Hickenlooper, Bennet Welcome up to $1.1 Billion from Inflation Reduction Act for Rural Electric Cooperatives in Colorado

WASHINGTON - U.S. Senators John Hickenlooper and Michael Bennet welcomed $7.3 billion from the U.S. Department of Agriculture's (USDA) Empowering Rural America (New ERA) program to help rural energy and utility providers bring affordable, reliable clean energy to their communities across the country. The announcement includes up to $1.16 billion for three providers in Colorado.

"The Inflation Reduction Act isn't just about clean energy, it's also about reducing electric costs for Coloradans and helping rural communities take power generation into their own hands. Cheaper, cleaner, more reliable electricity for rural Coloradans is a win-win-win," said Hickenlooper.

"Our rural electric cooperatives are central to our nation's ability to transition to a clean energy economy," said Bennet. "This funding will enable the critical work of helping modernize co-op energy infrastructure across rural Colorado to lower energy costs for families, farms, ranches and small businesses, and to drive opportunity in rural communities."

The New ERA program is a $9.7 billion program created in the IRA that helps rural electric cooperatives transition to clean, affordable, and reliable energy. It is part of the largest investment in rural electrification since the New Deal. This funding includes investments for three of Colorado's rural electric cooperatives:

• Up to $679 million to Tri-State Generation and Transmission Association to procure renewable energy including solar, wind, and battery storage and to support the retirement of coal-fired power generation while maintaining energy reliability;
• $261 million to United Power to offset the cost of its transition to a strategic, clean energy portfolio; and
• $225 million to CORE Electric Cooperative to procure renewable energy sources including wind, solar, and batteries through several power purchase agreements.

"This Empowering Rural America New ERA investment will be used for CORE Electric Cooperative to procure approximately 550 megawatts of new wind and solar renewable energy. It will also allow CORE to invest in energy reliability through roughly 100 megawatts of energy storage," said Pam Feuerstein, CEO, CORE Electric Cooperative. "These efforts are estimated to provide more than 1.9 million MWh of GHG-free energy annually, create new short and long-term jobs, reduce costs for member-owners, and help meet Colorado's clean energy goals."

"New ERA represents the largest investment in rural electric cooperatives and the communities they serve since the Rural Electrification Act of 1936," said Duane Highley, CEO, Tri-State. "We couldn't be more excited by this opportunity to leverage New ERA to serve our cooperative's members and support our communities through unparalleled investments that achieve significant greenhouse gas emissions reductions while maintaining the reliable, affordable electricity rural communities count on."

"The Empowering Rural America New ERA investment will have an immediate positive impact on all United Power members who have experienced increased costs for food, property taxes, insurance, and all utilities over the past few years," said Mark A. Gabriel, President and CEO, United Power. "We are excited to start receiving the funds so we can promote how USDA's support of our power supply's decarbonization as laid out in Our Cooperative Roadmap will benefit the communities, we serve for generations to come."

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