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Cities on hook for power plantís costs

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#1 Lightningrod



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Posted 29 April 2012 - 05:51 AM

Electricity customers in Galion are part-owners of a $5 billion power plant that is behind schedule and might lead to years of high utility bills.
The city of about 11,000, about 60 miles north of Columbus, is one of many in Ohio whose city-owned electric companies have chosen to invest in the Prairie State Energy Campus, a coal-fired power plant being built in southwestern Illinois.
Among the other investors: Cleveland, Bowling Green, Hamilton, Jackson, Prospect and 54 other Ohio cities.
The plant’s operators have gone far beyond their budget and missed a December target to begin generating electricity. Now, they have postponed a June ribbon-cutting. They say the delays are a normal part of a complicated undertaking.
While the plant’s owners wait, they are preparing for decades of payments on the bonds that financed the project. The bills will need to be paid, even if the project fails to produce the promised results.


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