The University of Illinois’ Institute of Government and Public Affairs, which compiled the report, estimated an average of 401 jobs for those in Morgan County, where FutureGen 2.0 is set to be located, over two decades.

The county and its neighbors could also enjoy an $8.78 billion business infusion from FutureGen 2.0, with $435.7 million just in wages and salaries – and $7.3 billion to the local economies of host city Meredosia and neighbor Jacksonville along with northeast Morgan County.

Under the project’s timetable, it is expected to come online in 2017. Construction is projected to begin next year, with a need for hundreds of workers during the four build phases.

The bulk of the work, the institute said, would likely be completed during 2015.

Once construction begins to retrofit the utility plant and build the pipeline to carry carbon dioxide from the plant to the underground storage location, as many as 1610 workers may be needed.

All of the jobs will have a big financial ripple effect.

“[E]ach dollar invested in FutureGen 2.0 would generate an additional $1.42 worth of activity distributed through the economy of Morgan County and each job in FutureGen 2.0 would generate another 1.52 jobs elsewhere in Morgan County,” the study says.

The plant’s developers, the FutureGen Alliance, said the assessment of the economic benefits was a testament to the economic development engine it would be.

“Developing advanced coal technology will be a boon to the Illinois economic and will put Morgan County on the global stage of energy technology innovation,” CEO Ken Humphreys said.

From the standpoint of the state’s advantages, business volumes stemming from FutureGen 2.0 could be $12 billion, and an estimated $655 million will be generated to pay 620 permanent jobs over 20 years.

The facility’s first phase has been completed and its second phase has been conditionally approved by the Department of Energy, which has provided a large chunk of FutureGen’s funding.

The 92-page report, released late Monday, is available on the Jacksonville Regional Economic Development web site.

The first FutureGen project was shelved by the US government and a redesign set for construction in Illinois was unveiled in 2011.

Morgan County, Illinois, was selected as the preferred site for FutureGen 2.0 in February 2011 following an open and competitive solicitation process.

The design plan includes upgrading the Meredosia Energy Center’s unit 4 with oxy-combustion technology to capture about 90% of the plant’s carbon emissions.

Using safe and proven pipeline technology, the carbon dioxide will then be transported and stored underground permanently at a nearby storage site.

Coal will be mined primarily within the state, from Arch Coal’s Viper mine in Sangamon County and Coalfield Transport’s Shay 1 Mine and Tri-County Coal’s Crown III Mine, both in Macoupin County, the report says.