Xcel on Track to Meet Clean Energy Law Early
The state's largest utility Xcel Energy says it’s on par to meet Colorado’s renewable energy mandate by 2017, three years earlier than state law requires.
Xcel planned to file a proposal Friday with state utility regulators that maps out how the company plans to meet a state law that requires 30% of its energy come from renewable sources by the year 2020.
The company has long said it’s on course to meet that standard due to recent large purchases of home-grown wind and solar power. Spokeswoman Michelle Aguayo says the company expects to move up its target date due to a number of factors.
"But most basic and easiest to understand is that Xcel Energy has been able to acquire renewable energy and renewable energy credits that go along with it at a reasonable rate for our customers," Aguayo said.
Xcel customers pay a 2% surcharge to support the purchase of more renewable power. Aguayo says the pending plan aims to balance that fee out to shield customers from higher costs in the coming years.
Utility regulators and the public will now spend the next several months scrutinizing the plan.
Colorado was the first state in the country to adopt a renewable energy standard. Since voters approved the initiative in 2004, state lawmakers have strengthened it twice.