State regulators approve a deal capping the amount of construction costs Duke Energy can pass along to consumers for its troubled coal-gassification plant in Edwardsport. The plant is expected to cost $3.5 billion. The original estimate in 2007 was just under $2 billion. The latest deal approved this afternoon means Duke Energy can pass on more than $2.5 billion in costs on to its customers.
Duke Energy's president releases this statement: "The decision 'will reduce the amount customers will pay for advanced technology, an environmentally cleaner coal power plant, and provides clarity to the company for cost recovery on this project."
Officials expect the plant to be in full operation by the middle of next year.