Excelsior Energy’s boondoggle Mesaba Energy Project, a massively expensive coal-gas power plant that relies on government favors and grants to survive, was dealt a minor blow this week.
The state PUC declined to reconsider a past decision that would have granted the project more time to coalesce. It also corrected language in the proposal to finally acknowledge that the many government loan guarantees and tax credits touted by the company are all theoretical, as the project must have a customer for its overpriced power before the company could collect. The next time the commission considers the matter it may well take a crucial vote that could finally silence this very bad idea.
From the Hibbing Daily Tribune: “PUC rules against Excelsior” by Mike Jennings
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