While the world financial market falters, Wyoming families are taking inventory of their immediate financial situations. But energy officials still must keep an eye on the state's energy future.

It was with jangled nerves that Brad Enzi watched the most recent market collapse Thursday afternoon.

"It's just been an unprecedented time in the financial markets, and it's been universal," said Enzi, vice-president of governmental affairs for North American Power Group.

After a decade, North American Power Group said it was finally ready to build Two Elk Power Station, a 320-megawatt coal-fired power plant in southern Campbell County that would pull more than 500 jobs into the region during construction and create about 50 new permanent jobs.

Construction is still on schedule, said Enzi. But the current credit crisis scattered investors away from the industrial revenue bonding market that makes up more than half of the $750 million-plus cost of the plant.

"I sit on conference calls with people who advise in the bonds markets, and it's been a real rollercoaster," said Enzi.

CitiGroup is still the main underwriter of the project, according to Enzi. But other investors have cooled on the industrial bond market in the immediate financial storm.

Enzi said there's a backlog of larger industrial bond projects on the market now, but investors will return to smaller projects (less than $1 billion), particularly the tangible and producing projects such as power plants.

"Investment banks are more wary, but it's all part of culling the herd and getting the ones who are serious back," said Enzi. "The outlook for Wyoming is good. (Power plants) are tangible assets, and markets are going to look to tangible and producing assets in the future."

Two Elk is due to report construction progress to state regulatory officials at the end of October.

A number of large energy projects are in queue in Wyoming, including hopes to launch underground coal gasification, a coal-to-liquids refinery and a coal-gasification plant.

Rob Hurless, energy and telecommunications advisor to Gov. Dave Freudenthal, said these large-ticket projects take a long time and require many different financial backers. While the financial meltdown doesn't help these developers today, it's still unclear whether it will sink a project in the long term.

"You have to have a patient developer and understanding that these things take many years to put together," said Hurless. "I think this certainly is a huge distraction to that process, but by their very nature, these are long and complex processes and (developers) anticipate challenges."

Contact energy reporter Dustin Bleizeffer at (307) 577-6069 or dustin.bleizeffer@trib.com

BREAKOUT

Two Elk Power Generation Facility

WHO: Two Elk Generation Partners, Limited Partnership, an affiliate of North American Power Group

OUTPUT: 320 megawatts (gross)

FUEL: Waste coal

LOCATION: 20 miles south of Wright

TIMELINE: Initial phase of construction began in 2007

EMPLOYMENT: 550-plus peak construction, up to 50 permanent jobs

COST: $750-plus million