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The San Juan Generating Station is pictured Monday, April 19, 2021, in Waterflow.
Enchant Energy faces “insurmountable” obstacles as it works to acquire the San Juan Generating Station and retrofit it with carbon capture technology, according to David Schissel, director of resource planning analysis for the Institute for Energy Economics and Financial Analysis.
Schissel authored a report released on Thursday looking at the lack of investors and progress on the project.
He said his key message is that the project has not made much progress and that investors are “clearly skeptical.” He said there are likely insurmountable economic issues and that the community near the San Juan Generating Station should be prepared for the power plant to close, which will lead to lost jobs and lost tax revenue.
A group of nine environmental organizations sent a letter to the Department of Energy s secretary requesting the initiation of a multi-agency environmental impact statement looking at Enchant Energy’s proposal to retrofit the San Juan Generating Station with carbon capture technology.
If an EIS is required, it would delay the project substantially, but the environmental advocates point out that similar projects have gone through the process.
The carbon capture retrofit will prevent the loss of tax revenue in San Juan County and preserve jobs at the coal mine and power plant. However, critics say it is an expensive project and it is unclear who will buy the electricity if it is successful.