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Wednesday, May 20, 2009

Proposed Washington County coal plant loses two more investors

Two more utilities have backed out of a coalition that wants to build a proposed coal-fired power plant in Washington County, Ga.

From the Macon Telegraph:

Electric cooperatives representing half the stake in a proposed coal-fired power plant in Middle Georgia have pulled out of the deal, electric membership corporations confirmed Tuesday.

The $2.1 billion Plant Washington project is being developed for a site eight miles north of Sandersville by Power4Georgians, which originally consisted of 10 partner EMCs. The two with the largest stakes, Jackson and GrayStone Power, have pulled out, as have the smaller Excelsior and Diverse Power.

All the cooperatives that have stepped away from the plant cited uncertainty about future federal regulation of carbon dioxide emissions from coal-fired plants, which seems eminent.

The four EMCs that withdrew represented 50 percent to 55 percent of the total stake in the plant, said Chip Stewart with Cookerly Public Relations, which represents Power4Georgians.

The Telegraph has a thorough report as to why the EMCs are leaving the project. Check it out.

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