Hawaii Reporter: Hawaii Reporter

From: Subject: Hawaii Reporter: Hawaii Reporter Date: Wed, 9 Nov 2005 06:47:16 -0600 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_011F_01C5E4F9.6CA2DED0" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.2670 This is a multi-part message in MIME format. ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: text/html; charset="utf-8" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.hawaiireporter.com/story.aspx?b9131d7b-9b85-4294-a6f1-bdd2251e3701 =EF=BB=BF Hawaii Reporter: Hawaii Reporter

=20

Freedom to Report Real = News
Wednesday,=20 November 09, 2005

Home/News =C2=B7 =20 Public Records=20 =C2=B7 Subscribe=20 =C2=B7 Research&nbs= p;Requests=20 =C2=B7 Help Us Thri= ve=20 =C2=B7 Contact Us= =20

Le= tters=20 to the Editor

Calen= dar=20 of Events

News & Editorial:

Monthly=20 Archives

Now=20 in Hawaii

Outside=20 Hawaii

Banana=20 Peel: Investigative News

Sma= ll=20 Business Focus

Governm= ent=20 Watch

Rotten=20 or Sweet Apple? Hawaii Education Beat

Economic=20 Blues & Booms

Success = Stories

He= roes=20 & Scoundrels

Media=20 Mania

Grapevine<= /TD>

High=20 Tech Clues: Ask Alan

Maki= ng=20 a Difference

Lam= e=20 Law of the Week

It's=20 Your Money

Boosting=20 Your Business Success

Emotional=20 Well-being Q & A: ... Dr. Gelb Says

News=20 & Editorials Archive

Calen= dar=20 of Events

D= isinformation=20 Station

VOTE=20 2004

American= =20 Minute

CrimeStopp= ers

Perspective:

Blonde=20 Uprising

Le= tters=20 to the Editor

Guest=20 Editorials

Gr= assroot=20 Perspective

The=20 Jonathan Gullible Series

Getting=20 & Giving Archive

Battle=20 of Ideas

Pot= holes=20 in Paradise

A=20 Fresh Perspective

An=20 American Entreprenuer in Asia

Prometheus=20 Rebounds - A Free Market Novel

Hawaii=20 Reporter Bulletin Board

Got=20 Tips?

Anonymous=20 Tips

Stay=20 Ahead:

Links=20 to Favorite Sites

The=20 False Promises of Wind Energy
By Michael = R.Fox=20 Ph.D., 10/26/2005 3:53:06 PM

That=20 windmills retain a mystical popularity among its Northwest=20 supporters, is truly a triumph of hope over substance, not = to=20 mention unawareness of hidden costs and poor performance = data. There=20 is a huge amount of information now available regarding wind = energy=20 from around the United States and Europe. It=E2=80=99s not = good news. It is=20 past time that Northwest energy agencies, utilities, and = elected=20 officials use the data before building anymore of them and = ripping=20 off the rate payers. Reasonable people of the Northwest = expect=20 energy agencies to learn these lessons from around the = world, just=20 as they expect them to provide low cost reliable electrical = energy.=20

Hundreds of windmills now stand over the formerly = beautiful=20 Palouse landscape of Southeastern Washington. Further, a = company=20 named Zilkha Renewable Energy is proposing a new wind farm = in the=20 Ellensburg area. In this case the proposed wind farm will = have an=20 installed capacity of 180 MW.=20

Hidden Costs

Part of the energy debate must include the large and = hidden costs=20 of such windmills, not mentioned on the Zilkha website. A = major=20 reason why windmills are being built around the US is = because of the=20 huge tax breaks, subsidies, and tax credits now available to = the=20 owners. For example, let=E2=80=99s assume the construction = costs of the=20 Zilkha 180 MW wind farm will be $180 million. The first two = years of=20 depreciation will be about $108,000,000, or about 60% of the = total=20 value! At an assumed taxation rate of 35% they will avoid = the=20 payment of $37.8 million during this time!! We taxpayers are = stuck=20 with this bill! The entire $180 million project can be = depreciated=20 in about 6 years!!=20

Furthermore, Zilkha will get a federal tax credit of $ = 0.018 for=20 each kw-hr produced! This tax credit will allow Zilkha to = deduct=20 another estimated $9 million ($.018/kwh x 473,040,000 = kwh/yr) from=20 it annual tax liability for the next 10 years.=20

Furthermore, in Washington State, according to the report = on=20 Zilkha by expert Glenn Schleede, wind farm owners are exempt = from=20 paying any sales or use tax on equipment used to generate=20 electricity from the wind. This also includes charges for = labor and=20 services used during construction. The value of this = exemption could=20 be as much as $10,000,000 during construction.=20

All of these exemptions are in addition to the revenues = from=20 sales of such electricity. Even if sold at $ 0.03 per = kilowatt hour,=20 the revenues would be about $15,000,000 per year. These = certainly=20 fatten the wind farm owners=E2=80=99 coffers, but are done = at the expense of=20 the taxpayers who pay the bulk of the costs. This is a = classic=20 scheme of state sponsored redistribution of wealth from = people at=20 the bottom of the economic ladder to those on top, more = associated=20 with 20th century dictators.=20

As Schleede points out, the big losers in this scheme are = the=20 rate payers and the taxpayers who pay the taxes avoided by = the wind=20 farm owners. The neighbors and citizens also bear the costs = of=20 adverse environmental, ecological, scenic, and property = value=20 impacts.=20

Poor Performance

The Zilkha website also states that this capacity is = enough to=20 serve 45,000 homes. This is untrue. The actual amount of = such=20 intermittent energy received would be about 30% of this = energy=20 produced at unscheduled times. Much of that energy would be = produced=20 when it was not needed.

The 180 MW capacity of the Zilkha farm operating only at = an=20 estimated 30% of the time would produce (unpredictably) a = total=20 473,040,000 kw-hr per year. This seemingly big number is = less than _=20 of 1% of the total electrical energy consumed in the State = of=20 Washington in 2002. According to Schleede, this would be = about 16%=20 of the energy produced in 2002 by the single natural gas = combined=20 cycle plant in Hermiston OR (474 MW), which stands on only a = few=20 acres. We need a serious realistic debate on these energy = issues,=20 without the exaggerations.=20

Wind energy is unreliable for the simple reason that wind = is=20 unreliable, unpredictable, and intermittent. That is, more = than 70%=20 of the time more reliable sources are needed in its place.=20

The Need for a Backup Energy System

Because of the unpredictability of the wind, a dedicated=20 equally-sized backup system must be kept in reserve, not = producing=20 energy of its own. This backup energy capacity (called = spinning=20 reserve) is a hidden cost, requiring its own fuel = consumption,=20 emissions, and costs in reserve, which usually are not = considered in=20 the overall cost analyses for wind energy.=20

System Unreliability

As is being learned in England, Denmark, Germany, US, and = elsewhere, wind farms also add to transmission system = instabilities.=20 The windmills can actually reduce the reliability of the=20 transmission system, because of the need not only to match = loads=20 with variable energy generation, but the additional needs to = control=20 for both system voltage and frequency stabilities. These = costs are=20 typically not included either in such analyses.

Windmills have been described as deduction generators = more so=20 than energy generators, and it is the deductions which are = of=20 interest to the big owners, not the energy per se. In the = year 2002=20 and 2003 the Florida Group owners of Florida Power and = Light, the=20 largest windmill owner in the nation, paid zero income taxes = on=20 revenues of more than $2 billion!! It=E2=80=99s time to put = the interests of=20 the ratepayers and taxpayers first, by ending the huge = subsidies in=20 costly and unreliable energy sources. If wind energy = can=E2=80=99t compete=20 without grotesquely large subsidies, it must be abandoned.=20

Michael R. Fox, Ph.D., is retired and living in = Kaneohe. He=20 has nearly 40 years experience in the energy field. He has = also=20 taught chemistry and energy at the University level. His = interest in=20 the communications of science has led to several = communications=20 awards, hundreds of speeches, and many appearances on = television and=20 talk shows. He can be reached via email at mailto:foxm011@hawaii.rr.com

HawaiiReporter.com reports the real news, and prints = all=20 editorials submitted, even if they do not represent the = viewpoint of=20 the editors, as long as they are written clearly. Send = editorials=20 to mailto:Malia@HawaiiReporter.com

Guest=20 Editorials...

Email To a Friend =
Printable=20 version of this story... Hawaii's Online
Resource for Business
and = Government=20 Record

Hawaii Reporter
111 Hekili Street, Suite A, = #240
Kailua,=20 Hawaii 96734 U.S.A.

Information and Subscription
Phone: = 808-524-4500
Fax:=20 808-524-4594
Subscribe@HawaiiReporter.com=

City Desk
Phone: 808-306-3161
Fax: = 808-263-8181
Tips@HawaiiReporter.com

http://www.hawaiireporter.com/=20

=C2=A9 2005 Hawaii = Reporter, Inc. |=20 About Us | = Terms=20 of Service | Privacy = Policy | Limitations of=20 Liability = ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/flame-small.gif R0lGODlhlQB4APf/AMeXxKxjp/XKaO+zDfnZlvnmubl6tu+zEahYo9uz1Ojp6PGwAtfb5ffTh+W8 TPTq8+nS5qFInPv15ps5lfz8/Pn6+fXFWPrrxvndosCnv/fOeNPK0sKPv+3u7eXm5dzh3dTEmdeu 0f7+/tXIqL6Xu9nUxtTa1drV2c7NzeXp5eDU3fDx8N241uDg4N672N3e3uzx7eXJ4dTMtvr1+fju 1evl69q9afDi7ufr9JUrju3Z6vX19ePc4tOky+C92uvW6Ojt6fLm8NjY2N7DeeLHiOrVp5gxkuPS 4M/Iz+20HOu2JvC3HvTCSeXDZ9O40PrireLC3NWozt3g6MzEy+Dl4eq4NtLD0eW+WPCyCJ9Cmfzy 3Pb59ue3b+Hk7c6+zNne2e3w9/n++d3E2ebYtpYukM3Q2dzTvObM4unSmNzL2raEs7J2ruTF4v35 78KtweLE3fK9N83HuOfn6cWyxK9qquDDcffw9vC5KuXh2NLR0fz6/MKkwNjDjfDr78vN0dXQ1czI wOPbx+HJ3O7b6uHGfNay0ta90+G4qpo2lNLU0s2fyvLbsubCt7+Ju9bW1++uApk0k+Xi5ejj5+/d 7O/q3PD18Mu1yfDe7OTG3/jy99LU3efO47+Eu+fa5fTSeeza9NjD1ff396VQn/X4/tirz+HMmsi6 yL+fvejQ5Zcvkc/SzeC9X/O+QfKtAOjLfe3DXPr8//v/++vr6+3o7evZ6P789+nKpOfHfd2shebN 67qOt/Lz89fM1ure6MqtybmAtvDLhK9wq8ihxu3ATtfb1/P28+O7lPr7+9zX3NHS1dnS2OHe2O3i xLeItMnDyPb179vY0Nm31si+xuLM3+HA2/fu9ePC39zd3fTt+sepxd+94uvOwdna3v/+/O7FcrVw seLj5vXm5OHI4f3+/Z09l/39/ePj4/v4+8mxx/38/dvb2unJdLN+sP79/ujS7u3r6fHk/eHE5+XH duzPg+WkR/Tw897QrfDu6cfHxtPX08nJxsrKypAhic/Epf///////yH5BAEAAP8ALAAAAACVAHgA AAj/AP8JHEiwoMGDCBMqXMiwocOHECNKnEixosWLGDNq3Mixo8ePIEOKHAnSnz8R5ShQaEeypUuP FOgEQCAqQgQEnPqYJBiEQ5Rpmcr5e0m0qEE95IwYyUGGjBEyolSIGCpQET8jE7Ig+Mbhx06jYEmm iwBJlBo17EQhIvOrw1SBHMhMQLQ0Bz8OxUSE3SsxHUuG7USlCqDqy4c/CIyIOtGBqgGoJHSxCyBq TwoKVPlqTjiDgyhDXxP6C0CG8AtZlX6lyrLBg15/dAarMvFBnTIhHoTyLPR3s+YgS3/B0C2aTo4A eTyEivVYFApz5f6JEEUmWKJrCjrIkkVBL0EDORCE/5iR2XdLzANhp4rAS5b3hN/WP+8TIksqOvmg /5thnx2xFFvEckxoAm0ywQSpQBKBMOMQaJ5H6YQgigtf9ZDgKSlEp5ABRpATAGV0TeDGFwroBcFc EQTwizA+1FCeQN90KAokRkDCwQrvPejRA+TkQIccutkRgREBqDPgQAUUEBonWNWICDkI7JFPC+iF 0CQZTBkhzFsDiYMIJHTg0wxZiPhyTI46csTBhUB4x0kqE1jSpkBtLDGABc94BwAZWQQzAZgo5POC Ht7FRc4adCCQxQTotEnVaB1aks8HVgwZQAvEpcnRA1kYgcA16E0zgRHsZDiUAI9gcUAgRwKQQxZz BP+A1R4fyPFefKLsk0geG6CjTIlU0fIlHYkIoQAMdCj2h1uaduSPAakgks2c5SQWwbJDFTDMAkQw 4N4/isjlhjRDRmAJDN5Nd18e13ggCxDcZcYkmEhQEYYgndLhSInNdiQGXXR8cOSbE2TDrz8doCFE C0dGMesHliTFXpD9fQHEFsdUEEpmN5BzICKi/OIZIoicQgy6k0QBQA8QaNhvQiL0ZpAI8cUJxMbR 0NgMFZidBIsCFXiXMyK0AgHAUgFEMs4/4swlyhoAONFJPRXIC2cEozZFIx15fGDIN+SkkgOcARjC 5csEQTCTIj0b1ElSAbywAgX1IJCKKH/I8ujZ4mT/kcUeVMCwAgfB/LLBMeA6tVS0iODl3YlG0OHM KXRkQU4E7KCgTiMIdug3JGQgssYOZ6PNQQ6Q3JcGmv/4o5q0MGwMQLSWsS6QCPUgg9suFRSjQAoe VG1HIboEo+gEOegChIaPkTNHPl+8wIsXGxBDBQc1TsCOG1N4QUJibA33YrM+IHJgKuQ0olN5veRL xQrjdJLvB+gd5A8F8ZqUUncm+QNDC0LYgCVOYQVzUOAfQiJSHoQghw50QAEeAIIhyKGgU+SDGNcw RwqUQQdIlAldaBMIBchCmVQYIQsc2MFX/LEG9HnhZsx5lRWYhZCTlCc0JynHChwIhOzopQdOMRl0 /0wigiLGhhxuMIE65LCCHeygGJGwGwLUUb+X+eMbOQiGNOjwpVQgABRcypkR1vC+cYiBE14Qwrcs 0r8iFnEoIgjBGv7wgqoRhD9EUoWxdlABCqQkFsLAipxsl6ZwRWAKJtiDKP40AQP0wiTjCEC0zhWK ClRCAXJIx/g2Mg5ZuAtNkwgbO0zQgl30rH/ToCAJMhTCf1DjQBnYIAJIRqP0RSIMoCAHHbwArJOU ziO+/CUtyEGGZtRqY/0zifxSsbMj+cYH02hdQarRKV14YUaQQMAsaRQBJ8gCFB9oAb+kSZFuSKAW FgmCKD8gi6ol0x/lQwQJPtAY3/yAHKLoRYMIIv+CACioU+RQwxRQoEioyGmHHciURGrxBAHAQQD8 I0gbJOCQdIjCU8ZCZhtjlAVTfECTvglBKrzIg30OZE1/ykIGTECMFgBBGSRAwgcUIBQHPaQNnoDD AQZwh0DgYBfleQIBbHqQuEzgFBerqUlCsLVEYEog5wBA24ziDwDQJRjmMOk/XEAyUbghH+rwgB/L AQMFKKCKErlAA+CwhDu4tVu5KU8DLLAChSJkBnbLAgkkEQaT2CEEFISVCeQwFB8gIAeNwNEmSfIs p+hiOAPRg6VUoQ5gtc6Xi2WIBHJ6Bzh4Fg6siIMj1igQCbCCCeaoJ0NqIJhscgIAnMCmPE1wjWL/ VBUSkBgVB0BI1RqQZgK+6I5ArriaKZgDqBopABNAy4rmNncY+uDGCjLTBgvAYRiVJWRB/JEGwaQC S4rLgi7ACoMaxCi3WYAEOawgXMb+4BzDDUMnEECGCFiBOIqIFoaQe5FuYIAJAA6wgEdwDf5qQQCn fUUiXNMQk/CAAwGIQBZusgZLmOAFHRCD3cpyigwkhQ4GzOxGchYBTvRCBLEIQy9EEZ4X6KZjOWDH +0TsEAIA2AI4zjGOmdCt6baBABZgAo5fgQJwaHe7/iiHOZSxgQ3kgRgfSIECOPAnRAQAkR/gAF2Q emSN9CAHdNGlIToQhgmmolTRseiVzTHdizxB/8dwzvEtuNGBAggAzt4ocpe3Ww7teMADCqiEeaMF iQAECjs8iMB96EdjjIiASQdSiigMYAhfdOoXoSiiIMxBBctW5MACCLWoRx3qUuShAaQONRFQwGCI ELGIsYgGAnAbAXKodKYVmIWl1NhojJTjG3xqhj/BPJMvAQAGfNyhXSPiD1SnOtUjKMWzBTCCZIxz Iv5QBF3AdIr0imIDlQhFI3RGol5fxB+zIE0A9jGHNdgHToiIwAYUS1SIaEED+M63vvMNjFLsm9/6 EIIdKaIH6iCCHfnQhQcV8wsuKsgUxBh4R9oRDT3EtxMsXoNheJENd9coli67CAb+TfKSawAYcf9I hn4souE9mMARiaFJDrIUgQxMKeRqyoEoAHADf4wjFmmIABnU0GkYpMAKaHHEys9NgAY4/elQj7rU GxAHPzDM3KKRRApSYIg/nUIawRAFAthhCtp2IEIuIGdGZnDRpmTBACHoxBZAkV4SKGAFK4ABEMxh DtJapBZNn7rgoY6Gql8jaBjJ4TgaUV9pmOALJ3BE9FK7BU7wIwBnwvpC/DGDQgSjUzkwQgQoLYw/ ZaMSpENJOX5JkR8T4PWwj73sY48GQCSjjnuGSMGrk49ryGKHsugAH/3hMERYgoYZ8bkHNvA9BBGb LPatRO4jIoHZF0EGs5e9PfCRhxYgniNBGJX/LohhDj5WoALHqGk9BBMARm8EJccAQgu8IOwskCG3 ZQGFVjVSCwz4///2AAj/N4D/VwT6kAxUMn2uxgGQgA5f0E5EZBJ6EAMG4DHSMicckUMrsHe8QAIB kBSQ4AvIpxEi8AQmeIJjsA+LcIIs+ARjgA8qh1YcIQIcoAweMDfJFA0BMCoehAhTJIPJl0Px9wJe wA7jZyuaxxD+cAEtaAZ+wAwteIKAYHVAuBFJFnzIJAJv8A2pgxV0EAwkMy0KiG0osYHm4AFn4hES kCRsaAbJgAdsGIcpaCRJKBE25A+ZEAJ00DlZsAbPswFZkDxiVYfMFgo7sAur9xEicAGMyIiB/5AM HkADjdiIJZAH5jCGFiECsmYEJnQopnBBLZACwnAKJxBiFOEP6ZAO5zADN7AJb+AD0RAFigAAANAI 3xAC7lQSbTCJjygH7zCJjFgCo0WIdggtSkEOwfA8GCQH6TcOKyAHfhcRHDBhEuYxH/MUMxd6ToAj IiEClEAD4MgM1rYL9wCO5pgHdOgSIZADEaAGz/MF4hRRwUSM50BBB3KP+DgBtuYhxoKJzNYOWhCQ lJAHCuBE9xCQWkADKPAC6fAS5SAMvPAF8EhTrGcR7cAJHhQBupABe+AG7EAy22MKU/AHvuePCNEN m1QO9yABEkAJCxYKx7AC78CSEqAKmIKSJ/+Zgf7gSWdVkZwHX6c4bj44Bx9ABS0UAc5AG4DmHsRo EBcwVC8iAJQgC8/QBrgxChfgCWDgARLQBko3Cq/nIP7XlPbjRuOTDpugCHRADgaQiHZYDlp2Ql6A DP0hKLKwehVJEbUABzSQKRJwAIuAAwrwDC+gAKMgAFjADDjgAfcgTqGwXIqFJEtAA3lJgg8QBQaw SE6hIDywbA02DqWnGGtwIG5ADJ7WEUxQBZRAHA3wCK/QBXJgVmBQAAOwAK+pANuxCzRgJ2MABt7R BncwDB3AjR2hB7RQCI2AAEmhFJ6jj14QjQ/hc75AQcOiCtfQZh/hCa0wDEDiD91wB1iQBCX/IAdg MArPAAdYMAADYA8/NQqw0ABYsABN0AWYsZePgAZdAJ2ZaABY8xQmpI8B0AxzcApzcQpUgHOuJgJO kF5gogpUwF8eQQCpcgtMhAHqiQWE8AKU8AwNsAAHcAAL4ADLsKFaAJ4DoAQlEIlMsADiiWFkaRCj ASdZgQA7iESP9weKRnTOhG3+YAhkMQEBAG4vmhASOgAHsARLkARGaqRIugQ79aEfmgRNaqQ7JaVL kJ5JoApyM6QFkV/kQALSkAhI0CnN8AXmAANrcBz7QpYm0V1KgQAq4JkYgSo7pZ5UWqd2CqV4qp56 mqfqCQIMgJ0bcSITsFLhRF/B4HuxoAg5/zABXpACJkkQJqEMiZEKJMBbHFEnd6qnnNqpntqpC3AF dMalBEEB1MEOJFIM4IEA+xIGRyAKuwSpiScCkbCDU3CgpDoQEvqpvNqrnDoA4nltG/EL4aFGi6pz fwAs5+ABfRepSFYPAHACcaWE77QQFvAIdpqt2rqt3NqtWMAHXeCsCfFlE2AF7dQLTqAM2PEafSan 2HZJI4gQItCKm4AKPkALcqqpvrqvvYoFqyAF7koR4gCrVkBTJqEdxNE/DvEA3/ANBvBaAKAIURAN PiAOtFAPM9AHu1CZ6VENMQAFLBACPSAG31cQDFUEpQACKruyLNuyLvuyLTsCyyCoJBgKfP/3LRFI EW8wc981c/dnPvpoOQZAnAxRDrRwBiBLClGgDDs6XIvACE3gAFI7tVRbtVZ7tVbbBHgAoe+XEiqU EZNAGRLmN/dIF9/FD3QwiA12Dj/wsSxACk4wRK1TDRDgAgmgAutQm1iwt3zbt377t4C7AAtQBUQQ CHLwtR9xP22UDnpwDg/wA+LgAkHgEKjYAn+wAUiwBx7DDqegC82AFqfQAqpVtJMAATFADQkQAoxx EoNgtyGQBlTQBYHwCgOQnvzaq7WrBDaQBwwADm6RqwOxCRzQCAbQsIliE37jMTnAAfW2XfiTAkDg BLD0eFRABR/wAWqrhCIQBDqACpjgAwn/0Br1AAHWAAU+wAJ/EFZgIAdFUAV7e7udWrsH4ABxUAbc YA5BA7wnxQ9kMFJO0UVNES2p0AjL02uY1XWF+gUe4EAOFLD/kA4PMAib8APVcAM6sAls4ANIcA2D gApngAnWYAU2uQKhEApggAelUAULsKn7Kr820A9+sDAV4MAWoW3UGGETgABrwA5noWgyNroOUT7k YApXl0wLoQeTgAmoCwqyUME/sAnWsAGdoAM/gAoxAAr7oEaZVg7HYMJ4IA9KkJ7dqq3p6QAg4Aea 0AJ3qb8GQQF9cAJ/kA+n4DGnoApQ9gWI+oBJGA0nVC8ICjOZQAsQMA3U4ALK0AdOvAm0/xAElzAI ELABuuIBO3BK5VABu4ADgdAESjrGfFoFfLAPmvACchBRjKVkJEAO5mNBaqwApBEM6qCfBFEIHECL PeACv3BCc6AM9XAO7cCx0lEPHvACQnACynACLVAPQfADbxAEEXwEU5DFxzUg70QBFbADOLAM9jAC 2rzN3DwCMlAGyXANo+zLHfEAspJbpEIi1ZzHwnoQ38APTJEg92hrE0ajoJFZV4hJv+MBLSAGLJAA UQAFbUsNhmAIaaAAW8A/EuhGsEAD8+AKhDAEEj3RFD0EhLAMa1wUQSAYkRMMomcKF9MDCKIG7ERj FWg5ZcuJ/YuNp3dkvhQKfdAL0+ADIf9ACj0QBSzQvaebAKTgAr2wA5nnDz9gB+UgFAXwCIKb1Eqt 1Acws+I6EdUwJBMQDChgCp0SAcGwh5AAKy66EBTAA72SDRxJAp/LDojyIZZAU0oYBLQQA68YslHg Aj/AvVYMvlHQA2mwAlWjBwkwDSUsArQpxmMcntAAyyHxAPpoQdYjDIgwUkqRBadgAnKrED4nC8BT vZj9AS9ADEIgBOvKEOkwCT9guq+YujmdyN8L0FHAA7swDg9ACgkgCSsACwXAr8A6nk8tEWznC7Wx wCvgBMEgYQHwPIeXe75U1EWtEgzMwDS8vZOg09Zgt4WwAfXwAJfwA2dQ2iGQCO00CQn/kABicFzP wAyBYAYycN4y4M3pjd4y8MrewcYI0Q5B0AHmYLAnIQvIoAzE8ALeJ67vpLAMIQLVEASivQkxYA1e YAhTIAQDXrrZzQKFwGqh8AMs4AKGXJCjUATrYA+l0AREYAaEQATXUAryYA9SYLBQBd/2U9RckkPa kVC5fYoz8AA3INpnYAX6AArUkAeSMOAd7LZIYA7F8AMuQA1QIAbX+ZitcAvGQA9LgAYrvAzD0Arr gAOjO9fNq5Mweod74Q/tYAc0rgOQLARH4ANioA4t0ALI8Ad/IA4+AAotsAKD8AaYEAMxoAxyUAze gAs3HQWHMAJKkATQMOXy0AWCCgGk/9AJ7dVKIVEOChAJ+Y2OCtAJ1pAG6nCG5tACL6ACmJAGcT4L MXAGZ7AJf0AFkgDQpBACqv7dh7ABDrAAdcAAo6sDURACR5C/MKoDLpAJekABqVhTjB6djp7mqbUD g3Dnr7wLTrQLHRAJPOABuzC+qAABP/AHyhCyCcACFe4DPmAN8RAPqwDr3pIZgxAC2S4IklA6mZAA PdADsJ3tPiDQaRjsDZZDUyECjiwEcuNO49A7eFfC160Dg8AL2u4D1EANdF7nZyAISPDqsa43A3ED CeAC3P4GkkAc6WDTqZ7tFA8FmDANV0fvEtEOk8ADl74D5TADP4AJ2b0JklAPW9AHk/9wCTegxJhQ 56Fer9swDFUQBw4/7gMRBCwQ729gDUcgq+kA0OZe8B4fA9PALoYt8giRDrOQ5u00Dj7Q7lFQ6xN/ BJLAzDqQ89NO7T/wCYugKoDw8xAvEDMQ7zfv9OoQNGcQBdk+9FDwBjHA8PugdFUo9TDzQLKgQtXw 3XVP8Qb/BhBQDdf9AwI/CDR/A0FAm0mQ9uK+9tIRAwpfr8pABZ1g7h1f55vwyPrgCNPq98K+ev5w DjEw9EZO53Y+6mdwutZwA7QfBEGADdUgAE9wAJOv9pmBh6GOCtN+BEJwvoef89S+AYkw2aYfnUPh DxBADQo/6tP+Az/QwXcdApvwADP/MAPn0AYCsARPAKyU//DlIQK9UP0CnwZFjvdnUP2O/wcCp+L9 MoH1SvYCPwm1/wM2DRAJXLh4oGeGrUdLnhxIAsjBgjoMZPn7V/Gfv3K0fgyadOkMFExnNkHYeClI LxQtyllk2dLlS5gxZc6kWfNfumqdTuRRYfJBtWqZqrEgFSVKghAstPlgcejVkwENH0ac2NLfLI43 bmyKMfKHjks3glRDhsKDCJtp1a5lK7OcghZxW9SwI8ucOmWFQiTgy4LLIWts4uVaFNUhRIkUWfor NktsEFQkwYp9YCdTnkRV227m3PklxhW7dskaaMXLvjygWLAYqM0YFj7icuXaxvBw/8QO/mbcIDlo 0I9OlyoPmhyk8rlM11C8WKHY83Poa/1N/zcoAWtQ6o748EENyhs2jBbY4LNNxydvB25rEvMmRI8o pK77APljko8EZ4zPqGcOhRdeItnFuegKNFAmf2Kg5g1eEmmhF0wwiSGGM3JhBAsbVsGiCHgWkQoL XKLooQf5WFuQQlTOEDEEF1Y7YgpnDHHBhzc6OUYEAg/U8UARJpwGBUc8gEAkVCIjiZUMF7hDknCU cOgA+OSb7w0JR9IBlQRI6YGFN5CKhoXuQMJkkxrKyXFHND1LBwII/kjEnBV4+4EWHTiCR4Akk5Ch njuelHJGkLrq7YZBfNAyir0S8P9igzQEQTGyXipAK01KOxPhkk4SuaaDHS7pSCuxwlkiSSX4eEIA GRyoQiD6JDyjt7Ae+IGFEEhJlAVDUBBCHWRUOGKjQVo45sxKi6XJnwckUccDM/Wg7CdsihhvlQVK XQIOFKrgQpvvUPxqErGqmaETRPuakZoNlpXDnGt4mCQISZgl1lh6XfJHhFnM6QAtEfqga4YHNKli gSGoLXWAA0pYhRE2BC2JshkykQQFJ647l0pBhJBlhx1WkCWSGqqJRLN6S4bJnxX2pQgjD8yJxBEU Hiq4Wj6ikoGIkCA4ghcVetlvBjlQwCcPXs4N9Iwz/vBgh+kwUqAPWRSY1GSqFxP/AUeL7j3GA3DA GYZgg/lgSAZb3HFHhX1Qc+QaZHSWxgtlWhCEvjcoPCOyTnjIrSKtO9i3asBnmu5qCx6ZuVSGUGgC mFL2SaYFBWSRJY0SxVBHlhpiCOluWHkwZ6Wsr543cNL5ZqKVw2tOIuZWbNBEWBx7BBPdyzMXSbJP T1Bn2NJ7t0mAAQhp4oAq+EhCiRKuCJ4BqSsS4Q0frBEDBXU66IPNrwYJK4gg8hBib9/Dj6kbOaRg 4BpuGHjhGimkaEGKLppznsoYNkhplwpueNi4ampA4RoKjE58pWtDAxowD1ckUIELdMU87jEpESAN FRtIhBxwlAlwGacyM+ABCj43/0AQWqQAjyDhAkx4QhQu4AB4MNNFHkCSP2iMIumgjB1mcA457EMd FRBgCAFXgAFgYQBDJGIRg5gEaMhiUnrQnjKqt7IKREIILfBAC4AkB9D5cIAFOEAXvfjFLyahBBZ0 HveQwRzFiKACHniBOtTxAnlpEYTduMAYzCADPOZRjyOwx+Um5Q+cRAJOzrmXCMpxSKzJEYTjgAUa 5EEISEaSEHWwhxTAIYsWOq8cUcukIj25GAyk8IR3CIQsYJFIi4iAAiuY2idd+Y9xEECIXsSCnqTw t89Q55W7HAcrsNDFIPKhDCrp4S532Q1mHOCXWHDAPhwRilYaU5ou6QYagqiEOCpoglnT5GYuX7EA EAwzgN0k52LaUIRrCKuY5XQlRjpwI3bGk2+hWOcnAwIAOw== ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-tl.gif R0lGODlhDAAMAKIEAPz9/ZQsuf///zOZmf///wAAAAAAAAAAACH5BAEAAAQALAAAAAAMAAwAAAMo SLoaHqw5QeOkdV0KgA5YBwxSOA7k1qEoAXIne60s+gpx/dL1sPesBAA7 ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/dot.gif R0lGODlhAQABAJECAAAAMwAAAP///wAAACH5BAEAAAIALAAAAAABAAEAAAICVAEAOw== ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-tr.gif R0lGODlhDAAMAKIEAPz9/ZQsuf///zOZmf///wAAAAAAAAAAACH5BAEAAAQALAAAAAAMAAwAAAMn GBrU3iKuB6NkDwAr1BvadjlDqVkeUZpix6wsqsKgqNAmitfSDkoJADs= ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-bl.gif R0lGODlhDAAMAKIEAPz9/ZQsuf///zOZmf///wAAAAAAAAAAACH5BAEAAAQALAAAAAAMAAwAAAMm GCIw/k6xBuNiNUpAIZFT9YGcN16lQ6wBWa4sOMHxtdAxiMNtmwAAOw== ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-br.gif R0lGODlhDAAMAKIEAPz9/ZQsuf///zOZmf///wAAAAAAAAAAACH5BAEAAAQALAAAAAAMAAwAAAMo OLoKIoEt4KBsz0r6QmRcR4AVFIxN6REjpZ5s2MFsNrN45tH4zuOEBAA7 ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/brown-triangle.gif R0lGODlhCAAOAMQAAAAAAP///+6yEeuwEeqvEeetEeasEdOfENKeENGdENCcENCdEM6bEM2aEMyZ EMyaEMuZEMqYEOWrEf///wAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACH5BAEA ABMALAAAAAAIAA4AAAUrYCSOo+SQolA8qKA2pCsY0CjPZ3Sr6T30LsICOFDYBAREjMBADQ6oSCIa AgA7 ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/purple-back2.gif R0lGODlhsAQZALMAAAAAAP/////j///0//7Q//W//+2v/9uJ+9yM+9uL+d+R/OGY/eWh/wAAAAAA AAAAACwAAAAAsAQZAAAE/zDJSau9OM/DD/KIIoqLspwnszBsyxivIc9yYRR4nhN87wsEgXA4HAgG yGQyMAg4n9CodEqtWq/YrHbL7Xq/4LB4jG2alWjlcU1sE4PwuG/OKxDsuLtuf+vbaIA0L4MuhSuH KIknJiONCiEIkZIalJWWl5iZmpucnZ6foKGio6SlpqeoqaqrrK2upx0dCSAhJCaJKoUsMLwzf787 eHh0QEBBbkZHaWZMZM7P0NHS09TV08zMzctrRt3dbnBC4TzGdHfnw3t8OH41gTKD8LyELSu5iomM JY4ikJMIrwIKHEiwoMGDCBMqXMiwoUNLsWYBdLQPlz17u3YFAqZu2Bxjxf9CclOmbEk2ayhTqlzJ smW0JlDOLFOThI0bcMXklJtjp44edDlusLNB1Ne7GPF0XTykQtEtRlD79QuR4APAh1izat3KtavX r2DDLoxl1cMjW/iYtoCBdKMfHT/P/Qh3U4i3ZU5gutzLt6/fv8+waWOChmSyb8najMsph2ePPJA7 DhXaLlCMeWzZurjYNK0+R7USPIpU9arY06hTq17NurXr17Milm5U0UQuXW3fvVUn11xOIt5KKhmc F7Dx48iTt4QpeGbN4IkVDzkWB6S53uk6vnWne0ZberiZpkUR1VFpgKRhq1/Pvr379/BVR+QQ6Sxa FPd0YTZaFG663ouJBJz/cCY1o9yBCCaoYBd6nUGYTATaJWF0IlVHjjk9/SQMUDps159l8mAGXn7j fWbLCKKdJZoEB8Tn4oswxijjjDRSEAt9otWijyK3rbWWbkR1BOBcAo6EhHAPFrfgkkw2eWBzMtFk pE04LdYYHRluqI5QQU3WXS9JabbZbeOVsAg/Cqx4VXo1tunmm3DGKScrsp03QkX4ceaCdzR8uEdc GVpY14R4GejkoYgmao1eg0W5DWIS1kUdY1c+Jld2enj5izt/CCLPiGMigs+OaKYpQo6mzanqqqy2 6mqNN9Kn451mptBjRpe9Ixk6vgXIzV3DnaTosMQW+wWUD6YhHJXSTadT/6WXaijZOkUdxSchmrGF kaielXfqqaSh9+q45JZr7rlZydaifWdahFuYffbBpZbXFYkMgUg0auy+/PYrBTYAHykwG99UOZ04 12HpkzBbdilvp56KCGoKSznVLpo5pllVi+h27PHHIIe8SazonRVCWvll1ItbQubh04WCTmhYGob6 a/PNTjJXnKOPjsTsG4z95tilDHPY4WQQW5uUIfV05hl5aFIVrshUV2311ePeKEF9j7Sb57v7ccdR MENeOChiNOuM89psI6izgzMZ5nOzk46TcE94M6zdh9x5Go+YYrLAWYn7mPctqrNgrfjijDfe3nwg dI1ArbapZU/YgATZcv+vv92LV76Mti366H5B+SikRdxU9047OeaR3kcj/aUguDIt3qiLXGz41qk6 7vvvwAfPkNaRnzz5LfjdqnKunWq+Ia8fTSozsAUqSfr12FOTTXPJnk4hTkK37kOgsGdKbTtJz3NZ 7YHnWWapK6b5j/D012///aXMd94CkdTKYyGY48+8IhMoIh3Dc/gCXfYWyEBpvI1nAyvY3A4mtGdd BzJEa5jsZpctHzVtW7gjVdSk5gH8mfCEKEzhBiIiidF4zVbKgxfLePOyHoQvUodJW80ayMMeHmtn EBRYcFQHtKBh6GXZmdYGq+U374BKcE1xWj7OtLscVUWFWMyiFht3I0n/TO6L/sMFFLHFsgFGpmx0 EUfqZhYs4vjwjXB8AvdMoqwhHuZnarSOhRTGqzMejTJMBNGnMsM0Mj3NW6ZCUbh6t8VGOvKRreqi F7t2HyhiRCN/y1wN/lRAmHVuQJ8TVhxHScrtBfEueASf3RIWLS1JBpDy0s13AvdBir3PTPyI3xUZ Ccle+vKXLyJLCyWXO3eBTVdm1FDZPmmTHKLBjaSMZg8fmKTCPGdKqjSi+LIEFPO9slqBBNMgJ1YP fCQAl4VD0eEiwTFguvOd8HyNJFt4MhJ8DYDr0+TYzkgMuhwQh86RozQH6kPmnBJS3zMYzFiJtz7u DX2zm6VSDCnFKZbK/1Tzi6dGN8pRrghTEvzb0f/UQsZ4bVJINTRgG1D5TFES9KVtm+MpsSnBItqt guNbmPm8OcCHyXKcT7zdLXN5KjUlrqNITapSBzLP+oBxcvfUTyaNsptu9nNQwPncDmHKVbZRs47Q oVBCpcfKnP5nWhDdFJ9CtDQx3U6K5zQRUUtzxaXa9a54HUUHvAiJkIYxqjKkqvPgAj0bGjZ1YaWZ 9brK2H4ZVBvOuSbqmkUpSlmKmwRUYmV+KjFa1rJMtTGc1D6Q19Ka9rQa+KhTobqjGPpoZQLkpMui 98+V/qqNW22sbhXVICBCVkpHSuUbrFTWPiqzYbCMpSCXFiqhjgqRKUp6BF1RS93qmla1fQUjj0ga QE6Z8XXEYCbBZkKYxe72vIn6KljRFinKVtCylnKoN4cCzr4B4jt7KiS3UBBXKuYScby0roAHXK4I AAA7 ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-tc.gif R0lGODlhCAAUAJEAAPz9/ZQsuf///zOZmSH5BAAAAAAALAAAAAAIABQAAAITjG+iyy0AIxy02ouz 3rz7D4ZaAQA7 ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-ls.gif R0lGODlhFAAIAJEAAPz9/ZQsuf///zOZmSH5BAAAAAAALAAAAAAUAAgAAAIXjASjyz2GnFwwTVkv Plaz7H1cKEakUgAAOw== ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-rs.gif R0lGODlhDAAIAJEAAPz9/ZQsuf///zOZmSH5BAAAAAAALAAAAAAMAAgAAAISnG8gEojK3IFNDmrv qhJb320FADs= ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://www.hawaiireporter.com/images/teal-bc.gif R0lGODlhCAAMAJEAAPz9/ZQsuf///zOZmSH5BAAAAAAALAAAAAAIAAwAAAIPnI+py+0Nooyi2otF 2HwXADs= ------=_NextPart_000_011F_01C5E4F9.6CA2DED0 Content-Type: text/css; charset="iso-8859-1" Content-Transfer-Encoding: 7bit Content-Location: http://www.hawaiireporter.com/style.css BODY { FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica } A { COLOR: blue } .header { FONT-SIZE: 20pt } TD { FONT-SIZE: 10pt } .subhead { FONT-SIZE: 12pt } .bigsectiontitle { FONT-WEIGHT: bold; FONT-SIZE: 12pt; BACKGROUND-COLOR: #dfdfdf } .sectiontitle { FONT-WEIGHT: bold; FONT-SIZE: 10pt; BACKGROUND-COLOR: #dfdfdf } .datacolumnheader { FONT-WEIGHT: bold; FONT-SIZE: 10pt } .sectionbody { FONT-SIZE: 10pt; FONT-FAMILY: Arial, Helvetica } .FilingSearchResultSpacing { PADDING-RIGHT: 10px } ------=_NextPart_000_011F_01C5E4F9.6CA2DED0--