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The article discusses Utah’s aim to double its power production over the next decade through the “Operation Gigawatt”, focusing on clean, affordable, and reliable energy. The state has seen more than $12 billion in clean energy and transportation investments and the creation of over 4,200 jobs since the implementation of the Inflation Reduction Act in 2022. However, the repeal of this act’s federal funding and tax credits could potentially reduce Utah’s GDP by $1.34 billion in 2030 and cost nearly 7,300 jobs, alongside increased energy costs for households and detrimental effects on public health.
Driving Utah’s Energy Future with Operation Gigawatt
Utah’s robust economic growth is fuelled by energy production. The increasing energy demands, propelled by data centers and the retirement of older power generation, have led to the initiation of “Operation Gigawatt”. This plan aims to double Utah’s power production in a decade, ensuring reliable, affordable, secure, and clean energy.
Utah’s Clean Energy Investments and the Inflation Reduction Act
The Inflation Reduction Act of 2022 is fostering a pro-business environment to achieve this goal. Since its enactment, Utah has secured over $12 billion in clean energy and transportation investments, creating 4,200 new jobs, with more than 50 new facilities under construction.
The Impact of Policy on Energy Project Execution
However, these policies that include tax credits, grants, and loans for breakthrough carbon-free energy technologies and infrastructure, are currently under scrutiny by Congress. Energy projects require massive capital investment and years to build, and inconsistent policies create uncertainty, threatening jobs and potential economic losses.
Economic and Public Health Consequences of policy Repeal
According to a recent study by Energy Innovation, repealing the IRA could reduce Utah’s GDP by $1.34 billion in 2030 and cost the state nearly 7,300 jobs. It would also increase cumulative energy costs by $289 million through 2035. Additionally, it could lead to more air pollution and health issues.
Energy Investments and Their Impact on Rural Economies
Utah’s clean energy investments are widespread, benefiting rural regions like Beaver County, which houses the state’s largest wind, solar, energy storage, and geothermal projects. This includes Fervo’s geothermal energy plant and Clearway Energy Group’s energy storage project.
The Role of Federal Funding and Tax Credits
Defending the existing federal funding and tax credits can boost our economy and improve air quality. As Jeremy Harrell, CEO of ClearPath, recently stated, Utah exemplifies how federal, state, and local entities can work together to drive new economic opportunities.
Utah’s Opportunity to Lead in Energy Development
Utah can maintain its leadership in energy development and innovation by supporting these pro-energy policies. By joining the 21 House Republicans who have voiced their support, Utah can continue to diversify its economy and attract long-term investments, signaling to technology innovators and job creators that Utah is open for business.
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