Latest news with #TCV
Herald Sun
a day ago
- Business
- Herald Sun
VNI West powerline deal: TCV offers farmers $460,000 a km
A slowdown in the rollout of Victoria's 500kV VNI West transmission line, has prompted its proponent to offer landholders an extra $460,000 to sign easement deals. Transmission Company Victotria has already offered up to $50,000 in sign-on bonuses, which comes on top of an annual state government contribution of $8000 per kilometre of the line built across landholders properties for the next 25 years. TCV confirmed this week it had not signed any easement agreements with the 220 landholders along the proposed VNI West route. Most landholders have refused to budge, prompting the government to draft legislation imposing penalties of up $12,210 for anyone landholder who tries to block transmission The Weekly Times understands TCV is desperate to avoid seeing footage of farmers being arrested on the evening news and has come up with a plan to boost landholder payments. Sutherland farmer Barry Batters, who has about 4kms of the proposed VNI West line crossing his property, said landholders were 'willing to be arrested' in their bid to stop TCV accessing their land. Such resistance has pushed TCV into upping its offer, recently briefing the VNI West Community Reference Group on a new '$46,000 per hectare landholder benefit payment', which it developed in response to feedback that 'compensation alone was not a benefit'. The payment equates to $460,000/km on a 100m-wide transmission easement traversing a farm and comes on top of the government's $200,000 over 25 years, plus statutory payments made under the Land Acquisition and Compensation Act. Of the $46,000/ha, 20 per cent is paid upfront when the establishment and access deed are signed, then another 20 per cent when the option for easement is signed. However TCV has failed to brief farmers on the tax treatment of the payments, which if defined as off-farm income could be taxed at 45 cents in the dollar. Farmers are still sceptical as to how successful the new payment will be in getting landholders to sign up to easement agreements. Dooboobetic grain grower and harvest contractor James Burke, who faces 9km of the proposed VNI West line being built across the family's 3600ha property, said the additional $46,000/ha payment would make 'zero difference' to those opposing the project. 'I don't believe people understand what it's going to do,' Mr Burke said. 'We can't operate the latest John Deere harvesters under it, and they're getting bigger every year.' 'It'll ruin some of the best dirt in Victoria - the Gooroc Plain.' The slowdown has forced TCV to extend the VNI West completion date from 2028 to 2030 for VNI West. The progress of the massive Western Renewables Link is also under a cloud, after porponent AusNet extended the transmission lines completion dat sfrom mid-2027 to late 2029, due to landholder resistance and a slowdown in the pace of construction. Both projects also face the uncertainty of what happens if a Liberal-Nationals government is elected in November next year, given the coalition is considering a Plan B alternative that would end the need for VNI West. Australian Energy Market Operator Victorian group manager Claire Cass, who is overseeing the VNI West, notified landholders last week that the 2028 completion date for the project had been delayed until 2030, to 'account for time needed to progress land access arrangements' and other planning and environmental assessments. WRL general manager Gerard Carew said 'we recognise that hosting infrastructure like the Western Renewables Link can be challenging and in response to landholder feedback, we have recently introduced a range of new compensation and benefit sharing initiatives for landholders. 'We are currently positively engaging with the majority of landholders.' However AusNet has admitted its lack of access to properties along the 190km WRL route hampered its ability to prepare an Environmental Effects Statement for the project, which it finally released this week after months of delays. 'As we have not been able to access all sections of the proposed route, the data included in the EES takes a conservative approach to ensure all potential environmental impacts,' AusNet stated. The EES states that while 'construction of the (WRL) project may temporarily disrupt routine activities and restrict land use', the longer-term residual impacts were assessed as minor for construction. However the EES also states 'potential impacts from restrictions and disruptions to routine activities, and the temporary isolation and redundancy of productive land may vary property to property and in some cases could be greater. 'Impacts will be managed through the development and implementation of property-specific management plans and strategies.' Meanwhile AusNet is also trying to gain wider community support for the project by offering payments to the neighbours of affected landholders. The WRL Near Neighbour Benefit program offers payments of $20,000 to anyone within 400m to 1km of the transmission line and $40,000 for those closer than 400m. Victorian Nationals leader Danny O'Brien said the Coalition was considering the Plan B 'cheaper, less disruptive option, as we finalise a position ahead of next year's election'. Plan B involves using 1321kms of existing powerline easements to lift the state's transmission capacity by 16,675 megawatts, allowing more wind and solar farms to connect to the grid and eliminating the need to construct the VNI West project. Originally published as Farmers offered $460,000/km in latest VNI West deal
Sky News AU
a day ago
- Business
- Sky News AU
Two-year delay for VNI West sparks fresh doubts over Australia's renewable energy ambitions
Australia's shaky transition to clean energy has suffered a major blow, with the roughly $4 billion VNI West electricity interconnector project now delayed by two years – moving the delivery date from 2028 to late 2030. The postponement raises serious concerns over whether the Albanese government can meet its renewable energy targets, including a plan to double the grid's renewable share to 82 per cent by the end of the decade. The pressure is mounting as major coal plants like Victoria's Yallourn station are still on track to close in 2028, leaving a potential gap in supply. Stretching 240 kilometres across Victoria and New South Wales, the VNI West project is facing stiff resistance from landowners and farmers who have become increasingly vocal about the proposed route slicing through regional communities. Back in May, VicGrid – the agency overseeing the project on Victoria's end – told The Australian that delays for both VNI West and the Western Renewables Link were in part due to the challenge of earning 'social licence' among affected communities. The new timeline deepens concerns around the state's broader transition strategy, especially given the critical role of transmission in delivering new solar and wind generation from renewable energy zones in western Victoria and along the Murray River. The Australian Energy Market Operator (AEMO) says the delay reflects 'revised planning, design and construction assumptions' and allows for a more inclusive process with landowners. 'The new construction completion target allows more time for detailed environmental, geotechnical and cultural assessments, along with more meaningful landholder engagement on access and easement arrangements,' said Claire Cass from AEMO's Transmission Company Victoria (TCV) unit. 'We know this updated timeline may be frustrating, but we're committed to working with landholders respectfully and providing the support they need to consider what is best for them, their properties and farming or business operations.' The state government insists the delay won't impact reliability in the short term. 'AEMO has indicated the revised project timeline will not impact the reliability of Victoria's electricity network,' a government spokeswoman said. AEMO is expected to factor in the revised deadline in its upcoming Electricity Statement of Opportunities report due in August. The delay comes on the back of AEMO's recent warning in May, when it flagged a blowout in the cost of delivering $20 billion worth of transmission projects. These soaring costs – partly fuelled by skill shortages and growing resistance from rural communities – could add to household power bills. Overhead transmission line costs have spiked by as much as 55 per cent, while substation costs have surged up to 35 per cent, based on updated estimates from AEMO's 2024 modelling. The new 2030 timeline also aligns with the release of TCV's easement and access package for VNI West, set to be delivered directly to landowners along the proposed route. 'For the first time, landholders will receive detailed information about the project benefit payments they can receive, indicative property-specific impact compensation and field survey access terms,' Ms Cass said. TCV stressed that reviewing the documents or engaging with liaison officers did not mean landowners were endorsing the project. 'The approach simply provides landholders with more say on how the project may affect them and their properties, so that compensation accurately reflects the impact,' Ms Cass said. Meanwhile, AusNet – developer of the 190km Western Renewables Link – last week announced a new 'Near Neighbour' payment scheme, offering up to $40,000 to households within a kilometre of the planned infrastructure, in an attempt to ease opposition. 'The Near Neighbour Benefit Program was a recognition that neighbours have similar experiences to those landholders directly hosting infrastructure on their land,' AusNet said. Despite these financial sweeteners, frustration continues to grow among Victorian farmers, many of whom say they're bearing the brunt of the state's renewables push. They accuse the Allan government of ignoring their concerns and putting food security at risk in its haste to overhaul the power grid. Both the VNI West and Western Renewables Link projects were originally due online in 2028, a timeline that aligned with the planned closure of several legacy coal plants. Now, officials and energy experts are sounding the alarm over the growing gap between ambition and delivery, as Victoria targets 65 per cent renewables by 2030 and 95 per cent by 2035. The state's transition blueprint includes 5.2 million solar panels, nearly 1,000 wind turbines, and transmission corridors covering 7 per cent of Victoria's landmass, all under intense scrutiny as delays and discontent mount.
Business Insider
18-06-2025
- Business
- Business Insider
TCV cofounder Jay Hoag slams VCs' AI herd mentality: 'like 7-year-olds playing soccer'
Veteran venture capitalist Jay Hoag thinks the AI investing hype has gone too far. The TCV cofounder criticized what he sees as VCs' blind rush toward AI. "Money sort of chases momentum or follows perceived momentum," he said on an episode of the "Invest Like The Best" podcast published Tuesday. "At the risk of insult, possibly like 7-year-olds playing soccer — the ball goes over there, everybody goes over there," Hoag said. Hoag said that the hyperfocus on AI and software as a service is diverting attention and capital away from other viable sectors, especially consumer internet, which he believes still has untapped potential. AI is "super shiny" and "super interesting," he said. "I just have a hard time believing there are not going to be any new consumer internet businesses founded and built over the next 10 or 20 years," he added. "I kind of wish that the AI enthusiasm hadn't distracted everybody." Hoag has spent over four decades in tech investment. He cofounded TCV in 1995 and chairs its investment committee. The firm has backed some of Silicon Valley's biggest wins, including Netflix, Expedia, Peloton, Spotify, and Zillow. Hoag also expressed concern about the "enormous" sums poured into startups during the 2020-2021 tech boom. "I've worried a little bit about some of the 2020-2021 capital — which is an enormous sum — being, by and large, broken capital," he said. "I wish there was a little bit more modesty in our business." Hoag did not respond to a request for comment from Business Insider. AI hype train In the first quarter, more than half of VCs' investments went to AI and machine learning startups, per PitchBook. Last year, global investments in the sector totaled $131.5 billion, up more than 50% from 2023, PitchBook's data showed. Hoag isn't the only investor sounding the alarm bells. Daron Acemoglu, an MIT economist, told Bloomberg in an interview last year that the hype surrounding AI may not meet its lofty expectations. "A lot of money is going to get wasted," Acemoglu said. Veteran VC Vinod Khosla said in 2023 that most startups were overvalued and that most investments in AI "will lose money."
Bloomberg
06-06-2025
- Business
- Bloomberg
Netflix Director Hoag Fails to Win Reelection to Company's Board
Netflix Inc. shareholders overwhelmingly rejected the reelection of venture capitalist Jay Hoag to the board of the streaming company after he was called out for failing to attend most meetings. Hoag, a founding general partner of Menlo Park, California-based TCV, received 71.4 million votes backing his reelection and 259.9 million votes against, according to a Netflix filing Friday.
Yahoo
05-06-2025
- Business
- Yahoo
Verint Systems Inc (VRNT) Q1 2026 Earnings Call Highlights: Strong AI Growth and Strategic Wins ...
Revenue: $208 million for Q1. ARR Growth: Accelerated to 6% year-over-year. Non-GAAP Diluted EPS: $0.29 for Q1. AI ARR Growth: Increased 24% year-over-year, reaching $354 million. Free Cash Flow Growth: Expected to increase approximately 12% to $145 million for the full year. Annual Revenue Guidance: Targeting $960 million with a range of plus/minus 3%. Annual Non-GAAP Diluted EPS Guidance: $2.93 at the midpoint. Q2 Revenue Expectation: Around $200 million. Q2 Diluted EPS Expectation: $0.26. Net Debt: One times last 12-month EBITDA. Stock Buybacks: Approximately 2.5 million common shares repurchased during the quarter. Revolver Size: Increased to $500 million, extended term to 2030. Warning! GuruFocus has detected 3 Warning Sign with VRNT. Release Date: June 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Verint Systems Inc (NASDAQ:VRNT) reported a strong start to the year with Q1 ARR growth accelerating to 6%, surpassing revenue and EPS guidance. The company achieved significant large deals, including a $13 million TCV order from an insurance company and a $14 million TCV order from a healthcare company, showcasing strong demand for their AI solutions. AI ARR increased by 24% year-over-year, reaching $354 million, indicating robust growth in AI adoption. Verint Systems Inc (NASDAQ:VRNT) is targeting an 8% ARR growth and double-digit free cash flow growth by the end of the year, demonstrating confidence in their financial outlook. The company's hybrid cloud model allows customers to layer AI-powered bots on existing infrastructure, facilitating quick AI deployments and scalability, which is a key differentiator in the market. Despite strong growth, Verint Systems Inc (NASDAQ:VRNT) faces challenges with customer caution due to previous negative experiences with AI bots from other vendors. The market's adoption of AI is still in its early stages, with customers being cautious and requiring proven value before committing to larger investments. There is significant competition from both well-funded software players and start-ups in the AI space, which could impact Verint's market share. The company's quarterly revenue is heavily influenced by the timing of unbundled SaaS renewals, which introduces volatility in financial performance. Verint Systems Inc (NASDAQ:VRNT) needs to continuously innovate and maintain differentiation in a rapidly evolving AI market to sustain its growth trajectory. Q: Can you explain how Verint differentiates in the AI space, particularly with AI voice chatbot usage in customer support? A: Daniel Bodner, CEO, explained that Verint differentiates by focusing on proven AI outcomes and hybrid cloud benefits. Customers can layer AI-powered bots on existing infrastructure, allowing them to start small and scale quickly. This approach has driven a 24% growth in AI ARR in Q1, indicating strong market adoption. Q: How successful has Verint been with its strategy of smaller initial deals with the potential for upselling? A: Daniel Bodner, CEO, highlighted a healthcare company that expanded from initial small-scale deployments to larger commitments, demonstrating the effectiveness of Verint's strategy. The company has seen significant growth in AI ARR, with 50% of its ARR now AI-driven, growing at 24%. Q: Are we at an inflection point for AI-driven voice bots, and what steps is Verint taking to ensure consistent execution? A: Daniel Bodner, CEO, noted that while AI adoption is accelerating, it is not yet at an inflection point due to past poor experiences with AI. Verint's strategy involves working with leading brands to drive innovation and adoption, and the company is focused on delivering tangible AI business outcomes. Q: What is Verint's confidence in achieving its second-half ARR growth targets? A: Grant Highlander, CFO, expressed confidence in achieving the 8% ARR growth target, citing a strong start in Q1 and a 30% year-over-year increase in the SaaS pipeline. The company expects sequential ARR growth each quarter, driven by strong demand for AI solutions. Q: How does Verint differentiate itself in the competitive AI landscape, especially against well-funded competitors? A: Daniel Bodner, CEO, emphasized Verint's differentiation through its platform approach, which integrates multiple AI models and workflows. The company benefits from working with leading brands, which drives innovation and ensures that Verint's solutions deliver real value and outcomes. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
