Thursday, August 22, 2019

Nuclear Bailout Prompts Cancellation of $1.1 Billion Power Plant Project

From The Business Journal:
Clean Energy Future Inc. has pulled its plan to construct a third $1.1 billion combined-cycle energy plant in the village, the company announced today. 
Clean Energy President and CEO Bill Siderewicz said in a statement that the company pulled out of building a yet-to-be-named energy center because the Ohio General Assembly passed House Bill 6, which provided subsidies to the nuclear power industry. It was signed into law by Gov. Mike DeWine in July. 
“There’s sheer disappointment that this is a project we know should be built and there’s demand. But because of artificial legislation efforts, we’re basically going nowhere,” he said in a phone interview. “We’ll take all our information, including our filings with the EPA and PJM, into cardboard boxes.”

Siderewicz said Clean Energy has already spent about $1 million on preparation and permitting. The full statement is available here. Clean Energy Future developed the Lordstown Energy Center and is assembling investors for a second site, Trumbull Energy Center. 
“We’re talking with investors and lenders right now. It’ll be about a $900 million project. The question is what is going on in Ohio,” he said. “In that process, we should probably have completed by this time already, but there’s hesitation to invest in Ohio because they keep changing the rules of engagement.”
He added that plans still call for ground to be broken on Trumbull Energy Center later this year. 
Siderewicz said the costs to the Mahoning Valley are several fold, including the loss of 1,100 temporary construction jobs, $1.1 billion in new investment, $150 million in water purchases from Youngstown, $300 million in local property taxes, and $29 billion of economic benefit to the Mahoning Valley over 50 years.
Read on by clicking here. 

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