By Brian Lockhart, Connecticut Post – BRIDGEPORT – “The South End’s coal-fired electric plant — the last in the state and the city’s third-highest taxpayer — is belching cash along with smoke from its landmark candy-cane stack.
That’s the conclusion of the nonprofit Institute for Energy Economics and Financial Analysis, which Wednesday released a report showing steep declines in generation and earnings at the harborfront facility between 2008 and 2013.
Schlissel suggested the city and state need to start planning for a future without the plant, which pays around $2.5 million in annual taxes.
According to IEEFA’s analysis, between 2008 and 2012, generation at the Bridgeport site dropped from 87 percent to 3 percent, with an increase to 16 percent in 2013.
Simultaneously PSEG’s pre-tax earnings plummeted from $164 million at the plant to $4 million in 2012. The plant earned $25 million in 2013.
Schlissel noted that PSEG does not release its earnings to the public, but said his data is based on “credible and conservative” assumptions based on knowledge of the coal industry and New England electric market. And, he said, there is no reason to think things will get better.”