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CORE Electric outlines energy transition, warns of near-term rate increases
Summary
CORE Electric Cooperative said it is moving away from its contract with Xcel Energy, pursuing new local generation and gas facilities and projects to retain federal tax credits; the co-op projects 16%–24% rate increases over the next four years to cover higher-than-expected development costs.
CORE Electric Cooperative’s chief executive told Conifer residents that the utility is moving away from its contract with Xcel Energy and building its own generation capacity, and warned members to expect higher rates in the near term.
Pam Furenstein, chief executive officer of CORE Electric Cooperative, said the co-op decided about five years ago to leave Xcel to “have more control and flexibility on the resources that get built to serve our members and, also have more control over the costs of those resources.”
The move is partly a response to state greenhouse-gas requirements, Furenstein said, which she said would…
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