That's the current Market Cap of Laidlaw Energy Group who's stock today is valued at $.0004.
Yes, that's three zeroes after the decimal point. A year ago there were only 2 zeroes, so in the last few months, Laidlaw had lost even more value. Even with 1.5 billion (yes, that's billion with a B) shares outstanding that makes its market cap around $600,000 -- about half the revenue of KDPaine & Partners!
Because of these and other concerns, I listened with interest to Laidlaw's presentation to Berlin's City Council last night.
The first bombshell to drop was that Berlin has no legal authority to impact development on the Burgess mill site. It's entierely up to Concord. Lets hope Governor Lynch and the PUC have Berlin's best interests at heart, because no Planning Board, no Zoning board can override the authority of the state energy facility site evaluation committee. (EFSEC) The only opportunity the city has to impact the process is through the actual application process. Laidlaw's attorney's declined to be specific about when that process would start. When it does begin, it will take approximately 9 months to move through the system, and that would be the time that Berlin could negotiate with Laidlaw to put stipulations and contingencies into their plans.So the question is, how much do Berlin residents trust Concord to look out for our interests?
Laidlaw's CEO, Michael Bartosek was on hand to explain that they wanted to work with Berlin, and proposed purchasing the remaining acreage on the former mill site and setting up a non-profit group to develop it. (Of course who would want to be up wind from a noisy, dusty power plant, remains to be seen. A "River Walk" was mentioned, but again, who wants to go walking along a river, in the shadow of a power plant? I've never seen anyone walking anywhere near this
biomass plant in Newington.
Bartosek used all the right "green" words in his presentation, saying that the plant would be part of a "new energy economy" and "be sustainable" and "reduce our dependence on foreign oil." What he didn't mention was that since Berlin is already energy self-sufficient thanks to 5 hydro plants, all the revenue generated by the plant would go out of the county.
Bartosek also discussed the "40 jobs" he's promised to create. He hopes to use a contractor to build the plant that would employe Coos County workers. Right, like the prison -- which is being built in Pennsylvania and trucked here in pieces.
He also talked about the dozens of logging jobs that he hopes to protect. I'd love to survey local truckers and find out just how many will be waiting around for that Laidlaw order in 5 years if/when the plant goes on line. Bartosek was so emphatic about his helping local loggers that it occurred to me that Dillon was probably deeply involved in this project.
Another big topic was the relationship with PSNH. It was clear from their presentation that as had been spectulated, Laidlaw is essentially just a front for PSNH to build a biomass plant in Berlin. Which of course explains former mayor and PSNH employee Bob Danderson's enthusiasm for the project.
I applaud Mayor Bertrand and the city council for their excellent questions last night. And I acknowledge that Laidlaw did a good job of providing the answers. I just don't believe them.
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