Rahul : Identifiez les forces derrière les dirigeants… 2-3 milliardaires derrière le Premier ministre

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Le chef du Congrès, Rahul Gandhi, a exhorté jeudi les électeurs du Pendjab à donner cinq ans à Charanjit Singh Channi, qui, a-t-il dit, a pris un certain nombre de décisions « favorables aux gens » au cours de son mandat de 111 jours, notamment en réduisant les frais d’électricité à 3 roupies par unité. , sans électricité. les retards et la réduction drastique des prix du carburant.

S’adressant à des réunions publiques à Bassi Pathana et Fatehgarh Sahib, Gandhi a déclaré qu’Amarinder Singh avait été évincé de ses fonctions parce qu’il refusait de renoncer aux factures d’électricité des pauvres.

« Pourquoi Amarinder Singh a-t-il été éliminé ? Il a été licencié parce qu’il refusait d’annuler les factures d’électricité des habitants du Pendjab. Il m’a dit que nous ne pouvions pas faire cela parce que nous avons un contrat avec deux compagnies d’électricité. Je lui ai demandé s’il avait un contrat avec les compagnies d’électricité ou s’il avait un contrat avec les habitants du Pendjab. Puis j’ai parlé avec Channi sahib et lui ai apporté [in place of Amarinder]. Channi m’a répondu dans 2-3 jours et m’a dit que le Pendjab renonçait aux factures d’électricité d’une valeur de Rs 1 500 crore des pauvres. Il m’a également dit qu’il réduisait les prix de l’essence et du diesel. Je pensais qu’il (Channi) était l’homme idéal pour transformer le Pendjab », a-t-il déclaré.

« Quand je suis entré en politique, je pensais que les dirigeants parlaient de politique et de politique. Alors j’ai compris qu’il y avait des gens et des forces derrière ce leader. Si vous avez besoin de comprendre la politique, identifiez les forces derrière le leader. Je vais vous donner un exemple. Peut-il y avoir une force d’agriculteurs derrière le Premier ministre Narendra Modi ? Ce n’est pas parce qu’il a apporté trois lois noires anti-paysans. Seuls 2 ou 3 milliardaires bénéficiaient de ces lois noires… ils sont (force derrière) PM », a-t-il déclaré.

Slamming Delhi Premier ministre Arvinder Kejriwal, Gandhi a déclaré: «Est-ce que n’importe quel chef du parti du Congrès peut visiter la maison d’un terroriste? Mais les dirigeants de l’AAP peuvent dormir dans la maison du terroriste.”

Il a également critiqué Kejriwal pour s’être excusé auprès du chef du SAD, Bikram Majithia. “Je fais face à 20-25 cas, je ne me suis excusé auprès de personne. Channi ji ne s’est jamais excusé auprès de Majithia. Cela signifie simplement : darr Gaya ji.

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The Southern Company (SO) CEO Tom Fanning on Q4 2021 Results – Earnings Call Transcript

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The Southern Company (NYSE:SO) Q4 2021 Results Conference Call February 17, 2022 1:00 PM ET

Company Participants

Scott Gammill – IR Director

Tom Fanning – Chairman, President and CEO

Dan Tucker – CFO

Conference Call Participants

Julien Dumoulin-Smith – Bank of America

James Ward – Guggenheim

Jeremy Tonet – JP Morgan

Angie Storozynski – Seaport Global

Steve Fleishman – Wolfe Research

Paul Fremont – Mizuho

Michael Lapides – Goldman Sachs

Operator

Good afternoon. My name is Chris and I will be your conference operator today. At this time, I’d like to welcome everyone to The Southern Company Fourth Quarter 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Mr. Scott Gammill, Investor Relations Director. Please go ahead, sir.

Scott Gammill

Thank you, Chris. Good afternoon and welcome to Southern Company’s year-end 2021 earnings call.

Joining me today are Tom Fanning, Chairman, President and Chief Executive Officer of Southern Company, and Dan Tucker, Chief Financial Officer.

Let me remind you, we’ll be making forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K, Form 10-Qs and subsequent filings.

In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure, are included in the financial information we released this morning as well as the slides for this conference call, which are both available on our Investor Relations website at investor.southerncompany.com.

At this time, I’ll turn the call over to Tom.

Tom Fanning

Thank you, Scott. Good afternoon and thank you for joining us today.

As you can see from the materials that we released this morning, we reported strong adjusted earnings per share for 2021, exceeding both our original 2021 guidance and the estimate that we provided on our third quarter call. This performance is due in no small part to our outstanding service territories and the unparalleled commitment of our employee to deliver clean, safe, reliable and affordable energy to our customers. Our outstanding customer service, our commitment to the communities we serve and our proactive engagement with our stakeholders are reflected in the numerous honors we’ve highlighted in our slide deck, including recent recognition as number two in the nation on Forbes 2022 list of America’s Best Large Employers.

Many of the initiatives that support this distinction are reflected in our inaugural transformation report which we released earlier this week. This report details our sustained commitment and actions to further advance equity, both within our company and our communities. These commitments allow Southern Company to help lead change within our communities and provide an enduring reflection of our values. We are proud with the progress we have made and continue to recognize the opportunity to do more.

As an example of the work we’re doing to drive our customer satisfaction results, a meaningful portion of our capital plan in recent years has been allocated to the continued modernization of our electric grids. Our grid automation strategies and investments are delivering real value to customers. And in 2021, our customers experienced 15% fewer minutes of interruptions. Similar initiatives will continue to be a major component of our capital plans going forward.

Across all of our stakeholder groups, including employees, customers, communities and investors, we’re focused on sustainability and a long-term view of value. That objective remains sound. The long-term financial plan that we outlined for you last year remains intact. And we are reaffirming our 5% to 7% long-term growth rate expectation, consistent with adjusted earnings per share in a range of $4 to $4.30 in 2024.

Let’s now turn to an update regarding some of the recent developments related to our progress on Plant Vogtle units three and four. As you can see in the materials provided earlier today, we updated our expected completion timeline for both units, extending the in-service dates for each unit by three to six months. As we discussed on previous calls, the paper process is a critical aspect of turning plant components and systems over from construction to testing and operations. We have discovered incomplete and missing inspection records concerning much of the materials and equipment that have been installed at Unit 3. These inspection records are an important part of the documentation that is necessary to file ITAACs.

Our progress on Unit 3 ITAAC has slowed as we address a backlog of tens of thousands of inspection records needing completion to support system turnovers. Through hard work over the last several weeks, we have reduced this backlog by more than 30%. Documentation within these inspection records is a critical aspect of getting it right and the time and resources to complete the remaining inspection records and remediate construction issues identified in the process, including the impact of borrowing Unit 4 resources are key drivers for the change in schedule.

We have 123 ITAACs remaining for Unit 3. The revised ITAAC completion schedule we’ve included in our slide deck is consistent with a three-month change in the Unit 3 schedule. Over the past year, a number of challenges including shortcomings in construction and documentation quality have continued to emerge, adding to project timelines and cost. In recognition of the possibility for new challenges to emerge, we further risk adjusted our current forecast by establishing a range of three to six additional months for each unit. And we’ve reserved for the maximum amount.

We continue to make meaningful progress on both units. Notably for Unit 3, all 157 fuel assemblies have been loaded into the spent fuel pool in preparation for fuel load. For Unit 4, direct construction is now approximately 92% complete, open vessel testing has started, and we recently completed the structural integrity and integrated leak rate tests without issue. The aforementioned challenges on Unit 3 are serving as lessons learned for Unit 4, and have benefited our performance on Unit 4 to date, relative to Unit 3. First time quality on both construction and documentation are key areas to focus. Our priority is bringing Vogtle Units 3 and 4 safely on line, and again to get it right, to provide Georgia with a reliable carbon-free energy resource for the next 60 to 80 years.

With this most recent change in project costs and schedule, provisions in the Vogtle 3 and 4 co-owner agreement came to the forefront, requiring the owners to affirmatively vote to proceed with the project. Vogtle 3 and 4 is incredibly important to the state of Georgia and its robust growing economy.

Furthermore, the addition of 2,000 megawatts of baseload carbon-free energy is vital to increasing the availability of net zero energy resources across the state. Considering the facts and our proximity to commercial operation, Georgia Power has already voted to proceed. The other owners are required to vote by March 8th, which allows time for them to work through their own governance processes.

Consistent with the schedule extension of up to six months additional for each unit, Georgia Power’s share of the total project capital cost forecast increased by $480 million largely as a function of time, additional resources to complete the remaining work with the unnecessary focus on quality construction and documentation and the replenishment of contingency. We continue working constructively with our co-owners to resolve different interpretations of the cost sharing agreement within expected potential range of outcomes of $100 million to $900 million.

We have included $440 million of the $900 million in our total project cost estimates. In aggregate, Georgia Power’s resulting total capital cost forecast is $920 million. And as a result, Georgia Power recorded an after tax charge of $686 million during the fourth quarter. We value our partners on Vogtle 3 and 4 and the relationship we’ve had with them across multiple assets for decades. We look forward to our continued partnership on each new unit as they transition to commercial operation, providing millions of Georgians with clean, safe, reliable and affordable electricity for decades to come.

Before turning the call over to Dan for an update on our 2021 financial performance, and our long-term outlook, I’d like to briefly touch on Georgia Power’s triennial Integrated Resource Plan, or IRP, which was filed with the Georgia Public Service Commission late last month. The proposed plan sets forth a proactive, innovative and transformational roadmap for how Georgia Power expects to support customers in its growing service territory for decades to come.

Consistent with Southern Company’s path to net zero carbon emissions, the plan describes a tangible path to transition Georgia Power’s generating fleet to cleaner more economical resources. This plan includes retirement of all of the coal units, Georgia Power controls by 2028, except for Plant Bowen Units 3 and 4, which are scheduled to be retired no later than 2035.

The plan also includes a request for the addition of 6,000 megawatts of renewable generation by 2035, more than doubling Georgia Power’s current renewable resources. Additionally, 1,000 megawatts of storage is requested by 2030 to improve the capacity value of these intermittent resources.

In recognition of the changing energy landscape, Georgia Power proposed innovative programs to promote reliability and resilience, including a distributed energy resource program. The comprehensive long-term plan also addresses continued investment in our transmission system and energy efficiency programs for customers. The IRP is subject to the review and approval of the Georgia Public Service Commission. Hearings will take place during the first half of 2021, with a final decision due this summer.

Dan, I’ll turn the call over now to you. Please take it away.

Dan Tucker

Thanks, Tom, and good afternoon, everyone.

All of our major subsidiaries had a strong 2021. As a result, our full year adjusted earnings were $3.41 per share, $0.16 higher than adjusted results in 2020 and $0.06 above the top end of our original 2021 guidance range.

Financial performance for year was highlighted by strong customer growth, improving retail sales trends and continued investment in our state regulated utilities. These positive factors were partially offset by milder temperatures throughout 2021, resulting in a negative $0.05 variance for weather as compared to 2020 and a negative $0.14 variance compared to normal weather.

Additionally, 2021 nonfuel O&M reflected the trend towards more normal operating conditions relative to the significantly reduced levels in 2020. A detailed reconciliation of our reported and adjusted results compared to 2020 is included in today’s release and earnings package.

Weather-adjusted retail electricity sales were up 2.4% compared to 2020, approximately 1% better than our forecast for 2021. Almost all of this positive variance can be accounted for in residential electricity sales as a result of continued robust customer growth and an extension of the increased usage trends, which began in 2020.

Residential sales outpaced our expectation for the year by 2.7%, reflecting what we think could represent a transition to sustained hybrid work practices across our service territories. We continue to analyze retail electricity sales relative to pre-pandemic levels. And in aggregate, in the fourth quarter, our weather-normalized retail electric sales exceeded sales in the fourth quarter of 2019. We are encouraged by these trends, and we’ll continue to monitor the implications of supply chain constraints, labor force participation and inflation pressures on our outlook.

Our stronger-than-expected customer growth is a trend that differentiates our service territories. Over the last two years, we’ve added an average of nearly 55,000 new residential electric customers and 30,000 residential natural gas customers across our regulated utilities.

Average residential electric customer additions were 43% higher over the past two years than the average for the five years ended in 2019. Customer growth continues to be driven by a strong labor market recovery, and our Southeast territories are on track to reach pre-pandemic levels of employment later this year.

Further supporting these trends, the economic development pipeline within our Southeast service territories remains robust. For example, the average number of job announcements was 22% higher and business investment in Georgia was 39% higher than average for the years leading up to the pandemic. Macro trends in e-commerce and electric transportation, combined with a diverse well-trained workforce and a low cost of living, have combined to drive major locations and expansions of distribution centers, data centers, manufacturing facilities and headquarters into our service territories.

Turning now to our expectations for 2022. Our adjusted earnings guidance for the year is $3.50 to $3.60 per share. The $3.55 midpoint represents a growth rate of approximately 7.5% from the midpoint of our original 2021 guidance range. In the first quarter of 2022, we estimate that we will earn $0.90 per share.

Included in our guidance is a more normalized assumption for retail electric sales growth of 0% to 1%, although a continuation of recent trends could deliver upside to that assumption.

We continue to see long-term adjusted EPS growth in the range of 5% to 7%, consistent with adjusted earnings in a range of $4 to $4.30 per share in 2024. With 90% of total projected earnings over the five-year planning horizon coming from our state-regulated utilities, our expected EPS trajectory has a solid foundation.

Additionally, our history of constructive regulation, strong credit ratings and disciplined O&M spending served to strengthen our outlook. Underlying our long-term adjusted EPS growth rate of 5% to 7% is a robust capital investment plan that continues to be driven by significant investment in our state-regulated businesses.

Our base capital investment plan of approximately $41 billion, which excludes the capital required to complete Vogtle Units 3 and 4, supports our 2024 estimate for adjusted earnings per share of $4 to $4.30. This forecast represents a $2 billion increase in state-regulated utility investment for the common years 2022 through 2025 from our forecast a year ago. These increases in our forecast are the result of greater visibility into investments to upgrade our enterprise applications, serve major known customer expansions or additions, further improve our grid and protect our technology infrastructure as well as investments related to the transition of our fleet.

We have long maintained a disciplined approach to capital forecasting within our state-regulated utility businesses. We don’t use placeholders, and we don’t include capital that isn’t expected to earn our allowed returns. The result of this approach is that our forecast tend to grow, especially in the latter years as our visibility into customer growth increases, as regulatory processes unfold, as compliance obligations evolve and as our long-term system planning is refined. We fully expect this trend to continue, including in relation to Georgia Power’s IRP.

For example, neither the long-term hydro investment, nor the proposed company-owned energy storage systems are fully reflected in our forecast. Additionally, none of the renewable additions proposed in the IRP are included due to both their time frames and the potential for selecting purchased resources.

Furthermore, we continue to believe Southern Power has significant opportunity to continue growing through investments to facilitate fleet transitions and the growth in clean energy infrastructure broadly across the United States. Southern Power’s model has been distinctive since its beginning in the early 2000s, focused on long contracts with creditworthy counterparties and a risk-adjusted return profile that marries well with our overall value proposition. While we expect near-term opportunities to meet our criteria to be modest, we do believe opportunities will accelerate in future years. We have allocated up to $3 to Southern Power over the five-year plan, with approximately $250 million in 2022, $500 million in 2023 and $750 million annually for the remainder of the forecast. Again, these allocations of capital are not included in our base capital forecasts.

In aggregate, our financial plan is anchored to our base capital forecast of $41 billion, and we believe upside potential exists in our state-regulated utility forecasts and our Southern Power allocation, representing spending of over $44 billion as part of our strategy to sustainably drive long-term growth in earnings and dividends.

We also believe many of the same drivers for additional potential investment over the next five years could translate to investment opportunities beyond 2026 as we continue on our journey to net zero.

And finally, we’ve included an updated three-year financing plan in the appendix to our slide deck today. This plan, which is consistent with our updated capital investment plans and the potential capital investment opportunities we’ve highlighted, continues to assume no equity need over our five-year plan horizon.

Credit quality and strong investment-grade credit ratings remains a top priority. The expected improvement in our consolidated FFO to debt metrics equates to 200 to 300 — a 200 to 300 basis-point increase from 2021 to 2022 levels by 2024. We’ve included a slide in the appendix to highlight some of the drivers for this expected improvement. Combined with the expected reduction in construction risk over the next 12 to 18 months, we believe we are well positioned to support our credit quality objectives.

Tom, I’ll turn the call back over to you.

Tom Fanning

Thanks, Dan. Southern Company strives to deliver superior risk-adjusted total shareholder returns, and I believe the plan that we’ve laid out supports that objective. Our customer and community-focused business model, our growing investments into our premier state-regulated utility franchises, the priority we place on credit quality and our commitment and actions towards net zero, all contribute towards making Southern Company a sustainable premier investment. A remarkable track record for dividends is another major contributor to that equation.

For nearly three quarters of a century, we have paid a quarterly dividend that is equal to or greater than the previous quarter, including dividend increases in each of the past 20 years. As we look ahead, assuming adjusted earnings within our estimated range of $4 to $4.30 per share in 2024, a payout ratio that is expected to be at or below 70%, and a sustainable long-term adjusted EPS growth rate of 5% to 7%, we believe that once Vogtle 3 and 4 are completed, our Board will have the opportunity to consider an increase in the rate of growth of dividends, further solidifying our long-term value proposition.

Thank you for joining us this afternoon. Operator, we are now ready to take questions.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question is from the line of Julien Dumoulin-Smith with Bank of America.

Julien Dumoulin-Smith

Hey. Listen, on the incremental cost, I just want to break this down, if you will. I mean it’s — a lot of numbers flying around here, if you can. So, of the $440 million you talked about in incremental cost, how much of that is driven by the co-owners agreement? Can you break that down, right? So you’ve got $180 million from the sharing band. And then above that sharing band, what percentage of the cost is — warrants you, if you will. So, can you kind of break down the sort of the successive pies, if you will?

And then, of that, what was the base project cost that was agreed upon with co-owners? And what was the decision on COVID-related costs, right? Emphasis on that last piece, if you don’t mind.

Dan Tucker

So, Julien, this is Dan. So, the $440 million, you absolutely hit it right. Within there is $180 million. That $180 million is consistent with provisions in our agreement with co-owners, where Georgia Power bears a fixed percentage of incremental cost up to a certain point. And so, that $180 million is the maximum amount of exposure under those provisions. Above the thresholds for those provisions is where this option to tender cost responsibility to Georgia Power kicks in. And that number embedded in $440 million is $260 million. So, what that represents is Georgia Power’s assumption of bearing $260 million, said a different way, 100% of all the dollars above the threshold. So that $260 million represents — their share is already captured in the $480 million. This is capturing the co-owners piece that is assumed in these numbers to be tendered.

And what was the second part of your question, Julien?

Julien Dumoulin-Smith

COVID-related costs. I got a follow-up, more holistic as well.

Dan Tucker

Yes. So, as we’ve disclosed and we talked about last quarter, there is differing interpretations in this co-owner agreement as to exactly how those provisions work and exactly what the starting point works. So, rather than air those specific differences here on the call, let’s let those conversations take place in the proper form. But suffice it to say, the two differing points of view is the starting point for where the initial provisions kick in and how COVID costs ultimately adjust any cost before sharing.

Tom Fanning

And Dan, one more point, I think, and please, I know you’ll correct me if I get this wrong, but we’ve associated the cost with tender in this estimate. We have not given any credit for the value of megawatts tendered. At the high end of the estimate, the amount of megawatts tendered, if everybody tendered, maybe around 75 to 80 megawatts. At the level in which we’ve estimated, we think it could be around 30.

Dan Tucker

That’s correct, Tom.

Tom Fanning

And we’ve given no credit to any value associated with those megawatts. We’ve talked about this on prior calls, the fact that you may have megawatts that’s going to be carbon-free, resilient for decades to come, we think it would have real value. We’ve reflected no value in any of these estimates.

Dan Tucker

And just to put a finer point on all this, Julien, we’ve included this $440 million, and that represents an estimate of an outcome. We do not, at this stage, have an agreement with our co-owners. We still have that difference of opinion.

Julien Dumoulin-Smith

And maybe can you speak a little bit to this process then, right? You talked about this March 8th date with the co-owners here. Any initial indications on where they stand? Obviously, this 90% is a high bar. But theoretically, they could vote to proceed and then related to that, they could tender the incremental cost to you, right? I just want to make sure I understand the kind of two separate parallel processes here.

Tom Fanning

Yes. Julien, the way we would think about that is make them completely separate, okay? Well, the process is simple. By the contract that we entered into way back when, what was it, 2018, I guess, and I guess we signed it in early ‘19. But that kind of provision spoke to a potential outcome that was really onerous, like there was some cataclysmic problem, and we could all go our way. Our calculus was pretty simple. We are this close to loading fuel and ultimately getting Unit 3 on service and then ultimately Unit 4. To us, it was an easy decision to proceed.

Julien Dumoulin-Smith

But the processes are separate. And from their perspective, they could vote to proceed and then ultimately allocate — tender their megawatts to you, as you just talked about a moment ago, right?

Dan Tucker

It’s completely separate processes. Yes.

Tom Fanning

So, they could decide to proceed and separately they can tender.

Dan Tucker

That’s right. And there’s a 120-day to 180-day clock that we’ve disclosed in our 10-K as well that is really the time period to clarify tender or not. And the ultimate calculation, we alluded to megawatts, we alluded to dollars, all of that would not get buttoned up until Unit 4 was in service and all of the costs were known.

Operator

Our next question is from the line of Shar Pourreza with Guggenheim. Please go ahead.

James Ward

Hey. Tom, it’s actually James Ward on for Shar. Thank you for taking my question. Tom, at a high level, when we think about the IRPs and let’s say, Georgia Power specifically, as you were mentioning before, I understand that any storage or hydro improvement spend would be incremental. But what about transmission? Is there any IRP-related spend baked into the $41 billion base plan, or is anything that comes out of the IRP going to be incremental?

Dan Tucker

Hey. James, this is Dan. So yes, there is transmission spend in there. In this forecast period for the five years, it is modest. Keep in mind that the plan includes retiring coal units in the ‘27, ‘28 time frame and then further again in 2035. So, the time line to construct and frankly, plan and permit these transmission projects is going to take the bulk of this forecast period and spending really occurs beyond.

The other just detail, James, in the way you asked your question, I just want to make sure it’s clear. There is some storage reflected in the capital forecast, but not — it’s a fraction of what has been assumed as a planning assumption in the IRP. It’s the one project that Georgia Power is specifically asking for approval of is in our capital plan.

Tom Fanning

And the only other thing I’ll add is that — go ahead.

James Ward

Sorry, please go ahead.

Tom Fanning

The only other thing I will add, I think I’ve done this before in kind of private conversations with you all one-on-one. But, as you start thinking about retiring Vogtle — I mean — I’m sorry, Bowen 3 and 4, there creates a need in North Georgia. And we’ve talked about that further study is required in order to evaluate how you replace that? Is that going to be more solar? Is it going to be a combined cycle? Is it going to be importing megawatts from the south to the north and therefore, incremental transmission. We just haven’t done all that work yet.

James Ward

Got you. Okay. That’s very helpful. I appreciate the color there. Switching gears to asset optimization, understanding that you do not need equity in the five-year plan. You’ve been very clear about that. But when you look at LDCs trading hands at nearly 2 times rate base, how do you think about the opportunity to sell an asset at that level and then reinvest the proceeds into decarbonization efforts at your electric utilities?

Tom Fanning

Well, I think we demonstrated over the years that we’re both — in the world of M&A, we’re both buyers and sellers. What we’re always seeking to do is put assets in the hands of the best owner. That’s just kind of our dogma, and I think we follow through on it. What’s interesting about our gas properties is that they have been able to contribute like 10% earnings per share growth, primarily focused on safety-related pipeline replacement programs. Since the acquisition of what is now Southern Company Gas, we have well exceeded our expectations on the acquisition.

So, in order to think about cap allocation, as you do and we think about it all the time, selling something like our asset in Illinois relative to reinvesting in the core, we always have to consider what’s best for our long-term growth rate, what’s best on a risk-adjusted basis. We’ll continually do that.

Dan Tucker

Yes. And James, you made the point in your question. I mean, we don’t have an identified equity need in the forecast, and we think our LDCs are a great property.

Tom Fanning

Yes. It would be purely a value play as opposed to a need.

James Ward

And then one final one here just to follow on from Julien’s question earlier to clarify here. So given that the Vogtle co-owners are already protected by cost caps, and this is just at a high level here, is there any incentive or other reasons that we should be aware of or that might be worth keeping in mind for why Oglethorpe or MEAG would not want to proceed at this point since they have those cost caps in place? Just help us understand how they might be thinking.

Tom Fanning

We’re not aware of any reason that exists like that.

James Ward

Got it.

Dan Tucker

They have to go through different processes, James.

Operator

Our next question is from the line of Jeremy Tonet with JP Morgan. Please go ahead.

Jeremy Tonet

Maybe just coming back to Vogtle real quick here. Just trying to get a little bit more clarity. Have any of the missing inspection reports resulted in the need to rework completed sections of the plant? And also just curious if the NRC has kind of weighed in here on the ITACC issue? And any thoughts you have as far as what could be done in the future for Vogtle 4 to — controls that could be implemented to avoid these issues?

Tom Fanning

Yes. Interestingly, I was just in Augusta visiting with Glen Chick, our — I think he’s just a superlative manager of the site, along with Steve Kuczynski. And we actually went through different systems, at this point, and we are trying, we are efforting to begin with the inspection report fixed with what we believe are the toughest, hardest issues to deal with. I can’t guarantee that. But so far, with 30% complete, we haven’t found a need for any of that comprehensive rework. Certainly, as we see things that aren’t according to specs or per an inspection requirement, then we will fix it. But nothing comprehensive, as you’re suggesting. Second question?

Jeremy Tonet

Well, I was just curious, I guess — that’s helpful there. Thank you for that. And the NRC, if they’ve kind of weighed in on the ITACC issues and any kind of…

Tom Fanning

NRC. Yes. Thanks, Jeremy. Hey. The NRC’s posture, again, I think I say this pretty regularly. They’re a very tough requiring regulator, but we think they do a great job. And that’s the reason why the United States nuclear fleet is the envy of the world. Getting it right, as we so often say, will allow us to have an asset that will provide energy carbon-free, resilient for 60 to 80 years. So, we’re all in on getting it right. The NRC, likewise, is their primary focus. In other words, they’re not as concerned, I’m guessing, with schedule and cost. They want to make sure that whatever we build is as appropriate to nuclear safety standards as exist in America today. So, they support our efforts to find these things. And I think for the amount of ITACCs that we’ve already submitted, something like 275 or so, I think we’ve had very few problems with those ITACCs. That process has gone well, which says that once we get the work packages turned over and all the paper done in nuclear standard as it is supposed to be, we’ve had an enormous success rate in dealing with the NRC part of the equation.

Jeremy Tonet

And then, just pivoting a bit towards SMRs, just wondering if you could discuss Southern’s involvement with SMRs? And where you see the tech going over the coming years? And do you think there will be support to rate base spend if the technology has proven up in the future? Just wondering if you’ve had conversations with commissioners or other stakeholders on if this could be a potential down the road?

Tom Fanning

Yes. My conversations with kind of future nuclear technologies have really been more — I haven’t talked to the states at all. That really would be the realm of Mark Crosswhite in Alabama or Chris Womack in Georgia or Anthony Wilson in Mississippi. In my conversations with DOE, with folks in that or in the administration, I’ve had those conversations, too. In my opinion, I know other people are more bullish on SMRs than I am. But you still have to deal with enormous security issues. You still have to deal with kind of the NIMBY issues associated with nuclear. So, I’ve always felt that nuclear lends itself to scale, now. SMRs do absolutely have an important place in our nuclear future. My opinion, it would be in the niche areas like military bases. The military already does SMRs on submarines and aircraft carriers. So, it’s easy to conceive SMRs showing up on big nuclear installations. So, it also provides them a degree of resilience. I get that.

We have been — and we participate in SMRs, you should know that. So, our nuclear team and our R&D team are involved in the SMR process. We’ve actually been asked to get involved in a significant way in SMRs and given — I don’t want to be distracted with anything other than getting Vogtle 3 and 4 done, we’ve really stayed away from that.

On the other hand, we view great progress, potential with the so called Gen IV reactors, the molten chloride salts. We’ve worked with Bill Gates and his team on that. We are — when you think about the R&D S curve, I think we’ve done a lot of work on the science, and I would call it the bench science of it and the very small kind of element of starting up that S curve. The next kind of big slugs of development on the Gen IV reactors will require hundreds of millions of dollars. I know I’ve talked to Secretary Granholm; Deputy Secretary, Turk, other folks that it would be great as the DOE is looking to put money to work, especially in the technology development area. This is a place where we could partner with the federal government and really move quickly up that S curve to make Gen IV reactors a commercial reality.

In our own planning processes, they start to show up as an option, probably in the late 2030. So, let’s say, 2035 to 2040. And as an economic matter, they tend to compete with CCS-controlled combined cycle technologies. So depending on how the technology and cost expectations evolve, you will see us either continue with combined cycles and capturing the carbon and sequestering it or pursuing new Gen 4 reactors. But again, that’s an issue that’s going to show up in the very late 2030s.

Jeremy Tonet

Got it. Maybe just a real quick follow-up here. Curious on advanced nuclear. Thanks for your thoughts there. But as far as what technologies could make the most sense? Just wondering, light water, what Vogtle is doing versus molten salt or other technologies. Just wondering what you think of give and takes between them.

Tom Fanning

Well, I think, the obvious difference between kind of what we’re building at Vogtle and the so-called Gen IV reactors is this issue of the fuel and the core. Effectively, the Gen IV reactors have the characteristic that a meltdown is virtually impossible. And therefore, you need less containment structures and therefore less capital cost in order to put those units into play and have them be as safe as we expect them to be. That is the real big difference. It’s a capital cost difference associated with how the reactors melt down characteristic could occur.

Operator

Our next question is from the line of Angie Storozynski with Seaport Global. Please go ahead.

Angie Storozynski

So, I have a question. I don’t think I’ve ever actually asked the question about Southern Power. So, looking at your past disclosure, and it seems like your gas plants are only hedged to about 80%, meaning the contracts are for about 80% of the output. We’ve seen quite an expansion of spark spreads across the country. I struggle with your regions. So, what, Georgia, Alabama, and North Carolina, and I’m not sure if that translates into higher dispatch or earnings of these assets. Again, if you could comment.

Tom Fanning

Yes. Angie, I don’t know we’d have to run the numbers down with you. Our own math would say, they’re 92% contracted for about 10 years.

Dan Tucker

Yes. And importantly, Angie, so in front of the Georgia Public Service Commission, as part of the IRP, the vast majority of the gas PPAs that are in front of them for approval are Southern Power gas plants. And so, that’s going to extend those units coverage for another 10 years.

Tom Fanning

And recall that we follow the same kind of rubric in contracting our assets as opposed to merchant players. In that, we don’t take fuel risk. We earn a return on and return of capital and pass through the fuel and energy price.

Angie Storozynski

Just moving on…

Tom Fanning

In fact, Angie, — Angie, excuse me. I’ll just give you one more data point. 95% contracted through 2026, 92% through 2031. That’s the nerdy data.

Angie Storozynski

Good. Now just going back to Vogtle. So, yes, I read — I actually just reread the agreement — the ownership agreement and that additional around about COVID-related costs. So, we’re still seemingly in the COVID era. So, I’m assuming that some of this incremental cost related to the asset is still related to COVID and how does that come into this whole discussion about the sharing agreement with the co-owners? And then, secondly, we haven’t — you haven’t mentioned inflation. And so, I’m just wondering, how is that impacting the cost profile of this construction project?

Tom Fanning

Yes. And thanks for that. This is my opinion I’m giving you as opposed to fact, I guess. But in my opinion, it is unquestionable. It is unreasonable to assume that COVID had no impact. And so, the real art of the deal is to figure out how much of that impact manifested itself. If you dial back on to those dark days when the first COVID thing hit and we were deciding whether to shut the project down or not, I think it’s very clear that we had to operate under a completely different operating regime on the site. Remember, we stood up a medical village. We did all sorts of things in order to continue this very important project. We have estimates that we provided to Georgia Public Service Commission. I don’t think we’ve updated those recently. But certainly, I think any reasonable person would say that there have been COVID impacts on the site.

Dan Tucker

Yes. And I would just say in terms of this most recent cost increase, it’s certainly not the driver. It’s not a major driver. But Tom’s point, it’s logically an element of what’s going on.

Tom Fanning

And I think we provided the chart in the appendix material, you can see even this most recent whatever this — Omicron, it had an enormous spike in the December to January time frame. So, certainly, it had an impact. We saw it in — especially over the holidays, we always expect to see more absenteeism and a variety of other things. We certainly saw it there as well.

Dan Tucker

But it’s fair to say, like everyone is, with every wave, with every impact, we are getting better at working in this environment, and it becomes increasingly less disruptive and thus less of a cost impact.

Tom Fanning

And let me hit one other kind of controversial point, but we watch this like hawks. Recall, at one time, we had 9,000 people on site. And there was a lot of concern was this somehow COVID hot bed. Well, in fact, the data shows that our COVID experience is just about similar to the surrounding communities. We don’t have a different experience on the site than in the surrounding counties.

Angie Storozynski

Yes. Thank you. How about inflation though? Is it already embedded in this additional cost estimate?

Tom Fanning

Yes. But, Angie, most of the inflation sensitive stuff is already procured. Our supply chains are already spoken for all the major equipments there. I suppose there would be some labor. We’re paying top decile right now. I suppose that could come up later, but it hasn’t been a big effect now.

Angie Storozynski

Okay. And then, the last question. So, looking on stronger earnings where — I mean, have been actually over the last couple of years. Now, despite unfavorable weather, so is the load growth the main driver, or is it just cost efficiencies? What is putting you above the high end of your guidance almost consistently despite unfavorable weather?

Tom Fanning

Well, Dan’s done a great job managing the cost structures of the system. Actually, Dan didn’t have anything to do with it all, but people in the operating companies did. But, I’ll tell you the big surprise. I said this on Squawk Box this morning and the data we’ve provided you, shows it. We beat our residential estimates by 2.7%. In other words, we were projecting that to be down, and it was actually up. And we think that that is due to a change in lifestyle. I think we budgeted as if we thought there was this return to work and therefore, we would see like a 2.2% reduction in residential sales because people are showing up at work. Well, in fact, our own data, if you look at Southern Company’s experience, our old model was about 80% of the people came to work every day. I think — and they were 20% that were virtual, probably call centers. Now, we’re seeing about only 25% are here every day with about 50% hybrid. They’re coming in and out a few days a week, some more, some less, and then about 25% virtual.

What’s interesting about that is the sales in the residential sector were sustained at a much higher level than what we thought. We thought they’d drop off. They actually increased a bit. That uplift really helped us this year.

Dan Tucker

And just as you look at our forecast, look, we certainly haven’t assumed that that continues into the future because one year doesn’t make a trend, but we reasonably believe it might. So if you look at our forecast for residential sales for 2022, it actually reflects year-over-year negative. And that’s, frankly, mitigated by assumption of strong customer growth. So, to your point, Angie, there’s certainly upside even in 2022 if we see these trends continue.

Tom Fanning

The customer growth has been awfully attractive for us, so over 50,000 on the electric side, what was it 27,000, something like that on the on the gas side. So, we continue to do that. And we think that is kind of a function too of people being able to work remotely. And so, they tend to go to places that have low input costs, attractive place to live. Our economic development data shows that as well. So, I think some of the stuff, Dan, you talked about in the script, it just looks good, particularly for Georgia, but even Alabama is coming back, and we’re doing well. We have reason to be bullish about the long-term viability of our franchise.

Operator

Our next question is from the line of Steve Fleishman with Wolfe Research. Please go ahead.

Steve Fleishman

So, two questions. First, just on the Vogtle ITACC issues. So, I know you knew all along that the paperwork and that the trail of all that was super important, and you’ve been doing all the work. So, kind of — could you give us a little flavor of just what has gone wrong here because obviously, it’s something that you were very focused on from the beginning?

Tom Fanning

100%, Steve. And I think I said this in media earlier, but it’s true. I get up every morning throughout the day, in the middle of the night, think about Vogtle and what we can do and all that. And I was, the folks at the site have been particularly frustrated at this recent development. When we left you on the call and I guess it was late October, early November, everybody, the site too, was very bullish on the fact that man, here we go, we’re getting ready to file for 103(g) and load fuel in the whole bit. And when we started getting into the final systems related to the final ITACC, so right, we’ve done 100 and — I mean, we’ve done 275, we had 123 left. We had already done in order to complete these tests and a lot of this equipment is already operated within the testing regimes. We had done physical and visual inspections, but what we found when we got ready to turn over these systems for the paper, and important part of the paper are these inspection reports. And we found in many cases, they were just either incomplete or missing.

Let me give you an example. But, this is an example. This is relevant. For every bolt in that plant theoretically, we would have to ascertain certificate the provenance of that bolt. In other words, we’d have to prove that we know that the metallurgy worked and where it came from and everything else to the extent an inspection report did not account for the provenance of a bolt, we had to either take the bolt out and put in the bolt that was certified or take the bolt out and test it to make sure that it met our standards. This is at the very end of the process for the very final equipment and systems that were related to the turnover before we filed for 103(g). This is at the tail end of the process. And when we found this out, we just had to go stop, we’ve got to do a complete review of all of these inspection reports. And that’s what you see right now.

I am frustrated about it, but it is something we have to do. We talk about this is the first plant we’ve constructed in 40 years. Well, this is the first nuclear documentation we’ve had to do in 40 years. I wish we had found it sooner. We just didn’t.

Steve Fleishman

Okay. And then, totally separate topic. You were, I think, Tom, pretty accurate with caution about the build back better getting done last year. And I’m just curious how you’re feeling about maybe a climate only type package getting done in Congress this year?

Tom Fanning

Strictly my opinion, and I was in the meeting with the President and all that. You know what’s interesting, and I work with both sides of the aisle here. I think long term, both parties agree that we should do some something. I think the methods of doing something, especially in light of the inflation signals we are seeing and potentially the national security issues we are seeing right now lend themselves to nothing happening for the rest of the year. I wish it would. I don’t think it will.

Operator

Our next question is from the line of Paul Fremont with Mizuho. Please go ahead.

Paul Fremont

I guess, my first question is going to be on turnovers. I think initially, you had talked about doing some of the turnovers, those that were necessary to load fuel and delaying other turnovers that you thought were less necessary. In light of the documentation issues, are you now looking to do all of the turnovers before you load fuel?

Tom Fanning

No. I think there’s a set you have to turn over in order to get to 103(g). And there could be some others in between 103(g) and loading fuel. Let me give you a little bit of kind of where we are. So on Unit 3, now I’m doing big hunky thing. There’s a little less than 100 systems, 96 or so. You would split those into 162 subsystems, okay? So, there’s 11 total to go. And since our last call, we’ve gotten 5 of those turnovers complete.

If I think about what’s remaining here, I would say that we have 3 to go for 103(g) and 6 to go on fuel load and 2 that we can complete after fuel load. They’re not necessary to the nuclear safety side of things. Was that helpful?

Paul Fremont

Absolutely. In the past, I think you’ve estimated or you’ve put out estimates of COVID-related costs that went as high as 400. In the upcoming VCM 26 filing, are you going to update your estimate of COVID-related costs or not?

Tom Fanning

Yes. The 400 — 444 was at 100% dollars, our share of that was 160. I don’t know the stats of that. It didn’t come up recently. So, I think it’s still an open issue.

Dan Tucker

Yes. And there was some degree of estimating future impacts in the original number, and I think it’s been consistent with that.

Tom Fanning

Yes. We’ve not provided…

Paul Fremont

So, is that 440 the sort of the most recent number that you’ve put out publicly?

Tom Fanning

Yes.

Dan Tucker

Yes. And so, you typically see us disclose it as 160 to 200, that’s our share. The 440 is 100% dollars. And just to be clear, no change reflected in VCM 26.

Paul Fremont

You’re saying no change?

Dan Tucker

Correct.

Paul Fremont

In VCM 26?

Tom Fanning

We just haven’t created an addition based on the latest Omicron effects. I mean, clearly, there were, we just haven’t updated the estimate.

Paul Fremont

And then the numbers you put out for the cost sharing, potential write-offs are after-tax numbers. Can we get pretax numbers for those? The $480 million and the $440 million?

Dan Tucker

Yes. Those are pretax, Paul. Those are pretax.

Tom Fanning

So, that adds $920 million, $686 million is the after-tax portion.

Dan Tucker

Yes. If you look at our deck on slide 6, there’s $920 million listed there. That’s pretax. Total after tax for that is $686 million, and then we’ve broken down the components. But all those — all that breakdown is pretax.

Paul Fremont

All that is pretax. Okay. And then, the most — the highest number of ITACCs that you’ve done in a given month, I think, is 18. How confident are you in being able to sort of do mid-30s type numbers once you’re able to sort of do the catch-up work on the documentation?

Tom Fanning

Yes. Paul, what you have to understand and back where we were in October, November, we’re basically finishing the work, and what we found is the inspection reports were lacking. So, this work is ready to go. The table is set. Once we get the documentation done, we’ll be ready to send those things in. We feel good about the schedule. It’s not that we’re finishing construction.

Paul Fremont

And in terms of the — so are you completely done with all of the construction or the remediation work for Unit 3 that you had identified sort of in the fall?

Tom Fanning

Yes. No, I just mentioned like an example of some of the remediation that might have to be done in order to conform with an inspection report. So, there’s other examples, but that’s it.

Paul Fremont

Okay. And then, maybe the last question. The contracting of the Southern Power plants under the Georgia IRP, it sounds like the net income that you’re earning is based on some book value calculation on the plan. So, would the Georgia IRP, if it were adopted, at least with respect to the Southern Power plants, likely the earnings from those plants would remain roughly the same, or would there be any type of sort of — would there be any material change?

Dan Tucker

I think the short answer, Paul, is no material change. These are market contracts. So, all of these contracts are being awarded to Southern Power under a competitive RFP process. And so, it’s going to reflect the current market for those senior contracts.

Tom Fanning

Over the life of the contract, the IRRs would be similar. And when you think about — what we have said about the market broadly is that we’ve kind of pulled back on the market. This is kind of elsewhere in the United States because there was so much supply and the demand was waning and there was a lot of uncertainty. We saw the margins really getting tight and so we didn’t play. But for the things we do that we ultimately will sign up for pretty consistent IRRs and pretty consistent ROEs. The ROEs typically are a wee bit better than what we would find in our regulated jurisdiction, reflective of a little bit of the higher risk.

Paul Fremont

Great. And then last question for me. The $686 million, should we assume either equity or asset sales to fund that?

Dan Tucker

Yes. So, again, we — I think I said in my prepared remarks, Paul, that we don’t see a need for equity in this five-year outlook. So, let me just hit that a little more broadly because I think it’s important. But absolutely, nothing has changed about our near-term or long-term objectives when it comes to credit quality. We’ve said kind of the last several months that as we move closer to completion of the project, any change in the cost or schedule will evaluate to see if equity is needed, essentially because we are getting so close to the end and because of all the proactive things that we did in response to other changes, and frankly, we did a little bit more than what was needed. So that has positioned us really well. And I want to also emphasize the improvement in the metrics that comes later on. I think we put a slide in the appendix that shows some of the component of the uplift in FFO that will occur in a ‘23, ‘24 time frame. That also is near enough in time horizon to give us comfort with our overall financial profile.

Operator

Our next question is from the line of Michael Lapides with Goldman Sachs.

Michael Lapides

Commodity prices are up across the board, obviously, that’s a bigger issue than any one team or person can manage. How should we think about — given what’s happened to commodity prices, and given the investment you’re making, some of which like Vogtle will help reduce the commodity exposure. How should we just think about the bill across your biggest businesses? So I’m thinking in Alabama and Georgia Power, I’m thinking about the bill and for Southern Company Gas. Like what’s happening to the total bill for the customer as we enter 2022 and think about ‘23 as well?

Tom Fanning

Yes. It’s interesting stuff, man. When you look at the data, gas prices increased ‘21 versus ‘20, 92%, like we averaged, I think, $3.82 per million Btu versus $1.99 a year ago. So that’s kind of a big deal. Now each of our jurisdictions have managed, I think, well, their unrecovered fuel balances. Georgia just got an increase, doesn’t wipe it out completely, but it did really well. Alabama used some of its earnings otherwise in 2021 to completely wipe out its fuel balance.

So, one of the things we are very mindful of — and I appreciate the way you phrased the question. We are very mindful of burden to customers, and we manage that like hawks. I think we’re in really good shape right now.

Michael Lapides

Okay. I know you’ve done a lot of work over the years with the Federal Reserve in Atlanta. Just curious how — when you think about just the economic impact to the service territory and you’ve got a high-growth service territory relative to a lot of your peers. How does this kind of — how do you think about it when you meet with folks outside of the Company about what it means for economic growth?

Tom Fanning

Yes. Very interesting stuff. If you look at the data, we’re seeing — even our industrial numbers, I said this on Squawk today, while it will show that it looks like things are slowing down a bit on the industrial sales side, the momentum numbers would tell you that and potentially the first derivative. In fact, two of the segments that underperformed or decreased year-over-year were chemicals and paper, but the paper was newsprint had a big closure of a plant there. The chemicals was a — chemical plant, caustic soda and chlorine, that closed as well. If you wipe away those two big plant closures, our industrial sales actually were better than what we expected again. So pretty good stuff.

Now, it is very clear that inflation will eventually eat into the growth in the economy. I was kind of visiting with some of the Fed work and all that here recently, you’re familiar with the old permanent income hypothesis. I think people have felt wealthier lately, and people are still spending as if inflation hasn’t visited them yet. It is inconceivable though that that won’t catch up at some point. You saw these hot retail sales. My sense is as inflation effects continue that those sales will start to wane. So, there will be a slowdown in the economy.

Now, the real $50,000 question is, when does inflation start to recede a bit? A lot of stuff right now says that’s a 2023 issue that we could start to see inflation getting back to a more normal level. I think the underlying presumption in that one is that the supply chain works itself out. Right now, we’ve had such an imbalance in supply and demand that prices invariably are high. And for the lead time to procure certain goods and services, it is really sticky right now.

So, the big swings are supply chain unwinding and getting back to normal, people adjusting to higher prices and therefore, reduced spending and therefore, reduced heat in the economy. Those are all the factors that I think will go into this point.

For now, the economy looks really good in the Southeast, but it’s inconceivable to me that it won’t slow down a bit over the next year or so.

Michael Lapides

Got it. And then, one last one, just thinking about whether you do the gigawatt of storage at Georgia Power, obviously, that kind of depends on the end of the IRP process as well as if you were to wind up doing more incremental solar at either Georgia or Alabama Power or at Southern Power. How are you thinking about the renewable supply chain? Because there’s been lots of discussion and commentary. One or Two of your peers have talked about supply chain becoming an issue for their non-regulated contracted solar business. I’m just curious what insights your team is getting in terms of the ability to procure things like panels or lithium-ion other, and the ability to actually install at the pace you’d like to install?

Dan Tucker

Yes. So Michael, this is Dan. So right now, we’re not in a big construction period. And so, we’re fortunate to not be experiencing as acutely as some of our peers right now, some of those plays. We’ve seen some. We are in the middle of the storage project out in California, we’ve seen some modest delays, but nothing that’s going to impact the project overall. That’s part of the supply chain and then really combined with I think how everyone is seeing the near-term markets is why we also have this ramp-up in our expectations for Southern Power. You heard me say we’ve allocated just the $250 million this year, $500 million the following year. And that’s really in recognition that there are projects actively on our radar screen today, and we’re a bit aspirational that those might come to fruition. But to the extent they don’t, I think what you’ll see us logically do is push those dollars out a little further in time and have opportunities later.

Tom Fanning

There’s another conversation I’ve been having in D.C., whether it’s Secretary Granholm, who’s been terrific or Dep Sec, David Turk who is a terrific. As a matter of national security, as a matter of economic opportunity, one of the things that we need to do as a the nation is resource these important supply chains domestically that will grow manufacturing, grow jobs, grow personal income. It’s a real winner. And I think some of the money that’s been put out in the incentives, whether it’s inside DOE right now or in the infrastructure bill elsewhere is to think about ways to promote the domestic supply of these things and really get it going.

Now, when I say that, you’re talking five years from now. That isn’t going to happen immediately, but people are considering it. And I bet you, you would get broad bipartisan support for that strategy.

Michael Lapides

Got it. Thank you, Tom. Thanks, Dan.

Tom Fanning

You bet, Michael.

Operator

And that does conclude our question-and-answer session. Sir, are there any closing remarks?

Tom Fanning

No. Thank you all for attending with us this afternoon. This is an important call. This is a frustrating time for us all. We were ready to go there, we thought kind of early this year. And now with this delay, it looks as if we’ll be end of the year for Unit 3. And we’ve allowed for an additional quarter, just given the uncertainty that we’ve seen in the past. We think these schedules align closer to what the staff and the commission has been kind of thinking about. But I can assure you we’re on the case. We all spend our time at the site. Those people are fixated on getting it right along our partners Bechtel. And when we build this thing, when we get it in service, we are right at the end of that process, it will be of the quality that is necessary in the United States nuclear industry. And we’re going to be proud of it for decades to come. Otherwise, the Company is performing as well as it possibly can, whether it’s our reliability, our resilience, our customer satisfaction, the way our employees feel, we were number one in military employer.

Look, all of these data, they sound like kind of headlines and billboards and pablum. But I think they really speak to our dogma here at Southern that this is a company built to last, that these indicators are things that will prove that we are sustainable in our business model for years and years to come, and we’re very proud of that. And I want to thank all the thousands of employees at Southern for making that their part of their day, every day. It’s way beyond making, moving and selling. It’s all wound up and making sure that the communities we serve are better off because we’re there. We do that every day, and we will continue to do that. We look forward to getting the projects behind us and getting into 2024, and a financial position, the integrity of this company will be better than it ever has been, in my experience.

So, thank you, and we’ll talk to you soon.

Operator

Thank you, sir. Ladies and gentlemen, this concludes the Southern Company fourth quarter 2021 earnings call. You may now disconnect.

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Trump, des enfants sommés de témoigner dans le cadre de l’enquête du procureur général de New York

PLEASE SUPPORT US carbonquemadobooks

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NEW YORK (AP) – Un juge de New York a statué jeudi que l’ancien président Donald Trump et deux de ses enfants adultes devaient répondre aux questions sous serment dans les 21 jours dans le cadre de l’enquête civile du procureur général de l’État sur votre entreprise familiale.

Le juge Arthur Engoron du tribunal de l’État de New York à Manhattan a statué en faveur de la procureure générale Letitia James, ordonnant à Trump, à son fils Donald Trump Jr et à sa fille Ivanka Trump de témoigner.

Engoron a déclaré que James avait “plein droit” de délivrer ses assignations à comparaître et d’interroger les Trump après avoir découvert “des preuves abondantes d’une éventuelle fraude financière”.

Annonce publicitaire

contenu de l’article

Le fait de ne pas délivrer de citations “aurait été un manquement flagrant au devoir”, a écrit Engoron.

“Aujourd’hui, la justice a prévalu”, a déclaré James dans un communiqué. « Personne ne sera autorisé à faire obstacle à la poursuite de la justice, aussi puissant soit-il. Personne n’est au-dessus des lois.”

Les avocats de Donald Trump n’ont pas immédiatement répondu aux demandes de commentaires. Alan Futerfas, avocat de Donald Trump Jr et Ivanka Trump, a refusé de commenter.

La décision fait suite à une audience de deux heures au cours de laquelle les avocats des Trump ont accusé James de mettre fin aux droits constitutionnels de ses clients en recherchant des témoignages qu’il pourrait ensuite utiliser contre eux dans une enquête criminelle parallèle.

Alina Habba, l’une des avocates de Donald Trump, a accusé James de “poursuites sélectives et d’inconduite en matière de poursuites comme ce que ce pays n’a jamais vu”, citant ce qu’elle a appelé le “vil mépris” du procureur général démocrate pour Trump, un républicain.

Annonce publicitaire

contenu de l’article

“S’il n’était pas qui il est, elle ne ferait pas ça”, a déclaré Habba. “Ce tribunal peut aider à arrêter ce cirque.”

Le mois dernier, James a déclaré que son enquête de près de trois ans sur l’organisation Trump avait découvert des preuves significatives d’une éventuelle fraude atouts-entreprise-familiale-2022-01-19.

Elle a décrit ce qu’elle a appelé des déclarations trompeuses sur les valeurs de la “marque Trump” et de six propriétés Trump, affirmant que la société avait peut-être gonflé les valeurs immobilières pour obtenir des prêts bancaires et les avait réduites pour réduire les factures fiscales.

Engoron a également rejeté la demande des Trump de mettre le cas de James en attente pendant que l’affaire pénale, dirigée par le procureur du district de Manhattan, Alvin Bragg, est en cours. James a rejoint cette enquête en mai dernier.

Annonce publicitaire

contenu de l’article

L’enquête criminelle, lancée par le prédécesseur de Bragg, Cyrus Vance, a abouti en juillet dernier à des accusations de fraude fiscale contre la Trump Organization et son directeur financier Allen Weisselberg. Ils ont tous les deux plaidé non coupables.

‘COMPLETEMENT MANQUE LA CROCHE’

Engoron a déclaré que l’argument selon lequel James tentait de contourner les protections du grand jury, ce qui donnerait l’immunité aux Trump, en délivrant des assignations à comparaître civiles “est complètement faux”.

Il a déclaré que les Trump pourraient refuser de répondre aux questions, notant que l’autre fils adulte de Donald Trump, Eric Trump, a invoqué son droit constitutionnel contre l’auto-incrimination plus de 500 fois lorsqu’il a été interrogé par le bureau du procureur général en 2020.

Le juge a également rejeté l’affirmation des Trump selon laquelle les déclarations publiques parfois agressives de James au sujet de l’enquête sur Donald Trump, y compris la promesse que “nous allons certainement le poursuivre en justice”, illustraient “l’irrégularité” de leur enquête.

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Engoron a déclaré que l’étincelle de l’enquête n’était pas l’aversion de James pour l’ancien président, mais le témoignage de l’ancien avocat personnel de Donald Trump, Michael Cohen, au Congrès, selon lequel les Trump “inventaient les livres”.

Le juge a également souligné l’historique des enquêtes de Trump par le bureau du procureur général, y compris des “accords importants” avec les prédécesseurs de James concernant une université et une fondation caritative du même nom.

Trump a qualifié l’enquête James de “chasse aux sorcières” politique. 01″ poursuit pour tenter de l’arrêter. Il n’a pas dit s’il se présenterait à nouveau à la présidence en 2024.

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Engoron a statué après que le cabinet comptable de Trump, Mazars USA, a décidé la semaine dernière de couper les liens -financial-2022-02-14- avec lui et l’organisation Trump, affirmant qu’il ne pouvait plus supporter une décennie d’états financiers malgré l’absence de divergences matérielles .

La Trump Organization a déclaré que les conclusions de Mazars rendaient effectivement les enquêtes James et Bragg “sans objet”.

Engoron a rejeté cette interprétation comme “rappelant Lewis Carroll”, auteur du roman qui modifie la réalité “Alice’s Adventures in Wonderland”.

Les Trump n’ont pas été accusés d’actes criminels.

Le procureur général de Washington DC poursuit séparément la Trump Organization et le Trump Inaugural Committee pour détournement présumé de 1,1 million de dollars de fonds caritatifs. Jeudi, la date du procès a été fixée au 26 septembre.

(Reportage de Karen Freifeld et Jonathan Stempel à New York; Reportage supplémentaire de Luc Cohen; Montage par Will Dunham)

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Twist Bioscience Corporation 2022 Q1 – Résultats – Présentation de l’appel sur les résultats (NASDAQ : TWST)

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Pendjab : à deux jours des urnes, toujours pas de manifeste du Congrès

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Même avec seulement deux jours avant que le Pendjab ne se rende aux urnes, le Congrès au pouvoir n’a pas encore publié son manifeste. Alors que les principaux dirigeants du parti s’inquiètent du retard, des sources du parti ont déclaré que le manifeste pourrait être publié en ligne jeudi. Alors que le Pendjab se rend aux urnes le 20 février, la campagne se terminera vendredi.

Inquiets du retard dans la publication du manifeste, les principaux dirigeants du Congrès ont demandé “qu’attendez-vous?” et “pourquoi le comité du manifeste électoral a-t-il été formé?”

« Il semble qu’ils n’aient pas une vision claire et seules des annonces sont faites. Ils se concentrent uniquement sur leurs luttes intestines », a déclaré un autre dirigeant qui a requis l’anonymat, ajoutant que Sidhu donne son propre plan et que Channi annonce ses propres cadeaux, mais tout cela doit être inclus dans un document de vision formel appelé «manifeste». ” .

À une époque où le parti fait face à la fois à une concurrence anti-titulaire et à une concurrence féroce de la part de ses rivaux, tous les principaux dirigeants du parti sont occupés à faire campagne dans leurs circonscriptions respectives et à annoncer des plans populaires.

Pendant ce temps, le chef du comité du manifeste du Congrès, le député Partap Singh Bajwa, a déclaré jeudi à The Indian Express que le parti peut d’abord publier son manifeste en ligne, puis le Premier ministre Charanjit Singh Channi le publiera sous forme imprimée le même jour.

“On m’a demandé d’aller à Chandigarh pour son lancement officiel jeudi, mais maintenant que la campagne se termine vendredi, je suis très occupé dans ma circonscription et je ne peux pas me permettre de perdre du temps à aller à Chandigarh”, a déclaré Bajwa.

Le mois dernier, Bajwa et le chef du PPCC, Navjot Singh Sidhu, ont tenu une conférence de presse et discuté du “modèle du Pendjab” le plus préconisé de Sidhu, qui, selon eux, changera tout le scénario dans l’État.

Bajwa a également soutenu les 13 points de Sidhu et a déclaré que ces points feraient partie du manifeste électoral du parti et que d’autres points seraient ajoutés.

Sidhu avait soutenu la formation de la ‘Jitega Punjab Commission. Cette commission sera l’esprit du gouvernement et fonctionnera comme un «conseiller politique principal» et un «groupe de réflexion» conseillant chaque ministère gouvernemental et fournissant même des conseils politiques aux députés. Sidhu a également promis de diriger l’Assemblée du Pendjab pendant au moins 100 jours dans son document de vision.

Un haut responsable du parti a déclaré que même CM Channi avait récemment annoncé plusieurs cadeaux qui pourraient faire partie du manifeste, mais un document officiel est toujours nécessaire.

Les cadeaux de Channi comprenaient 1 100 roupies par mois pour les femmes, la réduction des prix de l’électricité à 3 roupies par unité, les prix du sable à 4 roupies par pied cube, la limitation des frais de câble à 100 roupies par mois, des emplois d’un lakh pour les jeunes en un an, un mobile gratuit données pour les étudiants, 8 bouteilles de gaz GPL gratuites par an, etc.

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Helius Medical Technologies, Inc. déclare des subventions incitatives en vertu de la règle d’inscription au Nasdaq 5635(c)(4)

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NEWTOWN, Pennsylvanie, 17 février 2022 (GLOBE NEWSWIRE) — Helius Medical Technologies, Inc. (Nasdaq : HSDT) (« Helius » ou la « Société »), une société de neurotechnologie axée sur le bien-être neurologique, a annoncé aujourd’hui qu’à compter du 16 février 2022, son comité de rémunération a approuvé les attributions en capital dans le cadre du plan d’intéressement 2021 d’Helius, en tant qu’incitatif important pour deux personnes à rejoindre la Société. Les attributions d’actions ont été approuvées conformément à la Nasdaq Listing Rule 5635(c)(4), qui exige également l’annonce publique des attributions d’actions qui ne sont pas faites dans le cadre d’un plan d’actionnariat approuvé par les actionnaires.

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Dans le cadre de l’embauche d’Helius, les deux personnes, qui n’étaient ni des employés ni des administrateurs d’Helius, ont reçu des options d’achat d’un total de 2 000 actions ordinaires de catégorie A de la Société. Les attributions d’options ont un prix d’exercice de 4,68 $ par action, le cours de clôture des actions ordinaires d’Helius le 16 février 2022, date d’attribution. Les options ont une durée de dix ans et s’acquièrent sur une période de quatre ans, 25 % étant acquis au cours de chacune des première, deuxième, troisième et quatrième années à compter de la date d’embauche de chaque personne, à condition que l’emploi du nouvel employé se poursuive sur chacune de ces années. Rendez-vous. , et sous réserve d’accélération ou de déchéance en cas de survenance de certains événements, comme indiqué dans le nouveau contrat d’option de location.

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À propos de Helius Medical Technologies, Inc.

Helius Medical Technologies est une société de neurotechnologie leader dans le domaine des dispositifs médicaux axés sur les déficits neurologiques utilisant des technologies de plate-forme non implantables qui amplifient la capacité du cerveau à compenser et à promouvoir la neuroplasticité, améliorant ainsi la vie des personnes atteintes de maladies.

Le premier produit commercial de la société est le stimulateur de neuromodulation portable (PoNS®). Pour plus d’informations, visitez www.heliusmedical.com.

À propos de l’appareil PoNS et de la PoNS Therapy™

Le stimulateur de neuromodulation portable (PoNS) est un dispositif médical non chirurgical innovant, comprenant un contrôleur et un embout buccal, qui délivre une stimulation électrique à la surface de la langue pour améliorer l’équilibre et la démarche. L’appareil PoNS est indiqué pour une utilisation aux États-Unis pour le traitement à court terme des déficits de la marche dus à des symptômes légers à modérés de la sclérose en plaques (“MS”) et doit être utilisé en complément d’un programme d’exercices thérapeutiques supervisés. chez les patients de 22 ans et plus sur ordonnance seulement. Helius fait progresser la recherche post-approbation pour PoNS dans la SEP grâce à un programme d’expérience thérapeutique (TEP) récemment lancé, conçu pour s’associer à des neurologues et des thérapeutes en neuroréadaptation dans 10 à 12 centres d’excellence américains, qui expriment leur intérêt à devenir des « premiers utilisateurs » de PoNS thérapie. .

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PoNS est également autorisé à la vente au Canada pour deux indications : (i) PoNS est autorisé comme traitement à court terme (14 semaines) des déficits chroniques de l’équilibre dus à un traumatisme crânien léger à modéré (“mmTBI”) et doit être utilisé en conjonction avec la physiothérapie; et (ii) PoNS est autorisé pour une utilisation en tant que traitement à court terme (14 semaines) des déficits de la marche dus à des symptômes légers et modérés de la SEP et doit être utilisé en conjonction avec une thérapie physique. PoNS est également autorisé à la vente en Australie pour une utilisation à court terme par des professionnels de la santé en complément d’un programme d’exercices thérapeutiques pour améliorer l’équilibre et la démarche.

Contact avec les relations avec les investisseurs :

Lisa M. Wilson, Communications sur site, Inc.
Téléphone : 212-452-2793
MOI: lwilson@insitecony.com

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Emballage graphique : passer à la vitesse supérieure (NYSE : GPK)

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Six pack de bouteilles de bière brunes dans un support sur blanc.  Rendu 3D, isolé isolé sur fond blanc.

Polygone sacré/iStock via Getty Images

La chambre:

Graphic Packaging (GPK) a annoncé ce matin un autre excellent trimestre pour le quatrième trimestre 2021. La conférence téléphonique était plutôt structurée comme une réunion publique au cours de laquelle la direction a examiné en profondeur et en profondeur l’ensemble de l’entreprise maintenant que l’accord avec AR Packaging a été conclu.

Les fondamentaux du trimestre ont été ajustés BPA de 0,31 $/action contre 0,29 $ sur des ventes de 1,99 milliard de dollars contre 1,91 milliard de dollars, qui comprenait une croissance organique des ventes de 2 %. Comme vous pouvez le voir sur l’image ci-dessous, l’inflation des coûts continue de peser sur les marges d’EBITDA, mais les prix commencent à rattraper leur retard et les améliorations de volume/mix, en plus d’autres améliorations de coûts, contribuent à les submerger.

répartition des composantes du chiffre d'affaires et de l'ebitda en 2020

Répartition du GPK Q4 par rapport à 2020 (Présentation GPK Q4)

Présentation de la société source Q4

Nous constatons des chiffres similaires pour l’ensemble de l’année 2021, bien que les augmentations de prix n’aient vraiment commencé qu’au troisième trimestre, il y a donc un effet de retard face à l’inflation des coûts. J’ai abordé ce sujet en profondeur dans mon rapport du troisième trimestre sur l’entreprise.

Graphiques à barres des composantes delta de l'EBITDA de GPK

Pont EBITDA 2021 (Présentation GPK Q4)

Présentation de la société source Q4

Orientation 2022 :

Alors que le quatrième trimestre a été important, les prévisions pour 2022 sont beaucoup plus percutantes, en particulier compte tenu de la conclusion de l’accord AR Packaging au quatrième trimestre, d’une acquisition transformationnelle pour l’entreprise et de l’ouverture de la nouvelle usine de carton de Kalamazoo, dans le Michigan. . Les chiffres d’orientation mettent mes estimations de 1,525 million de dollars d’EBITDA et de 690 millions de dollars de flux de trésorerie disponibles que j’ai utilisés dans ma dernière écriture carré au milieu de la plage.

éléments de ligne pour le flux de trésorerie disponible GPK

Composants de flux de trésorerie GPK (Présentation GPK Q4)

Présentation de la société source Q4

Je pense que la société est conservatrice ici et atteindra le sommet de ces chiffres si elle ne les casse pas car elle suppose un petit bénéfice de la combinaison de volumes et un bénéfice net assez faible de Kalamazoo.

Lignes directrices GPK 2022 EBITDA

GPK 2022 sur les composantes EBITDA 2021 (Présentation Q4 de la société source)

Présentation de la société source Q4

La société connaîtra une bonne progression de ses bénéfices grâce à cette croissance de l’EBITDA, notamment si l’on exclut l’amortissement résultant des impacts comptables du rachat de l’opération AR Packaging.

Éléments de ligne GPK 2022 EPS

Répartition du BPA du GPK 2022 (Présentation Q4 de la société source)

Présentation de la société source Q4

Effets inflationnistes :

L’entreprise est toujours très douée pour exposer ses impacts sur l’inflation et projeter les avantages des prix qu’elle a déjà pris, à l’exclusion des prix qu’elle pourrait prendre. Comme je l’ai mentionné plus tôt, les augmentations de prix effectuées à la mi-2021, lorsque l’inflation a vraiment commencé à augmenter, commencent enfin à se rattraper et pourraient désormais l’emporter sur les pressions inflationnistes sur les coûts.

graphiques à barres de l'inflation par rapport aux prix.

Inflation GPK 2021 et 2022 vs augmentation des prix (Présentation Q4 de la société source)

Présentation de la société source Q4

Évaluation:

Je pense que la société est trop conservatrice sur ses chiffres compte tenu des opportunités de marge ici. Je vais laisser de côté les revenus, mais augmenter mes estimations d’EBITDA et de flux de trésorerie pour 2022 et utiliser le haut de gamme des prévisions de l’entreprise. Veuillez noter que la société a indiqué que les impôts en espèces sont inférieurs aux charges fiscales PCGR. Notez également qu’il y a un nombre d’actions légèrement plus élevé que mon dernier rapport et que la dette de l’entreprise est plus élevée que la dernière fois que j’ai utilisé.

Run événement

8,5 milliards de dollars
’22 EBITDA ajusté’ 1,6 milliard de dollars
marge 18,8 %
Intéresser 180 millions de dollars
Impôts 205 millions de dollars
NOPAT 1,14 milliard de dollars
Casquette. Ancien. 450 millions de dollars
’22 Flux de trésorerie disponible 800 millions de dollars

Estimations de l’auteur source basées sur les projections de l’entreprise et les commentaires des questions-réponses de la conférence téléphonique

Évaluation:

Capitalisation (307 actions à 20,25 $) 6,217 milliards de dollars
Dette 5,202 milliards de dollars
Espèces 172 millions de dollars
valeur de l’entreprise 11,246 milliards de dollars
VE/EBITDA ’22 7.02x
Rendement du FCF via la capitalisation boursière 12,8 %
P/E en utilisant (2,25 $ BPA et prix de l’action de 20,25 $) 9x

Source Estimations de l’auteur basées sur les projections de l’entreprise et les commentaires des questions-réponses lors des conférences téléphoniques.

J’ajouterai également que l’entreprise a mis à jour sa Vision 2025 de l’endroit où elle espère être dans trois ans. Cela implique plus de 2 milliards de dollars d’EBITDA, ce qui signifierait plus de 1 milliard de dollars de flux de trésorerie disponibles et BPA hors amortissement de 3,25 $/action.

GPK révisé Vision 2025

Vision 2025 3,25 $/action EPS (Présentation GPK Q4)

Des risques:

Ceux d’entre vous qui suivent de près cette société se souviendront de la chute des actions en décembre, lorsqu’une société suédoise BillerudKorsnäs (OTC: BLRDF) a annoncé un accord pour acquérir Verso (VRS). La crainte était que les ajouts de capacité nuisent aux prix des panneaux. J’ai écrit que je pensais que la chute était une réaction excessive alors et je le crois encore maintenant. Cela dit, le prix et la capacité peuvent toujours être des problèmes.

La poursuite ou même l’augmentation des pressions inflationnistes sur les coûts constitue un autre risque.

Conclusion:

Les valorisations ont chuté dans l’ensemble du secteur, de sorte que GPK n’est plus à un escompte significatif par rapport à International Paper (IP), Clearwater (CLW) ou Westrock (WRK). Cela dit, aucune de ces entreprises ne bénéficie des avantages d’AR Packaging, pas plus qu’une nouvelle usine massive comme Kalamazoo. Cependant, en termes absolus, je pense qu’une entreprise qui va augmenter ses bénéfices d’environ 90 % cette année et qui prévoit d’augmenter ses bénéfices à des taux de 25 à 30 % au cours des prochaines années, ne devrait pas se négocier à 9-10x EPS, c’est trop bon marché. J’augmente mon objectif à 30 $, soit 15 fois le BPA et environ 50 % de hausse.

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Le gouvernement Ford menace la réussite des élèves avec un plan de relance de l’apprentissage inadéquat et sous-financé dans les GSN, selon les enseignants catholiques

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TORONTO, 17 février 2022 (GLOBE NEWSWIRE) — L’annonce par le gouvernement Ford des Subventions pour les besoins des étudiants (SBE) 2022-2023 laisse tomber les étudiants, les éducateurs et tous les Ontariens, une fois de plus. Les enseignants catholiques appellent le gouvernement Ford à utiliser les formules GSN, qui constituent la pièce maîtresse du budget de l’éducation, pour faire un véritable investissement qui soutient la santé mentale, le bien-être et une forte reprise des apprentissages des élèves.

« Le gouvernement Ford essaie d’induire en erreur les élèves et les familles de l’Ontario », déclare Barb Dobrowolski, présidente de l’Ontario Catholic Teachers of English Association (OECTA). « Ce n’est pas un « investissement historique », malgré ce que prétend le gouvernement. Le gouvernement Ford restitue simplement les 500 millions de dollars qu’il a coupés dans l’Énoncé économique d’automne, ne parvient pas à lutter contre l’inflation et l’appelle “plus d’investissements”, tout en doublant son plan visant à réduire de 12,3 milliards de dollars l’éducation financée par l’État au cours des 10 prochaines années. .”

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«Ces coupes creuseront les inégalités et laisseront derrière nos élèves les plus vulnérables, les mêmes étudiants qui ont été rejetés à plusieurs reprises par l’administration Ford avec la plus longue interruption d’apprentissage en classe en Amérique du Nord. Et tandis que le gouvernement Ford dit vouloir s’occuper de la santé mentale et du bien-être des élèves, la décision de réintroduire les tests normalisés de l’OQRE, alors que ses conséquences négatives sont bien documentées, ne fera qu’ajouter au stress et à l’anxiété des élèves.

Les enseignants catholiques demandent au gouvernement Ford de mettre fin à ses compressions irréfléchies et d’investir immédiatement ce qui est nécessaire pour :

  • soutenir un solide programme d’apprentissage de rétablissement pluriannuely compris un engagement à réduire la taille des classes, afin que tous les élèves reçoivent l’attention individuelle et ciblée des enseignants dont ils ont besoin pour réussir ;
  • élargir les ressources, les soutiens et les services de santé mentale en milieu scolaireobtenir des résultats équitables et répondre aux divers besoins des élèves et des éducateurs;
  • immédiatement mettre fin au modèle hybride ratéet fournir le financement nécessaire aux écoles en personne et en ligne uniquement ;
  • traiter un arriéré de réparations de 17 milliards de dollars et des problèmes de sécurité en suspens dans les écoles, tels que des infrastructures délabrées et une mauvaise ventilation ; Oui
  • mettre en œuvre d’autres mesures critiques demandées par les enseignants catholiques dans notre présentation GSN.

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« Les écoles financées par les fonds publics de l’Ontario ont besoin d’action maintenant, avec un véritable investissement et un véritable plan de relance de l’apprentissage, et non une publicité de style campagne qui mélange les chiffres pour cacher la privatisation et le programme d’apprentissage en ligne mandaté par ce gouvernement », a déclaré Dobrowolski. « Le Centre canadien de politiques alternatives a demandé un programme complet de rétablissement de l’apprentissage de 4,3 milliards de dollars par année pour soutenir nos étudiants. Ce que le gouvernement Ford a annoncé aujourd’hui, c’est de la poudre aux yeux.”

«Et bien qu’une expansion gouvernementale du tutorat en personne financé par l’État dans nos écoles puisse fournir un soutien supplémentaire à la reprise de l’apprentissage, il reste à voir comment le gouvernement mettra en œuvre ce programme pour s’assurer que les élèves sont soutenus par des éducateurs qualifiés. Même dans ce cas, il ne s’agit que d’une mesure d’interruption unique. Nos écoles ont besoin d’un programme de rétablissement complet et pluriannuel, pas d’un pansement.

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Depuis son arrivée au pouvoir et au cours des deux dernières années de perturbations liées à la pandémie, le gouvernement Ford a fait preuve d’un mépris total pour les besoins des élèves, des parents et des éducateurs de l’Ontario. Pour se remettre de la COVID-19, le gouvernement Ford doit consacrer son temps et son énergie à faire un réel investissement dans notre système d’éducation financé par l’État, sans cacher les coupures ni changer les chiffres.

Documents et ressources
2022-23 Demande d’aide pour les besoins des élèves au ministère de l’Éducation [PDF]
Résumé de la présentation : Domaines critiques en éducation nécessitant un réinvestissement immédiat du gouvernement [PDF]

– 30 –

L’OECTA représente les 45 000 enseignants passionnés et qualifiés des écoles catholiques anglophones financées par les fonds publics de l’Ontario, de la maternelle à la 12e année.

Michelle Despault OECTA 416-925-2493 ext. 509 m.despault@catholicteachers.ca 

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Strategies completes d’investissement en cryptommonnaies Bitcoin et altcoins ?


La politique identitaire, basée sur la caste, la religion, la langue et la région, est une triste réalité dans les élections indiennes depuis des décennies. Les slogans et les discours de la campagne vont de déclarations relativement anodines comme “Ma, Maati, Manush” au Bengale occidental à l’élaboration de dichotomies plus dangereuses dans la campagne de l’Uttar Pradesh. Les commentaires du Premier ministre punjabi Charanjit Singh Channi sur la campagne électorale, avec Priyanka Gandhi debout à côté de lui, selon lesquels les Punjabis devraient “s’unir” et ne pas permettre aux “bhaiyas de l’UP, du Bihar et de Delhi” de diriger le Pendjab, il est indigne de son bureau et seulement montre les limites de son appel.

Naturellement, le BJP et l’AAP ont sauté sur les paroles de Channi, accusant le Congrès de se livrer à une politique de division. Il y a une justification cynique à leur indignation : c’est probablement dû au fait que l’UP, sans doute l’État le plus important du pays sur le plan électoral, se rend également aux urnes. Après tout, aucun des deux partis n’est irréprochable quant à la façon dont il encadre les politiques sur les “outsiders” : dans l’Haryana voisin, le gouvernement BJP veut que 75 % des emplois soient réservés aux étrangers locaux ; à Delhi, le gouvernement AAP veut des places universitaires réservées aux citoyens. Les trois partis – AAP, BJP et Congrès – ont promis de réserver des emplois aux habitants de l’Uttarakhand, qui ont voté le 14 février. La rhétorique de campagne de Channi, bien que déplorable, appartient malheureusement à une tendance plus large, où « l’autre » est invoqué pour dissimuler les échecs de la gouvernance en termes de création d’emplois et de développement économique.

Il y a une différence marquée entre la fierté régionale et les préjugés. La déclaration de Channi, si elle n’avait été qu’une célébration “Punjabiyat”, n’aurait pas suscité de commentaires. Dans l’état actuel des choses, c’est à la fois dérangeant et myope : le Punjabi est un immigré à Bengaluru, le Haryanvi est un « étranger » au Maharashtra. Invoquer la politique identitaire dans un sens négatif ne fera, à long terme, qu’entraver la libre circulation de la main-d’œuvre, qui fait partie intégrante de la croissance économique. Les problèmes auxquels le Pendjab est confronté sont sérieux : le modèle d’agriculture introduit lors de la Révolution verte a besoin d’une refonte, une crise de l’emploi, une épidémie de toxicomanie chez les jeunes. Le CM du Pendjab connaît très bien l’importance du migrant dans son état. Que vous soyez l’étudiant ou le travailleur dans le magasin d’usine ou à la ferme. Vous devriez retirer vos commentaires avant que les rideaux ne tombent sur votre campagne.

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¿Cuáles son las mejores formas de comprar Bitcoin? No pierdas tu reserva

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Strategies completes d’investissement en cryptommonnaies Bitcoin et altcoins ?


Gráficos y tablas de tendencias comerciales.  Signo de dólar con cohete

Vertigo3d/E+ a través de Getty Images

Hace unos meses El neoyorquino describió a James Howells, un hombre de Gales que es famoso en el mundo de las criptomonedas por tirar accidentalmente un disco duro con $500 millones en Bitcoin (BTC-USD). El perfil sigue su saga para convencer a la ciudad de que le permitan excavar el vertedero y desbloquear sus millones. Hasta ahora, no ha tenido suerte. Howells no está solo. Stefan Thomas, un programador de San Francisco, solo tiene 2 intentos de contraseña más para volver a su cuenta bloqueada que contiene aproximadamente $ 250 millones, o sus datos se borrarán para siempre.

Perder Bitcoin es una cosa, pero que te lo roben es otra. La semana pasada, el Departamento de Justicia de EE. UU. arrestó a una pareja de Nueva York acusada de lavar miles de millones en Bitcoin robados. También en el metro de Nueva York, “Baby Al Capone” Ellis Pinsky fue demandado por un ejecutivo de tecnología de Silicon Valley por usar el intercambio de sim para robar alrededor de $ 25 millones en criptomonedas. Pinsky era un estudiante de secundaria en ese momento. Las historias siguen y siguen, y personalmente también conozco a algunas personas que han perdido criptomonedas o se las han robado. Aprender de sus errores es bueno, pero aprender de los errores de otras personas es mucho más preferible. A medida que la industria de las criptomonedas ha madurado, los riesgos de este tipo de artimañas se han reducido enormemente si se toman las precauciones adecuadas, pero vale la pena comprender el panorama para poder poseer criptomonedas de manera segura y sin pagar tarifas excesivas.

Cómo ser dueño de Bitcoin

Si eres completamente nuevo en criptografía y te preguntas “¿Cómo se compra Bitcoin?” la respuesta simple es que abre una cuenta en un intercambio de cifrado, deposita efectivo, compra Bitcoin y está en camino. Si hace esto, es importante que comprenda la estructura de tarifas y las implicaciones de seguridad cibernética de lo que se está metiendo, para que no lo estafen o pierda o le roben su Bitcoin. Más sobre esto más adelante.

Los inversores también tienen la opción de comprar el ETF ProShares Bitcoin Strategy (BITO) o el Grayscale Bitcoin Trust (OTC:GBTC), que también ha presentado una solicitud para convertirse en el primer ETF de Bitcoin al contado. GBTC es especialmente interesante debido a una operación única impulsada por eventos en la que muchas personas están interesadas, que es el 24% de descuento en el valor liquidativo del fondo. Si el gobierno aprueba la conversión de ETF, creo que sería bueno para los inversores que desean una forma fácil, segura y de bajo estrés de poseer criptografía, y beneficiaría a los titulares de GBTC que compraron acciones de accionistas impacientes. por debajo del NAV.

Envié comentarios públicos a favor de la conversión de ETF de GBTC al gobierno federal (lo hice por correo electrónico, no estoy seguro de si ya se han cargado); como dije, está abierto al público, por lo que también puede enviar su llevar.

Más sobre GBTC de mi última cobertura al respecto.

¿Cuáles son las plataformas más seguras para comprar Bitcoin?

En el sistema bancario tradicional, más grande es casi siempre mejor desde el punto de vista de la seguridad de los depositantes. De hecho, la frase “demasiado grande para quebrar” surgió porque los bancos más grandes del mundo son demasiado importantes sistemáticamente para permitir que los depositantes pierdan dinero. En general, esto también es cierto para las criptomonedas, probablemente no desee invertir demasiado dinero en un pequeño intercambio de criptomonedas en el extranjero. Sin embargo, una diferencia clave entre los bancos tradicionales y las criptomonedas es que la mayoría de los intercambios de criptomonedas obtienen dinero del corretaje (es decir, clientes que compran y venden) en lugar de tomar depósitos y prestarlos, por lo que las tarifas son tan importantes como una consideración. Aún así, para reducir las posibilidades de fraude o trampas, recomendaría absolutamente ceñirse a los 10-15 intercambios más grandes por volumen.

En la actualidad, estos son los 5 intercambios de criptomonedas más grandes por volumen.

  1. Binance
  2. base de monedas
  3. FTX
  4. kraken
  5. huobi mundial

Binance es el intercambio de criptomonedas más grande del mundo. Binance es grande en Asia, pero fue prohibido en los EE. UU. y el Reino Unido por lavado de dinero y problemas fiscales. Su bolsa regulada por los EE. UU. recientemente reabierta es bastante pequeña. En lo que respecta a los fondos de los clientes, creo que se puede confiar en Binance, pero si estás en los EE. UU., pasaría a Binance dada la controversia. Huobi también está orientado a Asia y no acepta clientes estadounidenses.

Coinbase (COIN) fue la introducción de la mayoría de los inversores estadounidenses a las criptomonedas. Hice mi primera compra de Bitcoin en Coinbase en 2016, pero la vendí demasiado pronto. Coinbase viene en dos sabores, la plataforma principal de Coinbase, que es fácil de usar pero costosa, y Coinbase Pro, que es una plataforma más sofisticada con tarifas más bajas y una curva de aprendizaje más pronunciada. Coinbase es una opción viable.

FTX también fue prohibido en los EE. UU., pero reabrió una pequeña plataforma orientada a los EE. UU. Son más conocidos por patrocinar el estadio donde juegan los Miami Heat (anteriormente, el American Airlines Arena). Tanto Coinbase como FTX también pagaron los anuncios del Super Bowl, lo que aumentó su visibilidad pública.

En mi opinión, Kraken es el mejor del grupo aquí porque tienen tarifas más bajas (los anuncios del Super Bowl deben pagarse de alguna manera) y me gusta su enfoque en la seguridad cibernética. Al igual que Coinbase, Kraken también viene en dos sabores, Kraken y Kraken Pro. El equipo de Kraken no compró un anuncio del Super Bowl, pero su director ejecutivo se dirigió a Bloomberg la semana siguiente para hablar sobre la industria, lo que destaca algunas de las diferencias culturales entre las empresas. Coinbase tuvo algunos problemas ampliamente publicitados con los hacks, donde a 6,000 clientes les robaron su criptomoneda de un solo hack el año pasado. Desde entonces, han reforzado su seguridad, pero no debería haber sucedido en primer lugar. Kraken parece ser para el mundo de las criptomonedas lo que Interactive Brokers (IBKR) es para el mundo del comercio de acciones. Las tarifas típicas para el comercio de criptomonedas son bastante altas (una comisión del 1 % al 1,5 % por lado parece estar en la media), lo que destaca la necesidad de una plataforma profesional con tarifas bajas. Coinbase Pro y Kraken tienen tarifas que son una fracción de esto.

Por último, otro intercambio de cifrado, el que yo personalmente he usado, es BlockFi. BlockFi ofreció pagar intereses sobre la criptomoneda, lo cual es una idea novedosa. El problema fue que tergiversaron el nivel de riesgo que estaban tomando al ofrecer préstamos criptográficos, lo que recientemente condujo a un acuerdo civil de $ 100 millones. Nadie perdió dinero como resultado de esto, y el capital social sustancial de BlockFi habría estado en riesgo antes que cualquier dinero de los depositantes, pero caveat emptor. Puede leer la parte de la SEC del acuerdo aquí. Por lo que vale, BlockFi en realidad es un intercambio bastante bueno (recuerde que los grandes bancos también se meten en problemas todo el tiempo), pero su programa de rendimiento ahora se ha cerrado, que era la razón de ser para poner dinero con ellos en lugar de uno de sus mayores competidores.

Por último, tenga en cuenta que poseer criptografía no significa inherentemente que será robada o perdida. Sin embargo, hay mucha volatilidad involucrada que puede manejar tomando posiciones pequeñas, y hay muchos riesgos idiosincrásicos con los intercambios, la ciberseguridad y otros que deben administrarse adecuadamente para que tenga un éxito duradero.

Ciberseguridad 101

De todos los problemas que enfrentan los criptoinversores, la ciberseguridad es probablemente el menos entendido y el más importante.

Si configura una cuenta en Coinbase, por ejemplo, tendrá un nombre de usuario y una contraseña, como lo haría con cualquier cuenta en línea. Pero hoy en día, millones de nombres de usuario y contraseñas están a la venta en la web oscura por unos pocos dólares cada uno. Incluso su identidad se puede comprar y vender por unos pocos dólares. Blake Hall, el fundador de ID.me, afirmó el año pasado que $ 400 mil millones, casi el 50% de todo el dinero de desempleo pandémico que autorizó el gobierno federal, fue simplemente robado por delincuentes. El número parece ser un poco alto, pero un informe de la Casa Blanca colocó el número en un 18,7% más bajo pero aún muy problemático.

Como resultado de esto, se han realizado grandes inversiones en ciberseguridad en los últimos años. La típica primera línea de defensa contra esto es la autenticación de dos factores (2FA). Por lo general, esto significa que cuando inicie sesión en su cuenta bancaria o de corretaje, recibirá un mensaje de texto y tendrá que escribir el código que le dieron. Los primeros corredores de criptografía a menudo hacían que 2FA fuera opcional, lo cual es muy peligroso. 2FA generalmente ya no es opcional debido a los aumentos dramáticos en la cantidad de piratería que ocurre regularmente.

No solo debe tener 2FA habilitado para todos sus bancos y casas de bolsa, sino que también debe habilitarlo en sus cuentas de correo electrónico y redes sociales cuando inicie sesión desde un dispositivo que no sea el suyo. Por lo general, esto evitará que su correo electrónico sea controlado de forma remota, así como sus cuentas de redes sociales. En el último año, he visto cómo piratearon las redes sociales de un par de docenas de conocidos, y generalmente se usan para publicar esquemas Ponzi relacionados con criptografía u otro tipo de spam.

Cuando se trata de dinero, a menudo querrá ir un paso más allá. El ejecutivo de tecnología de Silicon Valley desde arriba fue blanco de una estafa de intercambio de sim. A menudo, todo lo que los delincuentes tienen que hacer es sobornar a los empleados que ganan el salario mínimo en las tiendas de teléfonos móviles para que les den acceso al número de teléfono de un objetivo, que utilizan para acceder a sus cuentas criptográficas y sacar el dinero. Para responder a esto, muchos intercambios de cifrado han habilitado aplicaciones de autenticación como Google Authenticator, que niegan a los posibles intercambiadores de sim. Google Authenticator me causó problemas cuando vendí mi teléfono y no pude acceder a BlockFi, pero obtuve acceso a la cuenta usando ese servicio ID.me. Por supuesto, también hay otras cosas de las que hay que estar atento, como las estafas de phishing sofisticadas.

Para ser claros, la mayoría de las personas nunca serán víctimas de un robo cibernético no reembolsado. He tenido varias rondas de fraude en mis cuentas de tarjetas de crédito a lo largo de los años, pero pude hacer que mi banco me reembolsara. Crypto requiere un poco más de precaución debido al hecho de que los cargos no se pueden revertir. Esto no es necesariamente algo por lo que deba estar paranoico, pero no importa quién sea, debe revisar sus bancos, casas de bolsa, correo electrónico y especialmente cuentas criptográficas para tomar todas las contramedidas comercialmente razonables contra el fraude y el robo. Si está leyendo esto, lo más probable es que su riesgo de ser pirateado sea menor que el de un CEO de tecnología abierto, pero una onza de prevención vale una libra de cura. Las personas que invirtieron su dinero sabiamente y en silencio compraron casas en la playa y casas de esquí no aparecen en los titulares, pero los estafadores siempre lo hacen.

Conclusión: la mejor manera de poseer criptomonedas

Poseer Bitcoin directamente tiene la clara ventaja de evitar las tarifas recurrentes que cobran los ETF. Sin embargo, si no se preocupa por la seguridad, es mucho más probable que sea víctima de un delito cibernético que en el sistema financiero tradicional. En los intercambios de criptografía anteriores, a veces el énfasis en la seguridad giraba demasiado en la otra dirección y causaba que las personas quedaran bloqueadas para siempre para acceder a su criptografía, lo que efectivamente conducía al mismo resultado que si se la robaran. Hoy en día, los principales corredores de criptomonedas como Kraken Pro y Coinbase Pro ofrecen un buen equilibrio entre ciberseguridad y accesibilidad.

Dicho esto, mi forma favorita de poseer criptomonedas en este momento es comprar Grayscale Bitcoin Trust, que ofrece un descuento del 24 % en su valor de activo neto en BTC y un claro catalizador para cerrarlo al 0 % en el esfuerzo continuo por convertirlo en un ETF.

¿Tiene historias, ideas o comentarios para compartir? Siéntase libre de agregar sus propios pensamientos a continuación.

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