Xcel Energy has proposed spending up to $15 billion on a plan that would double the amount of renewable energy on its system in Colorado.
According to its Colorado Clean Energy Plan, the utility plans to add wind, solar, natural gas, biomass and energy storage resources to meet the state’s forecasted demand through 2028. Xcel said the the plan would allow for 80% of its system in the state to run on renewables by 2030.
The plan calls for 6,500 MW of new renewable energy resources and battery storage.
The plan also proposes building 630 MW of new natural gas-fired generation. The utility said the proposal would overall result in a net decrease of 740 MW of gas-fired power on its system.
The plan also includes additional investments in transmission infrastructure.
Xcel Energy’s proposal is subject to approval by the Colorado Public Utilities Commission, which has until the end of the year to accept or reject it.
Xcel Energy aims to reduce its carbon emissions in Colorado by more than 80% by 2030 from 2005 levels and eliminate the use of coal by the end of 2030.
Specific to the plan, the utility is proposing a new biomass facility at Hayden Generation, where it plans to retire all coal units by the end of 2028. The facility would use forest waste from fire prevention activities and wood as fuel.
With the retirement of Xcel Energy’s existing Alamosa natural gas-fired combustion turbine in 2025, the utility is proposing a new 28 MW combustion turbine to back up existing electric service in the San Luis Valley. Xcel is also proposing a new combustion turbine in Fort Lupton to provide peaking power for the Denver metro area.
To cover the costs of the plan, Xcel is asking state regulators to approve a rate increase of 2.3%. This means that adjusted for inflation, the average residential customer’s monthly bill in 2030 would be about $10 more than today.
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