Once Hailed As A Renewable Mecca, Georgetown Hires Shell To Manage Its Energy Portfolio
The City of Georgetown earned international attention a few years ago by becoming the largest city in the U.S. to run completely on renewable power. Now, the city has chosen a subsidiary of Shell Oil to take over management of its energy holdings.
In 2015, when Georgetown went 100% renewable, it signed contracts for more electricity than it needed, hoping to sell the extra power back to the Texas grid for profit. Then energy prices fell; Georgetown lost money and needed to raise rates for its utility customers to cover the cost.
The city announced on Thursday its plan to outsource management of its electricity portfolio to Shell Energy North America, a subsidiary of the international oil company.
In a statement, Georgetown said Shell will develop “recommendations regarding how Georgetown’s energy is traded in the Texas energy market. They will also assist in forecasting energy needs, energy costs, and addressing challenges related to transmitting energy around the state, all of which affect the City’s costs associated with purchasing power.”
Read more: https://www.kut.org/post/once-hailed-renewable-mecca-georgetown-hires-shell-manage-its-energy-portfolio
