Energy Insurance & Bonds, Inc.

04/23/2024

https://www.hydroreview.com/business-finance/jobs-and-people/grosso-named-acting-director-of-u-s-department-of-energys-water-power-technologies-office/?utm_source=hydro_weekly_newsletter&utm_medium=email&utm_campaign=2024-04-15

04/23/2024

https://www.hydroreview.com/business-finance/jobs-and-people/grosso-named-acting-director-of-u-s-department-of-energys-water-power-technologies-office/?utm_source=hydro_weekly_newsletter&utm_medium=email&utm_campaign=2024-04-15

Matthew Grosso has been named acting director of the U.S. DOE's Water Power Technologies Office, filling a position opened by Jennifer Garson's departure.

01/23/2024

Congressional subcommittee to hold hearing on plan to remove Lower Snake River dams
Elizabeth Ingram
1.22.2024 HYDRO REVIEW

In the clearest sign yet that the U.S. will consider breaching four controversial dams on the Snake River to help salmon, a leaked administration document says the government is prepared to help build clean energy projects that would replace the power currently generated by the dams. (AP Photo/Ted S. Warren, File)
The U.S. House Subcommittee on Energy, Climate, & Grid Security is holding a hearing Jan. 30, “Exposing President Biden’s Plan to Dismantle the Snake River Dams and the Negative Impacts to the U.S.”

House Energy and Commerce Committee Chair Cathy McMorris Rodgers (WA-05) announced the hearing, saying: “The Columbia River System and the Lower Snake River dams are the beating heart of the Pacific Northwest, yet that hasn’t stopped the Biden administration from apparently colluding with special interest groups to lay the groundwork to remove them. We are deeply disturbed by the blatant disregard for the enormous hydropower, irrigation, and navigation benefits these dams provide, as well as a willingness to ignore the voices of those who depend on the dams the most. It’s past time for full transparency from the Biden administration. This hearing will provide an opportunity to expose how its plans will destroy people’s lives in Eastern Washington.”

Confirmed witnesses will be representative of the following government agencies: Council on Environmental Quality, U.S. Department of Energy, National Oceanic and Atmospheric Administration and Bonneville Power Administration. A representative of the Army has also been invited to testify. In addition to the panel of government witnesses, there will be a second panel with stakeholders.

The Lower Granite Dam on the Snake River is seen from the air near Colfax, Wash., on May 15, 2019

11/23/2021

The Build Back Better infrastructure bill was signed into law by President Biden on November 15, 2021. Of the $1.2 trillion of funding outlined in the new law, over $2 billion will go to dams, including:
$553 million for a new section 247 of EPAct of 2005 which will provide grants to hydropower owners to add generation, increase dam safety, and enhance environmental performance.
$800 million for dam removals (for willing dam owners).
$800 million for state dam safety efforts.

We hope some of this trickles down to any small hydroelectric owner who could take advantage of this. Time will tell!

08/08/2021

https://weather.com/news/weather/video/california-drought-forces-power-plant-offline

For the first time ever, low water levels at Lake Oroville forced the closure of a hydroelectric plant that can power tens of thousands of homes. - Videos from The Weather Channel | weather.com

05/25/2021

CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack.

The Chicago-based company paid the hackers about two weeks after a trove of company data was stolen, and CNA officials were locked out of their network, according to two people familiar with the attack who asked not to be named because they weren’t authorized to discuss the matter publicly.

Disclosure of the payment will likely ire U.S. leaders who are unhappy that companies are making large payouts to criminals.

03/12/2021

https://www.insurancejournal.com/news/west/2021/03/12/605070.htm

Two new lawsuits filed in Marion County, Ore., seek more than $1 billion in damages from Pacific Power, claiming the utility's negligence led to wildfires

03/12/2021

The insurance world is constantly changing. Here is a good example of how insurance changes come to be.

NEW N.J. BILL AIMS TO BAN INSURERS FROM USING CERTAIN RATING FACTORS.

New Jersey has begun to take steps to prohibit auto insurance companies from using certain factors, including a driver’s credit score, occupation, and education level, as factors to establish coverage rates.

The State Senate recently approved a bill that seeks to end the industry’s use of socioeconomic factors. Sponsors of the legislation say that the use of socioeconomic factors in determining coverage rates is unfair and discriminatory against low-income drivers.

Sponsors of the bill also note that the COVID-19 pandemic has reinforced the need to make a change, with millions of New Jersey residents facing hardship, inevitable changes to employment status, credit scores and homeownership which could trigger potential rate increases for many people during a time when personal finances are already suffering.

The bill, S-111, would prevent auto insurers from assigning an insured or prospective insured to a rating tier based on homeownership, marital status, educational level, credit score, employment status, or occupation.

03/09/2021

DAMS AGAIN GET A D GRADE ON ASCE'S 2021 INFRASTRUCTURE REPORT CARD.

Dams in the U.S. got a D grade on the most recent Report Card for America’s Infrastructure, released by the American Society of Civil Engineers (ASCE). This grade is unchanged from the previous report card, released in 2017.

Despite the unchanged grade, ASCE does say that one of its recommendations from previous reports has been met through a modernization of state dam safety programs.

However, there is a significant gap in funding available for dam improvements, the report says. ASCE estimates the total investment need for dams based on current trends, 2020 to 2029, is $93.6 billion. Of this, about $12.5 billion is funded, leaving a gap of $81 billion.

The executive summary says: “There are over 91,000 dams across the country that serve many purposes. Dams are classified by hazard potential. A high-hazard-potential rating does not imply that a dam has an increased risk for failure; it simply means that if failure were to occur, the resulting consequences would likely be a direct loss of human life and extensive property damage. Over the last 20 years, the number of high-hazard-potential dams has more than doubled as development steadily encroaches on once rural dams and reservoirs. Although the number of high-hazard-potential dams has increased, the overall percentage of these dams protected by an Emergency Action Plan has increased as well. As of 2018, 81% of such dams had a plan on file, up 5% from 2015. Unfortunately, due to the lack of investment, the Association of State Dam Safety Officials estimates the number of deficient high-hazard-potential dams now exceeds 2,300. Meanwhile, approximately 3% of dams supply households and businesses with hydroelectric power, and many of these dams are privately owned by utilities and follow a rigorous operations and maintenance schedule.”

Recommendations to raise the grade, from this 2021 report, are:

Fully fund the national dam rehabilitation and repair funding program at its full appropriation of $40 million to cost-share repairs for publicly owned, non-federal, high-hazard-potential dams.
Develop emergency action plans for every high-hazard-potential dam by 2025.
Implement a national public awareness campaign to educate individuals about high-hazard-potential dams, specifically ensuring the public has a better understanding of the dam rating system and how we determine condition, as well as the location and condition of dams in their area.
Increase state funding for their respective dam safety programs, including adequate staffing of state dam safety offices. Ensure all 50 states have dam safety programs.
Encourage state and federal agencies to meet reporting deadlines to ensure that adequate data on dams are available for policymakers to facilitate decision-making on funding and to the general public to promote public awareness.
Require federal agencies that own, operate or regulate dams to meet the standards of Federal Guidelines for Dam Safety.
Encourage improved land use planning at the local level so that communication about how dams affect local areas is more accurately known and considered in future planning
ASCE has been releasing its quadrennial Report Card for America’s Infrastructure for more than 20 years.

ASCE is the oldest civil engineering organization in the U.S. It represents more than 150,000 civil engineers in private practice, government, industry and academia who are dedicated to advancing the science and profession of civil engineering and protecting public health, safety and welfare. ASCE is comprised of 75 domestic and 17 international sections, 158 branches, and 118 younger member groups.
(Hydro Review)

01/25/2021

It’s 2021 and despite our highest hopes, we are still seeing contention and the continuation of social distancing, Zoom meetings, and the wearing of masks.

That aside, we are all looking for ways to improve our lives, businesses and relationships. The Covid 19 pandemic has affected us in countless ways. There will most likely be a new normal, but time will tell.

Inside the insurance industry we have seen a movement from many of our markets to exclude any future potential losses caused by an epidemic from Commercial General Liability and policy wording. Many insurance markets did not have strong wording in their policies that addressed this type of liability. They have been fighting against almost all claims from their policy holders affected by the pandemic, the slowdown and the shutdown of the US economy. Insurance companies do not like ambiguity in their policy wording and have sent out notices to policy holder of changes in terms and conditions.

We also see pushback by states like New York and California passing legislation limiting the insurance company’s ability to exclude liability for Covid 19 like breakouts. We are awaiting the final decisions to see what the fall out is. Time will tell if other states or the federal government jump into the fight and mandate epidemic inclusion language in future policies.

It is always a good idea to read your policy to understand what is in it. As for now, the pandemic has not touched the hydroelectric energy world in the way of any losses. It has been hard to get parts from China, but even that has seemed to lessen a little.

As things change, remember to hold on to those things that bring us joy. It is usually the small things in life, but the small things that bring us joy often become the big things during hard times!

10/13/2020

What a clever partnership to use hydro energy.

Brewer Anheuser-Busch has formed a global partnership with aluminum producer Rio Tinto to deliver sustainable aluminum cans made using hydropower. The two companies signed a memorandum of understanding committing to work with supply chain partners to bring Anheuser-Busch products to market in cans m...