ConocoPhillips and Peabody Energy Corp. hope to build a coal-to-gas plant near Central City in Kentucky. The companies are currently seeking an air permit from Kentucky regulators, a process that may take up to two years. If approved, the Kentucky NewGas plant would be built using Conoco’s gasification technology, which would turn Peabody's coal into a synthetic gas.  

The plant would be built with carbon capture and storage technology, with a storage site yet to be determined. The companies are working with the Kentucky Geologic Survey and the Midwest Geologic Sequestration Consortium to help determine the best storage site. The plant would take about four years to build and could cost billions of dollars.