Chase Power, the parent company of the Las Brisas Energy Center, a $3 billion coke-fuel electricity project set to be built in the Coastal Bend, has suspended the project.
According to a written statement from Dave Freysinger, Chief Executive Officer of Chase Power Development, LLC, the company "has opted to suspend efforts to further permit the facility and is seeking alternative investors as part of a plan of dissolution for the parent company."
In his statement, Freysinger explains that, along with market conditions, regulatory obstacles imposed by the Environmental Protection Agency resulted in their decision to suspend development of the Las Brisas Energy Center.
"Specifically, LBEC is a victim of EPA's concerted effort to stifle solid-fuel energy facilities in the U.S., including EPA's carbon-permitting requirements and EPA's New Source Performance Standards for new power plants," Freysinger said in his statement. "These costly rules exceeded the bounds of EPA authority, incur tremendous costs, and produce no real benefits related to climate change."
Freysinger added that, had the Las Brisas Energy Center been built, it would have put refinery industry byproducts to use in the Gulf Coast, providing clean energy and jobs throughout the region.
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