LINCOLN - If Nebraska stands pat, the Cornhusker State’s portion of the Platte River could run dry, Nebraska Gov. Pete Ricketts told a legislative committee Wednesday.

Colorado, he said, is investing nearly $10 billion to keep more of the South Platte River’s water inside its borders rather than letting it flow east into Nebraska. He said building his $500 million canal would be “a bargain.”

“Colorado is looking to take our water,” Ricketts said, pointing to massive population growth in Denver and on the Front Range.

Ricketts said in order to claim the water promised to the state in a 1932 compact with Colorado, we must build the Perkins County Canal and a series of storage reservoirs.

The compact promised Nebraska flows of 500 cubic feet per second from the South Platte River outside irrigation season.

Other Nebraska state officials have echoed Ricketts' concerns. They say the water agreement with Colorado is only promised if Nebraska builds a canal to divert flows from northeast Colorado.

“As an attorney, I can tell you how important it is that Nebraska maintain its legal rights under the compact,” said State Sen. Mike Hilgers of Lincoln, who introduced the canal proposal on behalf of the governor. Hilgers has announced a run for Nebraska attorney general.

The Platte River's importance has been strongly emphasized by those in favor of building the canal as they note it provides water not only for irrigation and wildlife but also for water systems like Omaha's and Lincoln's which supply more than half of the state's population.

Senators on the Legislature's Natural Resources District have raised questions as to whether the project could be built for less than $500 million or if there is an option to renegotiate its compact with Colorado to capture river flows.

Tom Riley, director of the Nebraska Department of Natural Resources, estimated it would take up to three years to design the canal system and five to seven years to build.

Nebraska has been able to capture the water in the past but we are now at threat of losing it as Colorado's population increases, Ricketts said.

“It’s a huge hedge against future droughts,” Ricketts said.

Officials estimate a potential economic hit of $1 billion if the canal isn't built.

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