The South Mississippi Electric Power Association withdrew its support from Mississippi Power's Kemper project. SMEPA agreed in 2010 to purchase a stake in the project for $500 million. The Sun-Herald reported:
South Mississippi Electric Power Association is no longer interested in buying a piece of the power plant being built in Kemper County by Mississippi Power.
According to a release from the cooperative, its board of directors voted Wednesday to end pursuit of an ownership interest in Plant Ratcliffe. It said delays in the project, changing needs and increased participation costs led to its decision.
Coast Electric and Singing River Electric Power Association are members of
the cooperative.
It had planned to buy 17.5 percent of the plant, which will use synthetic gas derived from lignite to produce electricity, but said studies now show the cost has increased such that it would no longer be a good deal for ratepayers, the release said.
"We entered into the purchase agreement in 2010," said Jim Compton, the cooperative's general manager and CEO. "Since then, there have been multiple changes in the project, and also changes in our power supply needs. The board determined that proceeding to closing was not in SMEPA's best interests, and we needed to let (Mississippi Power) know so that alternate plans could proceed."
SMEPA announced is purchase agreement in this 2010 statement:
8 comments:
Word to SMEPA, what took you so long? Look, you're in the energy biz. You should know that when someone pitches an "alternative" energy project, an energy association should say "no-way" immediately. Your not a venture capital group whose job it is to take risk. You did wake up though. Close call. And next time Haley Pitches you an idea....RUN!
What other entities were considering an ownership stake and what are their plans now?
Can I quit MS Power? Oh I can't, they're a monopoly... THANKS FOR LOOKING OUT PSC
These BS full page ads Ms.Power is now running in the Clarion Ledger and SunHerald are useless. They will never convince even one ratepayer or person, except Haley Barbour because his convincing can be bought, that they are a competent organization. I guess the next letter the ratepayers get will be a threat to increase the cost of power 75% because SMEPA woke up from the nap they must have been taking for the last 3 years. What this are doing to economic development should be a crime. Was is also discussing is the paid religious endorsement in the paper by the group of pastors who are supporting the Kemper project. These situations are always about money, not the welfare of the common citizen that has been taken advantage of by the powers that can.
Funny how Bentz and gang talk about smaller government and personal responsibility. Yet they feed at the government trough. If not for political favors and public funds they would be the welfare recipients they claim to despise.
Never under estimate the kool aid of 'the third way'.
As a matter of fact, I'm pretty sure this very think tank is what got us into all of this bs.
http://powerbook.thirdway.org
Very very liberal policies for policy makers.
I heard it was a good deal for everyone on the Gallo show on Supertalk.
Jim Compton was always a capable guy. Glad he is doing what is right for his ratepayers. Wish the MPSC would do the same.
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