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Released October 29, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated's (NASDAQ:XEL) (Minneapolis, Minnesota) plans for Becker, Minnesota, provide a good example of what the company is doing to meet its goal of 85% carbon reduction from 2005 levels by 2030, and 100% carbon-free electricity generation by 2050.
Becker is home to Xcel's Sherburne County Generating Station, known as the Sherco plant. Sherco is a coal-fired plant that Xcel plans to close in 2030. Nearby, Xcel will construct a 460-megawatt (MW) solar farm. Last summer, the Minnesota Public Utility Commission (PUC) asked Minnesota energy providers to provide proposals for projects to help counter the economic downturn brought about by the COVID-19 pandemic, and the Sherco solar plant was one Xcel's proposed projects. According to Conservation Minnesota, if approved by the PUC, the project could be completed several years earlier than planned. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the project report.
The Sherco project is just one example of Xcel's drive toward to a future filled with renewables, which include plans to make $26 billion in capital expenditures over the next five years. In the company's recent third-quarter earnings conference call with analysts, Xcel Chief Executive Officer Ben Fowke said, "Our resources plans are going to add nearly 10,000 MW of renewables to our system and achieve 85% carbon reduction by 2030."
In addition to solar, Xcel is implementing windfarms throughout its service territory. Examples include the 200-MW Freeborn Wind Energy Center near Glenville, Minnesota, which will cross over the border into Iowa. The facility will use 100 2-MW turbines. The project kicked off in summer 2020, with Wanzek Construction Incorporated (West Fargo, North Dakota) providing engineering, procurement and construction services. Construction is expected to be completed by the end of this year. Subscribers can click here for the project report.
Xcel also is constructing a large wind facility near South Shore, South Dakota. Construction on the Dakota Range I Windfarm and Dakota Range II Windfarm kicked off last summer and is expected to be completed in the first half of next year. Together, the windfarms will use 72 4.2-MW turbines to generate about 300 MW. Subscribers can click here for the project report on Dakota Range I and here for Dakota Range II.
In the future, Xcel also could be in the green hydrogen business. Fowke said the company was exploring five to eight greenfield and brownfield hydrogen projects and that legislation in Minnesota and Colorado, as well as a potential federal production tax credit for hydrogen, could help bring such projects to fruition. Xcel plans close all of its Minnesota coal-fired plants by 2030. Part of the goal in doing so entails 800 MW of hydrogen-ready peaking capacity in the state.
Also to help meet its carbon-free goals, Xcel plans to continue operating its Monticello Nuclear Plant in Minnesota until at least 2040 by extending its operating license, which expires in 2030. Subscribers to Industrial Info's Power Plant Database can click here for the plant profile.
In Colorado, Xcel plans a full exit from coal by 2040, with reduced operations beginning in 2030.
The renewables additions and fuel changes are necessitating a large amount of transmission and distribution projects. Examples of Xcel transmission projects include the Scott County-Helena transmission line upgrade in Minnesota in which 14 miles of overhead of overhead transmission line is being upgraded to provide adequate load support to the surrounding area. The project is expected to be completed by the end of this year. Subscribers can click here for the project report.
Xcel reported third-quarter 2021 net income of $609 million, compared with $603 million in the prior-year quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Becker is home to Xcel's Sherburne County Generating Station, known as the Sherco plant. Sherco is a coal-fired plant that Xcel plans to close in 2030. Nearby, Xcel will construct a 460-megawatt (MW) solar farm. Last summer, the Minnesota Public Utility Commission (PUC) asked Minnesota energy providers to provide proposals for projects to help counter the economic downturn brought about by the COVID-19 pandemic, and the Sherco solar plant was one Xcel's proposed projects. According to Conservation Minnesota, if approved by the PUC, the project could be completed several years earlier than planned. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for the project report.
The Sherco project is just one example of Xcel's drive toward to a future filled with renewables, which include plans to make $26 billion in capital expenditures over the next five years. In the company's recent third-quarter earnings conference call with analysts, Xcel Chief Executive Officer Ben Fowke said, "Our resources plans are going to add nearly 10,000 MW of renewables to our system and achieve 85% carbon reduction by 2030."
In addition to solar, Xcel is implementing windfarms throughout its service territory. Examples include the 200-MW Freeborn Wind Energy Center near Glenville, Minnesota, which will cross over the border into Iowa. The facility will use 100 2-MW turbines. The project kicked off in summer 2020, with Wanzek Construction Incorporated (West Fargo, North Dakota) providing engineering, procurement and construction services. Construction is expected to be completed by the end of this year. Subscribers can click here for the project report.
Xcel also is constructing a large wind facility near South Shore, South Dakota. Construction on the Dakota Range I Windfarm and Dakota Range II Windfarm kicked off last summer and is expected to be completed in the first half of next year. Together, the windfarms will use 72 4.2-MW turbines to generate about 300 MW. Subscribers can click here for the project report on Dakota Range I and here for Dakota Range II.
In the future, Xcel also could be in the green hydrogen business. Fowke said the company was exploring five to eight greenfield and brownfield hydrogen projects and that legislation in Minnesota and Colorado, as well as a potential federal production tax credit for hydrogen, could help bring such projects to fruition. Xcel plans close all of its Minnesota coal-fired plants by 2030. Part of the goal in doing so entails 800 MW of hydrogen-ready peaking capacity in the state.
Also to help meet its carbon-free goals, Xcel plans to continue operating its Monticello Nuclear Plant in Minnesota until at least 2040 by extending its operating license, which expires in 2030. Subscribers to Industrial Info's Power Plant Database can click here for the plant profile.
In Colorado, Xcel plans a full exit from coal by 2040, with reduced operations beginning in 2030.
The renewables additions and fuel changes are necessitating a large amount of transmission and distribution projects. Examples of Xcel transmission projects include the Scott County-Helena transmission line upgrade in Minnesota in which 14 miles of overhead of overhead transmission line is being upgraded to provide adequate load support to the surrounding area. The project is expected to be completed by the end of this year. Subscribers can click here for the project report.
Xcel reported third-quarter 2021 net income of $609 million, compared with $603 million in the prior-year quarter.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
