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subset: commoncrawl


text:
Child's Brown Transferware Mug ~ Cup
Staffordshire England ~ c. 1840
This is whimsical little child's transferware mug, circa 1840. This diminutive piece stands 2 5/8 inches tall X 2 3/4 inches wide excluding the applied loop handle.
Benjamin Franklin created a character, Poor Richard, and whose real existence was debated humorously and seriously. Scattered among the calculations, were many crisp sayings introduced by the phrase "As Poor Richard says," -- sayings which have taken their place among the maxims of the world.
Plough deep while sluggards sleep
and you shall have corn to sell and to keep.
Work today for you know
not how much you may be hindered tommorrow.
Fabulous transfer prints of industrious people in the fields, sluggards not.
The piece is unmarked. It most certainly was made in the Staffordshire district. Mugs like this were made as gifts for good children and rewards of merit, used to aid in children's education and moral training, and to encourage their imaginations in the early to mid-19th century. The mug is in Excellent condition.
3 other shoppers have this item in their Cart or Wish List .
Whimsical quirky and irresistible antique gifts for children of all ages
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text: Years ago, before I started blogging, I had an online craft website and sold my crafts at farmer's markets and craft fairs. I enjoyed it for the most part but found that making large quantities of crafts all at once just wasn't something I enjoyed. I still love crafting and easy soap making was one of my favorite things to do. This orange flax seed soap is one of my favorites.


text:
3.6 / 3 votes
Click a star to rate this entry
Raw vegan cuisine
Restaurant, Coffee/Tea/Juice
Salads, shakes, and veggie pizza, plus pre-packaged food products.
Added by conde.kedar on Sep 25 08 (last updated Jan 25 10)
Mark this place closed (permanently).
Most Recent Reviews
I had the burrito and truly enjoyed it! I look forward to going back to try something else.
I think the restaurant is great, the atmosphere is very peaceful and I enjoyed it.
I've been there a few times and have tasted the burger and the pizza, and absolutely love it. I don't think their prices are bad at all, there is a lot of work involved in the creation of this type of food. The water is filtered by reverse osmosis as well.
Loved it!
$$ - average
- Raw Food


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January 11, 2011 |


text:
« January 2015 | Main | March 2015 »
Her favourite jeans, the particular wellies she adores, the beautiful heavy weight blanket coat she saved up to buy herself, with her hands firmly tucked inside her sleeves. The scarf worn like mine, and that gorgeous blonde hair just blowing about, left to fend for itself.
Its been a good day. Good photos, fun angles, brilliant backdrops...and great visitors :)
:) {jump!} Mollie, 2006
In the fields just across the road from the house are sheep, and now, the time of year being what it is, lambs too. At worst they merely make you smile as you drive by, at best you just have to cross over and stand wand watch them for a bit.... Takes them about one minute to notice you. Then they begin asking each other out loud if the stranger by the gate might feed them? Very loud noise; an entire field of sheep calling...THEN they all come over a bit closer.... and mass disappointment when they realise you have camera not hay in your hand ;)
Stranger at the gate! Just hide behind me guys...
Make sure you get my best side...
Strange lady staring at me!!! shout about it!
Super model material! ;)
1 ) I hope every single person read the article about how NONE of your online images will be readable and/or exist in the future. How your grandkids will have NO PHOTOGRAPHIC CLUE about your life and loves unless you hurry up and print those images from your computer... I'm here if you want anyone to make them into a nice little book :) ;) See? NOW you see why I scrapbook my life!
2) Speaking of moving images from computer to 'real life' I am finally waiting for a canvas of a gorgeous scenic view I took about oh.... seven months ago. I knew the minute I uploaded it I wanted it for my wall... and then 'never got round to it'. I am so excited... not only is it for me as opposed to for a client, but its a VIEW not a person/pet/group. I am ALL about the new extra matt finish canvases. *swoon* I needed a shove to get on and order it, and am delighted to test out two new canvas printing companies before recommending them to clients. Thats my excuse anyhow ;)
3) If you ever want to know about someone {and they are 'up' with social media} just read their pinterest boards... ;) I had to laugh as I looked thro my 'quotes and phrases' board; you can see what was bothering me at different times... I am now openly seeking how to be humble and stop being bothered by everything crap quotes..because.....
4) ....Life is pretty good. perhaps its the time of year - hints of spring and woohoo more daylight- perhaps its the fact we live more outside than inside, but I've got a husband who loves me, kids who I am getting on well with, a handful of pets who aren't costing me mortgage amounts of Vets bills currently {amen}, we too are all getting damn healthy again, and we live in our little house thats becoming as we'd like as the months go by. I'm writing this down to make note of the moment, to remind myself whats good. To stop letting the nay- sayers and the copycats get to me. Of course its not perfect in any shape or form, but its ticking along nicely.
5) Invented new recipes this week. Nutella swirled blondies and raspberry oat cookies. All gluten free and all far too tempting. LOL I have my eye on tortes and mini pies... maybe thats next weeks agenda... The sign in my kitchen that says 'the love in this kitchen is expressed by cupcakes'? Its bang on. ;)
6) The girls spent three quarters of half term break riding Puzzle. GREAT RIDING! Both he and they benefitted from it. Both he and I miss them now school is back. Hurrah for lighter evenings so we can ride after school :)
7) Isn't it great to be able to do everything from your phone these days.... except when you can't! I have to go thro a certain area every day, at least twice, that has no connection whatsoever. Exactly what does E stand for on your phone? GPRS? except really terrible service and no chance of logging into anything on line... I was forwarded this article on exactly whats what. Read and it be wiser but... not any better connected! ;)
8) I am on twitter... well twitter very cleverly posts a link to here and to my instagram images without me doing much... I have ten new twitter followers this week. I don't know why exactly ... nor do I know why one of them is an official twitter account for a large major British soap opera!! Obviously I am a mighty fine tweeter ;) Maybe they too think my life is a soap opera plot ? ;) haha! I shouldn't really joke, could be so true. I don't follow them either so why me? LOL Actually funnily enough, its not a soap I watch so maybe they are trying to convince me to watch it. #notworking
9) Scared myself stupid the other day... read a scary book. in the dark. Sat and read it form one end to the other as couldn't possibly sleep until I had some kind of conclusion. The beginning was pretty disturbing -! - but it was brilliantly written all the way thro. It was Tony Parsons' 'The murder bag'. Genius man who has always created such great books. You need to read it!! but not in the dark...
10) no real need for it but its very cute iPhone shot to brighten the page ;) {Daisy, Puzzle and late afternoon sunshine}
Usually its 'stay next to me' 'Hold on to him' Make sure you close the gate!' 'lets take lead rein just in case' ... then gradually over this week's school break she did this... and trotting all by herself, and even a canter and emergency stop! She's nine and he's 6 and a half..... I think its the beginning of a lot of adventures :)
ah, the big brother :) Jan 2012
..not so teen daughter of course!
While we are at it, S is for... stealing pictures from her Facebook ;)


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Here are some of the fun homeschool activities that we did during the month of August!
We are using Math-U-See again this year and loving it! Here my daughter is learning rounding with some help from a chart I created. (I plan to post this and more materials very soon!) | |
We continued with our cooking classes and here you can see my daughter learning to brown hamburger for Mexican Pizzas that she made as part of our Mexican night! | |
Here you can see we made Tostones as part of our Spanish foreign language curriculum, La Clase Divertida. I think this is a great curriculum as we are not just learning to speak spanish but we are learning about the Mexican culture and heritage! These Tostones were a great dessert for our Mexican night! | |
Our girls also had their very own garden this year and here you can see it is doing very well! | |
We also became chicken farmers in June! The girls have been learning about caring for our chickens and soon we will be collecting eggs! | |
During August our church participated in family worship, where the children attend church with their parents instead of going to their normal classrooms. I just had to share this picture of notes that my daughter took during one of our family sermons! | |
We started another year of soccer along with my daughter's (littlest) biggest fan! | |
We attended our local fair and my daughter was so excited to be apart of our local 4-H program as a cloverbud! | |
My daughter was so excited to win tickets to Kings Island through our library's summer reading program! This was our family vacation this year and the girls absolutely loved it! We will have to plan another visit to Kings Island's Planet Snoopy again… or just win more tickets! |
What fun things have you been doing with your homeschool? We would love to hear about them in the comments below!
TweetShe just seems brilliant and dedicated in here work. Thanks for the share and enjoyed every bit here.


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Wrong GPS location for my house
April 16, 2008 1:29 PM Subscribe
My house is incorrectly located by MapQuest, Google Maps, Google Earth and GPS systems. I assume this means that there is an error in some common database they all rely on. Is there a way to request that the error be fixed so that future versions of the database are correct?
Thanks Green With You, and sorry for not looking harder.
posted by retiree at 1:40 PM on April 16, 2008
posted by retiree at 1:40 PM on April 16, 2008
« Older In Seattle and need to watch the Penguins! | Legally adding video clips to a review site? Newer »
This thread is closed to new comments.


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Thursday, June 13, 2013
At a very young age I knew diamonds were worthless. They were shinny rocks. They did nothing but sit on fingers. And the amount of money I heard the "adults" said they spent on them, I knew they could buy a lot more cool and practical stuff, say like, food, and ohhhhh, rent.
Of course, as I aged, life empirically proved my skepticism, and my education between college and poverty also confirmed to me just was a frivolous expense diamonds were.
However, it wasn't until yesterday reading this post at Maggie's Farm did I really realize what diamonds TRULY are -
They are the world's biggest shit test.
Understand what a woman is asking you to do, gentlemen, when she wants that diamond ring. She wants you to:
1. Spend as much as your money as possible
2. On a veritably worthless hunk of rock that
3. Offers no genuine production, value or worth other than to
4. Inflate her petty ego as she uses it to brag to her equally hollow and shallow friends who
5. Are such vain and worthless people as they measure human worth based on the size of a rock.
In short it is a purified economic test of the shits. She wants to see how much of your PRECIOUS FINITE LIFE you are willing to sacrifice on SOMETHING THAT HAS NO VALUE. It is the biggest hoop. The biggest hurdle. The biggest shit test. And it is also incredibly demeaning.
How do you deal with this shit test?
Like any other.
You get a small diamond, or better yet, no diamond at all. You find a ruby, an emerald, something prettier than a boring old diamond. You say, "I'm not getting you some big ass diamond, and matter of fact, we're not pissing away precious funds on a bullshit wedding. We're going to Vegas and getting married by "The Flying Elvi."
Of course, if you're at the stage a woman is still shit-testing you, and you're about to propose AND you still don't know how to pass shit-tests, then go ahead and pony up your 4 months salary, sucker. You may also want to start stashing away for a divorce fund which you're probably going to need later. For the larger the diamond you buy, the less of a woman you have.
34 comments:
- Ballista74 said...
The whole thing is capitalism's shit test, if you really look into diamonds and the diamond trade more.
Warehouse tons of the rocks (which are basically worthless), mark up the ones you let out to exorbitant prices, market them as the thing of love for couples everywhere to get women to adopt it as their shit test.
Profit! - 10:52 AM
- Aynsley said...
I guess that makes me perfect, since I specifically requested a ring with no stones.
- Ballista74 said...
The whole thing really is capitalism's biggest shit test. Warehouse tons of these rocks, which are basically worthless. Then for what you do release mark them up to exorbitant prices and then market them as "the thing of love" so women adopt them as their shit test.
(the history of the diamond industry in this regard is really fascinating) - 11:00 AM
- Kindjal said...
This is your best post ever. In your delvings into the economic influence of women, diamonds are the corroded lynchpin.
Diamonds have no place in this world except in the machine shop.
Imagine the inroads we could make toward ending the cruel treatment of African laborers if we would stop buying diamonds. All the UNs men and all the UNs horses couldn't touch the influence of boycott on diamonds. - 11:19 AM
I just bought 2 more AR-15s. Colts this time. Threw in a Sig Sauer P226 in .40 S&W.
I will admit that I once was close enough to buying a diamond ring that I actually entered a jewelry store to check them out with the girl who would have worn it. She is history due to other shit tests.
Bachelor life FTW. - 11:28 AM
- Hamilton said...
My sons will know this when they get older.
My wife never really gave a crap about the diamond size to begin with, she just wanted a pretty ring. I gave her a beautiful ring with some small diamonds, not expensive, and she is still enamored with it 7 years later.
Pick the ring like you pick the girl, go for pretty, not for size. - 11:30 AM
"No, Dear, Cubic Zirconia - that's the scientific name for diamonds!"
As I know many men who work for De Beers, I obliged to say you're wrong.. na na na na naa!
However, just between you and me... if a woman chooses a diamond over her future marriage or man, she's not worth a damn anyway. In the current economic environment, a diamond ring is an expense most just cannot afford and they simply don't need them at all anyway, money is far better spent elsewhere. - 11:40 AM
That link really needed a "NSFW" labe. :-)
- CBMTTek said...
Cousin of mine proposed to a girl. She handed the ring back and said "the diamond is not big enough."
He went out and got a larger diamond.
I would say the the marriage did not last very long, but I would be repeating myself. - 12:00 PM
Invest in Gold now.
4 months salary now? Was 2 months ten years ago, six weeks or a month way before that.
Opals were more valuable at one time, which is one of the reasons you see it in older jewelry quite a bit.
Well... if you get enough of them, you can make a saw that powers through other rocks :) .
I've got a few opinions on this..
If you have to walk the path of beta, buy her a giant Cubic Zircone - she won't be able to tell the difference anyway and it will cost alot less for a stone much larger. (Kudos to Professor Richard Muller of Physics for Future Presidents - he had a good rant about DeBeers)
Better still don't buy her anything.. and don't get married. I've started to think of marriage itself as shit test, the only cause for which are (unplanned?) children, and still the arguments are slim. Man in that scene isn't man enough to take the woman to the doctor if he doesn't want kids. Ah, the ways in which lives are ruined. I can laugh now.
The expensive wedding, invitation cards, gift registers and all that crap. That is a shit-test more massive than the ring since it ropes so many suckers in with the expectations of utter BETATUDE - your family, friends, etc. And then the guy loses his balls with an 'I do'.
As you put it so nicely capn, spend the money instead on eloping somewhere interesting.
Formalities and Expectations are for the beta. - 1:16 PM
Or you could be creative and get her birthstone...as long as she isn't born in April.
After all creativity is a masculine trait. - 2:10 PM
I will never buy a woman a diamond.
1) Little boys in diamond-war countries are taken from their families, sometimes forced to kill their own families, all over the inflated value of this stupid rock. Thanks developed-world-ladies, for creating inflated value that emotionally rapes and kills little boys.
2) Buying a diamond is like throwing money at the rich. F-You DeBeers.
3) There are BETTER gems, Moissanite for example.
4) Their value is wholly artifically kept high. - 2:20 PM
I can not stand listening to jewelry commercials on the radio. Valentines day, Mother's Day, anniversaries, ugh! What a scam. Sucker the poor dumb bastard into throwing 4 months of his life into a hole in the ground just for some sparkly rock. Women are like crows that collect sparkly things. As soon as they have it they loose interest in it and want new sparkly things. I'm so glad I will never have to set foot in a jewelry store again. Reason #1342 of why I'm glad to be MGTOW.
Of course, if you're at the stage a woman is still shit-testing you, and you're about to propose AND you still don't know how to pass shit-tests...
Propose? In Amerika in the 21st Century? Bad idea with all of the divorce court rapes going on. Shit Test? Dump her ass...well, that is if you are over 40 which is the beginning of when women start to outnumber men (due to the shorter male life span) - 3:30 PM
I would never buy a woman a diamond, and all the women I've dated would have likely preferred we did something more creative than that, were we to marry.
On the other hand, one of my best friends spent THREE months' worth of his nice middle-class income on a diamond ring.
- Aaron said...
It's only a worthless hunk of rock until you figure out how to charge it up with gamma rays!!
http://bios.weddingbee.com/pics/143937/Laser_diamond_2.JPG - 6:08 PM
First of all, if you're even dating a woman who would even want a diamond to begin with, you need to rethink your priorities.
A conscious woman will not covet diamonds because she knows they are extracted with the labor of an exploited people who make peanuts while the Diamond companies that pimp them in TV commercials make BILLIONS.
The whole diamond thing was created by the corporate American Diamond Industry and embedded into the psyche of the American public via Marilyn Monroe movies (Diamonds are a Girls Best Friend) and then from there pimped as the jewel of choice for weddings.
If you are dating a woman who is plugged into mainstream American "culture" to that extent - you've got more problems than just buying a diamond, son. - 8:22 PM
- Paul, Dammit! said...
Stating the obvious, a diamond is jut a Ferarri writ small; a public accounting of disposable income. Having married a woman from a 3rd world shithole, my wife loves things like that, but sees them as they are. For me, jewelry is a backup present for gift-giving occasions. Because I can, if nothing else, but really it's because women are like crows- show them something shiny and you can forget about peace and quiet. Really, jewelry means I couldn't think of something with sentimental value to do or say on an occasion, but at can be bought for a 10-minute investment in time, and the opportunity cost is right for me, for the most part. I'd rather not go in a store for more than 10 minutes, thank you.
Where did 4 months come from? That is very fishy. Median guy would spend over $15,000 if you believe salary stats, or $12,000 basing it on after-tax pay. I don't think I've ever been in the same room with a man who spent that. Come on. Shenanigans.
- Black Poison Soul said...
Well, you can be caught out even so if you know better. I was Beta enough to buy a large diamond when I was stupidly in love.
When I was young I learned the truth about deBeers and their artificial restrictions on the availability of diamonds. Did you know that the lack of very large diamonds these days is a deliberate byproduct of a change in diamond mining? The rock holding the diamond matrix is crushed in milling machines, incidentally cracking and crushing larger diamonds.
Thus, no more Cullinan, Hope, Dresden Green, Blue Heart, or the like famous diamonds are being found.
So damn stupid when I was younger. My reflex now is to say "never again", yet, I might be stupid again... - 2:10 AM
- Eric Mueller said...
That was one positive to my ex-wife. She was content with a $127 ring from Wal-mart at a time when I was such a beta, I would have bought a $5000 ring.
Don't stop at diamonds. Jewelry in general is a fucking scam and a complete waste of money.
"But it's an investment!" - Like hell it is!!
Jewelers are nothing more than legal cons. - 6:08 AM
I guess I passed an s-test, because I bought my wife a diamond engagement ring. I didn't pay 2 or 4 months salary for it either. I paid about 1 month salary for the ring, but I also was able to purchase the wedding rings with that money. Funny thing is she rarely wears it now, and prefers the super cheap black diamond ring for everyday wear, I purchased for her birthday a few years ago.
For her next birthday, she wants something more practical, like a Glock 19 for her CCW permit. - 7:16 AM
- handbanana said...
diamonds could be useful...
like say, if they were cheap enough to build an entire space shuttle out of. - 8:31 AM
It's kind of funny coming from a guy who tells you to buy physical gold, which has no real utility either ;) Only difference is, you can't make new gold with todays technology.
Someone even wanted to start a Diamond ETF, akin to GLD/SLV. - 11:39 AM
I was given a pink sapphire. I absolutely LOVE it, and it didn't cost more than a few weeks' salary (we'd been married over a year before I finally read the appraisal sheet). My hubby (then fiance) got the bonus of gettin' his geek on checking out all the mathematical angles of the facets and their optical effects (he's an engineer). I got the bonus that my ring is not huge enough to rip my gloves and is sturdy enough not to get beaten to death in the lab. Win-win-win if you ask me.
Ever try to sell off a diamond wedding ring? You then find out what a scam the racket is. You get a minute fraction of retail value. I found a diamond ring once and was surprised at what I thought were low-ball offers for the thing. I did better selling my gold high school class ring with the fake stone in it. With rare exception for collectibles and oddities, the biggest money pits (as for value drop once you pay for it) I've seen so far in 40+ years of living are
1) Furniture
2) New vehicles and appliances
3) Jewelry
4) Designer Name Clothing
5) Gadgets (audio, video, computer, etc.)
But the real problem with the darn diamond ring thing is not as much that she's shit testing you, it's that the kind of ring you get is also a shit test that her friends, co-workers, relatives all give her by judging her by the ring. We know the ways a woman can make her man look small just the way she talks to him in front of others. Mindful of that, how does a guy give his fiancee an acceptable, affordable ring that doesn't embarrass her and make those around her think she's not worth two bits because the man she's marrying doesn't, since he got her a Cracker Jack ring. Women are brutal to each other, and why cut your girl's legs out from under her with her friends and rivals? It's a real, not a rhetorical question. - 5:37 PM
The sad thing about the whole diamond thing is that women aren't really aware that the stone has little to no resale value and it's primary value is in industry, not as pretty rocks on fingers.
Let alone all the garbage that goes with mining them and marketing them.
They, and friends and family equate the size of the diamond a man gets a woman with the amount of esteem and love in which he holds for her. This has been drilled into most of us since we first heard a cleverly researched and manipulative advertisement created to tug at our ego/guilt/shame strings.
If you were never a part of the herd mentality, you consider the simple gold band the ultimate symbol of the high regard you hold for your beloved.
As for engagement rings, any semi precious stone will do if you can imbue it with something meaningful and personal to you both. Back-story in absence of perceived monetary of stone is a good trade-off. Heirloom rings resized and redesigned work well. Pawnshops are a good source.
People have forgotten that engagement rings are really a signifier of intent to marry. - 5:29 PM
Captain, you kidding me? Would you really marry this kind of woman at all? My wife told me to buy a cheap silver ring only, because we have better uses for the money. That was about the 25th green flag that she is going to be a reliable ally for my life. Why would you make a shit-testing, selfish, shallow woman your wife?
I think you Americans have a hopelessly romantic view of marriage. You see it as something similar to a girlfriend, all about sex and romance. Nope.
You want romance, you just have a girlfriend, or keep a mistress. You want a reliable ally in life and a family and kids, you find a good wife. Not to be mixed. - 7:19 AM
Supposedly, there is a vault in Russia where if the diamond content within was all flooded on the open market, diamonds would be worth less than dirt.
And had anyone heard of blood/conflict diamonds? Paul Elam describes the earth destroying hypocrisy of women "loving" mother earth. - 8:51 PM


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Sunday, May 1, 2016
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text:
Monday 23 August 1982
It was Monday, under the sign of Virgo. The US president was Ronald Reagan (Republican). In that special week of August people in US were listening to Eye Of The Tiger by Survivor.
In UK Come On Eileen by Dexy's Midnight Runners With The Emerald Express was in the top 5 hits.
The Beastmaster, directed by Don Coscarelli, was one of the most viewed movies released in 1982
while The Prodigal Daughter by Jeffrey Archer was one of the best selling books.
But much more happened that day: find out below..
Or have a look at the whole 1982.
Old Newspapers
Have a look at the old newspapers from 23 August 1982 and get them!
Which were the most popular movies released in the last 30 days ?
TV Series
Which were the most popular TV series released in the last months ?
Find out your future
Get a FREE Numerology report based on the digits of 23 August 1982!
Wish him/her..
Historical Events
Which were the important events of 23 August 1982 ?
- Astrology - Last day of sun sign Leo in the tropical zodiac
- Swaziland - Umhlanga Day
- Romania - Liberation Day (1944)
- RC Saints - Saint Rose of Lima
- Roman festivals - Vulcanalia
Famous Birthdays:
- YTCracker : American musician and computer hacker.
- Natalie Coughlin: American swimmer.
- Scott Palguta: American soccer player.
- Cristian Tudor: Romanian footballer (d. 2012).
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02-05-2014, 06:18 PM | #42 (permalink) |
payin Dwyane Wade
Senior Member
Join Date: Jul 2010
Posts: 6,321
I think our wires are crossed.
I don't think Vasquez is decent. I think he's a below average back-up. Look where this team can upgrade. Not traing KL for a better PG, DD is awfully good, Ross aand JV? Needs playing time so not likely they go to the bench. Amir? Tough call but a glue guy. The bench? We could improve at PG, 3 man wing rotation with Salmons seems to be working, 2PAt is good as is TH and CH but they are really 3 PFs.. so the easiest places I see to upgrade are backup PG and a defensive back up centre. Either CH or TH would have to go. Would be nice to get Dre for a 2nd rounder and/or novac, then package TH or CH plus GV for a big man. Our bench D has been good so build on that. |
02-06-2014, 12:07 AM | #46 (permalink) |
La Decima!!!!!
Senior Member
Join Date: Jan 2012
Location: Toronto, Ontario, Canada
Posts: 7,207
I got to agree with you there. GV has been pretty horrendous in his tenure here. Miller would be a huge upgrade - wouldn't be trigger happy and would just do his job.
02-06-2014, 08:27 AM | #48 (permalink) | |
is pounding the rock!
Posts: n/a
I'd also watch to see what the Pacers do at season's end regarding Bynum. No I'm not saying when he becomes a free agent to sign this ass clown, but if they resign him they will probably be willing to move Mahinmi as he is under contract for a 4mil flat rate salary until the end of the 2015/2016 season. I would gladly give them Chuck Hayes expiring contract next year, plus a 2nd rounder. That way we get our C and they get extra cap relief after next season that they wouldn't have gotten by keeping Mahinmi. Other big men that we could trade for at season's end would be Asik (though his cap hit for next year is $14,898,938 ). Zaza Pachulia who makes a 5.2 mil flat rate salary until the end of the 2015/2016 season. If Milwaukee goes in to tank mode again next year to get another high draft pick, we could probably give up the expiring of either Hayes or Fields plus a 2nd rounder or 2. That way Milwaukee gets picks and salary cap relief. Perkins is close to a 10mil expiring and we will have some cap space, so we could offer any expiring contract to help give OKC luxury tax relief. |
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San Marcos CA Real Estate & Homes for Sale0 Properties Found
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Truth, Lies, and Advertising : The Art of Account Planning Hardback
by Jon Steel
Part of the Adweek Magazine Series series
"Account planning exists for the sole purpose of creating advertising that truly connects with consumers.
While many in the industry are still dissecting consumer behavior, extrapolating demographic trends, developing complex behavioral models, and measuring Pavlovian salivary responses, Steel advocates an approach to consumer research that is based on simplicity, common sense, and creativity--an approach that gains access to consumers' hearts and minds, develops ongoing relationships with them, and, most important, embraces them as partners in the process of developing and advertising.
A witty, erudite raconteur and teacher, Steel describes how successful account planners work in partnership with clients, consumer, and agency creatives.
He criticizes research practices that, far from creating relationships, drive a wedge between agencies and the people they aim to persuade; he suggests new ways of approaching research to cut through the BS and get people to show their true selves; and he shows how the right research, when translated into a motivating and inspiring brief, can be the catalyst for great creative ideas. He draws upon his own experiences and those of colleagues in the United States and abroad to illustrate those points, and includes examples of some of the most successful campaigns in recent years, including Polaroid, Norwegian Cruise Line, Porsche, Isuzu, "got milk?" and others.
The message of this book is that well-thought-out account planning results in better, more effective marketing and advertising for both agencies and clients. And also makes an evening in front of the television easier to bear for the population at large."
- Format: Hardback
- Pages: 320 pages, facsimiles
- Publisher: John Wiley & Sons Inc
- Publication Date: 16/03/1998
- Category: Sales & marketing management
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The following items are examples of off highway or recreational vehicles, regardless of whether they are gas or electric powered.
This list is not all inclusive:
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Utility Vehicles (whether wheeled or tracked)
Colorado Revised Statute 33-14.5-101 gives the following definition:
Off Highway vehicle means any self propelled vehicle which is designated to travel on wheels or tracks in contact with the ground, which is designed primarily for use off of the public highways, and which is generally and commonly used to transport persons for recreational purposes. It does not include vehicles designed for travel in or on the water, snowmobiles, military vehicles, golf carts, wheel chairs, or vehicles used for agriculture, logging or mining.
Summary of laws regarding the use of Off Highway Vehicles in Broomfield:
Off Highway vehicles MAY NOT be ridden on public roadways.
Off Highway vehicles MAY NOT be ridden on bike trails, parks, fields, or recreational areas.
Off Highway vehicles MAY be ridden on private property with the property owner's consent; however, the surface must be improved, not dirt or grass. There is an exception for private property owners for maintenance, construction or patrol on their property.
For more information on Broomfield Municipal Ordinance, please visit Title 10, Chapter 16 of the Broomfield Municipal Code.
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What personal information do we use on Untappd and why?
You sign up for Untappd and immediately see a profile picture, but you never gave us one? That's strange - but never fear all your privacy questions are answered below!
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Profile Picture: On account signup, we use a service call "Gravatar (http://gravatar.com)", which allows us to use your email address to return a photo. This service is provided by Wordpress - so if you have used Wordpress before or made a comment on a blog by them and uploaded your profile picture - that's where it's coming from. You can remove it at untappd.com/account anytime, or upload your own photo. You can also change your email address that isn't registered with Gravatar. You can check anytime here: https://en.gravatar.com/site/check/
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Facing climate change, Alaskans embrace green energy
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The Freewrite is available with two styles of keyboards to support users from around the world.
The Freewrite you selected has been selling better than we expected and is now on backorder 😲. Our factory can't keep up! We are in production of more Freewrites but they are not quite ready yet.
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TinyTube.net continues to get better and better. They've now made it even easier to find, send and watch your fave YouTube videos on your mobile. Take, for example, this YouTube video. Notice the URL – it's http://www.youtube.com/watch?v=RCLYGoM1GrU. Now, if you'd like to watch that on your mobile all you need to do is type http://tinytube.net/watch/RCLYGoM1GrU into the address bar. Just copy the "RCLYGoM1GrU" bit and stick it on the end of http://tinytube.net/watch/ – this can then be used or forwarded to any mobile user via text or email as the address to get the video.
TinyTube fill a very important "gap" that other sites such as Google video have already plugged – being able to convert the Flash-based videos into 3GP format for viewing on mobile devices. TinyTube.net have now added an "SMS this video to a friend" feature for the USA with plans to roll out elsewhere soon.
We love TinyTube.net – it's a fantastically useful way of generating universally compatible YouTube videos. Try it out now!
Link – TinyTube.net
TinyTube.net – The place for mobile YouTube vids
November 20, 2006


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Ice is nothing more than water that won't let people swim in it. Teach stubborn liquid a lesson with today's Groupon to Hardee's IcePlex in Chesterfield. Choose from the following options:
Skaters of all experience levels glide across two professional-size rinks and one Olympic-size showcase rink during public sessions at Hardee's IcePlex. Ice slicers of all stripes strap on a complimentary pair of rental hockey or figure skates to flit about the frozen surface during the up to two-hour sessions. The white skating surface makes colorful wardrobes pop, and the cold air perks up complexions, accentuating faces with flirty, ruddy cheeks. Skaters can show off a mastery of fashionable layering, or sport favorite kitschy Cosby sweaters made famous by Dana Carvey as they circumnavigate the Iceplexs frosty surface. For a pick-me-up, bladed feet can wobble to the Summit Grill to nosh on nachos and chicken fingers and sip hot chocolate (not included with todays deal).
The 115,000-square-foot IcePlex has recently hosted a number of national sporting events, including the U.S.A. short-track speed-skating championships, two figure-skating championships, and the North American Hockey Leagues Robertson Cup. Though times are subject to change, open-skate sessions generally take place MondayFriday from 11 a.m. to 1 p.m., Friday nights from 7:30 p.m. to 9:20 p.m., Sunday from 2 p.m. to 4 p.m., and some Saturdays. Consult the IcePlex calendar for more information.
CoupFlip is a marketplace for people to buy and sell deals from "daily deal" (also known as "group buying") sites such as Groupon. On CoupFlip you can buy deals you missed, look for interesting deals in your area, or sell any deal you bought and won't use. The purchase is immediate - pick the deal, pay, download the voucher instantly and enjoy. Every voucher is guaranteed to be authentic by CoupFlip. For sellers, we provide the opportunity to sell your unwanted deal immediately without the hassle of listing your voucher and praying someone comes along and decides they feel like buying it.
It is completely free to buy and sell vouchers on CoupFlip!
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Daily deals make it possible for you to try something new or indulge in something lavish without the high price tag these things usually come with. If you ever have the need to buy and sell deals at any time, we're here to help. At CoupFlip, there's no need to worry about limited time offers on city deals or the long wait for a buyer.
What makes our listing different is that you can feel free to browse through our selection of vouchers at your leisure and pick the ones that you need. Thinking of going out for a meal or planning a vacation? Use our search bar to find the best deals you might have missed on Groupon.
If you're thinking of a Groupon return because you've changed your mind about a purchase, why not consider selling the voucher through us instead? We'll handle the work of offering your last minute deals to interested buyers.
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Houseboat days: poems |
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User Review - NielsenGW - LibraryThingAshbery's poetry slips off the page so effortlessly that it seems unnatural at times. His work is at once influenced by almost everyone before and wholly original. Anyone looking to see the direction ... Read full review
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User Review - languagehat - LibraryThingI came late to Ashbery, as to Cecil Taylor; better late than never. Read full review
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afternoon Amadis beautiful become beginning birds blue breath build chattels climbing clouds cold colors coming crater darkness distant dogs dream edge empty Eurydice everything eyes face fall feeling flowers frieze getting gray hamburgers hand happened haze historical past owed historical present Houseboat Days idea Impermanent invisible JOHN ASHBERY kind landscape later leave light lilacs live look luster lute matter mean mind move never night once one's Orpheus pain past lives Pastel Poems poetry present prism rain rampart rebus Reflected remembered rest seemed sense shadows sheaf shore sighs silence singing skyscraper slanted sleep snow somehow someone sometimes somewhere song space squashed stand stars stay storm street sunset tall tell things thought tomorrow trees turn voice waiting walking walls wind windmill window Wonderful the fields woods write


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Turlock Police investigators are hoping photos from last week's robbery at a grocery store will lead to the apprehension of the suspect.
More than 57,000 drivers were ticketed for handheld cell phone talking or texting during April's Distracted Driving Awareness Month, according to the California Office of Traffic Safety and the California Highway Patrol.
A lone gunman robbed a Turlock grocery store and escaped on a bicycle into a nearby neighborhood Wednesday afternoon, the Turlock Police Department reported.
A family of four was hospitalized Saturday after their vehicle was struck by a suspected drunken driver.
Michael Hoyt says he is ready to get back to regular life now that the murder charge that had shadowed him for three years has been cleared away.
A recent spike in gang violence triggered a county-wide sweep Wednesday that resulted in the arrests of 27 suspected gang members.
Turlock Police investigators have arrested a 48-year-old man on allegations he solicited a 15-year-old girl for sex.
A 28-year-old man walking along the shoulder of Highway 99 in Turlock was struck and killed early Wednesday by a hit and run driver.
A 60-year-old Turlock man is facing multiple narcotics charges after investigators found more than 30 grams of crystal methamphetamine in his home Tuesday.
A man is facing a criminal charge after crashing on a reportedly stolen motor bike.
A mindful neighbor helped the Turlock Police Department catch a suspected burglar Friday afternoon.
Welba and Maria Arms faithfully drove across Ceres each evening for the past three years to supply food and water to a small colony of feral cats that inhabited the wooded area between Home Depot and Rancho San Miguel Market on Hatch Road. They were first drawn to care for the cats as long time shoppers of Raley's.
At 2:30 p.m. Friday Stanislaus County Deputy District Attorney Wendell Emerson delivered the unwelcome news to the family and friends of Kenneth Winter that a conviction of second-degree murder for the defendant Michael Hoyt was looking less and less likely and a hung jury was a very real possibility.
CSU Stanislaus police officer Aimee Powers will be honored by two organizations in the coming months for her efforts in battling drunk driving and her overall performance and integrity.
A helpful citizen aided the Turlock Police Department in catching a suspected purse thief Thursday afternoon.
Page 79 of 146
A three-vehicle collision at one of Turlock's busiest intersections sent two young children to the hospital with serious injuries Wednesday afternoon.
The drivers might be distracted, but the Turlock Police Department certainly won't be.
Two Turlock men are facing a litany of theft related charges after they allegedly targeted multiple stores in Sonora while driving a stolen vehicle.
Ross Middle School in Hughson was placed on lockdown prior to lunch on March 15 as a precaution while Stanislaus County Sheriff's deputies searched ...
The Turlock Police Department is investigating a robbery in which the suspect pulled the trigger on his gun, but luckily for the victim no shot ...
Alcohol is suspected to be a factor in the Saturday evening crash that took the life of a 37-year-old driver who lived in Keyes.
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True Value Fairhope
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Technical Pro HPT990 Professional Headphone
"Expanding on the pros, other likes- - These cans are pretty comfortable imo, with the velour pads and soft headband. I havent had any problems with pressure points on the headband, and have been able to wear them for several hours on end without much fatigue. Clamping force is just right. Tighter than, for example, a Creative Aurvana Live, but looser than my FA-011s. Fairly light weight. -..." --kidcharlemagne
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Technical Pro HP-720 Headphones (Silver)
Technical Pro's groundbreaking new approach to industrial design incorporates advanced technology and striking good looks with rugged construction and a long list of features, providing years of audio enjoyment.


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Sunday, January 16, 2011
Oregon Ducks Aurburn Tigers Motivational 2011 - Video
• OregonGridiron outdid themselves on this video. I loved the whole James Bond/Mission Impossible sequences along with the staircase scenes and of course the game footage. This is one I will watch over and over again. I linked to it yesterday but thought it deserved a spot in a separate post.
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That's why whenever you spend your hard earned money with us we think it's only polite to say thank you for choosing GetGeared by rewarding you with G points to spend in the future.
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Alpinestars jersey for off-roading: Be ready for anything in this quality jersey made to endure the road for just as long as you can and even longer. Styled to show you mean business while also designed to catch the idea, enjoy the race and let the clothing talk for you.
Keep your cool: This jacket has been equipped with quality comfort features, so you can focus on the terrain. Moisture wicking polyester moves water away from your skin to the exterior of the jersey to help keep you cool. Mesh panels allow air to pass through the jersey and carry away heat. The back has been cut longer to ensure full coverage.
When comfort is key: Pre-curved sleeves and padding at the elbows enhance the jersey's comfort, so you can focus on the terrain and the bike.
• Fade resistant sublimated graphics• Moisture wicking polyester main fabric• Mesh panels to increase airflow• Pre-curved sleeves• Elbow padding for improved comfort• Fitted wrist cuffs• Cut longer in back for improved fit & compatibility• Lower back grip printing to aid stability
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Greg Kinross, President, CIC Energy Corp. NERSA Public Hearing on Eskom's Proposed Revenue Application – MYPD2 Gallagher Estate Midrand, 21 January 2010
Forward Looking Statements T his presentation contains certain "forward-looking statements". Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the presentation. All statements, other than statements of historical fact, that address activities, events or developments that CIC Energy believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of CIC Energy based on information currently available to CIC Energy. Such forward-looking statements include, among other things: statements relating to the MEP, the CTH Project and the Export Coal Project; development activities, planned operations, anticipated expenditures and the commencement of construction, operations and the production of power at the MEP and commencement of commercial operations of the CTH and Export Projects; estimates and/or assumptions in respect of the production of electrical power at the MEP; the demand for power and petroleum refining capacity in southern Africa; estimates and/or assumptions in respect of mineral resources, mineral resource qualities, targets, future production, goals, scheduling, objectives and plans; future economic, market and other conditions; the status of ongoing negotiations of the PPAs for the MEP; and discussions between Eskom and the Government of South Africa in respect of a sustainable funding model for the purchase of electricity from an IPP and the timetable for consideration of such a funding model. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, CIC Energy. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: the delay or failure of negotiations between Eskom and the Government of South Africa to determine a sustainable funding model for the purchase of electricity from an IPP, on favourable terms or at all; the delay or failure of the Government of South Africa to consider such a funding model in a timely manner or at all; the delay or failure in receiving a favourable response from Eskom in respect of the offer submitted by CIC Energy to Eskom and BPC in March, 2009; further delays or failures in entering into PPAs and/or transmission agreements with Eskom and/or BPC and other requisite agreements for the development, operation and financing of the MEP, on favourable terms or at all; the failure of the counterparties (including SEC, Shell and International Power plc) to requisite agreements to comply in all material respects with the terms and conditions of such agreements; the failure to complete definitive agreements with equity partners, including an arrangement with an IPP partner on favourable terms or at all; the ability to raise the required debt or equity financing for the implementation of the MEP, the CTH Project and/or the Export Coal Project on favourable terms or at all; capital equipment, infrastructure and operating costs varying significantly from estimates; the failure to obtain acceptable tariffs and/or concessions, including tax concessions, from the Government of Botswana; inability to obtain requisite credit support from the Government of South Africa and/or the Government of Botswana in relation to the MEP; delays in the development of the MEP, the CTH Project and/or the Export Coal Project caused by the unavailability of equipment, labour or supplies, climatic conditions or otherwise; delays or failures in obtaining regulatory permits and/or licences (and renewals thereof) respecting mining, power generation and/or power transmission lines and other transportation and industrial activities; failure to obtain or develop available transportation solution to export coal and/or failure to enter into export coal purchase agreements on favourable terms or at all; the existence of undetected or unregistered interests or claims, whether in contract or tort, over the properties of CIC Energy and its subsidiaries; the loss of any key executives, employees or consultants; inflation; changes in exchange rates; Rand liquidity and constraints under applicable South African law and/or practice on the amount that a single lender is permitted to lend a single borrower; capital and operating costs varying significantly from estimates; volatility of and sensitivity to market prices for coal and prices (market or otherwise) for electricity; changes in anticipated demand for power in southern Africa; changes in equity markets; environmental and safety risks, including increased regulatory burdens; insufficient or sub-optimal transportation and transmission capacity; dispatch risk; geological and mechanical conditions; availability of water and sorbent; amendments to the laws of South Africa or Botswana that may be prejudicial to the development of the MEP, the CTH Project and/or the Export Coal Project or the failure to obtain amendments to any such laws that may be necessary to implement the MEP, the CTH Project and/or the Export Coal Project; political risks arising from operating in Africa; lack of markets for CIC Energy's coal resources; the grade, quality and recovery of coal which is mined varying from estimates (the mineral resource figures referred to, or incorporated by reference, herein are estimates and no assurances can be given that the indicated levels of coal will be produced); or other factors (including development and operating risks). Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, CIC Energy disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although CIC Energy believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. No assurances can be given that the levels of coal indicated by the current mineral resource estimates for the Mmamabula Energy Complex will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While CIC Energy believes that the current mineral resource estimates for the Mmamabula Energy Complex are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on CIC Energy. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration. 2
CIC Energy Overview CIC Energy Corp. is the developer of the Mmamabula Energy Project ("MEP") in Botswana Electricity to be sold under long-term Power Purchase Agreements (PPA), currently being negotiated, to Eskom Holdings Limited (or other buyer nominated by the Department of Energy) for 75% of the capacity and to Botswana Power Corporation (BPC) for 25% of the capacity First Phase of Project: Mine of approximately 6 mtpa ROM, supplying Power Plant of 1,320 MW (gross), super-critical technology and flue gas desulphurisation Capital equipment & infrastructure cost approximately US$3bn Can roll-out multiple phases (4800MW) 3
MEP location Located in Botswana's Mmamabula coalfield - an extension of South Africa's Waterberg coalfield The Waterberg Is host to Exxaro's 19mtpa Grootegeluk coal mine and Eskom's 3,690MW (gross) Matimba power station Also host to Eskom's ~4,800MW (gross) Medupi power station currently under construction (and Exxarro's planned 25mtpa mine)
Mmamabula East & South: 2.63 billion tonnes (Measured and Indicated) NI43-101 Mineral Resource Estimates, June 2009 CIC Energy has drilled in excess of 186,000 metres in over 2,000 holes
MEP transmission integration Created by CIC in partnership with Eskom and Botswana Power Corporation ("BPC") Tight integration with Eskom and BPC networks in South Africa and Botswana Generally compliant with South African Grid Code Long-term solution catering for significant future expansions Well advanced transmission solution
MEP Overview Water and coal availability for 40 years + Botswana can absorb the CO 2 emissions because it is a net green house gas "sink" (absorbs more CO 2 than it emits) Substantial procurement from South Africa Shanghai Electric Group is the Engineering, Procurement and Construction (EPC) contractor for the power station; International Power plc will operate the power station and be an equity partner Commercial Operations Date for 1 st unit of initial power station targeted for 2014 (depending on approvals) CIC appointed NM Rothschild and Sons Limited as Financial Advisors for the MEP debt financing with the following Mandated Lead Arrangers Bank of China Absa Capital Standard Bank 7
Development Milestones Due to the development work done in the last 4 years at a cost of over R750m, the MEP is "good-to-go" and includes the following development milestones: Coal drilled out and mine plans completed Aquifer drilled out and water rights secured Site geotechnical work completed Environmental Impact Assessments completed Transmission solution finalised Lump sum, turnkey EPC contract concluded for power plant Significant fiscal incentives from GoB, subsidising tariff Power Purchase Agreement with Eskom (for 75%) and BPC (for 25%) substantially agreed Implementation Agreement with GoB and power generation license substantially negotiated Financing process advanced 8
Eskom's MYPD2
Introduction – MYPD2 As stated in Eskom's submission, the MYPD2 is extremely finely balanced any variation or non-achievement of one or more of a whole basket of important assumptions could lead to a very negative impact on Eskom's situation (and therefore by default SA's economy), both in terms of its financial position as well as its ability to provide the country's energy needs in the medium term This response aims to highlight, at a high level, key areas of risk and uncertainty which NERSA should factor into its decision and which would also hopefully be taken into consideration in finalizing any longer-term IRP by the Department of Energy Our detailed comments on both the original and revised Eskom MYPD2 submissions have been submitted to NERSA 10
Tariff over-recovery Due to its weak balance sheet and cashflow position, Eskom does not have the potential to fund its capex program (of approximately R300bn over the next 3 years (all things going well)) on its own balance sheet It is proposing to fund capital with revenue via a significant tariff increase Capital should be funded with capital As a result of trying to fund capital with revenue, Eskom is trying to cover its funding deficit, being the difference in the R300bn it forecasts it will incur over the next three years and the debt it thinks it can raise (after exhausting all GoSA guarantees available to it), by lifting tariffs excessively In other words, Eskom is raising tariffs now, to finance capital to build capacity for electricity that will only be generated in the future Today's users will be subsidizing tomorrow's, at great current cost to the economy The impact of this approach is that Eskom is significantly over-recovering operating costs (including depreciation) because it is focused on funding and not cost recovery 11
Tariff over recovery contd. Even though DoE's pricing policy approved in Dec'08 prescribes the revaluation of assets, the policy allows for phase-in of such revaluation and does not prescribe the method to be used It would seem that Eskom has significantly overvalued assets, against which a (high) weighted average cost of capital is charged, justifying the higher tariff NERSA needs to carefully analyse the revaluation of assets because very little information on this fundamental issue was disclosed in the MYPD2 The Modern Equivalent Asset valuation methodology preferred by Eskom appears to be the one that results in the highest asset values and hence the biggest burden in terms of tariff increases In any event, revaluation of 100% of generation assets (and thereby reserving for replacement of the entire fleet) implies that Eskom will be responsible for replacing the entire fleet, which is certainly contrary to Government policy about the introduction and active participation by IPPs The benefit of a significantly depreciated generation asset base of 40,000MW is not being passed on to consumers at all 12
Tariff over recovery contd. If true cost recovery was considered (the spirit of the regulatory methodology), assuming an all-in-cost of 40c/kWh, Eskom would more than fully recover current operating costs on its 40,000MW current installed capacity, adding another 10,000MW of base load capacity at say 75-80c/kWh (along with additional associated transmission and other costs), a blended real tariff (2009 money terms) in the order of 55c/kWh by 2013 (versus the 70c/kWh (in real terms) applied for by Eskom (equating to 82c/kWh in nominal terms)) should be sufficient for Eskom to recover its operating costs (including depreciation) A nominal annual increase for 3 years of closer to 25% is required to achieve this (versus the 35% applied for) 13
Financing observations Eskom have stated that there is significant risk that it may not be able to raise the debt it forecasts to raise Even if it is able to raise debt as per the MYPD2, and assuming no changes to the cash flow forecasts (and the risks to this as otherwise highlighted in this presentation), the funding shortfall over the next 3 years will be approx. R40bn National Treasury, in the latest budget speech announced that there will be no further funding support for Eskom beyond the circa. R170bn which has already been taken into account in the funding plan (which includes the R60bn 'quasi equity' contribution and some R110bn in guarantees for new loans, assumed to be raised in the MYPD2 period) To help bridge the funding shortfall, Government is anticipating selling a private stake in Kusile to the extent of 30% (now mooted at potentially up to 49%) The MYPD2 says this could take between one to two years 14
Financing observations contd. The risk of not securing a partner for Kusile during the MYPD2 period is high! Success for this initiative would only be achievable by GoSA providing completion guarantees, indemnities, more explicit credit guarantees and/or a guaranteed return on a fixed investment (which would mean National Treasury increasing funding support beyond that which it has said it will provide) since it is unlikely that an investor will be prepared to commit to a potential PPP before significant details have been clarified (such as the capped investment amount, the agreed equity returns, the terms of a PPA, credit support for the PPA etc) step into material contracts it has not been part of negotiating (also impacting on what performance and availability risks it is prepared to take on Kusile) assume environmental risk assume water supply risk (water supply has not been resolved) assume coal supply risk (coal supply has not been finalised) If the IRP1 is used to determine the timing of the capacity roll-out (rather than the MYPD2), the R40bn funding shortfall would increase significantly, if not more than double to R80bn+ 15
Financing observations contd. Funding shortfalls will be seriously exacerbated if Eskom does not get the tariff increase and/or if any of the issues which put cashflow forecasts and budgets at risk, as highlighted herein, are realised (and there is a high probability that some of these will) Delaying or downsizing all/or part of Kusile (and replacing with IPPs) would reduce cashflow requirements significantly Conclusion: It is difficult to see how the Eskom build programme, as set out in MYPD2 and/or IRP1 can be resolved, and contracts committed to, for as long as significant cashflow shortages over the next three years are evident 16
MYPD2 vs IRP1 The IRP1 gazetted on the 31 December 2009 conflicts significantly with the MYPD2 Provides for the acceleration of Kusile to a commercialization date which seems to be implausible Provides for the acceleration of DME's peaking OCGT plant by two years which seems implausible Does not recognize Eskom's statements that Komati RTS is running behind schedule As a short term plan, IRP1 does not provide for new capacity required on or after 1 April 2013 Due to planning, development and construction timelines for new power plants (in excess of 5 to 6 years for coal-fired and other base load plants), should additional new capacity be needed for 2013 – 2016, this capacity is already at risk of not being delivered given that important strategic decisions on procurement are not being made 17
MYPD2 vs IRP1 contd. Conclusion: NERSA will need to work with DoE to overcome this issue, potentially even prior to the tariff determination, since it is CIC's view that unless IPPs are used to solve this problem, Eskom may incur further unbudgeted costs during the MYPD2 period (which it is unable to fund) NERSA should also consult with Ministry of Finance on these issues because it seems now that, in the absence of the potential to reopen Eskom tariffs annually and to significantly increase these, National Treasury will be called in to support Eskom 18
MYPD2 cash flow forecasts - observations CIC believes that Medupi and Kusile may be further delayed (beyond the completion dates estimated per the MYPD2) and this would: Exacerbate the energy crunch Require existing plant and diesel fueled peaking plant to run hard, which significantly increases cost (maintenance and fuel) For example, running 2000MW of peaking plant (Ankerlig and Gourikwa) an extra 6 hours per working day, would cost Eskom approximately ZAR5.5bn per annum in additional diesel costs alone (excluding effects of significantly decreasing the useful life of the plants), and Increase the capital cost of Medupi and Kusile projects due to Interest During Construction on loans continuing to be incurred during delays To get a feel for the impact, each year of delay could cost Eskom in the order of R15bn in additional annual interest, per project Due to the fact that Eskom contracts on a multi contracting approach (versus single Lump Sum Turnkey "EPC" approach that IPPs use), the cost of Medupi, Kusile and others may very well experience further unbudgeted cost overruns Poor historic cashflow forecasting by Eskom must be taken into account in assessing current cashflow forecasting 19
MYPD2 cash flow forecasts – observations contd. Due to Eskom's financial constraints, Eskom is borrowing from Development Finance Institutions (like World Bank and AfDB) who are enforcing best practice international environmental compliance, which will further increase cost For example, adding Flue Gas Desulphurisation to Medupi could add in the order of R8bn to the budgeted cash flow requirement Primary energy costs may also be understated As stated by Eskom in its submission, coal supply and available new sustainable sources of coal remain a significant risk Demand outstripping supply will almost certainly increase costs and these increases may well be above those budgeted for by Eskom (demonstrated by a rising "Cost of Coal Index") The opening up of Greenfield coal mines will also almost certainly increase coal costs, and these increases may well be above those budgeted for As high quality reserves get depleted and more rail and port capacity to export a lower grade coal becomes available, Eskom inland coal prices will tend towards higher export parity prices (less logistics costs) 20
MYPD2 cash flow forecasts – observations contd. Eskom have on numerous occasions stated that they would like to see more "washed" coal for operational and environmental reasons and the washing, as well as the yield impact, will have an adverse effect on the Primary Energy costs Conclusion: There is a possibility that forecast costs for primary energy operating costs as well as capital costs have been significantly under-budgeted, with the result that Eskom may require further tariff increases during the MYPD2 period The introduction of IPPs would significantly decrease the risk of underbudgeting costs because: IPPs generally assume the delay risk and the risk of cost overruns Primary energy costs for IPPs can be locked in for the (say) 30 to 40 year life of the PPA 21
Supply and Demand observations DEMAND Eskom have assumed a relatively slow and moderate economic recovery with clear impact on the demand growth assumption Commodity prices are recovering strongly which means that SA's energy intensive industries are increasing production, creating solid demand growth The tight demand and supply balance assumed by Eskom in the MYPD effectively put a ceiling on what economic growth can be realized/sustained in SA in the medium term Eskom is assuming very aggressive Demand Side Management targets, with the timeframe for realizing these appearing generally overly optimistic For example, the Solar Water Heater rollout is extremely ambitious and is being relied upon to reduce a potential energy shortfall 3,000MW of savings is targeted by 2013 there is a high probability, in CIC's view, that the actual saving will be a fraction of this (not more than 1,000MW), i.e. 2,000MW of capacity will have to be provided for through other means 1 mill solar water heaters in 3 years is in CIC's view not achievable 1,000 would need to be installed per day, every day, for three years Currently, less than 3,000 per annum 22
Supply and Demand observations contd. SUPPLY Eskom assumptions on completion dates of Komati RTS, Medupi and Kusile continue to appear optimistic Plant availability: A high availability from existing plants is assumed, which, given the fact that these plants are run harder, is optimistic Overly optimistic plant availability assumptions increases the risk of maintenance costs being under-budgeted Issues relating to security of supply of coal (i.e. coal availability) may also adversely affect plant availability Lower availability results in lower supply and hence a greater risk of a major energy crunch Conclusion: There is a possibility that the MYPD2 overstates supply capability and/or understates demand, putting the reserve margin at risk and putting the country at risk of further protracted power shortages into the future 23
Other MYPD2 shortcomings Unless confidentially disclosed to NERSA, Eskom have not disclosed a detailed capex and overall project cost budget per project (therefore impossible to form opinion) The benchmark cost information for base-load coal fired plant referred to in the application is higher than comparable costs of known IPP projects such as the Mmamabula Energy Project being promoted by CIC Energy Also impossible to benchmark costs without knowing if/how the following have been taken into account: Interest During Construction, hedging costs, commissioning costs, project management costs, infrastructure costs, financing fees, working capital etc. Eskom have not disclosed the terms of contracts entered into for Medupi, Kusile, Ingula and others, material in determining the risk and potential size of cost overruns Eskom have not disclosed a "levelised tariff" per project but there are indications that IPP base-load projects may represent lower cost options to SA than Eskom's own build coal-fired plants, and that Eskom has previously understated the cost of its new build capacity Conclusion: The lack of transparency prevents one from properly evaluating and comparing alternatives 24
General conclusions Eskom would significantly over-recover operating costs if its 35% p.a. increase is approved A lower tariff increase could provide for full operating cost recovery CIC agrees that ultimately Eskom's tariff should increase to the long run marginal cost of production (which significantly exceeds the current tariff), but the rate of increase can be significantly lowered (and spread over a longer period of time) Eskom still would need to solve its funding shortfall In terms of Eskom's MYPD2, it already exceeds its share of the country's indicated CO 2 emissions cap for 2025, which means Medupi and Kusile will significantly worsen this issue Regional IPPs mitigate this risk CIC is able to demonstrate that IPP projects like the Mmamabula Energy Project Reduce the tariff increase required Reduce the Eskom funding shortfall (since costs are only incurred by Eskom at the same time energy is available for use) Reduce the country's emissions challenge (for regional projects) Due to risk factors highlighted herein, and not to constrain South Africa's growth prospects, Government should look to bring on additional base load capacity sooner (than what is articulated in the MYPD2) as the reserve margin is likely to remain under significant pressure for the foreseeable future 25
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