logo
Maryland fires back against EPA claims about its offshore wind permit

Maryland fires back against EPA claims about its offshore wind permit

Yahoo2 days ago
An Ørsted wind farm off the coast of Rhode Island. The company also has a lease off the Delmarva coast, but is not nearly as far along in the permit-approval process as US Wind. (Photo courtesy of Ørsted)
The Maryland Department of the Environment is defending the permit it issued to a wind farm proposed off the coast of Ocean City, after a challenge from the U.S. Environmental Protection Agency.
The Thursday letter from Maryland Secretary of the Environment Serena McIlwain also said the state would not be reissuing the permit, as the EPA requested, because the state had not made a mistake that needed correcting.
The EPA had contended that when Maryland issued the permit to Baltimore-based company US Wind, it identified the wrong process for citizens to file appeals.
Amy Van Blarcom-Lackey, EPA administrator for Region 3, which includes Maryland and other mid-Atlantic states, contended in a July 7 letter that any appeals challenging the air pollution permit issued to US Wind should be filed to the clerk of the EPA's Environmental Appeals Board.
But Maryland argues that its permit would need to be appealed through the state courts, which would involve filing a challenge at the appropriate circuit court — in this case in Worcester County.
Notably, the due date for a state court challenge has already passed. It was set for July 14 — about a month after MDE issued the permit, according to MDE's website.
'Long-settled procedure dictates that state-issued permits are appealed under State law, not Federal law,' McIlwain's letter says.
Trump's EPA flags a problem with offshore wind permit issued by Maryland
That letter also cites written decisions issued by the EPA's appeals board, including one that stated that the board 'lacked jurisdiction' to evaluate this type of permit.
'MDE will not re-issue the permit and will continue to follow the proper state procedures to consider appeals,' McIlwain concluded, near the end of the roughly two-page letter.
A request for comment from the EPA was not immediately returned Friday.
The MDE website for the US Wind project originally referenced both the state appeals procedure and the EPA process, but McIlwain said that information had been 'included at EPA's request. It has been removed, and language has been added clarifying that the Federal appeals process does not apply.'
Authority to issue Clean Air Act permits like the one for US Wind is delegated to the state from the EPA — the basis of the federal agency's claim for jurisdiction for appeals. That authority, specifically for permits on the outer continental shelf, was re-certified in early 2024 under the Biden administration.
The US Wind project, which is planned about 10 miles from Ocean City's shoreline, is the wind project that is closest to construction in this region. The company, which leased the area in 2014, received a key permit from President Joe Biden's (D) Department of the Interior at the end of 2024.
Final buildout of the project is still years away, but it calls for construction of 121 wind turbines, up to four offshore substations and one meteorological tower, according to the state's website. When complete, the project could generate 2,200 megawatts of energy, enough to power up to 718,000 homes, according to the federal Bureau of Ocean Energy Management.
Practically since its inception, the project has faced fierce opposition from local officials in the resort town, who cite concerns that beachgoers would lose a pristine ocean view if the turbines were visible from shore.
SUPPORT: YOU MAKE OUR WORK POSSIBLE
Since President Donald Trump (R) took office for his second term, offshore wind projects have landed in his crosshairs. Earlier this week, Trump announced that wind and solar projects would undergo increased scrutiny under his administration. Trump's 'Big, Beautiful Bill' also rescinds tax credits for renewable energy projects that do not begin construction by next July.
In April, Trump appointed Blarcom-Lackey to lead the EPA's Mid-Atlantic office. She succeeded Marylander Adam Ortiz, who moved to a deputy secretary role at MDE.
Two other companies have offshore leases in the vicinity of Ocean City and the Delaware beaches — Ørsted and Equinor. While Ørsted received its first lease area around the same time as US Wind, Equinor won its auction last year. Neither project have received its federal permits from the Interior Department's Bureau of Ocean Energy Management.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Upcoming Stock Splits This Week (July 21 to July 25)
Upcoming Stock Splits This Week (July 21 to July 25)

Business Insider

time40 minutes ago

  • Business Insider

Upcoming Stock Splits This Week (July 21 to July 25)

These are the upcoming stock splits for the week of July 21 to July 25 on TipRanks' Stock Splits Calendar. A stock split is a corporate move that increases the number of outstanding shares by issuing more to existing shareholders, all while keeping the company's total market value unchanged. This leads to a lower share price, making the stock more accessible and often more appealing to retail investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. On the flip side, some companies opt for a reverse stock split. Instead of dividing shares, they consolidate them, reducing the share count and boosting the price per share. While the market cap stays the same, this move is typically aimed at meeting minimum price requirements to maintain exchange listings, like Nasdaq's threshold, and avoid delisting. Whether the goal is to attract retail interest or preserve listing status, these corporate maneuvers can send important signals – and smart traders are always watching. Let's take a look at the upcoming stock splits for the week. Invo Fertility (IVF) – Invo Fertility, known for its innovative fertility treatments and its unique INVOcell device, is taking steps to stay in line with Nasdaq's listing requirements. On July 17, the company announced a 1-for-3 reverse stock split to help boost its share price and maintain compliance with the exchange's minimum bid rule. The split will take effect on July 21. Globavend Holdings (GVH) – Australia-based Globavend Holdings offers cross-border logistics services to e-commerce retailers, focusing on last-mile delivery and freight forwarding. On July 17, the company announced a 1-for-200 reverse stock split of its ordinary shares to increase its share price and meet Nasdaq's continued listing standards. GVH stock is expected to begin trading on a split-adjusted basis on July 21. Top Wealth Group Holding (TWG) – Hong Kong-based Top Wealth Group is engaged in environmental consulting, caviar production, and waste treatment services. On July 17, the company announced a 1-for-90 reverse stock split of its ordinary shares to regain compliance with Nasdaq's $1 minimum bid price rule and support its pending merger with Jilin Xiuzheng Agriculture & Animal Husbandry. TWG stock is expected to begin trading on a split-adjusted basis on July 21. CNS Pharmaceuticals (CNSP) – CNS Pharmaceuticals is a biotechnology company focused on developing anticancer drugs for primary and metastatic cancers of the brain and central nervous system. On July 15, the company announced a 1-for-12 reverse stock split of its common shares to comply with Nasdaq's minimum bid requirement. CNSP stock is expected to begin trading on a split-adjusted basis on July 22. Generation Bio (GBIO) – Focused on tackling rare and common genetic diseases, Generation Bio is developing next-gen non-viral gene therapies using its own closed-ended DNA platform. On July 18, the company announced a 1-for-10 reverse stock split to boost its share price and stay in compliance with Nasdaq listing rules. GBIO shares will begin trading on a split-adjusted basis starting July 22. Premium Catering Holdings (PC) – Serving up large-scale halal meals across Asia, Premium Catering Holdings is a key player in feeding construction crews and corporate events alike. On July 17, the Hong Kong-based company announced a 1-for-9 reverse stock split of its ordinary shares, a move aimed at boosting its share price and staying in line with Nasdaq's listing standards. PC stock is set to start trading on a split-adjusted basis on July 22.

Seeking Up to 15% Dividend Yield? Piper Sandler Suggests 2 Dividend Stocks to Buy
Seeking Up to 15% Dividend Yield? Piper Sandler Suggests 2 Dividend Stocks to Buy

Business Insider

time2 hours ago

  • Business Insider

Seeking Up to 15% Dividend Yield? Piper Sandler Suggests 2 Dividend Stocks to Buy

Stock investing is all about returns, and the markets have delivered just that since hitting their trough in April. The S&P 500 bottomed out at 4,983 and has since rebounded 26%, bringing its year-to-date gain to 7% and pushing it to record levels. But is there room for more gains? Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Piper Sandler chief investment strategist Michael Kantrowitz, in a recent interview, explains why he believes that markets haven't hit their ceiling yet, but he acknowledges that all gains have their limits. 'I think it's important to recognize or acknowledge that the last three months' moves were largely pricing out of macro risk. Whether you look at PEs, which have rebounded, or credit spreads, which have compressed, it's been a very macro-led tape where kind of a rising tide has lifted all boats. Going forward, we should not expect this to sustain the same level of returns, of course,' Kantrowitz stated. But investors are still looking for profits, and when the market ceiling is facing limits, high-yield dividend stocks offer a sound choice to maximize portfolio returns. Against this backdrop, Piper Sandler analyst Crispin Love has highlighted two high-yielding dividend stocks to buy – including one with a yield approaching 15%. Let's give them a closer look. We'll start with AGNC, a real estate investment trust, or REIT, whose activities mainly revolve around agency mortgage-backed securities. These assets are guaranteed against credit losses by Federal entities – Fannie Mae, Freddie Mac, and Ginnie Mae – providing a level of protection for investors. AGNC is an internally managed REIT, with a long-term goal of delivering solid returns to its shareholders. That goal is reflected in the company's highly focused investment strategy. AGNC has built a portfolio where 98% of its assets are agency MBS, including pass-through certificates, collateralized mortgage obligations (CMOs), and 'to-be-announced' securities (TBAs) – all carrying federal guarantees that help mitigate credit risk. As of March 31, the portfolio stood at $78.9 billion in value, with over 95% allocated to 30-year fixed-rate assets, underscoring AGNC's preference for stable, long-duration instruments. AGNC's consistent dividend policy is a key reason it stands out among income investors. In fact, the company pays dividends monthly – a less common but appealing feature for those seeking regular income. This monthly cadence allows investors to better match dividend inflows with ongoing expenses. AGNC's most recent declaration came on July 9 for an August 11 payment, maintaining its 12-cent monthly rate. That equates to 36 cents per quarter and $1.44 annually, translating to a generous forward yield of 15.5%. While its dividend track record is attractive, it's worth examining AGNC's underlying financials to assess the sustainability of those payouts. In its latest quarterly report for Q1 2025, the company posted net interest income of $159 million and a non-GAAP EPS of 44 cents. Although NII fell short of expectations by $284 million, the earnings per share came in 3 cents above the consensus. In setting out the Piper Sandler view here, analyst Crispin Love explains why he believes that this REIT will continue to deliver on the dividend. 'Since AGNC's 1Q25 earnings, agency spreads have tightened slightly following significant volatility around Liberation Day. We believe near-term spread levels and mortgage rates should be somewhat range-bound, but we could see continued rate volatility in 2025 given the macro landscape and uncertainty related to economic growth, inflation, and tariffs. Going forward, we believe AGNC can maintain its current dividend level, with AGNC generating mid-to-high teens returns over the near-term,' Love opined. Love's comments back up his Overweight (i.e., Buy) rating on the stock, and his $10 price target implies a one-year upside potential of 8%. Together with the dividend yield, the total one-year return on this stock may approach 23.5%. (To watch Love's track record, click here) Rithm Capital (RITM) The second dividend stock we'll look at is Rithm Capital, a REIT that was founded in 2013 and for the past decade-plus has provided a compelling investment option in mortgage servicing rights (MSRs). Early on, Rithm focused on MSR management; today, its portfolio is more varied, holding a diverse set of real estate assets. In addition to mortgage servicing rights, these assets include residential mortgage loans, commercial real estate, single-family rentals, business purpose loans, and even consumer loans. Building on this expanded investment scope, Rithm took a major strategic step in late 2023 by acquiring the asset management firm Sculptor Capital Management. The $719.8 million deal significantly broadened Rithm's operational reach and brought Sculptor's sizable asset base under its umbrella. The impact of this acquisition is evident in the company's numbers. Rithm now boasts $7.8 billion in total equity and a book value of $12.39 per common share. Its total assets stand at $45 billion, while assets under management have grown to $35 billion – a figure reflecting the addition of Sculptor's portfolio. Diving into specific segments, the company holds over $5.5 billion in mortgage origination and servicing and nearly $850 million in residential transitional lending. These robust figures support Rithm's overarching goal: to deliver stable and attractive long-term returns to shareholders. A key part of that strategy is the dividend, which the company has paid consistently for 12 years. The current quarterly dividend stands at 25 cents per common share, declared most recently on June 18 for a July 31 payment. At the annualized rate of $1, this payout translates to a forward yield of 8.4%. That yield appears well-supported by the company's latest financials. In 1Q25, earnings available for distribution (EAD) came in at $275.3 million, or 52 cents per share – 5 cents ahead of expectations and more than enough to cover the dividend. Checking in again with Piper Sandler's Crispin Love, we find that the analyst has a lot to say about Rithm – and it's mostly positive. 'With 30-year mortgage rates keeping the origination outlook still far from a normalized environment, we are focused on names that can perform in this higher for longer backdrop. One name that stands out to us for multiple reasons is RITM. Rithm is a diversified business across mortgage and asset management and is currently trading at just 5x earnings. On the mortgage side, RITM is the #3 mortgage servicer in the US which is an annuity like business that can actually outperform in higher rate backdrops. In addition, management is contemplating a potential spin of its mortgage business (Newrez), which could serve as a catalyst to shares. And lastly, RITM continues to grow in asset management following its acquisition of Sculptor in late 2023 with the potential for more acquisitions or partnerships in the space,' Love noted. The analyst quantifies this stance with an Overweight (i.e., Buy) rating, along with a $14 price target that points toward a one-year gain of 17.25%. Add in the dividend yield, and the return for RITM over the coming year can hit as high as ~26%. All in all, there are 6 recent analyst reviews on record for Rithm Capital and they are all positive – for a unanimous Strong Buy consensus rating. (See RITM stock forecast) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.

Development black hole remains on West 57th Street
Development black hole remains on West 57th Street

New York Post

time2 hours ago

  • New York Post

Development black hole remains on West 57th Street

If West 57th Street between Sixth and Seventh avenues exemplifies Manhattan's regenerative energy, the block east between Fifth and Sixth avenues remains a black hole of development ambition. The 900-foot-long block — longer than three and a half midtown north-south blocks — looks gloomier every year as landowners hold out for magic-bullet combos of tenant commitments and construction financing. West of Bergdorf Goodman and the Crown Building stretches a procession of vacant lots, empty storefronts and scaffolding. At least four enormous sites await activity. Developers including Vornado, Lefrak, Soloviev, and at least one unknown outfit have kept their sites barren for years. There is a string of vacant lots, empty storefronts and scaffolding on West 57th Street west of Bergdorf Goodman and the Crown Building. New York Post At least four enormous sites await activity. New York Post The latest blows to the block were the closings of Brasserie 8 and a Half at Soloviev's 9 West and Rue 57 at the western corner. The opening soon of a small Abel Richard handbags boutique at 7 West is more than offset by large retail vacancies on either side of Nobu at 40 W. 57th and at the former locations of Mangia and other shops and cafes. Manhattan-based developer Sedesco, meanwhile, is demolishing a building to enlarge a site it's been assembling for more than 10 years between 37-47 W. 57th St. The supertall, mixed-use project is to be designed by 'starchitect' Rem Koolhaas' OMA studio. It will likely re-energize its surroundings. But no construction plans have yet been filed with the Department of Buildings.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store