An "All of the Above" Approach to Energy Development

The energy sector is a significant driver of Colorado’s economy. Traditional energy sources like oil, natural gas, and coal have historically been cornerstones of the state’s economy, providing substantial revenue and employment. According to the Colorado Oil and Gas Association, the industry supports tens of thousands of jobs directly and indirectly, contributing billions to the state’s GDP. These activities not only create high-paying jobs but also stimulate ancillary industries, including manufacturing, transportation, and services.

The Associated Governments of Northwest Colorado (AGNC) released the Northwest Colorado Energy Initiative Survey Report 1 at the JOLT (Joint Organizations Leading Transition) Conference on Energy, on June 27, 2024, in Montrose, Colorado. As Northwest Colorado considers options for replacing coal-fired electricity-generating power plants, this survey was launched to hear the views of stakeholders on one of the options, nuclear energy, as it compares to the other options being considered.

Why is this important to Eagle County and the Vail Valley when we don’t produce energy and are not dependent on the energy economy like our neighbors? State energy policy and the economy of our neighboring counties have an impact on the entire state – including our rural resort counties such as Eagle County.

In the evolving landscape of global energy, an "all of the above" approach to energy development emerges as not just a pragmatic choice but a strategic necessity. This inclusive strategy, which advocates for the simultaneous development and utilization of multiple energy sources—fossil fuels, renewables, nuclear, and emerging technologies—provides a multifaceted solution to the complex challenges of energy security, economic stability, environmental sustainability, technological innovation, and energy accessibility.

One of the most compelling arguments for an "all of the above" approach is the enhanced energy security it provides. By diversifying the energy portfolio, nations can mitigate the risks associated with over-reliance on a single energy source. Geopolitical tensions, natural disasters, and market fluctuations can severely disrupt supply chains for specific energy types.

However, a diversified approach ensures that the energy supply remains robust and resilient. For instance, if geopolitical instability threatens oil supplies, the impact can be cushioned by the availability of renewables, nuclear energy, or natural gas. This redundancy and flexibility are crucial in maintaining a stable and reliable energy supply.

Economic considerations also underscore the importance of an "all of the above" energy strategy. Different energy sources have varying cost structures, benefits, and development timelines. Fossil fuels, while currently cost-effective and infrastructure-ready, pose significant long-term economic and environmental risks. On the other hand, renewables like wind and solar power, though requiring substantial initial investments, offer long-term cost stability and the potential for significant job creation in emerging green industries. Nuclear energy, with its high initial costs but low operational costs and long lifespan, provides yet another layer of economic stability. Balancing these diverse energy sources enables a more resilient economy, capable of weathering fluctuations in energy

Energy development is integral to Colorado’s economic prosperity and sustainability. The strategic development of both traditional and renewable energy sources drives economic growth, creates jobs, ensures energy security, and fosters innovation. As Colorado continues to lead in energy diversification and sustainable practices, it not only secures its economic future but also sets a benchmark for other states to follow.

The ongoing commitment to energy development remains a vital component of Colorado's economic strategy and overall well-being and transitioning from coal to alternative energy sources can offer substantial environmental, economic, health, and social benefits for western Colorado communities – including our ski resort communities.

Chris Romer is president & CEO of Vail Valley Partnership, the regional chamber of commerce. Learn more at VailValleyPartnership.com