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The Project will help to maintain electric reliability in the area, lower carbon and other emissions by displacing older and less-efficient generators, and help us to contain future power costs, helping to keep our rates low, while simultaneously allowing PMLP to add more renewable sources of energy to our portfolio, which can be valuable sources of energy, but not necessarily capacity.
Project participants have spent approximately $10M on developing the project to date. Due to contractual obligations, the participants would be responsible for another $21M in cancellation fees should the project be canceled. As with any contractually negotiated terms, there is a potential that these fees can be adjusted but no guarantee. PMLP and our customers would be responsible for 32% of any cancellation fees.
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