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BG Reads 8.22.2024

BG Reads 8.22.2024

🗞️ Bingham Group Reads - August 22, 2024

August 22, 2024

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Bingham Group Reads

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www.binghamgp.com

August 22, 2024

Today's BG Reads include:

🟣 For 7,000 Austin Energy customers in East Austin, power restored after about four hours (Austin American-Statesman)

🟣 Developers join city in considering climate resiliency as Austin grows (Austin Monitor)

🟣 Austin-Round Rock metro leads Texas in housing construction, 3rd highest apartment construction nationally (KXAN)

Read On!

[BINGHAM GROUP]

🟣 BG Podcast Ep. 265: Austin Politics Weekly Recap And What's Ahead

🟣 Updated City of Austin Org Chart (as of 7.2.2024)

LINK TO THIS WEEK’s CITY OF AUSTIN HEARINGS + AGENDA

[CITY OF AUSTIN]

🟣 Council Message Board - Council Work Session 8/27/24

🟣 Review the Ballot Applications for the November 2024 Election

[AUSTIN METRO NEWS]

For 7,000 Austin Energy customers in East Austin, power restored after about four hours (Austin American-Statesman)

The power outage that affected more than 7,000 East Austin customers on one of the hottest days of the year was resolved at around 9 p.m. Wednesday, according to Austin Energy spokesperson Matt Mitchell.

The outage began shortly before 5 p.m., when temperatures in the neighborhood reached 107 degrees. The areas primarily affected were east of Interstate 35 and as far west as Airport Boulevard, stretching as far south as South Lakeshore Boulevard and as far north as East 11th Street.

In a post on X, Austin Mayor Kirk Watson said Austin Energy officials had "confirmed" that the outage was caused by "high energy usage causing substation equipment to trip offline."… (LINK TO FULL STORY)

Developers join city in considering climate resiliency as Austin grows (Austin Monitor)

While the city considers its options for dealing with extreme weather and increasing resiliency across the area, the same questions about the role of climate change in large-scale building projects are top of mind for developers and financial leaders active in Central Texas.

In addition to policies affecting building standards and public financing for needed infrastructure, panelists at a recent Urban Land Institute Austin discussion talked about the role of the state in addressing resilience. Doug Gilliland, managing director of Taurus Investment Holdings, said the fragility of the state power grid in recent years has caused his and other peer companies to become far more involved with utility providers in areas where they are building.

“Texas is supposed to be the leader in energy, and we discovered how fragile the energy grid is in Texas and beyond, so part of our risk assessment is looking at what can we do in working with utility companies to deal with this stress that’s in the energy grid?” said Gilliland, whose company is behind the Whisper Valley geothermal community east of Austin. “Then we also assess public policy. … It feels like a political issue, but I’m seeing cities begin to rethink how they deal with this through land use policies, so we’re working closely with cities about developing policy to deal with climate change.”… (LINK TO FULL STORY)

Austin-Round Rock metro leads Texas in housing construction, 3rd highest apartment construction nationally (KXAN)

The Austin-Round Rock-San Marcos metropolitan statistical area (metro) has the third highest multifamily construction and highest single-family construction in the U.S., according to reports from RentCafe and Construction Coverage. However, the Austin Board of Realtors (ABoR) reported in 2023 that the metro is still short by tens of thousands of homes.

Industry researchers at Construction Coverage said that the metro authorized the most housing units per 1,000 existing homes than any other in 2022 by a significant lead. The already larger Dallas and Houston metros both led Austin in total number of new units authorized… (LINK TO FULL STORY)

[TEXAS NEWS]

As dangerous heat grips Texas, solar power and batteries keep the power grid humming along (KUT)

With temperatures climbing over 100 in much of the state, the Texas electric grid set an all-time record for energy demand Tuesday. It may very well do it again on Wednesday.

Despite the heat wave, the Electric Reliability Council of Texas has yet to ask people to conserve electricity. That’s a big change from 2023, when extreme weather and fear of low power reserves prompted ERCOT to issue 11 requests for conservation through the year.

rid operators and energy experts are pointing to the rapid growth of solar power and grid-scale batteries as key reasons why residents haven't been asked to conserve this month.

“We’ve seen significant additions of energy storage resources, solar resources and wind resources, with a few additions also on the gas side,” Pablo Vegas, CEO of the Electric Reliability Council of Texas said at an ERCOT board meeting Tuesday. “All of that has helped to contribute to less scarcity conditions.”… (LINK TO FULL STORY)

Southwest CEO calls proxy fight 'battle for the heart of our company' (Dallas Business Journal)

As Southwest Airlines Co. prepares for a proxy showdown with an activist investor, the Dallas-based company's top leader has told employees it will be a "battle for the heart of our company."

Elliott Investment Management LP, a New York-based hedge fund, last week announced it would nominate new directors to replace two-thirds of the Southwest board. Elliott has been pushing for changes since disclosing a large stake in the airline earlier this summer, calling attention to Southwest's (NYSE: LUV) sagging share price and complaining about a "decades-old approach."

Now, Southwest CEO Bob Jordan has fired back and is making the rounds to build support.

"Don't be fooled — this is a battle for the heart of our company and our future — your future," Jordan wrote in a staff memo, Reuters reported Aug. 19. Jordan also reportedly told employees he's met with investors. Additionally, sources told Reuters he's visited with union leaders… (LINK TO FULL STORY)

San Antonio ends direct support for three nonprofits that support small businesses in 2025 budget (San Antonio Report)

The City of San Antonio is poised to end its direct support of three nonprofits that provide support services to small businesses on the East, South and West sides of town.

Pitched in the city’s 704-page proposed fiscal year 2025 budget document as a cost savings of $517,000, the change would mean the end of municipal operational support for Prosper West, SAGE and Southside First Economic Development Council.

All three nonprofits have faced leadership changes and other challenges in recent years; struggles that their leaders say have hampered their ability to help small businesses in historically underserved parts of town. Like the businesses they aim to serve, the nonprofits have struggled through the pandemic, inflation and construction woes… (LINK TO FULL STORY)

[US and World News]

Kennedy campaign’s future in question as Trump allies lobby for endorsement (Associated Press)

Close allies to Donald Trump are quietly urging independent presidential candidate Robert F. Kennedy Jr. to endorse the Republican nominee if he withdraws from the campaign for the White House as soon as this week.

Trump’s son, Donald Trump Jr., along with former Fox News host Tucker Carlson and GOP donor Omeed Malik are among those who have been working behind the scenes to lobby Kennedy to drop out of the race and back Trump, according to a person familiar with the efforts. The person requested anonymity to discuss private conversations.

Kennedy will speak Friday “about the present historical moment and his path forward,” his campaign announced Wednesday, fueling growing speculation that he could drop out and support Trump. Kennedy’s running mate openly discussed the possibility on a podcast this week, saying the campaign was considering a move to “join forces” with Trump to limit the election chance of Kamala Harris, whose Democratic convention winds up Thursday night in Chicago… (LINK TO FULL STORY)