The Electrification of The Economy

The Electrification of The Economy

Every person carries at least one personal electronic device, if not several. Electronic devices and appliances fill our homes and offices. Factories operate sophisticated electronic machines with hardware and software to run it all. Many of our tools have transitioned to electric – think cars, lawn mowers, blowers and power washers. And we have added massive data centers to support it all. These are all examples of the electrification of the economy.

OPPD President and CEO Javier Fernandez presented to the CCIM Institute Nebraska Chapter in March at its annual BIG Deals Luncheon on the Electrification of the Economy and what it means for our community.

In 1950, electricity was about 3% of total ‘final’ energy. That grew to about 20% in 2020 and is projected to be between 43%-59% by 2050. Part of what makes this a complicated matter is that at the same time as the societal shifts continue, storms and severe weather events are more frequent and more intense.

Summer is typically the peak season for electrical demand, but record winter temperatures and low water levels on the Missouri River have created concerns about serving peak demand during all seasons.

We are experiencing an unprecedented and rapidly changing increase in the need and demand for electricity. Projections made in 2022 had to be materially increased in 2023 because demand continues. OPPD has nearly doubled its capacity in a little more than a decade.

OPPD has three power plants under construction and all will come online in 2024:

  • 81 megawatt solar plant in Saunders County
  • 450 megawatt Turtle Creek Station west of Springfield
  • 150 megawatt Standing Bear Station near 120th and Military

OPPD will also change to new, more efficient and reliable turbines at other facilities.

Strong demand for power indicates a healthy economy. Reliable electricity is crucial for Omaha and Nebraska to support existing businesses, help them grow and to attract new ones. OPPD has a plan, and as customers, we all play a key role in helping them carry it out.

This article appeared in our company newsletter in June of 2024. Please click here to download the entire newsletter.