GE moves on power plant

A Manhattan bankruptcy judge cleared General Electric Co.”™s purchase of the long-stalled Towantic Energy power plant planned for Oxford, Conn.

If built, the Towantic Energy plant would provide 512 megawatts of power, sufficient energy for at least 385,000 homes. GE officials did not immediately indicate whether the company will proceed with the project.

In return for a $2.1 million payment from bankrupt Calpine Corp., the town of Oxford agreed to drop claims sparked by the project, allowing for GE Energy Financial Services to take over the project.