updated: 9/4/2012 12:54:19 PM
The Morgan County Council is offering Indianapolis Power & Light Co. an economic incentive package if the utility chooses the area for a new energy project. IPL is considering several locations for a Combined Cycle Gas Turbine energy plant.
August 31, 2012
Martinsville, Ind. -- The Morgan County Council today introduced an economic benefits package for Indianapolis Power & Light Company (IPL), contingent upon IPL building a significant new energy project north of Martinsville. The proposed energy project could yield an estimated $1.1 to $1.6 million in annual economic tax benefits to Morgan County over the next ten years. Tax revenues would be used to benefit Morgan County schools, roads and other county infrastructure.
To meet new EPA standards, IPL is investigating a variety of new electricity generation and energy efficiency programs, and one of the many options under consideration is building a Combined Cycle Gas Turbine (CCGT) energy plant in Morgan County on IPL’s existing North Martinsville property.
If built, the new energy plant will replace about 600 megawatts (MW) of energy that will likely be lost as IPL retires several of its coal-fired, smaller and older energy generating units due to new environmental regulations. IPL issued a request for proposals for a CCGT this past June.
“Morgan County has a long, positive history with IPL, and we look forward to working with IPL on this next project, should it occur,” said Kenny Hale, President of the Morgan County Council. “We have also been contacted by other energy groups proposing projects.”
“While building a CCGT in Morgan County is just one of several options IPL is considering, a tax abatement would lower the project’s cost and make it a more competitive energy replacement option,” said Fred Mills, IPL Director of Government Affairs. “IPL appreciates Morgan County’s support of our proposal.”
About one-third of Morgan County residents and businesses are served by IPL.
“We hope to see IPL’s CCGT project come to fruition in Morgan County,” said Hale. “Bringing cleaner energy generation to customers and economic benefit to the county is a win-win.”
Source: Morgan County Economic Development Corp.