Scottish Power has just completed a process of removing hazardous material from the former coal fired station, now it will be demolished within the next five years.
The station which was built on the site of a golf course in 1965 has remained derelict since 2000.
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Plans have been made to reopen the stretch of railway used to bring coal to the site. Passenger trains could connect to Thornton.
Independent councillor Andrew Rodger, who lives in Methil, said there's a good future for the area: "Without a doubt, I welcome that. It's something that's been needed to be taken down for years.
"We are wanting to turn Methil into a tourist area. We have a championship golf course which we want to capitalise on and the plan for the rail link."
(GK/JM)
