Six Major Coal Energy Projects Cancelled

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Bright Green Blog notes that energy giant Dynegy has announced that it is abandoning plans to construct six coal-fired power plants.  The plants were to be part of a joint venture with LS Power to build coal plants in Arkansas, Georgia, Iowa, Michigan, Nevada, and Texas. 

Dynergy CEO explains the change in plans as:

“The development landscape has changed significantly since we agreed to enter into the development joint venture with LS Power in the fall of 2006,” said Bruce A. Williamson, Chairman, President and Chief Executive Officer of Dynegy Inc. “Today, the development of new generation is increasingly marked by barriers to entry including external credit and regulatory factors that make development much more uncertain. In light of these market circumstances, Dynegy has elected to focus development activities and investments around our own portfolio where we control the option to develop and can manage the costs being incurred more closely.”

Apparently the combination of tight credit, which has effected all types of energy projects, and anticipated regulatory pressure on dirty energy sources, are substantial factors in this decision.  Of course, if the cancellation of these coal plants is an indication of a trend, it must be followed by an increase in renewable energy development.  Otherwise, we might clean up the environment but create serious energy shortages in the process.

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