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The Lemieux Report

5/19/08…www.thelemieuxreport.com

full text online…email from Lemieux…

check places to go category for Lemieux …live…

Topic 1…Allstate Back In Business….

Battle between Allstate and Office of Insurance Reg. hit tis peak last week….Friday Allstate signed an affidavit certifying it had fully complied with state’s request for documents…in response state lifted the ban with the understanding a future failure would bring about another ban…which was enacted in early 2007…

Bottom Line…positive steps towards determining the ultimate issue of whether Allstate failed to lower rates as request by last years law…..Issue not over until regulators believe Allstate acting in good faith…

Topic 2….New Cost of Nuclear…

Wall Street Journal this week reported on rising construction coats associated with producing new nuclear power plant….

104 functional reactors in US/ 75 built between 1966-1986….

these existing plants cost on average when built $3 billion….

Todays new plants…est…$5-12 billion….

WSJ…increase due to construction costs…to high commodities…and lack of skilled labor…

Fed. and State officials working to streamline licensing process…

Industry has become more standardized in effort to reduce costs…

In Fl. process further aided as utilities can pass along construction and development coats to consumers …

earlier this year 2 plants were approved for FPL….

Bottom Line….Despite start-up costs…with fuel prices continuing to climb…nuclear power provides less expensive…cleaner avenue to meet Fl. and America’s growing energy needs….

Topic 3….Lake Belt Mining Ban Lifted….

Last week US Court of Appeals for the 11th Circuit lifted a 10 month ban on mining in the 78 sq. mile Lake Belt area located east of the Everglades Nat. Park and NW of Metro Miami…

Mining at Lake Belt provides 1/2 of the limestone and 1/4 of cement used for a variety of construction purposes across the state…

The Sierra Club brought a suit against the Army Corp. of Engineers …clean water…..lower court sided with SC…now this Circuit Court …vacated the Dist. Court’s grant of summary judgment and remanded the case to the District Court to apply the proper standard review to the Corps environmental analysis…

Bottom Line….Litigation will continue in the lower court…mining will resume for the time being…

Topic 4….Embraer Expands in Florida…

Brazilian based Embraer plans to build a $50 million dollar Manufacturing facility at Melbourne Airport…

The company is the 3rd largest manufacturer of commercial jets….

will crate 200 job…by 2011…

Bottom Line….project made possible through partnership… Embraer…Enterprise Florida…the Economic Development Comm. of Fl. Space Coast….City of Melbourne…Melbourne Airport Authority…

Topic 5….Hurricane Conference…

Conference was held in Fort Lauderdale with Gov….emergency managers…first responders…for 6/1/ start of 2008 hurricane season…. 1 week of training and preparation

National level…despite a defeat to add windstorm on to the NFIP the US Senate did pass a reauthorization bill including a provision that will establish a panel to conduct a 9 month study on how best to establish a national catastrophe program….

it would dilute risk of catastrophic loss…especially given the fact that state may soon face additional assessments to cover the $600 million increase to the already $1.35 billion debt to the state catastrophic fund …due to the 2004-05 hurricanes….

Bottom Line…. It’s the responsibility of state and national leaders to pursue public policy positions …such as the national catastrophic fund tp protect long-term financial security of Americans….

If Fl. can support subsidies for farming…which mostly benefit non-coastal states….non-coastal states can do the same….

Things to Watch….

Water Wars Ruling Favors Fl….

Fri US Court of Appeals for District of Columbia…denied Georgia petition for rehearing of courts prior decision that Army Corp. of Engineers overstepped its authority 5 years ago when it granted Georgia additional water rights that affected Fl. and Alabama…

Everglades Rstoration…

South Florida Water Management voted Thur. to put a hold on the Everglades Restoration Project pending the outcome of environmentalists lawsuit….

If Not Hillary Than Who…

Sunday…NY times…creates a profile on the first woman president….

next week…if Lemeiux publishes…look online…Memorial Day…

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