State Regulators: Power Providers Hitting Renewable Standard

(Lansing, MI – AP) – Michigan regulators say all power providers met or exceeded a requirement to supply 10% of their electricity from renewable sources in 2015. The standard will increase to 12.5% in 2019 and to 15% in 2021. The Michigan Public Service Commission says the 10 percent standard has led to the development of more than 1,670 megawatts of new renewable energy projects, mostly wind farms. Chairwoman Sally Talberg said Wednesday the average price of renewable power is considerably less than was forecast in initial plans.

The commission reports that for 2015, the overall portion of renewable power was 9.6%. Electric companies used banked credits to achieve the full 10% requirement. Regulators say it costs “substantially” less to produce wind-based power that to build a new coal-fired plant.