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Numerous commenters asserted the proposal would end in significant hardship to compact businesses that didn't satisfy this criterion and for this reason would need to give supplemental money assurance. Commenters argued that a need to offer supplemental economic assurance would raise the pitfalls of defaulting, not purchasing maintenance of existing operations, shedding personnel, delaying functionality of present-day decommissioning obligations, and diverting money funds desired for long run OCS Power advancement. Response:
The goal of this closing regulatory motion is to address concerns pertaining to BOEM's fiscal assurance system. This rule finalizes amendments to the existing provisions to higher shield the taxpayer from bearing the expense of facility decommissioning together with other monetary threats related to OCS development, which include environmental remediation.
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BOEM agrees With all the commenters' assertion that the First foundation bond sum was determined a few years in the past and acknowledges this price ought to be reevaluated. Due to the fact BOEM did not propose a new value in the NPRM and, thus, are unable to revise it in the ultimate rule, BOEM programs to evaluate the precise values of The bottom supplemental fiscal assurance for RUEs, ROWs, and leases inside a upcoming rulemaking.
That path is believed to are actually attributable to the hefty 6-ton anchor of Newnew Polar Bear, which was later on retrieved within the seabed via the Finnish Navy.
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The Division proposed in 30 CFR 556.901(d) to allow entities that do not have a NRSRO-issued credit rating to ask for which the Regional Director establish a proxy credit rating dependant on audited economical data for The latest fiscal calendar year, including an cash flow statement, a equilibrium sheet, a press release of cash flows, along with the auditor's certification.
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