Colorado Could Save $2.5B Through 2040 by Replacing Coal with Clean Energy
Energy production
has become one of the foremost and most profitable businesses in the world.
Each and every human being on this planet is heavily affected by the various
sources of energy harvested and mass produced for consumption like electricity.
Even today, thermal energy has remained the largest and easiest source of
electricity and it is coal-based techniques are used all over the world in
order to sustain the electricity-related requirements of the world. Despite its
ease of access and methods of conversion, coal plants have a lot of negative
effects on the environments and the economy of the country. Coal plants are
notorious for their carbon emissions which have a deprecative effect on the
efficiency and add to the operating cost of the plant.
Like many other
states, Colorado have felt the need to look for alternative and cleaner sources
of electricity. The state’s largest power provider, Xcel Energy, have publicly
notified that they are aiming towards completely decarbonization by switching
to a mix of cleaner and more sustainable sources of energy. They estimate that
this change in pace could save up to $2.5B of the consumers through 2040. Such
a beneficial conversion can be possible owing to the fairly strong and reliable
solar and wind potential. It was stated that customer bills could drop by 5% if
the power providers achieve their goal of decarbonization. Moreover, coal plant
owners would be presented the opportunity to recover some of the costs that had
sunk, roughly $1.5B in undepreciated asset value if they agree to a voluntary
phased retirement of their facilities. The key to make this transition a
profitable one for both the providers and the consumers is to employ a smart
legal and technical framework and authenticate the voluntary retirement of the
facilities or else it might result in an endless loop of legal implications
that would affect the lives of the local communities.
Turns out the quest
to transfer to a cleaner and more sustainable source of energy is not confined
to the region of Colorado but has spewed over to other state as well. The
Northern Indiana Public Service Co. had recently presented its 2018 Integrated
Resource Plan which postulated that by moving from 65% to 15% coal by 2023 and
then further eliminating the resource completely by 2028, consumers could save
up to $4 billion over 30 years. Further, PacifiCorp revealed that 13 out of
their 22 coal units are more expensive than other fuels, including cleaner
energy sources.
Such
a positive outlook on the energy and fallout crisis renews the optimism in the
hearts of the consumers as scientists plunge headstrong into research and tests
in order to identify the proper way to make the transition from the familiarity
of the coal plants to better and more sustainable sources of energy that would
be friendly to the environment and to the economy of the countries, and let us
not forget our individual pockets.
Colorado Could Save $2.5B Through 2040 by Replacing Coal with Clean Energy
Reviewed by Joe
on
April 28, 2019
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