Despite two years of setbacks, Cohen still believes a biomass plant south of Estancia is viable. WWPP gained tax credits over a 10-year period from the state in 2008 for the plant. Since then, Cohen has seen PNM pull out of its contract with WWPP and other financing evaporate. Last week, the state pulled the plug on the tax credits because the plant was supposed to be generating electricity by now. Construction on the site has not even began.

It's probably time for Cohen to cut his losses and move on from this project that never really should have been awarded the tax credits in the first place.

The state's Energy Conservation and Management Division gave WWPP the credits in 2008 saying that it represented clean and efficient energy production despite evidence to the contrary. WWPP had planned to use overgrowth from the Manzano Mountains and elsewhere to generate electricity, but environmental groups argued that to find fuel for the plant, it would have to harvest more trees than were available. In addition, the wood-burning plant would be a detriment to the air quality in the Estancia Valley.

These same environmental groups are now celebrating the state's decision to pull the tax credits, but Cohen says he will continue to move forward. Whether he can or not remains to be seen, but the end of the proposal seems to be close.

And to that we say fine.