For the first time in Vectren’s history, the electric and gas utility provider is investing in solar energy. Vectren officials say they hope the decision will create a more diverse energy source for customers while keeping prices low.
Vectren will close two coal-fired plants, one each in Warrick and Posey Counties, and build a new solar facility in Posey County.
The project is estimated to cost between $70 and $75 million.
Vetren’s Director of Corporate Communications Natalie Hedde says the coal plant closures could impact jobs.
“The actual headcount transition plan is not yet complete, so this is something that will take place over the next five years,” she says. “The jobs themselves–by their current job description–might go away, but that doesn’t necessarily mean that the people occupying those positions go away.”
Hedde says the company will make efforts to reassign current employees and says attrition could take care of the remainder of the cuts.
According to The Courier & Press, a report from S&P Global said Vectren had “launched a sale process” after months of reported takeover interest. Vectren officials declined to comment to the Courier & Press on the “marketplace rumors.”