The company expects to spend an estimated $15 billion as it leases property for wind and solar farms, adds new natural gas generators, shutters coal plants and builds new biomass plants, Kenney sai…
“This is a very significant investment for our customers and our communities,” said Robert Kenney, president of Xcel Energy Colorado. “It’s not just benefiting our environmental goals, but it will put us on our path to reduce carbon emissions.”plan as “the largest clean energy portfolio ever built in Colorado.
To cover the remaining $5 billion of expenses, Xcel will ask the PUC to approve a rate increase of 2.3% for its 1.6 million electric customers, Kenney said. That would increase the average customer’s bill by about $10 per month when adjusted for inflation in 2030, he said. While the rate increase is looming, Kenney said the proposed projects would boost the state’s overall economy.
Xcel will shutter its coal-fired Hayden Generating Station in Routt County by 2028 — ahead of schedule — and replace it with a biomass plant, Kenney said. That biomass plant will use forest waste from fire prevention activities and Rocky Mountain pine-beetle-kill wood as biofuel to generate electricity.
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