EVANSVILLE, Ind.  — Indiana regulators have rejected a proposal by one of the state’s largest electric utilities to build a natural gas-fueled power plant to replace aging coal-fired power units.

The Indiana Utility Regulatory Commission denied Vectren’s proposal Wednesday for an 850-megawatt gas-fueled plant costing an estimated $781 million.

The project drew opposition from environmentalists worried about its impact on climate change and consumer advocates concerned about its cost.

The Evansville Courier & Press reports the IURC cited the potential financial risk to Vectren customers, who would have paid for the plant over 30 years at a time when the energy industry is rapidly changing.