.png){kind=logo}
PUEBLO, CO — Governor Jared Polis today signed bipartisan legislation, sponsored by Representative Tisha Mauro, to attract businesses, create good-paying jobs and support local economies.
“This law will drive more business to Colorado and create good-paying jobs by lowering electrical utility rates for businesses,” said Rep. Tisha Mauro, D-Pueblo. “Our bipartisan law allows more businesses to save money with lower rates by increasing the eligible project size and the number of projects that can benefit from the Economic Development Rate. By attracting more businesses to operate in Pueblo and other Colorado communities, we can create more good-paying jobs, lower electric rates for businesses and boost local economies.”
The legislature created the Economic Development Rate in 2018, which allows electric utilities to offer lower rates for up to 10 years to commercial and industrial users who do business in Colorado.
HB25-1177, also sponsored by Assistant Minority Leader Ty Winter, R-Trinidad, will make adjustments to the Economic Development Rate (EDR) Tariff to expand competitive electric rates to businesses by:
Increasing the maximum project size without requiring approval from the Public Utilities Commission (PUC) from 20 megawatts to 40 megawatts,
Expanding the maximum timeframe for rate eligibility from 10 years to 25 years, and
Establishing 120-day deadlines for PUC action for projects larger than 40 megawatts to ensure timely review and approval.
To be eligible for the EDR, businesses will have to undergo a societal economic benefit test, which takes into account the economic benefits that the EDR provides for the surrounding community. Additionally, businesses would be required to have an evaluation of the marginal cost to ensure other ratepayers in the utility’s territory aren’t negatively impacted.