By Esteban Fernandez, Times West Virginian
FAIRMONT — Gov. Patrick Morrisey announced a $1.2 billion natural gas plant for Harrison County as part of a larger set of investments to revitalize the energy industry in the state.
At the heart of the governor’s announcement was a new initiative called the 50 by 50 plan, which seeks to raise energy generation within the state from 15.9 gigawatts to 50 gigawatts by 2050. On Wednesday, Morrisey announced $4.2 billion in investment toward the goal. But whether the fundamentals are there to support the expansion is another question.
“Those are very low numbers,” Ted Boettner, senior researcher for the Ohio River Valley Institute, said. “In order to get to 50 gigawatts, we’re talking tens of billions of investment. Just do the math. What’s the price per megawatt for natural gas right now? It’s like $2,800 a megawatt. So, it’s about $30 billion, I mean, you end up in a huge amount of money to ever think about.”
Based in Johnstown, Pa., the Ohio River Valley Institute is an independent research and policy center founded in 2020.
Morrisey acknowledged the doubts members of the public have about the state’s ability to meet the goals of 50 by 50. He cautioned he wasn’t announcing the 50 gigawatts of energy immediately, but that it was something the state will work toward over the next 25 years. Morrisey said the goal requires working on the fundamentals, ensuring tax rates are competitive with neighboring states and cutting regulations.
Image by Brad Davis, The Register-Herald