Imperium loses Hawaii contract |
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Imperium loses Hawaii contract
Imperium Renewables has lost a contract to supply biofuels to a new electric power plant in Hawaii, the latest blow to the battered Seattle biodiesel producer.
Hawaii's Public Utilities Commission last week rejected a contract between Hawaiian Electric Co. and Imperium because of the likelihood that it would boost rates to customers of the utility.
Imperium initially planned to build a $91 million biodiesel refinery next to the new electric power plant on the island of Oahu, though those plans crumbled after financial troubles hit. Imperium later renegotiated the contract to supply the Hawaiian facility with fuel from the company's Grays Harbor plant on the Washington coast.
But it was that deal which the PUC overruled.
"The commission has an obligation to ensure that in obtaining that biofuel, HECO negotiates pricing and terms that are reasonable and in the public interest," the PUC said in its ruling according to a report by the Honolulu Advertiser.
Hawaiian Electric, or HECO, is now looking for another biodiesel supplier.
"While we're disappointed in the ruling from the PUC, we understand their concerns about cost to ratepayers," Imperium CEO John Plaza tells the Honolulu Star-Bulletin. "We put together the best proposal we could based on HECO's contractual requirements to source sustainable palm oil."
Imperium recently sold off its Seattle biodiesel facility, while its Grays Harbor plant remains idle. The company -- once a rising star of the state's clean tech industry -- also has laid off most of its staff in the past two years.
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