Consumer’s Energy recently announced that it has submitted for approval an update to its renewable energy plan to the Michigan Public Service Commission. With new renewable energy capacity and ‘locked down’ contracts coming in at much lower than previously projected prices, Consumers Energy is proposing to lower rates for their customers by $55 million a year.
Consumers Energy also reaffirmed its goal of having 10% of the electricity it generates come from renewable sources:
“Renewable energy is an important part of the company’s balanced resource portfolio, which includes a diverse set of fuel sources and energy efficiency to meet future electric needs,” said John Russell, Consumers Energy’s president and chief executive officer. “The energy law has enabled investment in renewable energy in Michigan and the creation of jobs. This revised renewable energy plan represents a significant reduction in costs to our customers.”
Currently Consumers Energy is working on a 100-megawatt wind farm that is expected to be finished in 2012. It is believed this project will create $132 million in economic benefits to the state as well as creating 150 construction jobs.
The report is one of a number lately detailing the that fears of the expense of renewables was not only overblown, but downright wrong. The Public Service Commission prices new coal capacity at $133/MWh compared to only $99 per MWh for reneweables.