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Wyoming (US-WY)

Market Type: Deregulated (Retail Choice)
SSS Relevance: ⭐⭐⭐ High
Grid Carbon Intensity: ~552 gCO₂/kWh

SSS Factors: significant nuclear capacity, hydroelectric resources, no mandatory RPS, regulated market structure

1. Overview​

Wyoming operates as a regulated energy market dominated by vertically integrated investor-owned utilities, with Rocky Mountain Power (PacifiCorp) serving as the primary provider. The Wyoming Public Service Commission (PSC) oversees rates and reliability, and the state does not have a Renewable Portfolio Standard (RPS) 1.

Wyoming is a major net exporter, generating roughly 12 times more energy than it consumes and exporting nearly three-fifths of its electricity to western population centers 2. Consequently, while renewable energy accounted for 26% of total in-state generation in 2024, clean sources provided the equivalent of 53% of the state's own electricity consumption 3.

The generation mix is transitioning from heavy reliance on coal toward wind and natural gas. In 2025, the estimated mix is coal (58.5%), wind (27.1%), natural gas (9.9%), and hydroelectric/other (4.5%) 3. Wind power has grown rapidly, rising from less than 10% of the mix in 2019 to 27.1% in 2025, with solar contributing 1.1% following the 2024 opening of the South Cheyenne solar farm 2.

Despite historically low residential prices, rates have recently increased by 30–40% due to fuel volatility and wildfire liability costs 3. Future demand is expected to surge due to data center growth in Cheyenne, while decarbonization efforts such as the TerraPower Natrium nuclear project (scheduled for completion in Kemmerer by 2030) aim to reduce the state's high carbon intensity 2.

2. Market Structure​

Wyoming maintains a fully regulated electricity market with no retail choice for residential or commercial consumers. The state relies on vertically integrated utilities that control generation, transmission, and distribution, with rates set by the Wyoming Public Service Commission (PSC). Wyoming is categorized into three primary utility ownership structures:

  • Investor-Owned Utilities (IOUs): Private, for-profit companies fully regulated by the PSC.
  • Rural Electric Cooperatives (RECs): Member-owned, not-for-profit entities. The PSC has regulatory authority over 18 retail RECs.
  • Municipal Utilities: Publicly owned by local governments. The PSC regulates three municipal utilities that provide service outside their city limits.

While Wyoming lacks a statewide Independent System Operator (ISO) or full Regional Transmission Organization (RTO) integration, significant transitions are underway. The Southwest Power Pool (SPP) is expanding into the Western Interconnection, with utilities including Basin Electric, Tri-State, and PacifiCorp targeting a "go-live" date for full RTO membership of April 1, 2026. Additionally, the PSC is studying the feasibility of a state-specific ISO modeled after the California ISO (CAISO), and Black Hills Energy participates in the CAISO-operated Western Energy Imbalance Market (WEIM).

Recent market activity includes an $85.5 million rate hike approved by the PSC in 2025 for Rocky Mountain Power, driven by fuel volatility and renewable energy investments. Legislative efforts to deregulate the market, such as a 2022 proposal for "industrial power zones," have failed due to concerns over consumer risks and the state's existing low electricity rates.

3. Clean Energy Policy​

Wyoming does not have a Renewable Portfolio Standard (RPS), a mandatory renewable energy goal, or a Clean Energy Standard (CES). As of March 2026, it is one of only two Western states (alongside Idaho) without such a policy 4. Consequently, the market for Renewable Energy Credits (RECs) is strictly voluntary, typically resulting in lower pricing compared to states with mandates 4.

Despite the lack of renewable mandates, Wyoming enacted a unique "Low-Carbon" Mandate (House Bill 200) in 2020. This law requires regulated electric utilities (specifically Black Hills Energy and Rocky Mountain Power) to generate a portion of electricity from "low-carbon" sources. The law defines "low-carbon" as electricity generated using carbon capture, utilization, and storage (CCUS) technology that limits CO2 emissions to less than 650 lbs per megawatt-hour 5. The compliance deadline was extended from 2030 to July 1, 2033, by Senate File 42 in 2024 5. Utilities may apply a surcharge of up to 2% on customer bills to recover prudently incurred costs for this technology 5.

In early 2026, the mandate faced legislative challenges. House Bill 56 (and similar measures like SF 92 in 2025) sought to repeal the carbon capture requirement, citing economic viability concerns and financial burdens on ratepayers 5. Additionally, the state has considered measures to limit large-scale renewable growth, such as a 2025 proposal (SF 183) for a moratorium on new solar and wind projects until 2030 5.

At the state level, Governor Mark Gordon has set a goal for Wyoming to become carbon negative, prioritizing an "all-of-the-above" strategy that includes maintaining fossil fuel industries through innovation 6. Key initiatives include:

  • Carbon Capture: The Integrated Test Center at Dry Fork Station serves as a global hub for CCUS research 6.
  • Next-Gen Nuclear: Wyoming is the selected site for the TerraPower Natrium reactor 6.
  • Wind Expansion: Significant private wind development is occurring to export power to neighboring states, such as the Chokecherry and Sierra Madre project targeting California via the TransWest Express transmission line 6.

While the state lacks renewable mandates, local entities have set their own targets:

  • Jackson: Aims for carbon neutrality by 2030 7.
  • Laramie: Targets a 50% reduction by 2030 and full neutrality by 2050 7.
  • PacifiCorp (Rocky Mountain Power): Anticipates systemwide 100% emissions reduction by 2050 7.
  • Black Hills Energy: Plans to reduce emissions by 70% of 2005 levels by 2040 7.

4. Utility Landscape​

Wyoming's electric utility landscape is comprised of investor-owned utilities (IOUs), rural electric cooperatives, and municipal utilities. The Wyoming Public Service Commission (PSC) regulates four investor-owned electric utilities operating within the state 8:

  • Rocky Mountain Power (PacifiCorp): The largest electric utility in the state 8.
  • Black Hills Energy (Cheyenne Light, Fuel & Power Company and Black Hills Power, Inc.): Serves areas including Cheyenne and Casper.
  • Montana-Dakota Utilities Co. (MDU): Provides electric and natural gas services to northern and eastern Wyoming.

The state is also served by 18 retail rural electric cooperatives 8. These not-for-profit entities are governed by boards elected by their membership. Notable cooperatives include Lower Valley Energy (the largest cooperative by residential sales) and Powder River Energy Corporation (PRECorp). Additionally, the PSC regulates three municipal utilities that serve customers outside their city limits; many municipalities purchase wholesale power through the Wyoming Municipal Power Agency (WMPA) 8.

Significant generation infrastructure within the state includes the Jim Bridger Power Plant, operated by PacifiCorp (2,441 MW capacity), and the Laramie River Station, operated by Basin Electric Power Cooperative (8.9 TWh annual generation) 9.

5. SSS-Eligible Resources​

No specific SSS-eligible resources identified. See section notes.

6. EAC/REC Registry Infrastructure​

Wyoming does not maintain a state-specific renewable energy certificate (REC) registry, as the state lacks a mandatory Renewable Portfolio Standard (RPS) 10. Instead, tracking is managed through regional and national systems to facilitate voluntary markets and compliance exports.

Primary Tracking Systems​

  • WREGIS (Western Renewable Energy Generation Information System): As Wyoming is part of the Western Interconnection, WREGIS is the principal independent central registry used to create, track, and retire RECs. Every megawatt-hour (MWh) of renewable energy generated in the state is assigned a unique serial number within this system to prevent double-counting 11.
  • National Registries: Generators may also utilize the North American Renewables Registry (NAR) or CleanCounts (formerly M-RETS), which accept voluntary registrations from Wyoming 12.

Market Usage​

Because Wyoming has no RPS, the majority of RECs generated in the state are used for voluntary markets or sold to states with compliance requirements, such as California or Colorado 13. Tracking systems like WREGIS allow utilities to verify compliance for these exports. Additionally, corporations use tracked Energy Attribute Certificates (EACs) to substantiate sustainability claims for frameworks such as the Science Based Targets initiative (SBTi) or RE100 14.

Verification and Certification​

  • Green-e® Energy: This third-party program is widely used in Wyoming to certify and verify RECs, ensuring they meet environmental standards and preventing double-counting 15.

Utility Programs​

Several local utilities manage their own "green power" programs using tracked RECs, including:

  • Powder River Energy Corp (WyREC): Allows members to purchase RECs to offset their carbon footprint 10.
  • Montana-Dakota Utilities: Offers a Renewable Energy Credit Purchase Program where customers can buy 100 kWh blocks of RECs for approximately $0.01 per block 16.
  • Rocky Mountain Power: Operates the Blue Sky Program to support renewable energy development 10.

7. Grid Emissions​

Grid Carbon Intensity: 552 gCO₂eq/kWh (annual average)

Generation Mix​

Scope 2 Reporting​

  • SB 253 requires Scope 2 reporting for companies >$1B revenue

Source: EPA eGRID, EIA, state regulatory filings

References​

Sources & Last Updated​

Research Date: 2026-03-10
Data Sources: EIA, EPA eGRID, state regulatory filings, SerpAPI research aggregation

This page was generated using automated research and may contain inaccuracies. Verify critical data with primary sources.

Footnotes​

  1. Wyoming Renewables ↩

  2. U.S. Energy Information Administration (EIA) (.gov) +3, U.S. Energy Information Administration (EIA) (.gov) ↩ ↩2 ↩3

  3. U.S. Energy Information Administration (EIA) (.gov) ↩ ↩2 ↩3

  4. Hydropower Reform Coalition ↩ ↩2

  5. WyoFile ↩ ↩2 ↩3 ↩4 ↩5

  6. Wyoming Energy Authority ↩ ↩2 ↩3 ↩4

  7. E&E News by POLITICO ↩ ↩2 ↩3 ↩4

  8. Wyoming Public Service Commission (.gov) ↩ ↩2 ↩3 ↩4

  9. CLUI ↩

  10. SRECTrade ↩ ↩2 ↩3

  11. U.S. Environmental Protection Agency (.gov); Carbon Solutions Group ↩

  12. SRECTrade; resource-solutions.org ↩

  13. Carbon Solutions Group ↩

  14. U.S. Environmental Protection Agency (.gov) ↩

  15. Green-E ↩

  16. Montana-Dakota Utilities Company ↩