Vectren unveils 20-year, diversified generation portfolio consisting of nearly two-thirds renewables
As part of its final Integrated Resource Plan (IRP), Vectren revealed this week that over the next 20 years, it will push a portfolio of nearly two-thirds renewable resources and cut its carbon emissions by almost 75 percent compared to 2005 levels.
Much of the new energy will come from universal solar, as the company swaps it in to replace older coal generation units. Some 730 megawatts of coal generation will be retired or related agreements exited in the coming two decades, something that should save the company $700 million in environmental regulations-based investments.
To replace it, somewhere between 700-1,000 MW of solar and solar plus battery storage, along with 300 MW of wind energy, will be added to Vectren’s portfolio.
“Using what we have learned from this IRP process, we will be pursuing a much larger percentage of renewable energy, as well as continuing to offer energy efficiency programs to ensure customers have options to use energy wisely,” Lynnae Wilson, chief business officer of Indiana Electric, said. “Customer and stakeholder engagement were focal points throughout this very important process, and we appreciate the thoughtful insights offered, which helped us realize this plan.”
Beyond the renewable additions, Vectren will also add 460 MW of natural gas combustion turbines in the years to come. This is largely meant to back up the renewable resources that will supply the majority of customer needs going forward.
This finalized form of the IRP, submitted every three years to the Indiana Utility Regulatory Commission (IURC), comes at the end of a year-long process. In total, the results should save Vectren’s customers an estimated $320 million. The completed IRP will be submitted to the IURC at the end of the month.
