Yesterday, Colorado Politics published an op-ed by Julie Gorte in support of Xcel Energy’s Colorado Energy Plan, a proposal that would shutter two of the state’s cheapest and most reliable power plants (not to mention cleanest) and replace them with less reliable and super expensive wind and solar sources.
Using Gorte to carry its torch is a strange approach by the public utility. Gorte, senior vice president for sustainable investing at Impax Asset Management LLC and Pax World Funds, sits on the investment committee of Wallace Funds, which is one of the biggest proponents of the fossil fuel divestment campaign across America.
This begs the question: is Xcel’s Colorado Energy Plan a veiled divestment strategy? Or is Xcel hostage to an extravagant investor activism campaign by the likes of divestment activists?
What would a broader Xcel divestment look like for us little people? A disaster. The Colorado Energy Plan is likely to result in jacked-up rates for everyone who pays a monthly bill to Xcel.
Not that any of this matters to environmental extremists like Gorte. In fact, this green utopia that divestment proponents dream about is not about cost, but rather about putting big, “evil” oil and gas out of business.
Here’s the problem with doing that: Colorado’s oil and gas industry provides an economic boost of over $31 billion per year, and supports 230,000 jobs in the state. What happens when all of that money and all of those jobs disappear?
You guessed it: a massive cut in local and state tax revenues. So, for those of you who like the idea of a green future, but also, ya know, like functioning hospitals and basic public services, it’s not looking like Xcel’s Colorado Energy Plan is the plan for you.
Just don’t tell Julie Gorte and her divestment BFFs.