Our landmark power supply partnership with Invenergy will lead Colorado’s energy transformation.
CORE Electric Cooperative and Invenergy, the leading privately-held developer, owner and operator of sustainable energy solutions, have announced a new wholesale power supply partnership. The partnership will provide CORE with over 1.2 terawatt-hours of renewable energy per year, which includes approximately 400 megawatts (MW) of new solar and wind energy projects and 100 MW of battery storage, backed up by over 300 MW of existing reliable natural gas resources starting in 2026. These agreements pave the way for CORE’s future as the cleanest, most reliable, most affordable electric company in Colorado, and signal CORE’s transformation to a fully independent electric utility with control of its power supply future.
Invenergy brings extensive experience building flexible, sustainable energy solutions as one of the largest developers of clean and renewable energy projects in the world, and has successfully developed seven projects currently in operation in Colorado. The power agreements cover a 20-year term between Invenergy and CORE.
Combined with CORE’s existing generating assets, these new agreements will supply the bulk of CORE’s wholesale energy needs. With this partnership, CORE will advance its objective of reducing carbon emissions by 80% by 2030 and create more flexibility to implement additional battery storage and other technologies in the future. It will also secure dispatchable resources to ensure service reliability. The portfolio will stabilize CORE’s costs to keep members’ rates among the lowest in Colorado for years to come.
“CORE’s innovative partnership with Invenergy demonstrates that the transition to a clean and reliable energy future can be done without sacrificing affordability for our members,” said Jeff Baudier, CEO of CORE Electric Cooperative. “With Invenergy, a proven and like-minded developer that can react and deliver in record time, CORE is competitively positioned to support native growth and aggressively pursue new business.”
“After months of thorough analysis and diligent planning, we’re excited to announce CORE’s future in delivering our members affordable, reliable and clean power as Colorado’s premier energy provider,” shared Tim White, CORE’s Board President.
“This partnership between Invenergy and CORE signifies a key moment in Colorado’s clean energy transition,” said Jim Shield, Senior EVP and Development Business Leader at Invenergy. “Invenergy is proud to be CORE’s chosen partner and to help them meet their important renewable energy and reliability objectives through our flexible energy solutions.”
The selection followed a competitive evaluation of service provider proposals and was approved by CORE’s member-elected Board of Directors.
Questions & Answers
How will this agreement and future power supply changes impact CORE members’ costs?
These contracts are expected to help stabilize power supply costs for their 20-year term by providing low-cost energy from renewables and reliable backups through natural gas-powered facilities.
I’ve heard that renewables are unreliable. How will CORE ensure service reliability?
Renewable generation is a low-cost source of energy, but some renewables do have limitations. Because both wind and solar are intermittent resources, CORE is contracting with both bulk electric storage and natural gas-fired turbines to ensure we have the energy we need when we need it.
Why is CORE using natural gas as part of its portfolio?
Though wind and solar are complementary resources, there is the risk that they would not be enough to provide CORE with all the power we need. Natural gas resources serve as a backstop, providing a firm energy source during times of highest demand or when wind and solar aren’t producing what we need.
How did this partnership come to be? Was there a vetting process?
CORE put out a request for proposals in 2020 that had dozens of respondents. CORE’s dedicated and highly qualified team spent years of analysis and negotiation to reach the contract terms that we entered. The member-elected Board of Directors was engaged through the entire process and ultimately voted “yes” on the final agreement.
Who is Invenergy?
Invenergy is one of the largest developers of renewable and other clean energy projects in the world. With its home office in Chicago, Invenergy has regional development offices in the United States, Canada, Mexico, Japan and Europe. Invenergy and its affiliated companies have developed more than 29,000 megawatts of projects in operation, construction or contracting, including wind, solar, natural gas-fueled power generation and energy storage projects. Invenergy currently has five online projects in Colorado and a Denver office.
Is CORE moving to renewable energy sources due to the State of Colorado’s emission reduction requirements?
Partly. Colorado has instituted a mandate to reduce 2005 carbon emission levels 80% by 2030, and we are using this mandate as a target for our emissions goals. Part of our mission is to listen to and implement the wishes of our members, which largely align with the state on this issue.
How does this agreement impact the current legal complaints CORE has filed against Xcel Energy?
These agreements with Invenergy are independent of our past and future relationship with Xcel.
Does this agreement have to be approved by the Public Utility Commission (PUC)?
Though we value our relationship with the Colorado PUC, CORE is governed by our member-elected Board of Directors, and does not need PUC approval to secure our power supply.