S7E2: Energy Innovation and Economic Development in Utah

Eccles Business Buzz Podcast

Our guest today calls herself an “unabashed promoter of Utah,” and has the resume to back it up.

Theresa Foxley is a Utah native, and has spent her career championing economic growth in Utah and serves her community through numerous boards and initiatives. For example, Teresa’s commitment to business recruitment as the President and CEO of the Economic Development Corporation of Utah brought numerous corporations to the state, with an eye on the distribution of economic impact for the entire state, especially rural Utah.

Theresa is currently Chief of Staff to rPlus Energies, a national leader in utility scale, renewable energy, and energy storage development.

She chats with host Frances Johnson this episode all about Utah’s future in renewable energy, starting with the state’s unique demographics, infrastructure, and economic strengths. Teresa shares insights on large-scale renewable projects, the balance between growth and environmental stewardship, and the promising intersection of renewable energy and economic development in rural Utah.

Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University FM.

Episode Quotes

How renewable energy bridges the gap between Utah’s economic growth and preserving the quality of life

[05:11] It is really important that we preserve these incredible assets that we have, these beautiful physical natural assets that we have as a state. I heard, over and over again, when I was leading the economic development organization, Economic Development Corporation EDC Utah, from employers that, gosh, I knew I would find a great local workforce in Utah, but I’m so pleasantly surprised at how easy it’s been for me to recruit people in from out of state. I see it myself here now, being on the leadership team of rPlus Energies and being involved in our recruitment, how enthusiastic people are about, either, relocating to Utah or how happy they are to be able to, now, have a job in renewable energy in the state of Utah to be able to stay here. We do have a number of team members who found their way to rPlus Energies via another state and who seem to, kind of, say, “I never thought I’d be in Utah, but now I never want to leave.”

While renewable energy may create fewer jobs than thermal power plants, it brings significant benefits to local communities.

[Frances Johnson] [20:56]: In rural Utah, in particular, what is the economic impact of bringing these projects online?

[Theresa Foxley]: It’s pretty significant. The Green River Energy Center with an over $1 billion capital investment really means significant impact to local property tax revenue. And this is property tax revenue that can be utilized by the taxing entities, the county, the school district, et cetera, to invest in roads, libraries, schools. There’s a very significant injection of talent. During the construction process, we’ll have some 500 workers on site at peak for the Green River Energy Center. And though you’re correct in that the generating facilities for renewable energy projects don’t tend to have the same number of jobs attached to them as maybe a thermal power plant, there are a number of other ways that these projects do benefit local communities, again, through their construction, through local design, engineering, consulting work, law firms, others that are hired to help to go and help support and to put together the project financings and the construction of these projects.

The future of renewable energy in Utah

[27:54]: And I just see Utah continuing to lead on this. We have all of the ingredients to be successful leaders in this future energy space because of the abundance of energy resources that we’ve had, whether those have been resources that come from underground or above ground, like solar and wind. I see a really bright future for Utah and energy development here in the state.