A local power plant will be shutting down. The Kincaid Power Plant run by Vistra energy will be closing its doors by 2027 as Vistra announced closures in Illinois and Ohio. In a statement released by Vistra, “These plants, especially those operating in the irreparably dysfunctional MISO market, remain economically challenged. Today’s retirement announcements are also prompted by upcoming Environmental Protection Agency filing deadlines, which require either significant capital expenditures for compliance or retirement declarations.”
State Senator Andy Manar spoke about the Kincaid Power Plant closing,
“For decades, the Kincaid plant has been a source of good paying union jobs, paving a path to economic security for countless families in the area.. While the effects of the closure won’t be felt immediately, my colleagues and I are working diligently on a plan that will mitigate damage done to working families and the local economies of the places these plants call home. Under a proposal I’m sponsoring, property tax assessments on coal, gas, and nuclear plants would be frozen at pre-closure rates for five years, so that schools, local governments, and individual taxpayers in towns like Coffeen and Kincaid aren’t stuck with the bill for looming revenue shortfalls befalling their communities. While maintaining a stable revenue base is a short-term fix, it’s necessary to maintaining the economic viability of our communities. Ultimately, the state’s commitment to reinvesting resources in Downstate communities rocked by plant closures has been woefully inadequate for far too long. This commitment needs to be taken seriously, and that means substantially increasing this reinvestment. It’s on all of us to continue supporting the good-paying union jobs that will be lost as a result of these closures. By transitioning the already existing plants into sustainable centers for clean energy production and storage, we can do just that, securing the economic stability of Downstate Illinois going forward.”
Vistra’s plans moving forward would generate between $900 million and $1 billion dollars in earnings. Vistra says it is unclear whether or not Illinois will allow any new plants to be built due to clean energy restrictions. Vistra sited COVID-19 as also playing a roll in the economic uncertainty, and the energy company says it doesn’t know if the full results of COVID-19 have been seen yet.
