Construction of a $925 million clean-energy power plant in Lordstown should begin this summer, according to a press release issued today from Clean Energy Future, the project’s developer.
The center is projected to have a $26 billion long-term economic impact on the Mahoning Valley economy and local and state governments, CEF projects.
Trumbull Energy Center will be built adjacent to and just south of the $900 million Lordstown Energy Center, which CEF also developed. It went into commercial operation last October.
Huntington Bank and Key Bank have both expressed interest in loaning debt capital to Trumbull, according to the press release issued by Bill Siderewicz, CEF’s president.
Trumbull has all its major permits and licenses, and CEF was ready to proceed to the financing stage for Trumbull when a contract dispute arose that forced Trumbull to file suit against the adjacent Lordstown energy facility. That dispute has been settled, officials said.
“Once funded, Trumbull will yield substantial economic benefits to Northeast Ohio and the to the people of Trumbull and Mahoning counties,” said Bill Siderewicz, CEF’s president.
Trumbull will be a huge economic boost to the Mahoning Valley and greater-Ohio, he said.
The immediate impact will be new construction jobs over 34 consecutive months that will peak at 950 workers, representing close to 2 million man-hours of construction effort, CEF said.
The Village of Lordstown will benefit from, among other things, salary tax revenues, property tax payments, village income tax payments and a water service fee. Over the first 50-year life of Trumbull, the village is projected to receive over $247 million from these four sources of funds from Trumbull, Siderewicz said.
“When one examines the other positive economic benefits to the Mahoning Valley, Northeast Ohio and state and local governments, Trumbull is projected to have a $26 billion impact ... all without the need for funding from local or county government, Columbus or Washington, D.C.,” he said.
“The only storm clouds on the Trumbull horizon could originate from Republican political leaders in Columbus,” said Siderewicz.
“There are newspaper articles and Twitter messages suggesting that certain political leaders support sustaining bankrupt nuclear plants. Such support would seek to create a new law that would force Ohioans to “bail out” privately-owned uneconomical nuclear plants in Ohio,” he said.
“The primary reason why Lordstown was built and Trumbull is planned, and why over $8 billion of private capital is invested in similar plants across Ohio, is the belief that Ohio’s electricity generation market will remain free and open, as it has been since 2000. Any politically forced bailout plan, or other artificial manipulation of a free Ohio electricity generation market by the Legislature, would taint the Ohio market place and chase free enterprise away,” he said.
Also, preserving old nuclear plants can only happen by first burdening the public with $100’s of millions per year in unwanted and unnecessary bailout payments. Such a massive bailout would be piled on top of the backs of Ohioans who already face a possible new unpopular 18 cents per gallon gasoline tax, CEF release said.
Ohio is in a unique and envious position in the United States, in that North and Northeast parts of Ohio are situated over the Appalachian Basin, the third-largest gas supply in the world, which allows natural gas to be produced at the lowest cost in the world, it added.
“Ohio is in position to be an energy leader for decades to come. The state’s economical energy will become a magnet for new business and companies looking to better their competitiveness via low cost natural gas and electricity.
“We hope political leaders see this very real logic and they move Ohio ahead in 2019, not backwards into an antiquated setting of public bailouts, corporate handouts and/or subsidies.
“We are excited to again be working with the Village of Lordstown, the City of Warren and all of out Valley friends and neighbors to make Trumbull a glowing success for all, as well as a good neighbor.
“CEF looks to plan an active and visible role in Trumbull’s community activities, that include cooperative educational programs with Lordstown and Warren G. Harding high schools, Kent State and Youngstown State universities.
“Trumbull will be a real-word hub of science and technology in action, and represents an important forum to enhance the educational and learning experience for our youth who will ultimately become the future leaders of the valley,” said Siderewicz.
The plans for the Trumbull Energy Center are expected to be detailed at 1 p.m. press conference today in Lordstown.