First, the details of the accident.
Kleen Energy Power Plant exploded on Sunday morning at 11 am in Middletown, CT.
The blast killed five and injured twelve.
A fire marshall said the explosion occurred while operators attempted to “blow down” natural gas pipelines, a procedure called “purging” (clearing the air).
The U.S. Chemical Safety Board said it was considering changing national fuel gas codes to improve safety when gas pipes are purged just three days earlier, on February 4th.
As for Goldman Sachs’ connection, the bank underwrote the $985 million deal in 2008 when Energy Investors Funds purchased 80% of the Kleen Energy plant. ProjectFinance magazine called it “The Deal Of The Year.”
Kleen Energy was 96% complete when it exploded.