Xcel Touts Renewable Gains, but Keeps Gas Burning in Some Areas

June 22, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) is now sourcing more than half of its power generation from renewable sources, according to the company's annual Sustainability Report, announced earlier this week. But the company also aims to grow its natural gas network in Colorado and hopes to extend an expiring law in Minnesota that allows it to finance upgrades to its natural gas infrastructure via higher customer fees.

Industrial Info is tracking more than $2 billion worth of active renewable-energy and battery-storage projects from Xcel, and more than $600 million worth of gas-fired generation projects. Carbon-free energy made up 53% of Xcel's 2022 energy mix across the eight states it serves, compared with an average of 41% across the U.S., according to a company press release. Xcel also says it has reduced carbon emissions from its output 53% from 2005 levels.

Other companies featured: General Electric (NYSE:GE) and Emerson Electric Company (NYSE:EMR).