Renewable energy fund to be graded on its successby Stephanie Hemphill, Minnesota Public Radio
St. Paul, Minn. — The Legislative Auditor releases a report Friday on how well the state's Renewable Energy Development Fund is meeting its goals.
The Legislature mandated the fund in 1994, when it gave Xcel Energy permission to store radioactive waste in casks at nuclear power plants at Prairie Island, and later Monticello.
The fund is designed to promote renewable energy projects and companies, increase market penetration of renewable energy, and support emerging technologies. It amounts to almost $20 million a year, paid by Xcel's customers.
Over the years, the Legislature has diverted some of the money to specific projects.
The auditor's report will evaluate how well the funded projects have met the goals of the fund, how useful the resulting information is for policy makers, and what benefits have accrued to Minnesota.