Renewable Racket: Minnesota Utility Wants to Sell "Renewable Energy Credits" to NC Power Companies
Xcel Energy believes it has found a new way to make money off renewable energy, and it involves turkey droppings.
The Minneapolis-based utility wants to sell the surplus renewable energy credits it collects from a power plant in Benson that burns turkey droppings. Utilities in North Carolina are interested in buying those credits to meet that state’s renewable energy mandate, which requires a portion of the power produced by its utilities to come from poultry litter.
The Minnesota Public Utilities Commission unanimously approved the scheme Thursday but left open the question of how to divvy up the proceeds between Xcel and its ratepayers.
It's notable that no energy will be produced by these companies and transferred to North Carolina. The North Carolina companies are literally buying worthless pieces of paper that indicate some company in another state burned some turkey crap.
Is this in the best interests of North Carolina residents? No, it will drive up energy costs for North Carolina residents. There is no legitimate business reason for this transfer. The only reason why this is being discussed is to comply with a "green energy" mandate pushed through by former Governor Mike Easley and then Lt. Governor Bev Perdue.
This is just one more reason to pass NC House Bill 298 which would repeal the Easley/Perdue energy tax.