Colorado Approval Bolsters Xcel's Renewable Buildout Ambitions

January 30, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) is full-steam-ahead on its plan to significantly boost renewable resources across its power-generation portfolio, including an investment of up to $15 billion by 2030 in its Colorado subsidiary that would double renewable-sourced output in the state. Executives championed the plan in a recent conference call with analysts, while offering details on other renewable projects across the U.S.

Industrial Info is tracking more than $12.5 billion worth of active and planned projects from Xcel. Last month, Colorado regulators verbally approved a resource plan from Xcel that would add 3,400 megawatts (MW) of wind-generated capacity, almost 2,000 MW of solar capacity, and 1,170 MW of battery energy-storage system (BESS) capacity, as well as 628 MW of new natural gas-fired capacity. Xcel says the plan would reduce carbon emissions in the affected areas more than 80% by 2030, when compared with 2005 levels.