Plan for $360 million power plant frozen by Georgia company

WYANDOTTE, MICHIGAN - Plans to build a $360 million power plant in this southern Detroit suburb have been put on hold, a Georgia power company said. <br> <br> Atlanta-based Mirant Corp. had announced plans to would build a 560 megawatt plant here. But the company now says the Wyandotte project and others nationwide are on indefinite hold. <br> <br> The move is part of the fallout from the bankruptcy of energy giant Enron Corp. Mirant&#39;s stock has fallen from $25 a share in March 2001 to $9.70 at Thursday&#39;s closing on the New York Stock Exchange. <br> <br> ``Enron was more of a trading company, whereas we very strongly believe in maintaining physical assets. But we&#39;re having to back off from projects,&#39;&#39; Mirant spokesman Bob Lewis told The Detroit News. ``It&#39;s all pretty tragic.&#39;&#39; <br> <br> A state utility regulator said these are tough times for energy companies after Enron. <br> <br> ``These companies are being required to have a lot of cash on hand,&#39;&#39; said Laura Chappelle, chairwoman of the Michigan Public Service Commission. ``The regulated utilities, like Consumers Energy and Detroit Edison, aren&#39;t seeing the same thing. Wall Street is looking for a (stable) revenue stream.&#39;&#39; <br> <br> The Mirant case is just one of the Michigan effects of the Enron collapse, said Comerica Bank chief economist David Littmann. <br> <br> ``It&#39;s introduced an element of uncertainty into the business community,&#39;&#39; Littmann said. ``The stock market doesn&#39;t like uncertainty and that&#39;s big. The down market reduces confidence, spending and production in that order.&#34;