Town has Buyer's Remorse over Power Purchase

5 years 7 months 6 days ago Monday, March 11 2013 Mar 11, 2013 Monday, March 11, 2013 9:07:00 AM CDT March 11, 2013 in News
By: Associated Press

MARCELINE, Mo. (AP) - The tiny northern Missouri town of Marceline thought it was making a good deal in 2004 when it agreed to buy almost all of its electricity from the Prairie State Energy Campus. Instead, it has turned into a fiscal nightmare.

The St. Louis Post-Dispatch reports that Marceline is expected to lose almost $1.4 million this year -- equal to more than $600 for each of the city's 2,200 residents. City Manager Luke Lewis wants to negotiate an exit with Prairie State but doesn't rule out defaulting on the contract.

The 1,600-megawatt Prairie State plant in southwestern Illinois cost about $4 billion to develop -- twice the original estimate. Advocates say Prairie State will eventually prove beneficial.

But for now, Marceline and many other small towns are sustaining losses.

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