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SALT LAKE CITY (AP) -- State land-trust officials approved a 2,200-acre lease for development of salt caverns near the Intermountain Power Project in central Utah.
Salt Lake City-based Magnum Development says it plans to map, test and possibly hollow out the thick salt deposit as a repository for natural gas, compressed air or carbon dioxide.
Developers of a nearby wind-turbine farm could use compressed air to store energy for peak times.
Or the caverns could store carbon dioxide from the neighboring Intermountain Power Project if the federal government decides to regulate carbon emissions.
Magnum, a subsidiary of Houston-based private equity group Haddington Ventures, won the lease Thursday from the State Institutional Trust Lands Administration.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
