Empire District Electric buys wind energy

The Joplin-based utility announced today a 20-year purchased power agreement with Cloud County Wind Farm, owned by Houston-based Horizon Wind Energy.

Empire will purchase about 100 megawatts from what will now be called the Meridian Way Wind Farm in Cloud County, Kan. Empire anticipates that it will purchase about 350,000 megawatt-hours of energy annually from the project – enough to power 25,000 homes.

“(This) contract-signing is a continuation of our long-range plan to ensure that our customers benefit from a balanced mix of generation options,” said Brad Beecher, Empire vice president and chief operating officer, in a news release. “This purchase from Cloud County provides our customers lower, stable prices and gives us a decrease in exposure to natural gas and a hedge against any future global-warming legislation.”

The agreement is the company’s second involvement with a wind energy project. Empire has been purchasing energy from Elk River Windfarm since 2005; in 2006, Empire purchased about 525,000 megawatt-hours of energy.

“Because of its moderate, stable price, the reduction of our natural gas exposure, and the sale of environmental attributes, this has been an appealing endeavor for Empire and our customers,” Beecher said in the release.

Shares of Empire District Electric (NYSE: EDE) closed Tuesday at $22.18, compared to a 52-week range of $20.25 to $26.13.