Environmental Protection Agency regulations are snuffing out another power plant, Chase Power announced Wednesday, killing its $3 billion Corpus Christi, Texas, coal project and 3,900 prospective jobs.
"Chase Power ... has opted to suspend efforts to further permit the facility and is seeking alternative investors as part of a plan of dissolution for the parent company," Chase CEO Dave Freysinger said in a statement to the Corpus Christi Caller-Times.
Mr. Freysinger said that although financial conditions played a role in the decision, the project was the victim of an insurmountable regulatory framework erected by the EPA.
"The (Las Brisas Energy Center) is a victim of EPA's concerted effort to stifle solid-fuel energy facilities in the U.S., including EPA's carbon-permitting requirements and EPA's New Source Performance Standards for new power plants," he said. "These costly rules exceeded the bounds of EPA authority, incur tremendous costs, and produce no real benefits related to climate change."
Economists had projected that within four to five years of construction the project would create 1,300 direct and 2,600 indirect jobs.
Most Popular Stories
- Facebook, Twitter Announce Apps for Google Glass
- Will Yahoo Splurge on $1-Billion acquisition of Tumblr?
- European Car Sales up First Time in 20 Months
- 'Star Trek Into Darkness': The Return of Khan?
- Google Fiber Making an Impact
- Entrepreneurs Chase Social Media
- Exciting Night for UFC Fans
- Teen Drivers Should Be Prepared for Any Car-Related Situation
- Summer Movies Aimed at Young Men, Teen Boys
- RFD-TV launches on Charter Cable