A bill giving Talen Energy Corp. the chance to seek up to $10 million per year in loans for five years to pay for operations and maintenance of the Colstrip power plant in Montana is on its way to Gov. Steve Bullock.
The state Senate on April 13 voted 31-19 in favor of House Bill 585, a bill that would allow Talen to apply to the state Board of Investments for a working capital loan that would pay for the costs of “everyday operations and required maintenance of a coal-fired generating unit of which an owner has a shared interest.”
The bill, which passed the state House of Representatives last month, is one of several proposals offered by state lawmakers aimed at softening the impact of the pending retirement of Colstrip units 1 and 2.
The units, jointly owned by Talen Energy and Puget Sound Energy Inc., are slated for retirement by July 1, 2022, per an agreement with environmental groups.
Funds would come from the state’s coal tax trust fund and could not be used for operations and maintenance beyond July 1, 2022.
($) Mont. lawmakers give final approval to Colstrip loan bill