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1) “…the plan is expected to result in at least $281 million in savings to ratepayers over the next 20 years”.
2) “…the cost of the repowering project at $293 million, which the IURC approved and will allow the utility to recover in the form of higher rates.
Can someone explain how both of these statements above can be true? How does a ratepayer save money by having their rates increased?
I wonder which statement will prove to be more accurate! Hmmm.
They call it green spinning, a woke move of fooling folks while they swallow the hook, line, and sinker.
Beyond the initial $293m cost of the change-over, it presumably takes into account what would have been additional increased rates over the remaining 20 years if it had stayed coal.
Why should rate payers’ foot the bill for this conversion. While I agree coal is dead and natural gas is better for the environment, I still have a hard time seeing how this is the rate payer’s cost. This should be a “cost of doing business” expense for the owner (AES) and a fundament free market principle. The Market is changing thus they should change with the market.
Trouble is this could come back and haunt and burn AES and the users. If or when a catastrophic, or emergency, event happens to the natural gas supply, there will be no backup plan or fuel. Building a new gas plant, and just retiring the coal plant in place, could at least reserve an option to restart the coal. Full conversion will not.
Does anyone know if the two pre-1970s retired coal units were completely dismantled, or kept mothballed, just in case? If they are sitting there and merely shut down, would that not be the prudent emergency hedge plan in case of a natural gas interruption to be able to supplement with coal-fired generators? Frankly, if they have been left in place, they could be run while the conversion project goes on without having to buy power from out of state. Indiana needs MORE generation capacity, not just sitting at our currently deficient levels using a different fuel source. But no, I’ll wager 50 quatloos they were scrapped, given Indiana’s past power generation blunders.
I have the same questions as John K. and feel the ratepayers deserve an honest answer.