Vectren Reaches Agreement on Solar Farm

Posted: Updated:
(photo courtesy The Times of Northwest Indiana) (photo courtesy The Times of Northwest Indiana)
EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) has reached a settlement agreement regarding the utility’s plan to build a 50-megawatt solar farm in Spencer County. The agreement, which still requires approval from the Indiana Utility Regulatory Commission, allows Vectren to recover costs of the project at a lower rate than originally proposed.

The agreement was reached with the Indiana Office of Utility Consumer Counselor and the Citizens Action Coalition of Indiana. It allows Vectren to recover costs at a levelized rate of $0.05452 per kilowatt hour, which the OUCC says is much closer to the current market prices for solar power than the rate originally proposed by Vectren.

The agreement also provides protection from potential cost increases for the project, capping the amount of money Vectren can recover through future rates. 

"This agreement properly addresses concerns the OUCC previously raised about the facility’s costs and operations under Vectren’s original plan," Indiana Utility Consumer Counselor Bill Fine said in a news release. “We are confident that the settlement’s terms will allow the solar project to proceed in a way that includes appropriate consumer protections and long-term benefits."

The proposed solar farm will be built on 300 acres near Troy in Spencer County and will consist of 150,000 solar panels. The project is expected to be complete in the fall of 2020 and Vectren says the farm will have the ability to generate enough power to serve more than 12,000 homes annually.

Construction of the solar farm will begin after approval from the IURC. A decision from the commission is expected to be made in the first half of 2019.

  • Perspectives

    • Indiana's Regrettable Struggle to Pass Hate Crime Legislation

      It shouldn’t be this hard. The Senate’s Public Policy Committee voted 9-1 in favor of SB-12 this week, a bill that would have codified (as written) hate crime bias to include protections for race, religion, color, sex, gender identity, disability, national origin, ancestry, sexual orientation, and age. SB-12 then made its way to the full Senate. Preceded by a lengthy deliberation by the Senate’s Republican caucus, the Senate voted 33-16 in favor of a watered-down...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Scotty McCreery will perform at Elkhart’s Lerner Theater on Idea Week’s Elkhart Day.

      Country Singer Joins Idea Week Line Up

      The University of Notre Dame has announced a new act joining this year's Idea Week innovation festival. The award-winning country singer got his start by winning “American Idol” in 2011. 

    • Indiana's Regrettable Struggle to Pass Hate Crime Legislation

      It shouldn’t be this hard. The Senate’s Public Policy Committee voted 9-1 in favor of SB-12 this week, a bill that would have codified (as written) hate crime bias to include protections for race, religion, color, sex, gender identity, disability, national origin, ancestry, sexual orientation, and age. SB-12 then made its way to the full Senate. Preceded by a lengthy deliberation by the Senate’s Republican caucus, the Senate voted 33-16 in favor of a watered-down...

    • New Leader Aims to Expose International School's Assets

      The new head of school at the International School of Indiana says she wants to build on 25 years of growth. Elizabeth Head, who became the school’s first female leader last month, says the school’s reputation for contributing to the workforce and attracting talent from around the world excited her about the job. She says the ISI is the only school of its kind not just in Indiana, but throughout the Midwest. In an interview on Inside INdiana Business with Gerry Dick...

    • Indiana is one of five states without a specific hate crimes law.

      Senate Passes Amended Hate Crimes Bill

      The Indiana Senate has passed a hate crimes bill, which includes a controversial amendment approved Wednesday in committee. The bill, which no longer includes a list of targeted groups, was approved by a vote of 39-10. The bill now includes a line stating criminal sentences can be lengthened for reasons "including bias."

    • Indiana Rural School Clinic Network Expands to Pekin

      East Washington School Corp. has announced that East Washington Elementary School is now a participant in the Indiana Rural School Clinic Network. Supported by Ascension/St. Vincent Salem, the school now has a telehealth clinic available to its students and staff.