An Indiana Supreme Court decision will allow a proposed $2.7 billion coal gasification plant in Rockport to move forward. The ruling overturns a Court of Appeals decision that invalidated portions of Indiana Gasification LLC's contract with the state. The contract involves the Indiana Finance Authority buying synthetic natural gas over a 30-year period and selling it on the open market.
Opponents, including Evansville-based Vectren Corp. (NYSE:VVC), say the deal is too expensive for ratepayers. The utility believes the contract would cost customers more than $1 billion over the course of the deal.
The IFA and Indiana Gasification say it will save consumers hundreds of millions of dollars.
You can read the decision by clicking here.
Source: The Indiana Supreme Court