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Released July 30, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) continued to ride the wave of an economic recovery in the second quarter, as its revenues and profits steadily improved. The company brushed aside concerns about inflation in its quarterly earnings presentation and pointed to its ongoing buildout of renewable and low-carbon power generation. Industrial Info is tracking more than $6 billion in active projects from Xcel, including nearly $1 billion worth under construction.
Click on the image at right for a graph detailing Xcel's active projects across the U.S., by fuel type.
Xcel expects capital expenditures (capex) to total $4.4 billion for 2021, and to average $4.68 billion over the next five fiscal years. Much of the spending is related to the company's goal of reducing its carbon emissions 85% by 2030, with the longer-term aspiration of producing carbon-free electricity by 2050.
Like many power generators in the process of abandoning coal, Xcel is facing some difficulties in finding sources to replace it. It seems to be backing away from a proposed natural gas-fired, combined-cycle (NGCC) addition at its Sherburne County Power Station in Becker, Minnesota, following heavy opposition from residents and investors. Although Xcel has not officially cancelled the 786-megawatt (MW) facility, it did not include it in the recent 15-year plan it submitted to the Minnesota Public Utilities Commission, according to Minnesota Public Radio. The NGCC plant would have offset some of generation lost from the pending closure of the three coal-fired units at the Sherburne County station, set to fully close by 2030.
In the meantime, Xcel is looking into the closure of a scrubbing pond at the Sherburne County station to comply with regulations from the U.S. Environmental Protection Agency (EPA), and it is seeking permits for a proposed solar power plant nearby, which would generate 460 MW. Subscribers to Industrial Info's Global Market Intelligence (GMI) can read detailed project reports on the NGCC proposal, the scrubbing pond closure and the solar plant.
About 150 miles south of Becker, on the border with Iowa, Xcel is at work on the $300 million Freeborn Wind Energy Center near Glenville, Minnesota, which is designed to generate 200 MW from 100 Vestas wind turbines. The project--which was brought online earlier in the summer and is set to fully wrap up at the end of the year--is part of Xcel's long-running plan to significantly increase the wind-energy capacity on its Upper Midwest system. Subscribers can learn more from Industrial Info's project report.
"The new wind projects we've added will save customers money in the coming decades; are among the most cost-effective energy sources on our grid; and are integral to our groundbreaking vision to deliver 100% carbon-free electricity to our customers by 2050," said Ben Fowke, the chief executive officer of Xcel Energy, earlier this year in a press release.
In February, Xcel announced it had become one of the first U.S. energy providers to reach 10,000 MW of online wind-energy capacity in the states it serves, which it attributed to 10 new wind-energy projects recently brought online in the Upper Midwest, Colorado, Texas and New Mexico. One of the major projects in this ongoing buildout is the Dakota Range Windfarm in South Shore, South Dakota, both phases of which have been under construction since August 2020. Each phase is set to generate 151 MW from 36 Vestas turbines. Subscribers can learn more for Industrial Info's project reports on Phase I and Phase II.
In addition to the abovementioned power-generation projects, Xcel has more than $3.3 billion worth of active transmission and distribution (T&D) projects. Subscribers can click here for a list.
Xcel's operating revenues for the second quarter totaled $3.07 billion, an 18.6% increase from second-quarter 2020. Net income was reported to be $311 million, an 8.36% increase.
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.
Click on the image at right for a graph detailing Xcel's active projects across the U.S., by fuel type.Xcel expects capital expenditures (capex) to total $4.4 billion for 2021, and to average $4.68 billion over the next five fiscal years. Much of the spending is related to the company's goal of reducing its carbon emissions 85% by 2030, with the longer-term aspiration of producing carbon-free electricity by 2050.
Like many power generators in the process of abandoning coal, Xcel is facing some difficulties in finding sources to replace it. It seems to be backing away from a proposed natural gas-fired, combined-cycle (NGCC) addition at its Sherburne County Power Station in Becker, Minnesota, following heavy opposition from residents and investors. Although Xcel has not officially cancelled the 786-megawatt (MW) facility, it did not include it in the recent 15-year plan it submitted to the Minnesota Public Utilities Commission, according to Minnesota Public Radio. The NGCC plant would have offset some of generation lost from the pending closure of the three coal-fired units at the Sherburne County station, set to fully close by 2030.
In the meantime, Xcel is looking into the closure of a scrubbing pond at the Sherburne County station to comply with regulations from the U.S. Environmental Protection Agency (EPA), and it is seeking permits for a proposed solar power plant nearby, which would generate 460 MW. Subscribers to Industrial Info's Global Market Intelligence (GMI) can read detailed project reports on the NGCC proposal, the scrubbing pond closure and the solar plant.
About 150 miles south of Becker, on the border with Iowa, Xcel is at work on the $300 million Freeborn Wind Energy Center near Glenville, Minnesota, which is designed to generate 200 MW from 100 Vestas wind turbines. The project--which was brought online earlier in the summer and is set to fully wrap up at the end of the year--is part of Xcel's long-running plan to significantly increase the wind-energy capacity on its Upper Midwest system. Subscribers can learn more from Industrial Info's project report.
"The new wind projects we've added will save customers money in the coming decades; are among the most cost-effective energy sources on our grid; and are integral to our groundbreaking vision to deliver 100% carbon-free electricity to our customers by 2050," said Ben Fowke, the chief executive officer of Xcel Energy, earlier this year in a press release.
In February, Xcel announced it had become one of the first U.S. energy providers to reach 10,000 MW of online wind-energy capacity in the states it serves, which it attributed to 10 new wind-energy projects recently brought online in the Upper Midwest, Colorado, Texas and New Mexico. One of the major projects in this ongoing buildout is the Dakota Range Windfarm in South Shore, South Dakota, both phases of which have been under construction since August 2020. Each phase is set to generate 151 MW from 36 Vestas turbines. Subscribers can learn more for Industrial Info's project reports on Phase I and Phase II.
In addition to the abovementioned power-generation projects, Xcel has more than $3.3 billion worth of active transmission and distribution (T&D) projects. Subscribers can click here for a list.
Xcel's operating revenues for the second quarter totaled $3.07 billion, an 18.6% increase from second-quarter 2020. Net income was reported to be $311 million, an 8.36% increase.
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.
