Iron Range energy project seeks lifeline in more funding, new fuel source
August 21, 2011 at 7:00 pm in Duluth News Tribune
Despite receiving more than $40 million in federal and state government money, Excelsior Energy risks running out of gas if it cannot attract additional investment from the public or private sector soon. Continue Reading
This plant was proposed with the intent of selling electricity for $.48 per KWH in a market where the going rate is less than 1/3 of that rate ( <.16/KWH). This whole thing has been an enormous scam perpetrated on the tax payers with little chance of ever being built. Question: Is it cheaper to generate the power at the mine site and transmit said power via power lines? Or to mine the coal in ND, ship it to the range, and then sell it back to Excel energy for use in the twin cities and western MN? Something stinks here.
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If they can’t raise a $million how do they expect to be able to raise a $billion?
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Hmmmm, tough decision.
Use an unproven and horrendously expensive process (coal gasification)
or a fuel that we’ve got coming out of our ears and is dirt cheap (natural gas).
Really tough choice.
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consuming an average of $418,000 in grant funding per quarter in 2010
Again, where is it all going? What salaries are Micheletti and his co-CEO and wife pulling down?
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This web site claims the Micheletiis are paying themselves $600,000 a piece. This might help explain why they are so tenaciously keeping this thing going.
http://www.cartooncountymn.com/?p=1224
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Oh, sorry, that salary information came from yesterday’s DNT story. Good find DNT.
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Where are all the leftist critics of corporations and their highly paid CEOs? You’d have thunk that at least one of them would take the time to chime in. Are they silent because they foolishly believe that this albatross is going to benefit the range? How many millions have already been spent and with nothing to show for it? It’s time to stick a fork in this thing. It’s done!
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As much as I had hoped these projects would go, I have to agree with Hugh. Micheletti has strung us along for too long. As the old timers would say…”it’s time to fish or cut bait”. Micheletti, please don’t dangle out hope for us up here unless you are willing to put your shoulder to the wheel and get the thing done. Sorry Mr. Italiano.
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