Robert Morris and RIT for third place in the CHA standings.In the first period, Syracuse outplayed Lindenwood in almost every aspect of the game, until the Lions’ Allysson Arcibal launched a goal into the net with 56 seconds left in the period. The goal put the visitors ahead. SU would never lead.“I give them the world of credit. They outworked us. They outcompeted us,” SU head coach Paul Flanagan said. “I’m extremely disappointed in our team. They just didn’t show up.”In the end, the Orange finished with eight more shots on goal than the Lions, but LU goalie Nicole Hensley kept SU from gaining the advantage on the scoreboard.AdvertisementThis is placeholder textThe freshman finished the game with 42 saves, but a large portion was easy.“We shot a lot of pucks right at her stomach,” Syracuse goalie Jenesica Drinkwater said. “They had some definitely more challenging saves on me. Their goalie kept them in.”The Orange had many opportunities to take the lead, but once again failed to convert. SU finished the day 0-for-4 on power plays. But those weren’t the only times Syracuse failed to convert on easy opportunities.Multiple times, when the Orange had the puck in front of the net, a forward misfired on a dish or failed to control the puck, resulting in a turnover.“That’s an unacceptable effort,” Flanagan said. “We missed a lot of passes and looked a little bit out of sync.”After the first two periods, SU and Lindenwood were tied with 23 shots on net apiece. But in the third, Syracuse fired 20 pucks at the net compared to the Lions’ 10. Even though the Orange fired more at the net, Jacquie Greco said the team missed on too many other opportunities.“We don’t have a lot of time to capitalize on those (chances),” Greco said. “In two weekends, in the championship game, when we need it, I know it’s going to be there.”The forward was the only player to capitalize on an offensive opportunity for the Orange. Just 10 minutes into the third period, Greco fired in, ultimately forcing overtime.Just more than a minute after the game restarted, it ended. Lindenwood center Caitlyn Post grabbed an offensive rebound and knocked the puck into the net to give the Lions the victory.“They were cutting around at the top of the circle and they fired it back across the right, and I made a toe save on it,” Drinkwater said. “But unfortunately, we didn’t get enough sticks on it and it flipped right in.”Flanagan said after that the game wasn’t only lost in overtime – it was lost in regulation. For 50 minutes, he said, the team didn’t show up.In the end, Flanagan, Greco and Drinkwater all pointed to Hensley’s excellent play and SU’s failure to execute as the reason they lost. Hensley visited SU last season and could have ended up in a Syracuse uniform – just extra salt in the wound of the Orange’s final series loss.“She came out here for a visit last year,” Flanagan said. “We’ve known about her, we watched her play.” Comments Facebook Twitter Google+