Consumers Energy, the principal subsidiary of CMS Energy (CMS), Tuesday said it reached a major milestone with the issuance of an air permit for a $2 billion-plus clean coal plant project that is expected providing a $1.2 billion economic boost to Michigan.
After commencing operations by 2017, the new 830-megawatt plant, which is part of the company's balanced energy initiative, is expected to create at least 1,800 construction jobs, about 2,500 indirect jobs, and then more than 100 permanent jobs.
The plant is also expected to satisfy the power requirements of the utility's 1.8 million electric customers over the next 20 years.
John Russell, Consumers Energy's president and chief operating officer said, "The new coal plant will use state-of-the-art technology and be one of the cleanest coal power plants in the world."
The air permit also includes a commitment from Consumers Energy to retire up to seven of its older, less efficient coal units after the new unit begins operating at the Karn/Weadock Generating Complex, near Bay City.
"The plant retirements are consistent with the company's Balanced Energy Initiative and will substantially reduce overall emissions from the company's coal-fired fleet, "Russell added.
Consumer Energy, which is the natural gas and electricity supplier to nearly 6.5 million of Michigan's 10 million residents, has the oldest fleet of coal plants in the nation with an average age of 50 years.
While commenting on the efficiency of the new plant designed to utilize carbon capture and storage technology, Consumers Energy further noted that it expects filing a certificate of necessity application for the plant with the Michigan Public Service Commission in 2010.
CMS is currently trading at $15.89, down $0.06 or 0.38%, on a volume of 0.59 million shares.
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