|
 E-mail Story Print Friendly
Biz GM Sued Over Impala Fix |
Saturday, March 20, 2010
Power Project Loses Tax Credits
By Ashley Bergen
Mountain View Telegraph
The estimated $100 million Estancia Basin Power Project has officially lost its state renewable energy tax credits worth $27.4 million over 10 years, putting the biomass plant in jeopardy.
The Energy Conservation and Management Division of the New Mexico Energy, Minerals and Natural Resources Department has rejected Western Water and Power Production's application for the state Renewable Energy Production Tax Credit.
A March 12 letter from the state to WWPP stated the project had not met the milestone requiring them to generate electricity by the 24-month deadline as required by the state.
In order to keep the credits, the plant had to be up and running within two years of the application approval.
David Cohen, president of WWPP, had submitted a waiver of the rule and an extension on the deadline, which the March 12 letter from the state denies.
"We do not find that the information in the request supports such a waiver or your request for a hearing," the letter states.
Cohen said: "We're disappointed. And we will appeal it."
He added that he will have to evaluate whether the project can move forward without the tax credits.
WWPP has until March 29 to appeal the decision, according to the letter from the state.
The project has had its share of setbacks since the application was approved by the state in February 2008. In June 2008, Public Service Company of New Mexico terminated WWPP's contract with Public Service Company of New Mexico.
You also can send comments via our comment form
|
|
