New power plant coming to Sherman

By: Stephanie Brletic Email
By: Stephanie Brletic Email

SHERMAN, Tex. -- The economy might be hurting in other parts of the county, but it continues to grow in Sherman. On Monday, the Sherman Economic Development Corporation struck a deal with Panda Energy, a company headquartered in Dallas.

SEDCO president John Boswell says the company is making a $300 million capital investment in Sherman.

“We're very excited that yesterday the board of directors approved this, its' a significant capital investment, which will share the tax burden for all tax payers and provide electricity for 400,000 homes," Boswell says.

Boswell says with all the large companies that call Sherman home, the investment by Dallas-based Panda Energy is the biggest of its kind in recent years.

"It’s the largest capital investment project that we've had in Grayson County, in Sherman, in a long time is the Tyson project, which is $100 million," Boswell says.

Plans for the power plant call for a natural gas powered facility but it's only expected to bring around 25 direct jobs. Not nearly the number of other large businesses in town such as Tyson.

But economic experts say the tax base for this project will be huge, bringing in an estimated $248 million over the next decade.

Sherman mayor Bill Magers says he expects to see more companies like Panda interested in the city.

"We’re in the right place, north of Dallas, growth is coming our way, as we know, this is more of an indication of the growth that's coming, and the types of businesses that are going to be drawn to Sherman with our assets of water and great location," Magers says.

The new plant will sit on more than 200 acres of land in Progress Park III, and is expected to be one of the cleanest power plants in the nation.

Boswell says striking the deal is the first of several phases to complete before the plant is built. Panda Energy still has to go through a permitting process with the state, and it could be some time before construction begins and the plant is up and running.

Read the press release from Panda Energy here

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  • by just an observer Location: sherman on Mar 12, 2008 at 07:49 PM
    midniteryder...I have a job and thankfully not in this state and therefore do not need to apply for a job that requires you to speak a non American language to work there for beans or burritos whatever.
  • by Anonymous on Mar 12, 2008 at 02:55 PM
    It's not Texas-New Mexico Power that is charging you an arm and a leg, they are the energy delivery company and they are charging you 1.7 cents per kWh, all the rest goes to First Choice Power and the generation companies (fuel adjustment clauses...etc) I am on Texas-New Mexico Power Company lines in Grayson County and I have Spark Energy as my Retail Company and only pay 10.5 cents per kWh....Check them out, that's cheaper that TXU, First Choice Power or Grayson Collin Co-OP. I don't think you will be able to buy power from Panda since they will be the generator of electricity (hint-they are the ones gouging you with the high fuel rate charges that are added to you bill each month due to high natural gas prices..coal is the cheapest but guess what it's the most unclean fuel source also.
  • by Mork Location: Ork on Mar 12, 2008 at 08:07 AM
    Is this a chinese owned company?
  • by midniteryder Location: Sherman on Mar 12, 2008 at 07:18 AM
    Just an observer- c'mon now, do you really think that only 25 jobs will be required to build this plant? Please........And something tells me that the 25 folks who would be working there would be paind more than minimum wage. One way to find out- apply to work there yourself.
  • by baffled Location: sherman on Mar 12, 2008 at 06:55 AM
    Does this mean my taxes are going to rise to met this 248 million dollars to fort this tax base project?
  • by concerned Location: sherman on Mar 12, 2008 at 06:50 AM
    Maybe with the revenue from this project, the city can finally give the fire fighters a significant raise. Sherman has a great group of fire fighters working for them, but they won't all stay here. Sherman is being used as a training ground, and then they move a short distance south for more money. Can't say as I blame them.
  • by just an observer Location: sherman on Mar 11, 2008 at 11:47 PM
    25 more low paying jobs...yippee! If you speak English can you qualify to work there? Just wondering.
  • by JC Location: Denison on Mar 11, 2008 at 06:24 PM
    Texas needs to diversify its energy sources to include more coal and nuclear power. We have the highest retail electricity rates in the country due to over reliance on natural gas. De-regulation isn't helping in any significant amount because all the providers buy the same electricity. These are the average residential rates for 2007 of Texas and surrounding states cents per kilowatt hour. I don't know why people aren't getting more angry about this. Arkansas 9.04 Louisiana 8.89 Oklahoma 8.85 Texas 12.12
  • by Anonymous on Mar 11, 2008 at 05:53 PM
    I wonder if I can get power through them, and it it'll be cheaper than Texas-New Mexico/First Choice Power. I've never paid so much for electricity in my life!
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