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Category Archives: Offshore

UK Offshore Wind Construction Had Bumper Year In 2016, Barbour ABI – CleanTechnica

Posted: February 15, 2017 at 9:37 pm

Published on February 15th, 2017 | by Joshua S Hill

February 15th, 2017 by Joshua S Hill

Construction in the UKs offshore wind sector reached an impressive high in 2016, with total construction value set at 4.1 billion, increasing from 2.45 billion in 2015, and accounting for 21% of all UK construction contract value in the year.

New analysis from Barbour ABI, a leading provider of construction intelligence services, highlighted the bumper year the UK offshore wind sector experienced, from the point of view of the construction sector. Offshore wind farms accounted for 42% of all UK construction contract value in the utilities and power sector, and 21% of the countrys entire infrastructure sector.

Further, Barbour ABI predicts that this trend is only set to continue through 2017, with a healthy pipeline of future offshore wind projects set to make 2017 another strong year, and up to23.2 billion worth of construction contract value already in planning.

Back in 2013 offshore windfarms accounted for only 7.5% of the annual construction value for the utilities and power sector, which increased to 42% in 2016, on the back of significant investment in this type of project, explained Michael Dall, lead economist at Barbour ABI. With reports showing that the cost of producing electricity in this way have fallen significantly, the increase in construction value makes sense.

Barbour ABI points to the Beatrice, Galloper, and East Anglia One offshore wind farm projects as all contributing heavily to the impressive increase in construction value in 2016.

We have also seen a large uptake in the planning pipeline for future offshore windfarms with 23.2 billion worth of construction planned over the coming years, suggesting this burgeoning sector will continue to expand in 2017 and beyond, Dall added.

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Tags: Barbour ABI, construction, UK offshore wind, UK Wind

Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

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Offshore racing for superyachts – Superyacht News – The Superyacht Report

Posted: at 9:37 pm

The Antigua Yacht Club is a hive of activity this week in the lead up to the Royal Ocean Racing Club (RORC) Caribbean 600 the 600-mile offshore race around 11 Caribbean islands, which kicks off from Antigua on Monday. Even though the event attracts some of fastest racing yachts, recent years have seen an impressive superyacht turnout, with Adela and Eleonora E joining the fleet this year.

In part this relates to the fact that the Caribbean 600s is one of the only offshore races in which superyachts are able to participate. We also have a fantastic location where they all want to be anyway, so the opportunity for the larger yachts is perfect, adds Nick Elliott, RORCs racing manager.

While other areas of the sector are in decline, offshore racing is one of the few areas of the sailing that is seeing growth. This will be the ninth edition of the Caribbean 600s, which had only 24 entrants in at its advent. Every year it has grown in participation, says Elliott. We have also just seen the Rolex Fastnet Race sell out in four and a half minutes, which is allowing superyachts in for the first time and will see Nikata come and race. We are very fortunate that our side of the sport is in growth.

Elliott believes the main attraction of offshore racing comes down to the sense of challenge and adventure, and this presents a perfect opportunity for the superyacht industry. You are essentially putting yourself against the elements but within the luxurious environment that a superyacht offers, he explains. Over the years we have seen a trend of existing superyacht owners come and try out the race on different boats through charter and generally they get hooked.

As an example of this, this year the owners of Baltic 112 Path have chartered Leopard 3 for the race. The reason being that the owners didnt feel that Path would be competitive enough but they didnt want to miss a good offshore race. According to Elliott, this idea happens a lot. Its an interesting way of getting people into racing that is not so common at the superyacht-focused regattas.

With the likes of Leopard 3, Bella Mente and Rambler 88 out on the course, another factor in the offshore racing circuit that doesnt happen at the superyacht regattas is that the boats are competing against top offshore sailors on top offshore boats. Elliott recalls that last year Adix entered solely because the owners nephew was racing on a Class 40. They werent even that different in speed, he laughs.

So is there opportunity for the future growth of superyacht participation? Surely it takes a certain type of ownerto have the desire to participate in offshore racing. If you find an owner that comes from an offshore sailing background then of course it is going toappeal more to them, he responds. But I think that most owners would enjoy it, and its more about encouraging the captains that it will be fun and its not going to break the boat or carry untold expenses.

For the Caribbean 600s, Elliott explains that the conditions are particularly challenging for the larger yachts. There are so many corners with so many islands to navigate with close proximity to reefs and shallow water, considering the sail plans on boats like Adela and Eleanora E, they have to work really hard to keep the boats safe and going quickly around the course, he says, adding that this doesnt mean a lesser chance of victory. If you look at Adelas track record over the years, they can be incredibly competitive.

Image of Adela: RORC/Tim Wright

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JDR wins major umbilical contract for India’s western offshore project – WorldOil (subscription)

Posted: at 9:37 pm

2/15/2017

HARTLEPOOL, UK -- JDR, a supplier of subsea umbilicals and power cables to the global offshore energy industry, has been awarded a major steel tube umbilical contract by Cameron Ltd, on behalf of operator ONGC, for the 11 wells of western offshore project.

The development involves subsea completion of 11 oil and gas wells located at ONGCs western offshore fields in India, under Mumbai High, Bassein & Satellite and Neelam & Heera assets. These wells are either situated at an infield location or an extension of existing fields including marginal pools, which will be connected to the nearest host facility, in water depths up to 100 m.

Carl Pilmer, JDR sales director oil and gas, said, We are extremely proud to be awarded this complex umbilical work scope, which highlights our world-leading expertise in the supply of specialist umbilicals and cables to the offshore energy industry. Our proposal included a combination of steel tube and hybrid umbilicals, providing the optimal solution to connect these subsea assets offshore India.

JDRs scope of supply includes project management, engineering and manufacture of 11 umbilicals, with a combined length of over 53 km. JDR will also supply subsea terminations and accessories.

The umbilicals will be manufactured using JDRs industry-leading helical assembly machine located at its state-of-art-facility in Hartlepool, UK. The umbilicals are due for delivery in fourth-quarter 2017.

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OPEC Report: Pressure On Offshore Drilling Remains – Seeking Alpha

Posted: at 12:33 am

I was reading the latest OPEC report with great interest, in part because oil (NYSEARCA:USO) is a major determinant for many asset classes, and in part because oil price is a key factor for the industry of my special interest, offshore drilling. The news of an OPEC/non-OPEC deal has surely provided significant support for the oil market, but now oil will have to trade on facts rather than assumptions. The first fact check is neutral to slightly bearish, in my view.

OPEC producers generally followed their quota. They knew they should do it after they created so much fuss about the deal - otherwise, oil would be way below $50 per barrel. However, since it's winter in the Middle East, the real test of the OPEC members' dedication to the deal has not started.

OPEC's own view on the demand/supply balance in 2017 is probably more problematic than the challenge of switching air conditioning on in spring in the Middle East states. The cartel estimates that oil demand in 2016 was 94.62 mb/d and that it will rise to 95.81 mb/d in 2017. Whether demand will indeed be this strong is not as important because supply is a crucial factor. OPEC estimates that world oil supply in January fell by 1.29 mb/d to 95.82 mb/d. However, OPEC's estimate of demand is lower than that of IEA.

IEA believes that the current supply/demand situation implies a 0.6 mb/d draw from OECD inventories. As per latest OPEC report, OECD inventories were 299 mb/d above the five-year average. Thus, it would take 498 days to bring them back to normal.

In my view, this is the reason why Brent oil (NYSEARCA:BNO) consistently fails to go past $57.50 per barrel. Even if the current supply/demand balance causes decline in inventories, the pace is too slow. The inventory overhang will continue to plague the market for months if the current situation persists. The key question here is whether the increase in demand will outpace the increase in supply from the countries that are not part of the deal.

Should the balance remain in place, OPEC countries will lose their market share and have more incentive to cheat or abandon the deal. Another reason for concern is that speculative long positions are at very high levels:

This is a recipe for major downside if the fundamental data does not support the long thesis. I would like to highlight that this level of speculative activity was reached without additional upside in oil. Thus, the cumulative speculative buyer was met by a fundamental seller - most likely represented by mass hedging of oil producers.

In my view, significant uncertainty remains in the market. The longer Brent oil spends below $57.50, the bigger chances for a domino effect once it breaks below $53. Given the chance to hedge, the situation looks normal for oil producers, but much less so for services companies, especially offshore drillers, which will continue to experience low levels of contracting activity. Current data is not good enough for a major bull thesis. Thus, oil companies remain in a defensive mode, preferring short-cycle opportunities.

This year, we will see a divergence between the "survival group" - Rowan (NYSE:RDC), Diamond Offshore Drilling (NYSE:DO), Transocean (NYSE:RIG), Ensco (NYSE:ESV), and Noble Corp. (NYSE:NE) - and the restructuring group - Seadrill (NYSE:SDRL), Ocean Rig (NASDAQ:ORIG), Pacific Drilling (NYSE:PACD), and North Atlantic Drilling (NYSE:NADL). Seadrill Partners (NYSE:SDLP), which should get confirmation that it is not part of Seadrill restructuring, and Atwood Oceanics (NYSE:ATW), whose debt is not big but whose backlog is a major problem, lie somewhere in between the two groups.

The year 2017 will be very difficult fundamentally even for the "survival group." From oil majors' plans to the cartel's report - everything points to continued pressure on the offshore drilling market due to low oil prices and general uncertainty on the future price levels.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I may trade any of the abovementioned stocks.

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Still no relief for the offshore sector – WorkBoat (blog)

Posted: at 12:33 am

Confidence is growing that the global oil industry has entered the recovery mode in all sectors well all except for offshore.

CEOs of the leading offshore service companies suggest that the weak offshore market willlikely hang around for another two to three years. If that happens, how much damage will be done to the offshore service business now and in its future?

Recent fourth-quarter earnings calls gaveoffshore service company CEOs the chance to offertheir views on the near-term business outlook. There is little reward for being overly optimistic about the pace of an industry recovery since there is nothing worse for a CEO than having to explain why his optimism has proven to be wrong. Almost uniformly, the CEOs offered no hope for much improvement this year.

The question for offshore workers and investors is whether they will see the first green shoots of an offshore industry recovery spring up before the end of 2017. If so, then 2018 would mark a transition year, and 2019 would be the first year of potentially normal conditions.

But even that scenario may be optimistic. Marc Edwards, president and CEO of Houston-basedDiamond Offshore, told investors earlier this month that despite some stabilization in the price of oil, we have yet to see a floor in the declining demand of deepwater assets. He addedthat the industry is now entering an unprecedented third consecutive year of declining investment in offshore spend.

That latter point is critical, as the world will need additional oil production in the future, a significant portion of which was targeted to come from offshore and be driven by the activities of the major oil companies.

In a Feb. 6 call, Rob Saltiel, president and CEO of Atwood Oceanics, Houston, discussed the oversupply in the offshore drilling sector and his puzzlement at the slow pace of rig attrition, a condition needed to bring supply and demand back into balance. Saltiel showed more optimism, telling investors that we may soon see an uptick in the number of offshore rigs that are confirmed as exiting the marketed supply.

Still, no one sees any quick turnaround for the business. As Jeff Platt, president and CEO at New Orleans-based offshore service vessel company Tidewater, told his investors on Feb. 8, We believe it will be quarters and not months before a meaningful recovery commences.

Maybe it is always blackest before the dawn.

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Director hits back at offshore worker blacklisting claims – BBC News

Posted: February 14, 2017 at 11:43 am


BBC News
Director hits back at offshore worker blacklisting claims
BBC News
The managing director of a scaffolding business who has lost workers to the oil and gas industry has hit back at claims former offshore workers are now being unfairly blacklisted. BBC Scotland revealed on Monday that an MSP had passed concerns about ...
Jobseeking offshore workers being discriminated against, claims MSPEnergy Voice

all 7 news articles »

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Oil Majors’ Plans – No Relief For Offshore Drillers – Seeking Alpha

Posted: at 11:43 am

In the previous earnings season, I did an evaluation of majors' capital spending plans to find out whether offshore drilling recovery was around the corner (Part 1, Part 2). This time, I am returning to the topic and will look at majors' spending plans once again. The oil companies in question are Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM), BP (NYSE:BP), Shell (NYSE:RDS.A), Statoil (NYSE:STO), Conoco Phillips (NYSE:COP), and Total (NYSE:TOT). Drillers available on major exchanges are Atwood Oceanics (NYSE:ATW), Diamond Offshore Drilling (NYSE:DO), Ensco (NYSE:ESV), Noble Corp. (NYSE:NE), North Atlantic Drilling (NYSE:NADL), Ocean Rig (NASDAQ:ORIG), Pacific Drilling (NYSE:PACD), Rowan (NYSE:RDC), Transocean (NYSE:RIG), Seadrill (NYSE:SDRL) and Seadrill Partners (NYSE:SDLP).

In my previous articles, I went through the majors' plans one by one. This time, I want to concentrate on big trends and key takeaways, in part because it will be easier to navigate for readers and in part because it is just boring to write in the same format once again. Below I provide links to earnings reports and subsequent earnings calls, so you can read them if you want to dig deeper into the topic.

Inflated stock prices favor short-term thinking. I would argue that some stocks have gone way ahead of themselves. The clearest example is Chevron:

There is no logical valuation reason why Chevron should be worth as much as it was in 2014, when oil prices were twice higher. However, there is a rational explanation to this phenomenon. Chevron stock price reflects the demand for yield. If the yield is good and market participants believe in its sustainability, the stock price increases.

Management surely understands the key driver behind the stock price. Not surprisingly, they want the upside to continue, which is favorable both for them and their shareholders. Thus, they prefer short-cycle projects over long-term projects because longer-term projects are an immediate hit on the bottom line, while the results will be seen later.

During the earnings call, Chevron said the following: "We're further reducing capital spending in 2017 and investing a larger percentage of capital in short-cycle high-return opportunities presented by our advantaged portfolio." The company added: "Our actions support our number one financial priority which is maintaining growing the dividend as the pattern of earnings and cash flow permit."

While the Chevron team was the most straightforward in discussing their vision, other management teams sounded similar. You can't blame them for this; they are doing what their shareholders are demanding, and they want the dividend, which is a primary reason for investing in oil majors.

The takeaway for the offshore drillers is that there is no change of short-term priorities for oil majors. Just like in the previous earnings season, the words "short cycle" and "dividend" are frequent guests in management's vocabulary.

Management teams sound more positive but still cautious despite the OPEC/non-OPEC deal. If you believe that OPEC/non-OPEC deal is a game changer, you'd expect that oil majors will be more focused on their growth plans. However, they appear to be more focused on their EPS or debt management, as highlighted by Exxon Mobil's intention to use excess cash balances to pay down debt or buyback shares.

In my view, nobody wants to get caught in a 2015-like scenario, when the rebound was followed by massive downside, which took oil below $30 at one point. The situation is certainly different now, but it appears as if oil companies want to play it safe and see confirmation that oil prices won't drop once again. So far, oil hit a wall around $57.50 for Brent (NYSEARCA:BNO) and was unable to gain more ground. The more oil spends below $57.50, the more chances for downside increase.

Maximizing project NPV takes back seat to the focus on low breakeven price. This is a huge shift in mentality, a one that is especially dangerous for offshore drilling. Almost everyone keeps talking about which projects they have that are breakeven at $40 per barrel or another low price. The last thing an oil major wants now is to commit to a perspective long-term project only to find out that the price dropped below the breakeven point.

I believe that it highlights the fact that there is not enough "belief" in OPEC in the system right now. Everyone wants to see if the cartel is able to provide long-term support and upside for prices. This is a rational business decision. Certainly, oil majors have no obligation or intent to bail out companies that provide services to them, like offshore drillers. However, one could have expected that there will be some movement toward fixing the present low dayrates for the long-term projects. But that hasn't happened so far.

The year 2017 will be as hard as 2016 for offshore drillers as oil companies' priorities have not changed. Without a dramatic upside in oil prices, any real recovery in contracting activity is postponed until 2018. Keep in mind that oil majors have to deal with dividends that are a legacy from $100+ oil times. Also, oil companies have no duty to think about the long-term balance between supply and demand.

Should demand overcome supply by a big margin sometime in the future, oil prices will skyrocket and oil companies will reap the benefits of higher prices and invest accordingly. I don't buy the typical argument that oil companies should be extremely worried about their reserve replacement and act now, employing offshore drilling (presumably UDW drilling). In my view, they have plenty of time and can increase exploration in a more favorable pricing environment.

I expect downside in offshore drilling shares if oil prices fail to continue their upside. The road to recovery is long, and if it does not start now with the help of higher oil prices, valuations will decrease accordingly.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I may trade any of the abovementioned stocks.

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Ontario signals extension on offshore wind project moratorium – BNN

Posted: at 11:43 am

Allison Jones, The Canadian Press

TORONTO -- Six years after Ontario abruptly imposed a moratorium on offshore wind projects, citing the need for more research, the government is signalling it will likely continue for several more years, even with all of its studies in hand.

The moratorium has so far put the Liberal government on the hook for at least $28 million, and it still faces a trial next year on another $500-million lawsuit over the February 2011 decision.

Both Windstream Energy and Trillium Power Wind had wind turbine projects planned for Lake Ontario in the eastern part of the province when the government brought down the moratorium -- in Trillium's case, just minutes before its financing was set to close.

Windstream took its complaint to a NAFTA tribunal, which partially ruled in the company's favour, awarding it $25 million in damages for unfair and inequitable treatment as well as $3 million in legal fees.

Ontario's decision was "at least in part" driven by a genuine concern about a lack of scientific research, but was also influenced by public opposition to offshore wind and how it could affect the Liberals in the upcoming 2011 election, the tribunal found.

"The government on the whole did relatively little to address the scientific uncertainty surrounding offshore wind that it had relied upon as the main publicly cited reason for the moratorium," the tribunal ruled. "Indeed, many of the research plans did not go forward at all, including some for lack of funding, and at the hearing counsel for the respondent confirmed that Ontario did not plan to conduct any further studies."

Five government-commissioned studies have been completed since 2011 on impacts on fish, other environmental impacts, sound and decommissioning requirements.

The studies largely found that while there were still many unknowns about offshore wind in freshwater environments, impacts were likely to be minimal. At least one concluded it was doable.

"If appropriate precautionary measures are taken to avoid or mitigate the impacts of potential harmful or disturbing activities, and implementation strategies are adapted to reflect an ever-growing knowledge base and accommodate the best available science-based options for mitigation, offshore wind power generation within the Great Lakes has the potential to be implemented with minimal impacts on the aquatic ecosystem and in an environmentally sustainable manner," concluded one aquatic research study.

The last two outstanding studies were made public in December, but now the government says it needs more research -- only, it hasn't commissioned any.

"Ontario will continue to follow the impact of North America's first offshore wind pilot project in Lake Erie -- a project authorized by the State of Ohio," the Ministry of the Environment said in a statement.

"Doing so will allow us to have a better grasp of any potential environmental and health challenges posed by freshwater offshore wind developments. The moratorium will not be lifted until research findings are understood and concerns surrounding offshore wind projects are addressed."

The Lake Erie project is slated to begin construction in the spring of 2018.

The Windstream contract in Ontario was signed at a time when the government was shutting down coal-fired electricity generation and looking for green sources of power. Now, the Liberal government is under fire for its green energy program, which is blamed in part for high electricity rates. It recently cancelled plans to sign contracts for up to 1,000 megawatts of power from solar, wind and other renewable energy sources.

But Windstream is still hoping their contract is honoured.

As for Trillium, its $500-million lawsuit for misfeasance in public office is set to go to trial one week after the June 7, 2018 election. Trillium doesn't buy the need for more research as an explanation for the moratorium, said its lawyer.

"These are all really, as far as we're concerned, simply excuses for not wanting to proceed with offshore wind," said Morris Cooper. "(This government) has no focus other than to win the next election."

The Liberal government is also under criminal investigation stemming from Trillium's claim. The company alleged in the lawsuit that government officials destroyed documents after the company sued over the government's cancellation of a Lake Ontario wind project and the provincial police are investigating.

None of Trillium's allegations has been proven in court.

In its statement of defence, the government says it was a coincidence that the moratorium and cancellations were issued just before Trillium's financing was set to close.

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Don’t Overlook This Cost-Effective Alternative To Offshore Services – Forbes

Posted: at 11:43 am


Forbes
Don't Overlook This Cost-Effective Alternative To Offshore Services
Forbes
On a worldwide basis, companies are pausing efforts or taking a step back from globalization. In Europe, this is most evident in recent months with Brexit in the UK. In the United States, it is most evident in the proposals underway in Congress and the ...

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Legislation could mean an economic boost in New Bedford offshore wind projects – SouthCoastToday.com

Posted: at 11:43 am

By Michael Bonner, mbonner@s-t.com

Clean energy advocates dropped A-list names at least in terms of American history Monday when discussing promoting a Massachusetts bill.

The 100 Percent Energy Act would make the state the first in the nation to commit entirely to renewable energy, the hope being others would follow the lead of the Bay State in producing a greener country.

Throughout our entire career as a community, Massachusetts has offered leadership to the world, whether it was John Winthrop ... talking about being light in the city on the hill or John Adams echoing him or John Kennedy echoing them," Sustainability Roundtable CEO Jim Boyle said in a conference call.

In January, State Reps. Sean Garballey, D-Arlington, and Marjorie Decker, D-Cambridge, along with State Senator Jamie Eldridge, D-Acton, introduced the bill, which now has 53 co-sponsors. It would require Massachusetts to source all of its electricity from renewable sources like solar and wind by 2035. Other sectors, like heating and transportation, would have to use renewable energy by 2050.

We know were not going to achieve 100 percent renewable energy overnight, Director of Environment Massachusetts Ben Hellerstein said. But we can make sure that every decision were making in the upcoming decade is going to make us that much closer.

New Bedford already took steps in that direction last week when Deepwater Wind opened its offices in the city. The ribbon-cutting ceremony of sorts included the mayor among others with the belief that the company will bring a plethora of opportunities to New Bedford in offshore wind energy.

Studies have shown that Massachusetts has the potential to generate 11 times the amount of electricity that fuel takes each year just from offshore wind alone, Hellerstein said. So theres huge potential, to supply not just Massachusetts but the entire New England region.

Last year, Environment Massachusetts released a report, which named New Bedford as one of the leading cities in the state marching toward 100 percent renewable energy.

Another study conducted at Stanford University predicted that 55 percent of the energy used in Massachusetts in 2050 could come from offshore wind.

It all leads to a predicted jolt in the local economy with innovative high-paying jobs.

Once the legislation is passed, we will pretty quickly begin to see real tangible benefits come to our communities, Hellerstein said.

The bill would also establish a council to identify opportunities for the workforce that would try to help erase the challenges that stand in the way of cities that were built on the dependence of fossil fuels.

Massachusetts has an almost unique opportunity to lead this technological revolution globally, Boyle said.

No timetable was provided as to when the bill could be passed. There was no concrete information regarding the total cost either.

In the short term the bill would focus on new construction. However, the panel acknowledged that most of the buildings and homes that will exist in 2050 are already built.

We absolutely will need to create programs and incentives to help folks in those homes make the transition, Hellerstein said.

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