Massey Replaces Lodestar As Indiantown Supplier

摘要

Indiantown Cogeneration L.P. has negotiated a settlement to replace its existing coal contract with bankrupt Lodestar Energy with a new supply agreement with Massey Energy. A joint partnership of PG&E National Energy Group and Cogentrix Energy, Indiantown Cogeneration owns the 330 MW Indiantown plant in Martin County, Fla. The plant burns approximately one million tons of coal annually. Indiantown has had coal supply and ash removal contracts in place with Lodestar since 1998, but according to documents filed recently with the Securities & Exchange Commission, Indiantown has been unhappy with Lodestar's performance under the contracts and delivered a notice of default to the coal producer in late January. Lodestar is currently undergoing a Chapter 11 bankruptcy reorganization (CD 4/30/01; 2/28/03).