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RCED-83-210 1 (1983-08-24)

handle is hein.gao/gaobabeet0001 and id is 1 raw text is: -,rr' ,ova IELEASED __ BY THE COMPTROLLER GENERAL Report To The Chairman, Subcommittee On Environment, Energy, And Natural Resources, Committee On Government Operations House Of Representatives OF THE UNITED STATES Economics Of The Great Plains Coal Gasification Project The Great Plains project will be the Nation's first commercial-scale plant producing synthetic gas from coal. The project's first annual economic report, released in March 1983, was much less optimistic than a similar analysis prepared in January 1982 to justify construction. GAO found that: --The main reason for the changed economic out- look was that the assumed synthetic gas prices used in the March analysis were significantly lower than those used previously. --Great Plains did not--nor was it required to-- consider tax implications to the parent compa- nies of the project's partners. If these implica- tions are considered, the economics could be more optimistic than the March 1983 report indi- cates. Should the partners end their participa- tion, some tax benefits would have to be repaid. --Although the project is a potentially attractive investment, its financial viability is extremely sensitive to the future prices of synthetic gas. Even a small deviation in prices could signifi- cantly affect its economics. \VD ST,~ 122254 4 S - -GAO/RCED-83-210 .1ornt TW X AUGUST 24, 1983 . ... .. ........ -. i ll l'll

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