Company delays plans for plant in Pa.
CAIRNBROOK, Pa. (AP) -- An energy company has indefinitely delayed plans to build Somerset County's first cogeneration plant, which would burn waste coal along with newly mined coal.
Duke Energy Corp., based in Charlotte, N.C., said it is still considering the plant near Shade Township, about 60 miles southeast of Pittsburgh, but will have to wait for the energy market to rebound.
On Sept. 20, Duke Energy lowered its earnings forecast to $1.95 to $2.05 per share, below Wall Street's consensus estimate of $2.46 a share this year, citing weakness in wholesale power markets.
Duke also announced it was temporarily halting construction of three power plants.
A previous attempt to bring a cogeneration power plant to Somerset County stalled last year when EnviroPower, of Lexington, Ky., did not get enough money to continue plans for an $846 million, 525-megawatt project.
As in neighboring Cambria County, Somerset officials said they have millions of tons of waste coal that could be burnt at a cogeneration plant.