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Wiki Wiki Summary
Companys, procés a Catalunya Companys, procés a Catalunya (Spanish: Companys, proceso a Cataluña) is a 1979 Spanish Catalan drama film directed by Josep Maria Forn, based on the last months of the life of the President of Catalonia, Lluís Companys, in which he shows his detention by the Nazis and his subsequent execution by the Spanish Francoists. It competed in the Un Certain Regard section at the 1979 Cannes Film Festival.
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El Tarròs El Tarròs (Spanish: Tarrós) is a small village in Tornabous municipality, in the province of Lleida, in Catalonia, Spain. In 2008 it had 100 inhabitants.
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Accounting standard Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders.
Generally Accepted Accounting Practice (UK) Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom. Company accounts must also be prepared in accordance with applicable company law (for UK companies, the Companies Act 2006; for companies in the Channel Islands and the Isle of Man, companies law applicable to those jurisdictions).
Citation signal In law, a citation or introductory signal is a set of phrases or words used to clarify the authority (or significance) of a legal citation as it relates to a proposition. It is used in citations to present authorities and indicate how those authorities relate to propositions in statements.
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Risk Factors
CAP ROCK ENERGY CORP ITEM 1A RISK FACTORS Regulation The Company is subject to comprehensive regulation by federal and state regulatory agencies which significantly influences the operating environment, and thus the Company’s ability to recover costs from retail customers
The PUCT regulates many aspects of the Company’s retail distribution operations
Profitability of the Company is dependent on the ability to recover costs related to providing services to customers
The Company provides service at rates approved by the PUCT, and these rates are generally regulated based on the Company’s expenses incurred in a test year
Thus, the rates the Company is allowed to charge may or may not match its expenses at any given period of time
While rate regulation is premised on providing a reasonable opportunity to earn a reasonable rate of return on invested capital, there can be no assurance that the PUCT will judge all costs to have been prudently incurred or that the regulatory process in which rates are determined will always result in rates that will produce full recovery of costs
It is possible there could be changes in the regulatory environment or reinterpretations of existing laws or regulations that would impair the Company’s ability to recover costs historically collected from customers, as well as impose additional costs or change the method in which the Company conducts business
FERC has jurisdiction over wholesale rates for electric transmission service and certain other activities of our transmission subsidiary
Federal, state and local agencies also have jurisdiction over many of the Company’s other activities, including regulation of retail rates and environmental matters
The Company is unable to predict the impact on its operating results from the future regulatory activities of any of these agencies
Changes in regulations or the imposition of new or additional regulations could have an adverse impact on results of operations and therefore could materially affect the Company’s ability to meet its financial obligations
We remain committed to providing superior service and reliability to customers
Meeting this commitment requires the expenditure of significant capital and other resources
The Company’s failure to provide safe reliable service and to meet reliability standards could adversely affect the Company’s operating results as well as cause increased capital and maintenance costs and the imposition of fines and penalties by regulatory bodies
Rising energy prices The cost of natural gas and coal has risen over recent years
The direct effect of these higher costs is somewhat mitigated for the Company because such costs of fuel are recovered from customers through its purchased power recovery
However, higher fuel costs could significantly impact the Company’s cash flows as a result of timing delays between the collection of fuel cost recoveries and expenditures made for fuel purchases
Higher fuel costs could also cause a decline in customer demand or an increase in bad debt expense
The Company is unable to predict future fuel prices or the ultimate impact of such prices on its results of operations or cash flows
7 ______________________________________________________________________ Weather conditions Weather conditions directly impact the demand for electric power
In the Company’s service areas, demand for power peaks during the summer months, and severe weather such as tornadoes, storms and ice may cause outages and property damage that may require the Company to incur additional costs that are generally not insured and that may not be recoverable from customers
The effect of the failure of the Company’s facilities to operate as planned under these adverse conditions would be arduous during a peak demand period
Economic cycles Declines in demand for electricity generally follow a sustained downturn in the economy, and lessen cash flows, especially as industrial customers reduce production
Economic conditions also impact the ability of customers to pay their bills, thus affecting the rate of delinquent customer accounts receivable
Major suppliers The Company utilizes suppliers for such items as materials warehousing, meter reading and IT support and services
The ability of these suppliers to provide goods and services may depend upon such items as financial stability, economic conditions and a stable workforce
In the event these suppliers are unable to fulfill their commitments or the contracts should not be renewed, the Company could incur additional costs to secure new suppliers at competitive rates and in a timely manner so as to prevent operations from being severely affected
See also Note 21, Commitments and Contingencies
LGB Agreement In November 2005, based in part upon the unanimous recommendation of a special committee of the Board of Directors, the Company signed the LGB Agreement with a newly formed entity, Cap Rock Holding Corporation, owned by LGB Shareholders approved the LGB Agreement at a special meeting held on March 10, 2006
The transaction is subject to certain conditions outside the control of the Company, including approvals by the PUCT and FERC The Company is expending considerable time and resources in completing the transaction
Efforts to satisfy the closing conditions may divert time and attention of Management which would otherwise be focused on the operations of the Company
In addition, if the conditions to the transaction were not to be satisfied, the Company would need to refocus management efforts on its ongoing operations as a publicly-held utility