Maurice Emmer:
"...The hydroelectric plant's financial projections are only as good as the assumptions. Reality puts the lie to assumptions. Movement in a few assumptions could make the plant a financial disaster. Consider, for example, the 70 percent increase in project costs already acknowledged.
Why is Aspen marching down this risky road? It claims that the success of existing aged hydroelectric plants proves the wisdom. But the facts of the city's other hydroelectric sites are entirely different.
Aspen can buy renewable electricity generated elsewhere at affordable rates and resell it to Aspen's residents. This could happen in months, not years. Large utilities, capturing much greater economies of scale than Aspen's tiny operations, employing professional utility management that knows how to mitigate risk, could provide reliable streams of renewable energy indefinitely. Such utilities' future rates might increase — or decrease, given that supplies of traditional and renewable energy are increasing.
Moreover, any price risk from buying energy should be compared to the numerous risks of constructing another city-owned hydroelectric plant and being stuck with the costs and uncertainties associated with it for 50 to 80 years. It's not as if there isn't a price issue with the plant itself; even now there is strong evidence that hydroelectricity will be more expensive than other renewable electricity.
Let's get greener now: Buy existing renewable energy from a
reliable source, shut down the hydroelectric-plant boondoggle, and, this being Aspen, prepare for the next one. "
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