Mississippi's attorney general, Jim Hood, hss filed a lawsuit against Entergy Corp. and subsidiaries Tuesday.He is alleging that the companies illegally manipulated the purchase and sale of electricity.He further alleges that the manipulation was to maximize profits.
The lawsuit is based upon an action in fraud and antitrust and claims that Entergy buys from electricity from a sister company at a price higher than if it purchased on the open market.
"Entergy's duty to Mississippi rate payers is that they have to provide us with the cheapest energy that is reliably available," Attorney General Jim Hood said.
Entergy spokeswoman Mara Hartmann has reportedly said that Hood's allegations of wrongdoing were without merit.
There are two similar lawsuits against Entergy in Louisiana.
Wetlands
While conservationists battle to save valuable coastal marshes and barrier islands, they're running into conflicting laws and agency policies that make the job harder.
America's EnergyCoast, a diverse group of interests that's part of the America's Wetland Foundation campaign, is working to secure funding for large projects to save the Gulf of Mexico coastline. Erosion is eating away valuable wetlands and endangering the infrastructure that supplies much of the nation's oil and natural gas.
But the group is finding that certain federal policies delay or thwart its efforts.
Read more on theAdvertiser.com
St. Tammany Economy
Third-quarter data from 2008 show economic trends that are less than encouraging but still in a better state than the national economy, with expectations for a shorter local downturn still supportable by economic indicators.
Employment rose 2.4 percent, with more than 117,000 people now living and working in St. Tammany Parish. These data exclude those who live in St. Tammany and commute elsewhere, or who live elsewhere and work in St. Tammany. The Parish labor force also grew 3 percent. The unemployment rate, measured by those actively seeking employment, was 3.5 percent in 3Q08, up from 2.4 percent in 3Q07. An unemployment rate at or below 5 percent is typically considered a sign of an evolving economy, although recent national trends resulting in a local reduction in labor by some employers may negate the positive indicator.
New residential construction continued to decline, with a drop-off in single-family construction permits of more than 46 percent, quarter-over-quarter. A high housing inventory combined with a virtual freeze on credit continues to contribute to the drop. A drop in housing sales of 22 percent is further evidence of the trend. National experts predict the housing market will not take an upturn until mid-2009 at the earliest.
Quarterly retail sales were 7.7 percent lower than 3Q07, and year-to-date sales fell 6.7 percent over the first nine months of 2007. Low consumer confidence, reductions in credit, and rising monthly mortgage payments for those with adjustable-rate loans are contributory.
Despite negative or stagnant trends, not all data are pessimistic. Although new business starts fell 11.5 percent over 3Q07, there are still 570 new businesses operating in the third quarter of ’08, and more than $8.7 million in announced new projects.
St. Tammany Parish continues to have lower unemployment and cost of living than other areas of the nation, and projections of a better 2009 are more than blind reassurances.
“In the first week of December alone, EDF will host two national corporations touring St. Tammany in search of suitable sites for development and expansion,” said Brenda Reine-Bertus, executive director of the STEDF. “We are consistently responding to requests for proposals from national site-selection firms, and have established solid relationships with such firms for many years.
“While certain economic indicators are less than positive, the fact remains that St. Tammany is well-situated in terms of geography, opportunity, and quality of life elements to draw new investment. The retail sector will reveal much during the holiday shopping period, and there are reasons to be optimistic about the coming year. The credit crunch should ease, the housing market should rebound or stabilize, and – all things being equal – we should expect some more positive results from Wall Street. All of those national trends have rapid trickle-down impact on the local economy – an economy that is already in a strong place for potential growth and recovery.”
EDF’s quarterly report, Economic Trends, will be issued to subscribers later this week. It will also be available on the organization’s website, www.stedf.org. Economic Trends contains data described above, in addition to numerous other economic indicators.
STEDF is the lead economic development organization for St. Tammany Parish. The organization is charged with attracting new business and employment opportunities to St. Tammany Parish. The organization seeks to improve the quality of life in the parish by strengthening and supporting the business climate in the area.
