13 2008 dueto pending state legislation A

From Buenos Aires to Bombay, a pro athlete of Tyson's fading stature is still a good subject for any photographer to shoot. But, as I found out the other day, the price for taking that photo of Tyson, 43, might be blood.Read more ... . DEP, Drilling Industry Create Partnership to Explore New Wastewater TreatmentTechnologiesDepartment Improves, Strengthens Permitting ProcessHARRISBURG, Pa., Jan. 12 /PRNewswire-USNewswire/ The Department ofEnvironmental Protection and the natural gas drilling industry have launched apartnership to explore innovative methods to treat wastewater generated fromoil and gas well drilling operations in the commonwealth.Working with the partnership, the department will develop a technology-basedstandard for total dissolved solids in oil and gas wastewater, to protectrivers and streams. The partnership met for the first time today inHarrisburg."The oil and natural gas extraction process generates brine and wastewaterthat can contain high concentrations of salt and total dissolved solids thatare diluted and discharged into surface waters after treatment to removepollutants," said Environmental Protection acting Secretary John Hanger. "Thedepartment is committed to working along side the drilling industry to developnew treatment technologies to treat this wastewater that will allow ournatural gas industry and our economy to thrive while protecting the health ofour rivers and streams."Pennsylvania's streams must assimilate total dissolved solids, or TDS, from avariety of wastewater sources besides oil and gas well drilling. Some streams already burdened with large TDS loadscould reach their limits from the additional demand created by new welldrilling activity.The combination of fluctuating energy prices and Pennsylvania's proximity tothe major population centers of the northeast has created an oil and gasdrilling boom in the commonwealth. DEP has issued a new record 7,792 drillingpermits in 2008 with more than 4,100 wells drilled in regions throughout thestate.The partnership was formed as a result of an increasing demand for thetreatment and disposal of brine and other wastewater generated fromtraditional and Marcellus Shale drilling operations.

Its goal is to limitsurface water discharges from wastewater treatment plants by encouraging thereuse of frac water, locating geologic formations capable of safe deepunderground wastewater disposal, and evaluating new and emerging technologiesfor treating the remaining wastewater.By reusing the frac water, theindustry's demand for fresh water withdrawals will decrease."The rivers and streams of Pennsylvania have a very limited ability to absorbsome of the additional wastewater created from the increased development ofthe Marcellus Shale formation. NEW YORK(Business Wire)Fitch Ratings assigns an 'A-' to the Long Island Power Authority's (LIPA)planned issuance of $250 million series 2009A fixed-rate electric system generalrevenue bonds. Fitch also affirms outstanding $5.7 billion parity electricsystem general revenue bonds (senior lien) at 'A-' The Rating Outlook remainsNegative. Proceeds from the 2009 bonds will be used for refunding and generalcapital purposes. The 2009 bonds, with a tentative final maturity of April 1,2039, are scheduled to price via negotiation this week, on Jan 14, 2009. LIPA further has $155.4 million New York State Energy Researchand Development Authority (NYSERDA) bonds outstanding, which are obligations ofKeySpan Corp. (recently acquired by National Grid, Plc) and $2.2 billion incapital lease obligations.

LIPA's obligations on the NYSERDA bonds and thecapital leases rank junior in payment to the subordinate lien bonds. A keycredit strength, particularly over past few years, has been LIPA's utilizationof a fuel and purchased power cost adjustment (FPPCA), which allows pass-throughof fuel and purchased energy costs on a timely basis. Management and the Board ofTrustees have been committed to increasing the FPPCA as necessary to maintainthe utility's fiscal health. Credit concerns include LIPA's high electric rates, concentrated commodityexposure in more volatile fuels (natural gas/oil), and above-average leveragefor the rating category. Additionally, energy sales growth is beginning todecline, due to the regional (and national) economic slowdown, which could putadded pressure on rates in the future. While LIPA's retail rates are very highrelative to other municipal power systems in the region, its electric rates arestill considerably below its nearest corporate counterpart, Consolidated EdisonCompany of New York. 13, 2008, dueto pending state legislation (A.6164/S.3410) at the time that could haveaffected LIPA's ability to fully recover costs on a timely basis While the'LIPA bill' was ultimately vetoed by Gov.

Patterson in September 2008, thepolitical pressure for state regulatory oversight of LIPA's electric ratescontinues to persist. Additionally, as the effects of the economic downturnfilter through to its customers, LIPA's expenses and electric rates, inparticular, are coming under increasing political scrutiny. Also, while LIPA has restructured a large portion of its variable-ratedebt affected by the financial market turmoil of 2008, LIPA still has roughly$818 million (or roughly 12.1 of total debt) of variable-rate securities withremarketing/interest cost exposures related to perceived underperforming creditand/or liquidity providers. The Long Island Power Authority, through its wholly owned subsidiary, LIPA, ownsand operates an electric distribution system providing electric service to mostof Nassau and Suffolk counties and the Far Rockaway section of Queens.