Energy
Like any sound structure, Utah's future prosperity will be built upon four cornerstones - education, energy development, job creation, and Utah's ability to solve its own problems.
A second cornerstone of Utah's economic viability is one that we have taken for granted far too long-low-cost and reliable supplies of ENERGY. Utah businesses compete better and are more successful because Utah has lower energy costs than most other states. Companies relocate to Utah - and, therefore, create jobs - because of Utah's affordable and stable electricity. Indeed, the cost of electricity in Utah is among the lowest of any state and the price of a kilowatt-hour has held steady for the past twenty years.
Equally important, Utah's energy industries create tens of thousands of jobs, and pour hundreds of millions of dollars into our economy. Tax revenues from energy-related jobs amounted to over 200 million dollars last year alone. Utah has been abundantly blessed with massive reserves of energy resources. We are a state that is largely energy independent. In fact, we are a net exporter of electricity. While many other states, and indeed our nation, have compromised or abandoned their energy independence, here in Utah, WE WILL NOT!
We simply cannot put the economic fate of future generations in peril by relying upon others for our energy needs. But in the world of energy, we must face new realities, we must confront new challenges, and we must envision and act upon new opportunities! Last year I called for the development of a ten-year strategic energy plan for Utah. To oversee the process, I assembled many of Utah's brightest and most talented minds from the energy arena. We sought and received a strong public response from many stakeholders in public hearings around the state. Soon, each of you will receive the final report.
There are major energy challenges ahead. For example, too few capital improvements have been made to Utah's energy infrastructure. Billions of dollars will be required to upgrade and expand Utah's electricity generation and transmission systems. Our reliance upon traditional fuels is being challenged. Yes, renewable energies such as wind, solar, and geothermal, will play an expanding and important role. However, the "base load"- the very foundation of Utah's energy-will, most assuredly, be provided by either fossil or nuclear fuels. Every state has to face that simple reality, and more than 30 states have chosen to include nuclear power in their energy portfolio. We must begin substantive debate and deliberation of whether there is a place for nuclear energy in Utah.
Just as I know of Utah's extraordinary natural resources, I am convinced we have even greater human resources. In Utah, we have some of the best energy minds and the greatest expertise of any place in the world. Our universities and industries must rise to the occasion and create new technologies that will make our traditional resources more economically and environmentally viable. In Utah, we have a spirit of technical innovation and pioneer determination that will enable us to keep energy affordable, supplies stable, and our economic future secure.