Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
xcel energy 7258B9DD-EF98-40EE-97CF-0BFED2089B2B_0309_NEW4Texas-KCRoadshow
1. Strategy Is On Track
Texas - Kansas - Missouri Investor Meetings
March 4 - 5, 2009
2. Safe Harbor
This material includes forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking
statements include projected earnings, cash flows, capital
expenditures and other statements and are identified in this document
by the words “anticipate,” “estimate,” “expect,” “projected,”
“objective,” “outlook,” “possible,” “potential” and similar
expressions. Actual results may vary materially. Factors that could
cause actual results to differ materially include, but are not limited to:
general economic conditions, including the availability of credit,
actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors;
unusual weather; effects of geopolitical events, including war and acts
of terrorism; changes in federal or state legislation; regulation; actions
of accounting regulatory bodies; and other risk factors listed from
time to time by Xcel Energy in reports filed with the SEC, including
Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2008.
3. Company Profile
NSP-Wisconsin
Traditional Regulation
6% of earnings *
NSP-Minnesota
41% of earnings * Operate in 8 States
Combination Utility
PSCo
Electric 81% of net income
48% of earnings *
Gas 19% of net income
SPS
5% of earnings *
Customers
3.4 million electric
1.9 million gas
2008 Financial Statistics
* Percentages based on 2008 Ongoing Earnings
NI Ongoing: $641 million
2008 EPS Ongoing: $1.45; GAAP: $1.46 NI GAAP: $646 million
Assets: $25 billion
2008 Dividend $0.95 per share annualized
Equity ratio: 44%
4. Strategy and Objectives
Grow our core business and
meet the environmental challenge
Achieve long-term annual EPS growth of 5% – 7%
Increase dividend by 2% – 4% annually
Senior unsecured ratings in BBB+ to A range
Reduce emissions by 2020
5. Growth Drivers
Rate base growth
— Uprating/improving existing fleet
— Wind development
— Transmission expansion
Achieving authorized returns
— Rider recovery
— Filing rate cases where necessary
6. Renewable Strategy Drivers
Leadership advantages
State legislative mandates
Emerging Federal climate policy
Excellent renewable resources
Regional cost advantages
Renewables offer flexibility
Opportunity for growth
10. Capital Forecast
Dollars in millions
$2,300 $2,350 $2,350
$1,800
2009 2010 2011 2012
Other Nuclear Fuel Gas
Electric Distribution Electric Transmission Electric Generation
Wind
11. Solid Liquidity
Dollars in millions, as of February 27, 2009
Credit Total
Lines Available Cash Liquidity
Hold Co. $ 772 $ 355 $3 $ 358
NSPM 482 476 2 478
PSCo 675 651 0 651
SPS 248 238 141 379
Other 0 0 62 62
Total $2,177 $1,720 $ 208 $1,928
12. Modest Financing Needs in 2009
NSPM $400 million of first mortgage bonds
PSCo $400 million of first mortgage bonds
Both companies are “A” rated for secured debt
13. Solid Credit Ratings
Secured Unsecured
Fitch Moody’s S&P Fitch Moody’s S&P *
Hold Co. – – – BBB+ Baa1 BBB
NSPM A+ A2 A A A3 BBB+
NSPW A+ A2 A A A3 A-
A-
PSCo A A3 A A– Baa1 BBB+
A–
SPS – – – BBB+ Baa1 BBB+
* S&P upgraded the unsecured ratings for NSPM, NSPW and PSCo
on November 5, 2008
14. Current Rate Cases
Colorado Electric
— Requested rate increase of $174 million (7.4%)
— Decision expected summer 2009
Minnesota Electric
— Requested rate increase of $156 million (6.05%)
— Interim rates of $132 million
— Decision expected fall/winter 2009
Texas Electric
— Granted $57.4 million – pending commission approval
New Mexico Electric
— Seeking rate increase of $24.6 million
— Decision expected fall/winter 2009
15. Colorado Electric Case Update
Staff Recommendation:
— $110.3 million based on a forward test year
$69.9 million to be effective in July 2009
$40.4 million effective in January 2010
— ROE of 10.37%
— Equity ratio of 58.08%
Office of Consumer Council Recommendation:
— $3.8 million increase based on a historic test year
— ROE of 9.75%
— Equity ratio of 53%
PSCo expects new rates effective summer 2009
16. Texas Electric Case Update
Granted interim rate increase of $57.4 million
Adjusted request for $5.6 million reduction in
depreciation expenses
Black box settlement resolving all fuel
reconciliation issues related to 2006-2007
timeframe
Commission approval is pending
18. Financial Execution
Delivering on 5 – 7% EPS Growth
Guidance Range
$1.45–$1.55
2005 – 2009 CAGR = 6.9% **
$1.45
$1.43
$1.30
$1.15
2005 2007 2008 2009
2006
Ongoing * Ongoing * Ongoing * Ongoing * Guidance
* Ongoing EPS excludes the impacts of COLI and disc ops.
A reconciliation to GAAP earnings is included in the appendix
** Estimated CAGR is based on middle of 2009 guidance range
20. Key Take-Aways
Our strategy remains unchanged and on track
Constructive regulatory environment
Modest financing needs in 2009
We have the liquidity and balance sheet to finance our
rate base growth strategy
We are well-positioned to execute our business plan
We offer an attractive total return, based on
— A long-term annual EPS growth objective of 5% – 7%
— A safe, secure and growing dividend, currently
yielding approximately 5.5%
22. Strong Balance Sheet
As of December 31, 2008
Millions Percent
Equity $ 6,964 44%
Preferred Equity 105 1%
Current Portion LT Debt 559 3%
Short-term Debt 455 3%
Long-term Debt * 7,732 49%
Total Capitalization $15,815 100%
* Long-term debt includes $400 million of hybrid securities which receives
50% equity treatment from the rating agencies.
23. Debt Maturities
Dollars in millions
$1,200
SPS
$1,000 PSCo
NSPW
$800
NSPM
$600 Xcel Energy
$400
$200
$0
2009 2010 2011 2012 2013 2014 2015
24. Pension Funding
As of December 31,
Dollars in millions
2008 2007
Fair value of pension assets $2,185 $3,186
Projected benefit obligation 2,598 2,662
Funded status $(413) $524
Funded status % 84% 120%
Pension Assumptions 2009 2008
Discount rate 6.75% 6.25%
Expected long-term rate of return 8.50 8.75
Expected Contributions
2009: $70 million to $130 million
2010: $150 million to $250 million
25. Reconciliation – Ongoing EPS to GAAP
Dollars per share
2007 2008
2005 2006
Ongoing Earnings $1.15 $1.30 $1.43 $1.45
PSRI/COLI 0.05 0.05 (0.08) 0.01
Continuing Operations $1.20 $1.35 $1.35 $1.46
Disc Ops 0.03 0.01 – –
GAAP Earnings $1.23 $1.36 $1.35 $1.46
As a result of the termination of the COLI program, Xcel Energy’s management
Energy’s
believes that ongoing earnings provide a more meaningful comparison of earnings
comparison
results between different periods in which the COLI program was in place and is
more representative of Xcel Energy’s fundamental core earnings power.
Energy’s
Xcel Energy’s management uses ongoing earnings internally for financial planning
Energy’s planning
and analysis, for reporting of results to the Board of Directors, in determining
Directors,
whether performance targets are met for performance-based compensation,
performance-based
and when communicating its earnings outlook to analysts and investors.
investors.
26. Capital Expenditure Forecast
Denotes enhanced recovery mechanism
Dollars in millions
2009 2010 2011 2012
Base & Other $1,305 $1,500 $1,520 $1,665
Nuclear Capacity/Life Ext 130 170 185 150
Comanche 3 130 15 0 0
MN Wind Generation 110 420 370 0
MN Wind Tran/CapX 2020 60 165 240 485
MERP 30 10 0 0
Fort St. Vrain CT 25 0 0 0
Sherco Upgrade 10 20 35 50
Total $1,800 $2,300 $2,350 $2,350
27. 2007 Rate Base and ROE
Dollars in millions Weather Normalized
Rate Base Earned ROE
Minnesota Electric $4,054 11.02%
Minnesota Gas 456 7.74
North Dakota Electric 202 2.96
North Dakota Gas 44 7.66
South Dakota Electric 251 9.28
Colorado Electric 3,569 10.09
Colorado Gas 1,096 10.45
Wisconsin Electric 554 8.33
Wisconsin Gas 77 8.59
Texas Electric 940 4.61*
New Mexico Electric** 276 2.24*
Wholesale 982 Not Reported
Total Rate Base $12,501
* Texas and New Mexico ROEs are actual earned, not weather normalized
** Results impacted by fuel disallowance
28. Minnesota Electric Rate Case
Filed November 3, 2008
2009 forward test year
Seeking rate increase of $156 million
— Electric rate base of $4.1 billion
— Requested ROE of 11.0%
— Equity ratio of 52.5%
Interim rates of $132 million effective January 2009
Decision expected fall/winter 2009
29. 2009 Colorado Electric Rate Case
Filed November 14, 2008
2009 forward test year
Seeking a rate increase of $174 million or 7.4%
— Electric rate base of $4.1 billion
— Requested ROE of 11%
— Equity ratio of 58%
Decision expected summer 2009
Partial-year revenue increase beginning in July
30. 2010 Colorado Electric Rate Case
Expected filing April 2009
2010 forward test year
Purpose is to recover costs associated with major
plan investments, including full-year costs for
Comanche and Ft. St. Vrain and other 2010 costs
Decision expected winter 2009
Full-year revenue increase in 2010
31. New Mexico Electric Rate Case
Filed December 18, 2008
Historic test year based on year-ending June 2008
Seeking rate increase of $24.6 million or 5.1%
— Electric rate base of $321 million
— Requested ROE of 12.0%
— Equity ratio of 50%
Seeking interim rates of $7.6 million for Lea Power
capacity contract
32. Recent Rate Case Outcomes
Dollars in millions
Dollar Increase Return on Equity
Requested Granted Requested Granted
Texas Electric * $94.4 $57.4 11.25% N/A
Wisconsin Electric $10.0 $5.6 11.0% 10.75%
North Dakota $17.9 $12.8 11.5% 10.75%
* Settlement pending commission approval
33. Minnesota Recovery Mechanisms
Forward test year with interim rates
MERP rider
Transmission rider
Conservation improvement program rider
Mercury reduction & environmental
improvement rider
RDF rider
State energy policy rider
Fuel clause adjustment
Purchased gas adjustment
34. Colorado Recovery Mechanisms
Ability to file either historic or forecast test years
Purchased capacity cost adjustment
Comanche 3 - forward CWIP via general rate case
Transmission rider
Renewable energy rider
Demand-side management cost adjustment rider
Air quality improvement rider
Energy cost adjustment
Natural gas cost adjustment
Partial decoupling on retail natural gas
35. Wisconsin Recovery Mechanisms
Forward test year
Ability to file for prospective fuel & purchase
energy adjustments (Wisconsin)
Fuel clause adjustment – wholesale
Purchased gas adjustment
Fuel clause factor (Michigan retail)
36. SPS Recovery Mechanisms
Historic test year (Texas & New Mexico)
Texas fixed fuel factor recovery
New Mexico fuel clause adjustment
Ability to establish interim rates through rate case
to recover capacity costs associated the Lea Power
contract (Texas)
37. Dakota’s Recovery Mechanisms
Forward test year with interim rates (ND)
Historic test year (SD)
Environmental rider (ND & SD)
Transmission rider (ND & SD)
Fuel clause adjustment (ND & SD)
Full decoupling on retail natural gas (ND)