An Economic Analysis of Connexus Energy’s Ten-year Resource Plan

Executive Summary:

Electric Cooperatives not only distribute safe, affordable, and reliable electricity to their consumer-members, but they also generate economic growth beyond the electric sector. By investing in new capital and operating and maintenance expenses, electric cooperatives stimulate economic activity across the value chain, create jobs, and support local, state, and national economies. 

As Minnesota’s largest member-owned electric utility, Connexus Energy embarked on a year-long initiative to formulate its first long-term resource plan for procuring new power supply resources, such as solar, nuclear, battery storage, and wind. This Resource Plan analyzed a ten-year horizon from 2024 to 2033 and included load and resource forecasting to determine a strategy that continues to provide resilient and sustainable electricity to its membership at a reasonable cost while also generating substantial economic benefits to both local and state economies. 

“An Economic Analysis of Connexus Energy’s Ten-year Resource Plan,” produced by Strategen Consulting for Connexus, examines the economic impacts on local, state, and national economies when implementing Connexus’ 2024-2033 Resource Plan. By investing $720 million in the deployment and operation of a portfolio of energy technologies, much of the substantial direct, indirect, and induced impacts outlined in this study demonstrate that Connexus’ Resource Plan can contribute both to environmental benefits and resource sustainability while spurring broader economic development. The findings in this report also demonstrate how this Resource Plan puts the cooperative on a path to meet Minnesota’s 100% carbon-free standard by 2040. 

Authors:

Jennifer Gorman and Joe Goodenbery 

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