Xcel Energy Announces Multi-state Investment across 7 States
4 years ago
Xcel Energy is one of the leading utility wind energy providers, according to the American Wind Association. It is providing services for 12 years now; and owns five wind farms with an overall capacity of around 850 megawatts in the Upper Midwest. Xcel Energy is now planning a multi-billion dollar wind energy investment across seven states of the nation from New Mexico to Minnesota. Over the next five years, Xcel expects to increase the supply of its energy mix by thirty-five percent.
Some Noteworthy Aspects of this Investment
- Xcel proposes to buy power or build 11 wind farms across seven states, to generate about 3,380 megawatts of wind energy.
- This wind energy will be able to generate power to approximately 10,14,000 households
- Xcel expects to increase the supply of its energy mix to 35 percent from 20 percent in five years, i.e. by 2021.
- An Xcel spokesperson states that new wind farms will cost around 2 cents per kilowatt hour or $20 per megawatt-hour.
- The construction of Rush Creek Wind Farm, as the largest wind farm in Colorado will begin in spring. Colorado is the largest utility serving around 70 percent of the state population. In total, this utility is serving almost 3.5 million consumers across 8 states.
- According to a spokesperson, if all the projects are approved by the regulators, Xcel will be spending somewhere around $3.5-$4.4 billion on the new wind farms.
- Xcel’s ‘steel-for-fuel’ strategy, launched in 2016, has boosted in building the new wind farms. Typically, the federal Production Tax Credits helps to take the benefits of lower prices for turbines and wind farms.
- Xcel’s wind systems provide cleaner renewable energy which does not require water or fuel. Additionally, it helps customers to avoid about 11.7 million tons of Carbon-Dioxide and other emissions annually.
- The Minnesota energy company expects reduction in carbon emissions by 2021, and has proposed the addition of 1,230 megawatts of wind energy in Mexico and Texas. Over a span of 30 years, this project expects to save around $2.8 billion of the consumers to these states.
The Chairman, President, and CEO of Xcel Energy; Ben Fowke said that they invest in wind energy due to the huge economic value it gives to their customers. He also said that they can secure savings with the help of low priced wind energy to the customers; for many decades to come. Further, he added that Xcel’s plan caters to both the environmental and economic fronts; as they not only provide clean renewable energy resources, but also delivers it reliably and at low costs.