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Tuesday, January 15, 2013

Ind. Law - "Indiana legislator's bill could upset coal-gas plant plan at Rockport"

This story by Tony Cook has been posted this afternoon on the IndyStar website. A few quotes:

A Republican state lawmaker has introduced a bill that could derail a controversial plan to build a coal-gas plant in Rockport -- a project that critics say could cost natural gas ratepayers more than $1 billion in its first eight years.

Senate Bill 510, authored by Sen. Doug Eckerty, R-Yorktown, would require the state to determine whether natural gas ratepayers are receiving a savings from the deal based on three-year cycle. If not, then the plant's developers, Leucadia National Corp., would have to provide a refund. * * *

[A] fiscal impact statement from the Legislative Services Agency says the bill "could potentially void the contract because it makes retroactive changes to current statute that would modify the terms of the contract."

If passed, the retroactive nature of the bill could set off a legal fight that would pit Indiana Gasification and the Indiana Finance Authority against the state legislature.

Officials with the IFA said they are reviewing the bill and declined to comment.

Here are some earlier ILB entries on the Rockport project.

Posted by Marcia Oddi on January 15, 2013 02:18 PM
Posted to Indiana Law