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122612 1 (1983-10-18)

handle is hein.gao/gaobactec0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE Washington, D.C. 20548 FOR RELEASE ON DELIVERY Expected at 10 a.m. Tuesday, October 18, 1983 STATEMENT OF DANIEL C. WHITE ASSOCIATE DIRECTOR, RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE SUBCOMMITTEE ON ENVIRONMENT, ENERGY, 122612 AND NATURAL RESOURCES HOUSE GOVERNMENT OPERATIONS COMMITTEE ON ECONOMICS OF THE GREAT PLAINS COAL GASIFICATION PROJECT Mr. Chairman and Members of the Subcommittee: We welcome the opportunity to discuss our recent report to you on the economics of the Great Plains coal gasification project1 and the impact of the Department of Energy's (DOE's) recently revised energy price estimates on the project's economic viability. On January 29, 1982, the Secretary of Energy awarded a loan guarantee for up to $2.02 billion of the originally estimated $2.76 billion construction costs to Great Plains Gasification Associates--a partnership of five companies--to construct the Nation's first commercial-scale plant producing synthetic gas from coal. The Department of the Treasury's Federal Financing Bank agreed to lend Great Plains the $2.02 billion DOE agreed to guarantee, with Great Plains financing the remaining costs from its own funds or equity. Great Plains currently estimates that IEconomics of the Great Plains Coal Gasification Project (GAO/RCED-83-210, Aug. 24, 1983). In addition, our semiannual report--Status of the Great Plains Coal Gasification Project-- Summer 1983 (GAO/RCED-83-212, Sept. 20, 1983)--includes a detailed discussion of Great Plains' cash-flow report. OXJz 1

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