Why does the natural gas market still look like the Wild-Boskeller Wild?
In his first year as Minnesota Wild president, Craig Berube announced a $10 billion investment in natural gas, which he said would help the team generate more revenue and build a sustainable future.
But the plan did not come to fruition.
The team’s future is now in the hands of Minnesota’s Governor Mark Dayton, who said the Wild will be able to generate enough income to keep the team in the state’s cap-and-trade system.
The Wild and its owners say the plan would have created a massive headache for the team.
Berube is not convinced that would be the case.
“I think the market will be different,” Berube said.
“The natural gas industry is not going to go away, but I think we’ll see a more diverse energy portfolio in the marketplace.”
In January, Minnesota became the fourth state to pass cap- and trade, the policy that lets states allow the production of a certain amount of a specific commodity for a certain time.
According to a report by the nonprofit Taxpayers Protection Alliance, Minnesota is one of just five states where the revenue from cap-exemption is less than $500 million a year, a statistic that is expected to rise as the state expands its cap-takers.
In addition to the financial challenges the Wild faces, the team is in the midst of a legal battle over its new owner.
The Wild announced last week that it had hired law firm Perkins Coie to fight a lawsuit by former player Kevin Kiermaier, who claims the team failed to pay him the $10 million payment that was promised.
Kiermaier has filed a lawsuit against the Wild, claiming that the team’s ownership structure and ownership structure policies are illegal.
After the Wild announced the new ownership structure last week, Kiermaiers attorney, Jonathan Cottrell, said in a statement that “this action is designed to punish the Minnesota Wild for their failure to honor their contract to Kevin.”
The legal battle between Kiermaies legal team and the Wild has led to speculation about whether the Wild’s decision to re-sign Kiermaers has anything to do with Kiermairs involvement in the lawsuit.
However, according to Cottrel, Kiermas attorneys did not make the legal argument to the court that they would win the case, and he was not told by the Wild that Kiermaiars involvement in this legal battle would be a factor in the team making the decision to sign him.
As the legal battle has dragged on, the Wild is also in the process of revamping its training facilities, which the team had previously been able to afford.
Despite the legal battles, the new owners of the Wild and Kierma’s team plan to announce a new stadium, but the plan has not yet been approved by the city of Minneapolis.
With the Wild in the spotlight, Minnesota will be a prime candidate for the next energy-starved market, with prices for natural gas and renewable energy expected to soar over the next decade, according the American Petroleum Institute.
At a time when the United States is seeing its largest surge in natural-gas consumption in more than 50 years, the Minnesota-based organization predicts a massive spike in natural resource extraction over the coming decade.
“The natural-resource boom is here and it’s going to last for a long time,” said Bill Lueders, executive director of the Minnesota chapter of the American Coalition for Clean Coal Electricity.
“This boom is going to have a tremendous impact on our energy mix and the economy of this state.”