APPROVAL OF XCEL’S PROPOSED SLUSH FUNDS WOULD PLACE COLORADANS’ HEALTH AND FINANCES AT RISK
Xcel Energy is seeking approval from Colorado’s Public Utilities Commission (PUC) for two new slush funds and a massive new buildout of power generation resources that it admits are likely to lead to a 50% increase in consumer electric rates. The proposed funding mechanisms would allow Xcel to pay for new equipment and invest in exploration of unproven technologies without the safeguards established under current review and approval processes.
PSR Colorado (Physicians for Social Responsibility) opposes Xcel’s proposal because, in addition to the devastating impact on consumer bills, the $500 million Strategic Resilience Reserve Fund (SRRF) funds could end up paying for purchases of polluting gas generation equipment that Colorado may not even need, while the $100 million+ “Carbon-Free Future Development” (CFFD) could be used to explore costly, unproven technologies that are hazardous to human health and safety, including small modular nuclear reactors, carbon capture, and hydrogen.
PSR Colorado and our partners at the Colorado Renewable Energy Society (CRES) have submitted testimony to the PUC in a proceeding known as the “Just Transition” Electric Resource Plan, advocating for reliance on affordable renewable resources and avoidance of speculative new investments and alternative funding mechanisms.
The PUC is interested in receiving public comments on Xcel’s Just Transition plan in advance of their decision, which is expected in the coming weeks. Sending your comments soon is your best chance to have your voice heard. To submit comments, send an email to the PUC following these instructions:
Type your comments directly into the body of your email.
Include the proceeding number in the subject line “Docket No. 24A-0442E”
Send to: dora_puc_website@state.co.us
For more detailed information about the Just Transition proceeding go here
READ ON TO LEARN MORE ABOUT OUR CONCERNS IN THE JUST TRANSITION PROCEEDING
XCEL’S “JUST TRANSITION” PROPOSAL ASKS FOR A HUGE INCREASE IN POWER GENERATION, DRIVEN BY SPECULATION IN THE GROWTH OF DATA CENTERS, WHILE RESIDENTIAL CONSUMERS FOOT THE BILL.
Xcel admits that their proposal for radical growth in power generation and the new slush funds would like raise by 50%, while rates for large facilities like data centers remain the same.
XCEL’S PROPOSED $500 million Strategic Resilience Reserve Fund (SRRF) PROMOTES UNNECESSARY PURCHASE OF NEW GAS EQUIPMENT
Burning gas for power generation harms the climate, while affordable clean renewable energy resources and storage batteries are available to meet our needs.
The nine-county Denver Metro area is already out of compliance with federal air quality standards, and new gas plants will make our air quality even worse.
Polluting gas plants are generally sited in low income communities, with emissions causing the greatest harm to the health of the most vulnerable residents.
Production of methane gas (aka “fracking”) is harmful to human health and the climate
Gas pipelines are leaky, explosive and hard to regulate
Unstable gas prices make consumers vulnerable to spikes
XCEL’s PROPOSED $100 million+ “Carbon-Free Future Development” (CFFD) FUND ALLOWS INVESTMENT IN HAZARDOUS AND UNPROVEN TECHNOLOGIES THAT THREATEN CONSUMERS, WORKERS, & LOCAL COMMUNITIES
HYDROGEN - Most hydrogen is derived from fossil fuels with no net climate benefits. Inconsistent, costly supply of green hydrogen.
CARBON CAPTURE & SEQUESTRATION (CCS) - Global track record shows CCS has failed to function as promised, with major cost overruns and accidents
NUCLEAR POWER - Mining uranium fuel for reactors contaminates soil, air, and water in local communities. Nuclear development threatens workers and community health with potential for radioactive leaks and accidents in transport, reactor operations, and waste management. Nuclear waste remains radioactive for thousands of years, yet no permanent site for long-term storage has been constructed, so waste remains stored on the reactor site. After huge cost overruns, new reactors in Georgia sent consumer rates sky-high, while a Utah utility abandoned its small modular reactor (SMR) plans after NuScale’s budget grew from $58/MWh to $89/MWh.
For more detailed information about the Just Transition proceeding, go here
To submit comments on these proposals to the PUC, send an email following these instructions:
Type your comments directly into the body of your email.
Include the proceeding number in the subject line: “Docket No. 24A-0442E”
Send to: dora_puc_website@state.co.us
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