As an economic developer, I am increasingly asked by prospective businesses about our community’s and state’s energy infrastructure. Corporate energy needs are soaring, and having access to reliable energy is critical to maintaining their operations and growing our economy. Thanks to years of smart energy policy, we are at an advantage, but only if we continue to invest in new power sources.
Mississippi is at a pivotal moment in our energy journey. With record corporate investments flowing into our state, it’s essential that we adopt an "all of the above" approach to our energy strategy, integrating renewable sources alongside traditional energy. This not only promises to enhance our energy grid but also positions Mississippi as a leader in the competitive landscape of economic development.
The recent influx of corporate investment in Mississippi is nothing short of remarkable. From tech giants to manufacturing firms, companies are drawn to our state for its skilled workforce, favorable business climate, and, increasingly, its energy potential. We’ve seen this first-hand in Tunica, where the State’s first utility-scale wind farm broke ground in 2023. Developed, owned, and operated by AES, the project will produce nearly 185 megawatts to help power Amazon’s growing operational footprint in the Magnolia State. This investment will bring a nearly 300% increase in property taxes over the next three decades – a gamechanger for our county’s roads, bridges, schools, and law enforcement.
If we wish to sustain this momentum, we must ensure our energy grid is robust, reliable, and capable of meeting the growing demands of both existing and prospective businesses. The reality is that energy demand is increasing across the board. As industries expand and new companies establish themselves in Mississippi, our current energy infrastructure will be tested. This is where the strategic integration of renewable energy sources, such as solar and wind, can play a crucial role. By diversifying our energy portfolio, we not only enhance reliability but also improve the affordability of energy—a critical factor for businesses to operate efficiently.
Aside from strengthening our grid, investing in wind and solar has myriad economic benefits. The renewable sector has the potential to create thousands of jobs, ranging from construction and installation to maintenance and support services. These are good-paying jobs that can help lift communities and provide pathways to prosperity. By continuing to expand our power supply through renewables, we can attract investment in this burgeoning sector, leading to even more record economic growth.
This is not to suggest that we abandon traditional energy sources. Rather, by complementing renewables with coal, natural gas, and nuclear, we can build a balanced energy grid that provides reliability without sacrificing affordability. This approach mitigates risks associated with over-reliance on any single energy source while fostering a more resilient infrastructure.
Mississippi's unique geographical advantages, including ample sunlight and wind resources, present us with a prime opportunity to lead in renewable energy production. We have the chance to leverage these resources not only for in-state consumption but also to export energy to neighboring states, generating additional revenue streams and fostering regional partnerships.
Mississippi is positioned to be a major economic competitor, not just with neighboring states, but across the nation. If we continue to prudently build out a strong energy grid that is reliable and affordable, we will continue to see companies expand and move to the Magnolia State to take advantage of all the benefits our state provides; however, if we don’t embrace the opportunity presented by renewable energy, then Mississippi will get left behind again. By complementing traditional energy sources with renewables, there is no limit to the economic gains we will see in the coming years
Charles Finkley is the economic developer of Tunica County.
