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Independence Power and Light

By Mike Genet mike.genet@examiner.net
The Examiner
While state and federal agencies look into the energy prices during February’s cold snap, some Independence City Council members warn about sticker shock if the city’s electric utility has to recover some costs.
The municipal utility had told customers a few weeks ago that they would see slightly higher bills into the summer due to the cold snap. To recover some of those costs, IPL said customers would see an increase of about $9 to $10 in the fuel-cost-adjustment portion of their bill for several months. Department director Jim Nail said he chose that method rather than a single, higher add-on to bills. ....

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examiner.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from examiner.net Daily Mail and Mail on Sunday newspapers.

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Independence Power & Light's debt extensive, but considered stable

Independence Power & Light’s debt extensive, but considered stable
Mike Genet
mike.genet@examiner.net
While the city of Independence recently paid off $10.6 million of Power & Light bonds about 15 years ahead of schedule, saving more than $4.5 million in interest payments, it still represents a small amount of the city utility’s total debt obligations.
The $10.6 million, used from surplus cash, was part of what had been $151.5 million in outstanding bond payments through 2046, along with $91 million in future interest. Those bonds were issued to pay for a wide variety of projects, including plants no longer in use.
In addition, the city is obligated long term for $290 million in bond payments through its power purchase agreements with the Nebraska City and Iatan (near Weston) coal plants, according to the city’s annual financial report issued in mid-2020. That includes $165 million through 2038 for the Iatan plant, which started in 2010; and $125 million ....

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Independence mulling major refinance for Crackerneck bonds

By Mike Genet mike.genet@examiner.net
The Falls at Crackerneck Creek development has been a financial albatross for the city of Independence for a dozen years. City officials are mulling how best to keep the tax-assisted project from being worse.
Financial advisers for the city have proposed taking advantage of historically cheap bond interest rates through refinancing and continuing to use funds from other more-lucrative development areas to support what’s commonly known as the Bass Pro TIF (tax increment financing).
Bryan Kidney, director of finance and administration, and bond advisers say the refinancing deal should go before the City Council in the next month or two. If the deal goes through, It would be the third time the bonds have been refinanced for the development that started shortly before the Great Recession of 2008-09 includes and surrounds Bass Pro Shops near Interstate 70 and Missouri 291. ....

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New IPL power generation

By Mike Genet mike.genet@examiner.net
Even if the city of Independence still had the Blue Valley Power Plant operating, and it ran at full capacity last week, Independence Power & Light wouldn’t have avoided the rolling blackouts that caused much consternation for two days.
The temporary blackouts, called for by the Southwest Power Pool to avoid grid failures that would cause much larger and longer blackouts, hit a little more than half of IPL’s customers for short periods of time, and any utility across the Central Plains with SPP had to issue them, IPL Director Jim Nail said. ....

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