The owner of the Franklin Power Plant, the world’s largest coal-fired power plant in Washington state, is pushing to increase production by up to 1,500 megawatts, which he says will help his company avoid bankruptcy.
The plant is the world largest in terms of coal production, but its owners say it’s a small portion of the coal that is needed to power the entire US economy.
“The current plan is for us to generate about 4,500 MW of power.
That’s more than enough power for about 1.5 million people,” Franklyn Power CEO Doug O’Neil told the Seattle Times in a phone interview on Wednesday.
“So we’re actually a small part of the energy that’s going to be used by the whole country, including the power plants that we are building in West Virginia and South Carolina.
But we’ll be able to provide that power for the whole nation.
That should help us survive.”
Franklyn is currently building a second plant in South Carolina, which it plans to expand to 2,500MW by 2022.
“Franklin Power is in a position to be able, with the help of the new state, to meet the demands of the world economy,” O’Neill said.
O’Neal told the Times he wants the plant to become a power producer, but he added that he’s not concerned about his company’s finances.
“We’re not going to need that cash flow, and we can certainly manage our expenses,” he said.
“In the long run, we’ll make a profit.”
Franklin Power will pay $1.1 billion for the plant, which will produce up to 990 megawatts of power, including power from its coal-burning turbine generators, O’Neals chief financial officer Steve Evers told the newspaper.
“If we are able to do that, we’re looking at net savings of about $300 million,” he added.
Ojeda, the other owner of Franklin Power, said that although his company will save money on electricity, it will also need to make some investments in equipment and infrastructure.
“There are some things that are going to have to be fixed,” he told the paper.
“I have some of my machinery that’s older than 20 years, so it’s going out of service for a while.
We’ve got to replace it.”
In the coming months, Ojedas owners will begin to assess the plant’s operating costs and the possibility of a bankruptcy filing, according to a news release from Ojeyas.
Okeemah is a tiny town of about 2,300 people that is home to the Franklin Energy coal-powered power plant.
Oteemah sits on a 1,200-acre site in an area known as “Grave Danger,” which is where the Franklin plant sits, according the news release.
The Franklin plant is one of a few coal-power plants in the United States that are not currently being built, but Oteeman said that the facility will be the only one to ever be built.
“It will be our legacy,” Oteemen told the news source.
“And it will be a great place to retire.”