LMC / SS Badger 2011-Coal Buying via MPU Utility - documentation
Publicly owned utility MPU loaned Ludington Michigan based Lake Michigan Carferry (owners of the SS Badger ferry) in 2011 to purchase coal for use by the vessel SS Badger. This activity is part of an agreement…
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Publicly owned utility MPU loaned Ludington Michigan based Lake Michigan Carferry (owners of the SS Badger ferry) in 2011 to purchase coal for use by the vessel SS Badger. This activity is part of an agreement entered between the utility and LMC in 2006 whereby the utility fronts cash to purchase coal and offers negotiating and management support. In return, LMC receives no-interest financing of coal specially purchased for the ship and agrees to pay for coal when it is used. Typically, the loaned amount is paid back anywhere from 3 to 18 months from the time MPU pays coal suppliers.
The operators of the SS Badger are under fire from the EPA for their practice of dumping more than 5 tons of coal ash into Lake Michigan each day as the operate the "historic" carferry between Manitowoc and Ludington. The company faces a 2012 deadline to stop but has been active in seeking extensions to the deadline and permanent exemptions.
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