NRG, State Of New York Cancel Planned "Clean" Coal Plant - Too Costly - Reuters

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LOS ANGELES, July 16 (Reuters) - NRG Energy Inc (NRG.N: Quote, Profile, Research) and New York state on Wednesday canceled plans to build a clean-coal power plant, citing rising costs and calling the project "ahead of its time."

In a statement, NRG said the New York Power Authority informed the energy company that it would allow their alliance for a near-zero emissions coal plant to lapse on July 22.

"Authority staff is not in a position to recommend to its Board that it enter into negotiations for a final purchase power agreement," New York Power Authority spokeswoman Christine Pritchard said in an e-mailed statement. "The economic, technical and regulatory obstacles are too great to warrant further efforts at this time."

The announcement was the latest blow to efforts to gasify coal for underground storage of carbon dioxide emissions, which contribute to global warming. Earlier this year, the U.S. Department of Energy pulled funding for the $1.8 billion FutureGen clean-coal project, citing the technology's ballooning price tag.

EDIT

http://uk.reuters.com/article/governmentFilingsNews/idUKN1648713620080716

[phantom power]

1. "ahead of its time."

:rofl:

Yeah, cuz we've got nothing but time.

:rofl: