Integrys Energy Services tapped to supply Chicago's electricity

The same company that heats homes in Chicago has been picked to provide the electricity that powers them.

Integrys Energy Services, a sister company to Peoples Gas, on Friday was named the city's choice to supply electricity to about 1 million Chicagoans. It's the largest such deal negotiated by a city on behalf of its residents.

The City Council is to vote on the contract Wednesday after a Monday public hearing.

Chicagoans should see discounts of 20 to 25 percent from March through June. Afterward, savings are expected to drop. Overall, the average household is expected to save $130 to $150 through May 2015, when the contract ends, according to the mayor's office.

Mayor Rahm Emanuel said Friday the deal "will put money back into the pockets of Chicago families and small businesses."

The contract calls for the elimination of power produced from coal, the largest source of greenhouse gases. About 40 percent of Chicago's electricity is from coal.

"That's a giant step toward healthier air and clean, renewable energy that supports good paying jobs in the technologies of tomorrow," said Jack Darin, executive director of the Sierra Club's Illinois chapter and a member of the advisory committee that worked on the deal.

However, the no-coal provision is largely symbolic since there is no way to know the precise origin of electricity flowing into Chicago homes.

Integrys Energy Services, a subsidiary of Chicago-based Integrys Energy Group, was chosen from eight bidders and was the only company other than Exelon-owned Constellation NewEnergy that made it to the final round.

Integrys Energy Group's board includes William Brodsky, head of the Chicago Board Options Exchange and a member of World Business Chicago, which Emanuel chairs.

The Integrys unit won the electrical aggregation contract despite Emanuel's connection to Constellation through its parent company, Exelon, which also owns Commonwealth Edison. While working at investment banking firm Wasserstein Perella & Co. after leaving the Clinton White House in 1998, Emanuel helped set up the merger that created Exelon.

Price was the determining factor, the mayor's office said.

Bidding documents, including pricing and how the contract would be structured, were not made public Friday.

In picking a price, Integrys must account for a large number of customers that will come and go. If electricity prices rise, Integrys risks losing money. Still, Integrys stands to become a dominant player in the retail electricity business and gain about $300 million in yearly revenue.

"Scale is important in this business," said Travis Miller, a utilities analyst with Chicago-based Morningstar. "The winner is immediately going to gain a huge scale advantage within the retail market."

ComEd still will be responsible for delivering electricity and fixing outages. ComEd makes its money delivering electricity, not supplying it. Customers' new bills will look like the old bills, except that the portion titled "electricity supply services" will have a new rate and include the new supplier's name.

Chicagoans can opt out and stick with ComEd or choose their own supplier like thousands of people already have.

Tribune reporter John Byrne contributed.

jwernau@tribune.com

Twitter @littlewern

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O'Hare affected by United's latest computer glitch

United Airlines experienced more computer problems Friday, causing systems to slow down.

"We have been experiencing short-term, intermittent Internet connectivity issues, causing some systems to run more slowly than normal," United spokesman Rahsaan Johnson said.

However, the airline is continuing to operate flights and "take care of customers," he said, adding that interruptions last for about five minutes.

The problem is only at some locations, including Chicago O'Hare International Airport, he said.

The glitch has not harmed the airline's on-time performance, which was running at 91.5 percent for United Airlines flights and about 85 percent for United Express flights, he said. Those rates are higher than normal for United, which has been running closer to 80 percent on time.

Computer problems have plagued the airline this year, starting in March when it switched to a new reservations system. During the summer its operations were especially poor, with rampant flight delays and cancellations.

gkarp@tribune.com

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Crowdfunding websites clamor for clearer regulation

LONDON (Reuters) – A new breed of internet-based financiers are calling for action to end regulatory uncertainty they say is preventing them from getting money to the small and medium-sized businesses that need it.

The so-called crowdfunding sector raises cash from members of the public to fund lending and investment. Regulators, however, have proved resistant to pleas for adjustments to rules that are tailored to more traditional markets.

“Operators of these platforms find it difficult to launch and flourish because existing EU and UK regulation does not fit the new models,” operators within the sector said in an open letter to EU and UK policymakers on Friday.

The plea coincides with a summit to discuss proposals for regulating a market that has developed in reaction to reduced bank lending to small and medium-sized enterprises because of tougher capital rules and greater regulatory scrutiny.

A host of alternative financing models have cropped up online, many allowing individuals to lend to, or invest in, companies with sums from as little as 10 pounds ($ 16). Massolution, a research and advisory firm specializing in the sector, says that 1.2 billion euros ($ 1.6 billion) was raised globally from crowdfunding last year.

Though some crowdfunding websites have tried to fit their operations within the existing regulatory framework, most remain largely outside it.

Part of the problem in drawing up appropriate regulation is the wide range of activities involved. Some offer debt, some equity, while others seek donations for charity or funding for creative projects in return for some non-financial reward.

With little or no expected returns from the latter, the main regulatory focus would be on equity crowdfunding and peer-to-peer lending.

As well as making sure that individuals are aware of the inherent risk involved with putting money in start-ups, the industry wants to avoid the risk of scams by ensuring that platforms vet businesses adequately.

LOST IN THE CROWD

Britain’s Financial Services Authority (FSA) warned in August that inexperienced investors should be aware of the risks in crowdfunding websites. A few days later United States securities regulators put crowdfunding at the top of their annual investment scams list.

Views differ about how to tackle these risks without stifling an increasingly important source of funding, and the matter is complicated by the varying rules already in place in different countries across Europe.

Measures taken by Seedrs, the only crowdfunding website to have received FSA approval, include requiring investors to pass a test to show that they understand the risks.

“It is hard to come up with a whole securities regulation; sometimes it does have to be a bit incremental and adaptive,” Seedrs founder Jeff Lynn said. “There is no question at all this is going to be a space that will continue to move.”

Some would like the operation of such platforms to be a distinct regulated activity, but others argue for smaller steps, such as a cap on the sums that people can invest or lend.

The British government, keen to improve the flow of finance to small businesses to boost the sluggish economy, has set up a working group to look at all aspects of policy on such sites.

The FSA said that it considers authorization of crowdfunding schemes case by case. The European Commission, meanwhile, is considered as so far having had a largely observational role.

Though the introduction of a separate regulated activity could still be some way off, the co-founder of peer-to-peer site Zopa, Simon Deane-Johns, believes that increased engagement with governments and regulators shows that things are moving in the right direction.

“Over the next year or two it should become progressively easier to set up a platform,” he said, “possibly through a combination of the FSA understanding more readily where things fit within the current regime and balancing that with some self-regulation.”

(Editing by Alexander Smith and David Goodman)

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Jackson’s Hobbit: the journey begins

WELLINGTON (Reuters) – Film maker Peter Jackson wants to scare children with his latest movie – and perhaps even a few grown ups.

The first of the Hobbit movie trilogy – “The Hobbit: An Unexpected Journey” – is about to hit theatres, and Jackson says he’s tried to hold true to its roots as a children’s fantasy story, with scary bits.

“If they’re scared of the trolls great, if they’re scared of the goblins great, they know there are no goblins, they know there are no trolls, it’s a safe kind of danger,” he says.

The film, produced by MGM and Time Warner Inc, is the fourth in the Oscar-winning Jackson’s blockbuster “Lord of the Rings” film franchise, based on the books of author J.R.R. Tolkien.

It follows the journey of hobbit Bilbo Baggins, reluctantly pushed into travelling with 13 dwarves to steal treasure from a dragon and regain their homeland. During his travels, he comes by the ring that he later passes onto kinsman Frodo Baggins, which was at the core of the “Rings” trilogy.

Jackson says he’s worked to keep distance between the Hobbit, published in 1937, and the much darker Lord of the Rings, which came out nearly 20 years later.

“The Lord of the Rings has an apocalyptic sort of heavy themic end-of-the world quality to it, which the Hobbit doesn’t, which is one of the delights of it,” he said.

POMPOUS AND SMALL MINDED

The pointy eared, hairy footed hobbit Bilbo is played by British actor Martin Freeman, who says he’s tried to make Bilbo his own creation, a character audiences can root for despite his initial pomposity and small mindedness.

“You have to be able to follow him for the duration of the film, but I wanted him to be open and changeable and ready to be surprised,” Freeman said.

A key scene is an encounter in a cave between Bilbo and the creature Gollum, reprised in full computer generated splendor by Andy Serkis with the distinctive throaty whisper.

“It was a very rich experience,” he said, adding that playing Gollum again was “an absolute thrill”.

Such is the affection for the creature, who calls the magic ring “Precious”, that a 13 meter (42 feet) sculpture of Gollum hangs in the airport terminal at Wellington, which regards itself as the spiritual home of the Tolkien films and terms itself the “Middle of Middle Earth”.

Returning actors from the Rings trilogy, many of whom have only passing mention in the book, were no less enthusiastic. Ian McKellen returns for a leading role as the wispy-haired, grey bearded wizard, Gandalf, while Cate Blanchett is the elven queen Galadriel and Elijah Wood appears as Frodo Baggins.

“You couldn’t not come back, you had to come back,” says Hugo Weaving, the leader of the elves, Elrond.

HOBBIT – A FRAUGHT JOURNEY

The Hobbit film journey has not been without its setbacks.

Metro-Goldwyn-Mayer, owners of the film rights to the Tolkien books, had financial woes, prompting original director Guillermo del Toro to pull out and Jackson, already script writer and executive producer, to step in.

A major labor dispute prompted threats to move production out of New Zealand, and was solved by changing labor laws, while Jackson suffered a perforated ulcer and underwent surgery, delaying the film still further.

Though only two films were planned originally, Jackson has tapped Tolkien’s appendices to the Rings to make it into three.

Audiences are also getting more visual bangs for their buck, with the movies filmed in 3D and at 48 frames per second (fps), double the industry standard.

This delivers clearer pictures, but opinion is divided, with some critics calling it cartoon-like and jarring.

Jackson says he wants to drag the iPad generation back into theatres and the romance, excitement and mystery they offer.

“It’s more realistic, it’s more immersive. I almost feel a responsibility as a film maker to try to do my part at encouraging people to come to the movies, to watch the film in a cinema,” he said.

The second film “The Hobbit: The Desolation of Smaug” will be released in December next year, with the third “The Hobbit: There and Back Again” is due in mid-July 2014.

(Reporting by Gyles Beckford, editing by Elaine Lies)

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O'Hare affected by United's latest computer glitch

United Airlines experienced more computer problems Friday, causing systems to slow down.

"We have been experiencing short-term, intermittent Internet connectivity issues, causing some systems to run more slowly than normal," spokesman United Rahsaan Johnson said.

However, the airline is continuing to operate flights and "take care of customers," he said, adding that interruptions last for about five minutes.

The problem is only at some locations, including Chicago O'Hare International Airport, he said.

The glitch has not harmed the airline's on-time performance, which was running at 91.5 percent for United Airlines flights and about 85 percent for United Express flights, he said. Those rates are higher than normal for United, which has been running closer to 80 percent on time.

Computer problems have plagued the airline this year, starting in March when it switched to a new reservations system. During the summer its operations were especially poor, with rampant flight delays and cancellations.

gkarp@tribune.com

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Driver killed after colliding with school bus near Kankakee

Scene of school bus crash near Kankakee. (WGN-TV / December 6, 2012)

By Deanese Williams-Harris




Tribune reporter

12:18 p.m. CST, December 6, 2012

The driver of a car was killed after crashing into the back of a school bus carrying high school students near Kankakee this morning, state police said.

Several of the children were taken to hospital but their injuries were minor, police said.

The accident happened about 7:15 a.m. on Illinois Route 113 west of Warner Bridge Road in the town of Limestone, state police said.

According to preliminary reports, a 2002 Chevrolet struck the rear of the bus from Herscher High School. The bus had its lights flashing and students were boarding at the time, police said.

The driver of the Chevrolet was pronounced dead at the scene and identified as Aaron Ballenger, 29, of Braceville, police said.

Officials at Herscher High School were notifying parents about the students involved in the accident.

dawilliams@tribune.com

Twitter: @neacynewslady

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Windows 8: A ‘Christmas gift for someone you hate’

Microsoft (MSFT) is no stranger to criticism these days, and the company’s new Windows 8 platform is once again the target of a scathing review from a high-profile user. Well-known Internet entrepreneur and MIT professor Philip Greenspun handed Windows 8 one of its most damning reviews yet earlier this week, calling the new operating system a “Christmas gift for someone you hate.” Greenspun panned almost every aspect of Microsoft’s new software, noting that Microsoft had four years to study Android and more than five to examine iOS, but still couldn’t build a usable tablet experience.

“The only device that I can remember being as confused by is the BlackBerry PlayBook,” Greenspun wrote on his blog after using Windows 8 on a Dell (DELL) XPS One All-in-One desktop PC. The acclaimed computer scientist noted that Microsoft omitted all of the best features from the most popular touch-focused platforms and instead created a user interface he describes as a “dog’s breakfast.”

“Suppose that you are an expert user of Windows NT/XP/Vista/7, an expert user of an iPad, and an expert user of an Android phone… you will have no idea how to use Windows 8,” Greenspun wrote.

He continued, “Some functions, such as ‘start an application’ or ‘restart the computer’ are available only from the tablet interface. Conversely, when one is comfortably ensconced in a touch/tablet application, an additional click will fire up a Web browser, thereby causing the tablet to disappear in favor of the desktop. Many of the ‘apps’ that show up on the ‘all apps’ menu at the bottom of the screen (accessible only if you swipe down from the top of the screen) dump you right into the desktop on the first click.”

The only praise Greenspun offered was that “some of the supplied apps are wonderful,” pointing to Microsoft’s Bing Finance application as an example.

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Latest James Bond movie breaks UK box office record

LONDON (Reuters) – “Skyfall“, the 23rd official James Bond movie, has become the most successful film in British box office history, earning 94.3 million pounds ($ 152 million), its producers said on Wednesday.

The tally, earned over 40 days, surpasses the previous record of 94.0 million pounds set by 2009 3D adventure film “Avatar” over its 11 month run in UK cinemas, although the figures do not take inflation into account.

Skyfall, which has been well received by critics, stars Daniel Craig in his third outing as 007, and is directed by Sam Mendes.

In it Bond and British spymaster M, played by Judi Dench, are pitted against technological wizard Silva (Javier Bardem) who is bent on revenge.

“We are very proud of this film and thank everybody, especially Daniel Craig and Sam Mendes, who have contributed to its success,” said co-producers Michael G. Wilson and Barbara Broccoli in a statement.

Globally, Skyfall has some way to go to match Avatar. It has earned $ 870 million in ticket sales around the world, according to movie tracking site Boxofficemojo.com, compared with Avatar’s record $ 2.8 billion.

According to the same website, Avatar’s adjusted box office total comes in at 14th in cinema history, with the 1939 classic “Gone With the Wind” in pole position.

(Reporting by Mike Collett-White, editing by Paul Casciato)

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Local sales of homes in foreclosure jump 65% in 3Q

Sales of Chicago-area homes in the foreclosure process but not yet repossessed by banks soared during the third quarter, RealtyTrac reported Thursday.

The online foreclosure marketplace said 3,531 pre-foreclosure homes in the greater Chicago area sold in the three months that ended in September, up 34 percent from the second quarter and 65 percent year-over-year. Separately, third-quarter sales of repossessed, bank-owned properties rose to 5,731 properties, up 37 percent from June and 45 percent from 2011's third quarter.

Increased sales of distressed homes are a good sign for the market's long-term health because overall prices will rise as discounted properties are removed from the market. Also, the increase in pre-foreclosure short sales has enabled homeowners to benefit from the Mortgage Forgiveness Debt Relief Act, which does not treat the forgiven part of the unpaid debt as taxable income. The legislation is set to expire at year's end.

Natiionally, the 98,125 pre-foreclosure short sales completed during the third quarter just outnumbered the sale of 94,934 bank-owned properties.

"The shift toward earlier disposition of distressed properties continued in the third quarter as both lenders and at-risk homeowners are realizing that short sales are often a better alternative than foreclosure," said Daren Blomquist, a RealtyTrac vice president.

However, he added, "The prospect of being taxed on potentially tens or hundreds of thousands of dollars in additional income may motivate more distressed homeowners to forgo a short sale and allow the home to be foreclosed."

On average, Chicago-area homes sold through short sales, a transaction where the homeowner sells the property for less than the amount owed on the mortgage, with the bank's permission, sold for an average discount of 41 percent from non-distressed sales. Bank-owned homes sold at an average discount of 54 percent.

RealtyTrac said sales of distressed properties accounted for 28 percent of Chicago-area home sales during the third quarter. The company's definition of the Chicago area extends from southern Wisconsin to Northwest Indiana.

mepodmolik@tribune.com | Twitter @mepodmolik

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Jazz legend Dave Brubeck dead

Dave Brubeck, a jazz musician who attained pop-star acclaim with recordings such as "Take Five" and "Blue Rondo a la Turk," died Wednesday morning at Norwalk Hospital, in Norwalk, Conn., said his longtime manager-producer-conductor Russell Gloyd.

Brubeck was one day short of his 92nd birthday. He died of heart failure, en route to "a regular treatment with his cardiologist,” said Gloyd.

Throughout his career, Brubeck defied conventions long imposed on jazz musicians. The tricky meters he played in “Take Five” and other works transcended standard conceptions of swing rhythm.

The extended choral/symphonic works he penned and performed around the world took him well outside the accepted boundaries of jazz. And the concerts he brought to colleges across the country in the 1950s shattered the then-long-held notion that jazz had no place in academia.

As a pianist, he applied the classical influences of his teacher, the French master Darius Milhaud, to jazz, playing with an elegance of tone and phrase that supposedly were the antithesis of the American sound.

As a humanist, he was at the forefront of integration, playing black jazz clubs throughout the deep South in the ’50s, a point of pride for him.

"For as long as I’ve been playing jazz, people have been trying to pigeonhole me,” he once told the Tribune.

"Frankly, labels bore me."

He is survived by his wife, Iola; four sons and a daughter; grandsons and a great granddaughter.

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