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Gold/Mining/Energy : Gasification Technologies
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To: Glenn Petersen who wrote (1586)6/12/2009 1:50:35 PM
From: Sam Citron  Read Replies (1) of 1740
 
Energy Department to Spend $1.1 Billion on Illinois Coal Project [WSJ]
By SIOBHAN HUGHES

WASHINGTON -- The Obama administration on Friday all but guaranteed almost $1.1 billion in funding for a "clean coal" project in Illinois, handing a victory to a group of coal companies and utilities that had been pushing the U.S. to restore funding.

The U.S. Department of Energy said that it would take an important administrative step by mid-July, releasing a document known as a record of decision that is key to going forward. The DOE said that following a completion of detailed cost-estimate and fund-raising activities, the U.S. and the FutureGen Alliance would decide by early 2010 whether to move forward or discontinue the project. It said that moving forward is "the preferred outcome."

The DOE said it expected to contribute a total of $1.073 billion to the project, with $1 billion coming from some $3.4 billion in funds set aside in the economic stimulus package for coal projects. The companies that form the FutureGen Alliance will contribute $400 million to $600 million, with each of the member companies contributing $20 million to $30 million over a four- to six-year period.

The administration of President George W. Bush had pulled out of the Illinois clean coal project in early 2008 after saying that costs had jumped to higher amounts than it had projected.
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