Latest news with #HurricaneMilton
Globe and Mail
2 days ago
- Business
- Globe and Mail
Tampa Bay Rays say they're in talks for a potential sale amid stadium uncertainty
The Tampa Bay Rays say they are in 'exclusive discussions' with a Florida investment group for a potential sale of the team. The Rays are valued at $US1.25-billion, according to Forbes magazine. Stuart Sternberg bought the Major League Baseball club for $US200-million in 2004. 'The Tampa Bay Rays announced that the team has recently commenced exclusive discussions with a group led by Patrick Zalupski, Bill Cosgrove, Ken Babby and prominent Tampa Bay investors concerning a possible sale of the team,' the club said Wednesday while declining further comment. The potential sale comes at a precarious time for the Rays and their home ballpark. They are playing this season at the spring training home of the New York Yankees in Tampa after the roof of Tropicana Field in St. Petersburg was heavily damaged during Hurricane Milton last October. Before the hurricane, the Rays and the city had agreed on a plan for a $US 1.3=billion stadium development project next to Tropicana Field. In March, Sternberg said the club was withdrawing from that agreement. St. Petersburg is spending about $US55-million to repair Tropicana Field with a plan for the Rays to return there in 2026. The city and the club have a three-year agreement to play there. Beyond that, the club's future in the Tampa Bay area is uncertain. When the Rays withdrew from the project, the city noted that it was possible the club would have new owners. 'If in the coming months a new owner, who demonstrates a commitment to honouring their agreements and our community priorities emerges, we will consider a partnership to keep baseball in St. Pete,' Mayor Ken Welch said in March. 'But we will not put our city's progress on hold as we await a collaborative and community-focused baseball partner.'
Reuters
2 days ago
- Business
- Reuters
Report: Rays' owner in 'advanced talks' to sell team to Florida developer
June 18 - Tampa Bay Rays principal owner Stu Sternberg is in "advanced talks" to sell the franchise to a group led by a Florida-based residential developer, Sportico reported Wednesday. Patrick Zalupski, a home builder in Jacksonville, has been identified as the potential lead buyer in a deal that values the team at about $1.7 billion. He already has executed a letter of intent to purchase the team, per Sportico. Sternberg bought the Rays in 2004 for $200 million. According to Zalupski's online bio, he is the founder, president and CEO of Dream Finders Homes. The company was founded in December 2008 and closed on 27 homes in Jacksonville the following year. Now, with an expanded footprint to many parts of the United States, Dream Finders has closed on more than 31,100 homes since its founding. He also is a member of the board of trustees at the University of Florida. A year ago, Sternberg had a deal in place to build a new stadium in the Historic Gas Plant District, a reimagined recreational, retail and residential district in St. Petersburg to replace Tropicana Field. However, after Hurricane Milton shredded the roof of the stadium last October, forcing the Rays into temporary quarters, Sternberg's commitment has been less than resolute, saying the team would have to bear excess costs that were not in the budget. In March, MLB commissioner Rob Manfred and some other owners began to privately push Sternberg to sell the franchise, The Athletic reported. It is unclear what Zalupski's group, if it ultimately goes through with the purchase and is approved by MLB owners, would do for a permanent stadium. The Rays currently are playing at George M. Steinbrenner Field in Tampa, located at the site of the New York Yankees' spring training facility and home of their Single-A Tampa Tarpons. --Field Level Media
Forbes
4 days ago
- Business
- Forbes
Power Struggle: FP&L's Proposed Rate Hike Tests Regulators, Households
TOPSHOT - First responders in the water outside an apartment complex that was flooded from and ... More overflowing creek due to Hurricane Milton on October 10, 2024 in Clearwater, Florida. At least four people were confirmed killed as a result of two tornadoes triggered by Hurricane Milton on the east coast of the US state of Florida, local authorities said Thursday. (Photo by Bryan R. SMITH / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images) When Florida Power & Light requested a nearly $9 billion rate increase over four years, it landed with a thud—threatening to add even more financial strain to already burdened Florida households, many of whom have seen bills rise by 20% in the last five years. However, the utility's PR machine has kicked into high gear to explain its position: it must fund grid modernization, clean energy expansion, and infrastructure upgrades. There's no question FP&L must modernize its grid and expand its clean energy portfolio. But affordability matters. Regulators must find a middle ground—approving some rate increases while capping excessive profits, mandating transparency, and requiring support for vulnerable customers. 'There's no reason we should have the highest return on equity in the nation. It's a tax increase on Floridians because you don't have a choice but to pay your electric bill. We should not have some of the highest electricity bills in the nation,' because consumers run their air conditioners much of the year, says Bradley Marshall, senior attorney with Earthjustice, in a virtual conversation. In February, FP&L—the wholly owned subsidiary of NextEra Energy—asked the Florida Public Service Commission to grant it a $8.961 billion rate hike from January 1, 2026, to December 31, 2029. A household using the average 1,200 kilowatt-hours per month would see its monthly bill rise, initially, by $10 in 2026—a number that would continue growing through 2029. Zane Smith, senior director for the AARP in Florida, told me that escalating energy bills force seniors into a cruel dilemma: choosing between running their air conditioners and filling prescriptions or buying groceries. Many are on a fixed income, unable to pay higher energy bills—something that could lead to heat-related illnesses or even death. Part of the problem is that the utility seeks an 11.9% return on equity, notably higher than the national industry average of 9.6%. The company argues that this ensures financial stability and attracts investors. However, Florida residents have already seen their electric bills rise by 20% over the last five years. Indeed, some analysts argue that FP&L's rate request is more about improving shareholder value than servicing the state's electricity customers. 'This massive rate increase is not because of investments in renewable energy, but because of FP&L's continued need to increase the return on equity for their shareholders,' says Brooke Ward, senior Florida organizer for Food and Water Watch, in a chat. 'It's also because hundreds of millions of dollars are invested in fossil fuels. When we look at our moderate-income families in urban areas, a quarter of those currently have an energy burden of 12% or more, which means they are in energy poverty.' Emergency response workers await deployment orders after Hurricane Milton in St. Petersburg, ... More Florida, US, on Friday, Oct. 11, 2024. Hurricane Milton's devastating path across Florida has left at least 10 dead, millions without power, and destroyed homes and crops, as authorities warn it could take days to assess the full extent of the damages. Photographer: Tristan Wheelock/Bloomberg That's why the Florida Public Service Commission is in the eye of the storm. The commission, though, has a track record of greenlighting steep rate hikes, raising concerns about the public's interest. Consider: the Florida Supreme Court previously questioned the commission's approval of a $4.8 billion rate increase in 2021, suggesting that regulatory oversight might be lacking. Specifically, Florida Supreme Court Justice Carlos Muñiz lambasted the public service commission, saying it lacked transparency and didn't adequately justify why it granted the last hike—after the commission's staff advised against it. 'The PSC is a black box,' he told the Florida press. 'It's supposed to be the opposite of a black box.' 'The Florida Public Service Commission is really captive to the utilities,' which are significant participants in the state's political arena, making huge donations to elected officials and sponsoring charitable events, adds Susan Glickman, vice president of policy with the Clio Institute, in a talk with me. Utilities must prioritize investing in critical projects that benefit the public. FP&L must deliver reliable, affordable electricity—even as it faces mounting challenges from climate extremes and population growth. That's where grid modernization comes in: a smart grid can reroute power during congestion and prevent outages before they happen. To that end, the utility claims its distribution reliability is 59% better than the national average. It also stated that its investments in technology enabled it to prevent 2.7 million customer outages in 2024, when Hurricanes Debby, Helene, and Milton struck. This track record has been achieved as it has added 275,000 customers since 2021 and is set to add 335,000 more through 2029. According to the U.S. Energy Information Administration, natural gas accounts for 73% of the utility generation mix, nuclear for 11%, and solar for 14%. 'First, customers don't open up an ROE; they open up an electricity bill, which is expected to remain well below the national average even with the proposed increase. Ultimately, ROE is about our ability to obtain capital to continue making smart investments on behalf of customers,'Andrew Sutton, spokesperson for FP&L, told me. 'Planning for the future and investing in the grid now actually reduces cost over time for everyone,' FP&L's CEO Armando Pimentel, added, on FP&Ls site. FP&L's rate request is a tricky balancing act—at the intersection of grid modernization, shareholder returns, and customers' bills. It is known for being reliable, but it still heavily depends on fossil fuels. The utility's nearly $9 billion rate hike request is, therefore, a tough sell—especially with such a high return on equity. While investment and upgrades are necessary, the company shoots for the moon. Regulators should pare back the return, require cost transparency, and ensure low-income protection. The overarching goal is to support a resilient grid without overburdening Floridians.
Yahoo
08-06-2025
- Climate
- Yahoo
‘Alligator Alley' reopens at Polk County reserve
BARTOW, Fla. (WFLA) — Circle B Bar Reserve's Alligator Alley trail reopened Wednesday after being closed due to significant damage sustained during Hurricane Milton. Alligator Alley is a popular site for alligators to make nests because of its proximity to Lake Hancock's shoreline. 'We're thrilled to announce the reopening of this trail,' said Gaye Sharpe, Parks and Natural Resources Director. 'It has been an ongoing effort to complete the repairs necessary for making the berm structure secure and safe for visitors who travel our trail system.' Despite the trail reopening, the alley typically closes during the summer for alligator mating and nesting seasons, as alligators become extremely territorial and protective of their nests. For more information about the reserve, visit their website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
06-06-2025
- Climate
- Forbes
Hurricane Season 2025: Stronger Storms, Bigger Risks And Smarter Prep
IN SPACE - OCTOBER 8: (EDITOR'S NOTE: This Handout image was provided by a third-party ... More organization and may not adhere to Getty Images' editorial policy.) In this NASA handout, Hurricane Milton, a Category 5 storm at the time of this photograph, is pictured in the Gulf of Mexico off the coast of Yucatan Peninsula on October 8, 2024 seen from the International Space Station as it orbited 257 miles above. (Photo by NASA via Getty Images) Hurricanes are tropical cyclones that have maximum sustained winds of 74mph or higher. The Atlantic hurricane season affecting the Atlantic Ocean, Caribbean and and Gulf of Mexico spans the period June 1st to November 30th. The 2025 hurricane season is underway and will last 183 days, and all signs point to an intense and active period driven by record warm Atlantic Ocean Temperature and the transition to neutral El Niño–Southern Oscillation conditions, which together set the stage for a hyperactive season. According to the National Oceanic and Atmospheric Administration, there is a 60% chance of an above-normal season, with forecasts predicting 13 to 19 named storms, 6 to 10 hurricanes, and 3 to 5 major hurricanes of Category 3 or higher with winds above 111 mph. The NOAA has been using advanced weather models coupled with cutting edge tracking systems to have a 70% confidence in their forecasted ranges. KINGSTON, JAMAICA - JULY 03: Palm trees sway as the wind and rain from Hurricane Beryl pass through ... More on July 03, 2024, in Kingston, Jamaica. Beryl has caused widespread damage in several island nations as it continues to cross the Caribbean. (Photo by) The science is clear, hurricanes are becoming stronger, and slower because of climate change. According to a BBC report, while wind speeds inside hurricanes are increasing, their overall forward movement across land and ocean is becoming slower. A 2018 study by researcher James Kossin revealed that hurricanes near the United States have decelerated by approximately 17% since the early 1900s, with tropical cyclones in the western North Pacific slowing by up to 20%. His research also indicate that the odds of a tropical cyclone reaching Category 3 strength or higher have risen by 8% per decade since the late 1970s. Moreover the Intergovernmental Panel on Climate Change highlight that rising ocean temperatures which is a direct result of global warming provide more fuel for hurricanes, intensifying their wind speeds and rainfall. In addition to this, a warmer atmosphere holds more moisture, leading to increasingly devastating flooding events. SPRING, TEXAS - JULY 8: The damage at a home in the 17400 block of Rustic Canyon Trail is shown ... More where Maria Loredo, 74, died after a tree fell on her second story bedroom during Hurricane Beryl Monday, July 8, 2024, in Houston. (Melissa Phillip/Houston Chronicle via Getty Images) Hrricanes are intensifying and being proactive about storm preparation is critical, especially because 90% of hurricane-related deaths are caused by storm surges. These large, rapid rise in sea level driven by a hurricane's low-pressure center, and can flood coastal areas with water levels ranging from about 3 feet during a Category 1 hurricane, to over 19 feet in a Category 5 event. Here are some key steps that can be taken: Technology can be used to improve hurricane preparation. As hurricanes become stronger and more unpredictable, technology has emerged as a powerful tool for boosting home resilience and personal safety. Innovative devices are constantly being developed and optimized to offer resilience during and continuity after hurricanes. These are among the most valuable innovations for hurricane prep: When a hurricane strikes, last-minute scrambling can be dangerous and time consuming. Based on firsthand experience and expert recommendations, assembling a comprehensive emergency kit well in advance is non-negotiable. As a result, here are the ten essentials every household should have ready before the first storm warning. The 2025 hurricane season is shaping up to be one of the most active on record, driven by forces we can no longer ignore. As hurricanes grow stronger and more unpredictable, preparation is no longer optional. Investing in resilience from technology to emergency kits ensures you stay ready for whatever the 2025 season brings.
