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The Prairie State Generating Station was a masterfully-executed trap laid by Peabody Energy that ensnared hundreds of municipalities across 5 (6?) states. They
by Kon-Peki 2y ago
The Prairie State Generating Station was a masterfully-executed trap laid by Peabody Energy that ensnared hundreds of municipalities across 5 (6?) states.
They are on the hook for paying off the construction loans (which ended up being something like triple what they were promised) and are on the hook for any operating costs not covered by sales of the generated electricity.
The least bad option all these cities have is to force their residents to buy the electricity it generates. Naperville is lucky enough to be a pretty wealthy city with good bond ratings; relatively speaking its residents are less screwed than many others.