$3.5 billion-dollar investment provides economic boost for Wyoming
A new $3.5 billion-dollar investment plan by Rocky Mountain Power could be great news for Wyoming.
The Salt Lake City-based utilities company made the announcement Tuesday morning. In a release, they outlined a 20-year plan to provide electricity that includes adding more solar and wind and making existing wind turbines more efficient.
The Integrated Resource Plan (IRP) includes
• Upgrading more than 900 megawatts of existing wind plants with larger blades and newer technology to generate 20 percent more energy in a wider range of wind conditions and capture federal production tax credit value for customers
• Beginning construction on a segment of the Gateway West 500-kilovolt transmission line between Medicine Bow, Wyoming, and the Jim Bridger power plant in the southwestern part of the state. The 140-mile line would enable additional wind generation, improve efficiency and relieve transmission congestion
• Facilitating construction of up to 1,100 megawatts of new wind projects, primarily in Wyoming, by the end of 2020, capturing federal production tax credit value for customers
• Adding up to another 859 megawatts of new wind – 85 megawatts in Wyoming and 774 megawatts in Idaho – between 2028 and 2036
• Building up to 1,040 megawatts of new solar between 2028 and 2036. Approximately 77 percent of the solar is assumed to be built in Utah and 23 percent to be built in states served by Pacific Power.
• Continuing a cost-conscious transition that adds more energy diversity, the plan incorporates the company’s environmental compliance obligations for its coal plants.
“This plan provides more diversity in the energy we use, which helps us keep electricity prices low for customers and improves the economies of our states,” said Cindy A. Crane, Rocky Mountain Power President and CEO. “The proposal is also a major investment that will produce more jobs, provide a stronger tax base and build transmission lines that will deliver reliable energy more efficiently for years to come.”
By moving to complete the wind upgrades and new wind developments by 2020, the company will be able to use federal production tax credits, which will help cover the costs of the investments and provide a net savings for customers over the life of the projects.
"This ambitious plan – a nearly $3 billion investment in Wyoming – diversifies Wyoming's economy, expands markets, presents workforce training opportunities, adds jobs and strengthens the tax base in local communities," said Wyoming Governor Matt Mead. "I look forward to working closely with Rocky Mountain Power. I see great potential for Wyoming workers and rate payers as this plan is implemented."
The plan is expected to create thousands of jobs and bring in millions of dollars in revenue for the state of Wyoming.