Southern Company hit with fifth lawsuit over Kemper Project delays, costs
The Kemper Project clean coal power plant has sometimes seemed to generate more lawsuits than megawatts from lignite coal for its owner, the Southern Company.
An investor, Alan Nussbaum, filed a lawsuit Monday in Delaware Chancery Court that seeks release of company books and records to ascertain if mismanagement was behind the multitude of delays plaguing Kemper.
Kemper was estimated to cost $1.8 billion when it was announced in December 2006. The price tag is now more than $7 billion. The original operational date was May 2014, the deadline for the plant to be complete for it to qualify for federal tax credits.
The complaint says that the Kemper’s targeted completion date and costs were indefensible, but the company kept misrepresenting to investors and regulators that those targets would be met.
Posted March 30, 2017 - 7:30 am