On June 6th, 2013, Governor Hickenlooper signed Senate Bill 13-252, making it a day to be celebrated by all who are interested in furthering renewable energy sources in Colorado. As stated in the article by EcoWatch, the new bill will increase “Colorado’s Renewable Energy Standard for co-operative associations that provide wholesale electricity in the state, and for large electric associations that provide service to at least 100,000 customers. The bill doubles the amount of renewable energy these utilities must provide to 20 percent (from 10 percent) by 2020, while capping cost increases at two percent.” Bill 252 will not only add renewable energy to the grid, but it will increase the number of jobs and renewable energy projects in rural Colorado, as well as lead to clean, renewable energy investments.
Xcel Energy is also realizing the benefit of investing in renewable energy sources, and not just because of the bill. As of February 2013, Xcel proposed to add 550 Megawatts of wind energy to the grid, primarily because of the cost savings. According to an article in the Denver Post, “Xcel’s average purchase cost for wind since 2007 has been $42.16 a megawatt-hour,” while “the cost of electricity from a new conventional combined-cycle natural-gas plant is about $68.60 a megawatt-hour.” Based on these numbers, Xcel will be saving $26.42 per megawatt-hour by using wind power instead.