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Commission approves decommissioning safeguards and parent guarantee for proposed energy project
Summary
The Utah County Commission approved in concept a decommissioning and parent-guarantee package for a proposed energy project, including annual financial disclosures from the parent, an asset threshold that would trigger a bonding requirement, and assignment of salvage rights to the county.
The Utah County Commission voted to approve a financial and decommissioning framework intended to protect the county if a proposed energy facility is later abandoned or becomes financially insolvent.
County legal staff (Speaker 8) told commissioners the applicant has supplemented a parent-guarantee with four measures: annual financial statements from the parent company, a trigger requiring a bond if the parent's assets fall below $100,000,000, an assignment of salvage rights to the county in a worst-case decommissioning scenario, and the same enforcement rights for private property owners to seek decommissioning.…
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