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Released July 28, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NYSE:XEL) (Minneapolis, Minnesota) is progressing with large wind projects in the Upper Midwest, Texas, New Mexico and Colorado, with an eye clearly on the future of wind development. Xcel reported second-quarter 2017 net income of $227.3 million, compared with $196.8 million in second-quarter 2018. Industrial Info is tracking $10.2 billion in active Xcel projects.
In the company's recent conference call, Xcel Chief Executive Officer Ben Fowke said, "We are executing our plans to add almost 3,400 megawatts (MW) of new wind to our systems by the end of 2020. Earlier this month, the Minnesota Commission approved our wind proposal to add 1,550 MW of new wind generation, which includes 400 MW of power purchase agreements and 1,150 MW of new, rate-based wind, more than doubling our wind ownership. All projects are expected to be completed by the end of 2020 and will qualify for 100% of the PTC [production tax credit] tax benefit." The Minnesota approvals were for seven windfarms in Minnesota, North Dakota and South Dakota. For more information, see July 13, 2017, article - Minnesota Regulators Approve Xcel Wind Project Buildout.
Xcel is progressing with wind development in other parts of the U.S. as well. "Our Texas-New Mexico proposal to add 1,000 MW of self-build wind and 230 MW of power purchase agreements is currently in regulatory review," said Fowke. "The proposal has received strong community support, reflecting significant customer savings and environmental benefits. We expect final decisions by the end of the first quarter of 2018."
In Texas, the 478-MW Hale Wind Project, near Plainview, could kick off construction late next year for completion in early 2020. The project is preliminary slated to construct 239 2-MW wind turbine-generators and associated facilities. The project, which has an estimated total investment value of $769 million, could be expanded in future phases of construction. For more information, see Industrial Info's project report.
In New Mexico, Xcel is working with Invenergy LLC (Chicago, Illinois) in the permitting phase of the 522-MW Sagamore wind project near Porales. The project will include 250 2.08-MW wind turbine-generators and is planned to kick off in late 2018. The project has an estimated total investment value of $865 million. For more information, see Industrial Info's project report.
"Our 600-MW Rush Creek wind project in Colorado is under construction, progressing as planned and is expected to go into service on time in late 2018," said Fowke. The Rush Creek project, near Simla, Colorado, is being constructed in two 300-MW phases. M.A. Mortenson Company (Minneapolis, Minnesota) is performing engineering, procurement and construction (EPC) for the project, which has an estimated total investment value of $1.5 billion. For more information, see Industrial Info's project reports on Phase I and Phase II of the project.
Executives on the conference call hinted that the high degree of wind buildout could eventually lead to the closure of coal-fired plants. Fowke also suggested that more clean-energy projects may be in store for Colorado. "Earlier this month, Colorado Governor Hickenlooper issued an executive order to reduce greenhouse gas emissions and join other states that have signed on to the U.S. Climate Alliance," he said. "We are working with stakeholders to develop and advance a plan that will help Colorado achieve the governor's goals, and we'll keep you posted on potential developments."
Xcel also is in the early planning for a few high-dollar natural gas-fired projects. Among these is a combined-cycle unit addition at the Sherbourne County Power Station in Becker, Minnesota. The project, which has an estimated total investment value of $800 million, could kick off in 2020 for completion in 2023, adding a proposed 786 megawatts of natural gas-fired power to the existing station. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
In the company's recent conference call, Xcel Chief Executive Officer Ben Fowke said, "We are executing our plans to add almost 3,400 megawatts (MW) of new wind to our systems by the end of 2020. Earlier this month, the Minnesota Commission approved our wind proposal to add 1,550 MW of new wind generation, which includes 400 MW of power purchase agreements and 1,150 MW of new, rate-based wind, more than doubling our wind ownership. All projects are expected to be completed by the end of 2020 and will qualify for 100% of the PTC [production tax credit] tax benefit." The Minnesota approvals were for seven windfarms in Minnesota, North Dakota and South Dakota. For more information, see July 13, 2017, article - Minnesota Regulators Approve Xcel Wind Project Buildout.
Xcel is progressing with wind development in other parts of the U.S. as well. "Our Texas-New Mexico proposal to add 1,000 MW of self-build wind and 230 MW of power purchase agreements is currently in regulatory review," said Fowke. "The proposal has received strong community support, reflecting significant customer savings and environmental benefits. We expect final decisions by the end of the first quarter of 2018."
In Texas, the 478-MW Hale Wind Project, near Plainview, could kick off construction late next year for completion in early 2020. The project is preliminary slated to construct 239 2-MW wind turbine-generators and associated facilities. The project, which has an estimated total investment value of $769 million, could be expanded in future phases of construction. For more information, see Industrial Info's project report.
In New Mexico, Xcel is working with Invenergy LLC (Chicago, Illinois) in the permitting phase of the 522-MW Sagamore wind project near Porales. The project will include 250 2.08-MW wind turbine-generators and is planned to kick off in late 2018. The project has an estimated total investment value of $865 million. For more information, see Industrial Info's project report.
"Our 600-MW Rush Creek wind project in Colorado is under construction, progressing as planned and is expected to go into service on time in late 2018," said Fowke. The Rush Creek project, near Simla, Colorado, is being constructed in two 300-MW phases. M.A. Mortenson Company (Minneapolis, Minnesota) is performing engineering, procurement and construction (EPC) for the project, which has an estimated total investment value of $1.5 billion. For more information, see Industrial Info's project reports on Phase I and Phase II of the project.
Executives on the conference call hinted that the high degree of wind buildout could eventually lead to the closure of coal-fired plants. Fowke also suggested that more clean-energy projects may be in store for Colorado. "Earlier this month, Colorado Governor Hickenlooper issued an executive order to reduce greenhouse gas emissions and join other states that have signed on to the U.S. Climate Alliance," he said. "We are working with stakeholders to develop and advance a plan that will help Colorado achieve the governor's goals, and we'll keep you posted on potential developments."
Xcel also is in the early planning for a few high-dollar natural gas-fired projects. Among these is a combined-cycle unit addition at the Sherbourne County Power Station in Becker, Minnesota. The project, which has an estimated total investment value of $800 million, could kick off in 2020 for completion in 2023, adding a proposed 786 megawatts of natural gas-fired power to the existing station. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
