Rhode Island Gas-Fired Plant Making Money – Before It’s Built!

At a big ceremony in 2015, none other than Rhode Island Gov. Gina Raimondo joined the CEO of Invenergy to announce the Clear River Energy Center–a 900-1,000 megawatt electric generating plant that runs on natural gas (see New NatGas Powered Electric Plant Coming to…Rhode Island?!). A new gas-fired plant planned for the socialist paradise of Rhode Island, home to old money and people who oppose change of any kind. Who woulda thunk? The new plant will lower RI residents’ electric bills by a collective $280 million and replace aging coal and oil power plants–cleaning the air in the process. With the jobs created, the investment in the facility, and lower electric rates, it’s calculated this single plant will have a $1.3 billion impact on the economy of RI. The plan was to begin construction in summer 2016 and have the plant up and running by 2019. What’s happened since the initial announcement? A lot of bureaucratic bull. The project is under review now and a final decision by the Rhode Island Public Utilities Commission will not happen until January of next year. In the meantime, the plant is making money, even though it’s not yet built! How? By selling its contracts to provide electricity. The plant won’t be running next year, so Invenergy, the builder, has sold the right to provide electricity to the grid (for a time) to different plant…

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