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Two Upstate Coal Plants Change Hands
|Upstate New York Power Producers received final regulatory approval Friday to purchase two coal-burning power plants in Niagara and Tompkins counties.|
The company, a group of bondholders that bought the plants from the bankrupt AES Corp. for about $300 million, said it will take ownership of the Somerset and Cayuga power plants.
“We are excited to have both facilities up and running,” said Jerry Goodenough, chief operating officer of Upstate New York Power Producers, in a statement. “The Somerset and Cayuga facilities are well positioned to play a vital role in their respective communities by continuing to provide well paying jobs, support for local governments and school districts, generating significant commercial activity, and producing clean, affordable, safe and reliable power to businesses and residents in New York State.”
The move comes during a tenuous future for coal plants in New York. Gannett’s Albany Bureau reported last month that state lawmakers have been in talks to lower New York’s cap on carbon emissions, a move that would likely boost costs for coal-fired power plants.
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