Riesel coal plant rebuffed in bid to slash tax value by two-thirds
A panel that hears appraisal protests rejected an attempt Wednesday by Sandy Creek Power Associates to slash the value of the Riesel coal-fired power plant by more than two-thirds.
The four-member Appraisal Review Board panel pegged the value of the 945-megawatt plant at $500 million, just $13 million less than the McLennan County Appraisal District had listed for 2019.
As in previous value disputes, Sandy Creek representatives argued that low natural gas prices and the burgeoning wind and solar industry have taken a toll on the profitability of coal power.
They asked for a value of $162.5 million, based on projections that wholesale power rates would continue to plummet in coming years while coal transportation costs would rise.
Read more: https://www.wacotrib.com/news/business/riesel-coal-plant-rebuffed-in-bid-to-slash-tax-value/article_a35cc8e6-e62c-5623-b8ce-35e38caa2396.html
