Dynegy reviews coal portfolio-including the one in my back yard

http://www.reuters.com/article/marketsNews/idUSN1140631120081211

Dynegy to rethink new coal-fired power projects
Thu Dec 11, 2008 6:55pm EST

HOUSTON, Dec 11 (Reuters) - Power producer Dynegy Inc (DYN.N: Quote, Profile, Research, Stock Buzz) is reevaluating its role in developing new power plants, including two coal-fired plants currently under construction in Texas and Arkansas, Chief Executive Bruce Williamson said.

Citing the high cost of capital and difficulty in permitting new coal-fired power plants, Williamson said the company wants to protect cash flow and avoid complex financial arrangements.

"This has resulted in a reevaluation of our participation in future greenfield development activities," Williamson told analysts and investors on a call Wednesday. "This is in light of rising barriers to entry, including the tightening credit markets."

Houston-based Dynegy has come under fire from environmental groups for its development of a number of coal-fired power plants across the country. Coal plants emit more carbon dioxide than other fossil-fuel generators. CO2 is a greenhouse gas blamed for global warming.

<snip>

A Dynegy spokesman confirmed six greenfield projects to be reassessed: the 1,600-MW White Pine coal plant in Nevada; the 750-MW Elk Run coal project in Iowa; the 750-MW Mid-Michigan coal plant, the 1,200-MW West Deptford gas-fired plant in New Jersey; the 1,200-MW Longleaf coal plant in Georgia; and a 665-MW expansion at Plum Point.

Funny how that's working out - all the rats and roaches are running for cover.