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Released January 30, 2024 | SUGAR LAND
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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.
Click on the image at right for a graph detailing Xcel's active and planned projects across the U.S., by fuel type.
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.
Among Xcel's developments in Colorado is a proposed conversion of its Pawnee Power Station in Morgan County, which has a 500-MW capacity, from coal-fired to natural gas-fired generation, and the installation of a 10-MW BESS pilot plant at the Comanche Power Station in Pueblo, which is a coal-fired plant set to close by 2031. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can read a detailed report on the Pawnee conversion project and Comanche BESS project, and read detailed project reports on the existing Pawnee and Comanche power stations.
Brian Van Abel, the chief financial officer of Xcel, said a quarterly earnings-related conference call that Xcel included the $15 billion Colorado resource plan as part of its five-year, $39 billion capital-spending plan: "This base capital plan supports investment in renewable generation; transmission to deliver the clean energy; and customer-facing investments for a reliable and resilient advanced grid." He noted the base plan does not include Xcel's estimated $5 billion of investment for renewables and firm capacity associated with requests for proposals (RFPs) at its Northern States Power (NSP) and Southwestern Public Service (SPS) subsidiaries, and future filings in Colorado.
Xcel operates in eight states. Its renewable plans also include the closing of its coal-fired Sherburne County (Sherco) Power Station in Becker, Minnesota, which will be replaced by a pair of solar-generation sites with a combined output of 460 MW. Construction on the two phases, each 230 MW, is underway, with the West portion expected to begin operations this year, followed by the East portion in 2025. Xcel has proposed a 230-MW BESS unit to follow the solar sites. Subscribers can read detailed project reports on the West and East portions of the project and the BESS unit, and learn more from Industrial Info's January 9, 2024, article - Xcel Retires First Unit at Coal-Fired Plant.
"In December, we retired Unit 2 at our Sherco coal facility, while continuing the trend of no personnel layoffs at our retiring coal facilities over the past 15 years," said Bob Frenzel, the chief executive officer of Xcel, in the earnings call. "We reduced carbon emissions for the electric utility by 53% as compared to a 2005 baseline, on track with our goals for 2030 and 2050." He also said Xcel recently received approvals in Minnesota for another 250 MW of solar generation at Sherco.
Xcel also is considering renewable-energy additions at some of its existing gas-fired plants. The company's SPS subsidiary is seeking permits for a solar farm at its Plant X site in Earth, Texas, which has an existing gas-fired capacity of 434.4 MW. The new facility would use single tracking panels to generate 150 MW. Subscribers can learn more from a detailed project report, and read a profile of the existing Plant X site.
"We have active RFPs for over 2,000 megawatts of renewable resources across our operating companies, which we expect resolution on later this year," Frenzel said in the call. " We also filed our resource plans in our SPS company, which could add an additional 5,000 to 10,000 megawatts to our system by 2030."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Xcel.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing Xcel's active and planned projects across the U.S., by fuel type.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.
Among Xcel's developments in Colorado is a proposed conversion of its Pawnee Power Station in Morgan County, which has a 500-MW capacity, from coal-fired to natural gas-fired generation, and the installation of a 10-MW BESS pilot plant at the Comanche Power Station in Pueblo, which is a coal-fired plant set to close by 2031. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can read a detailed report on the Pawnee conversion project and Comanche BESS project, and read detailed project reports on the existing Pawnee and Comanche power stations.
Brian Van Abel, the chief financial officer of Xcel, said a quarterly earnings-related conference call that Xcel included the $15 billion Colorado resource plan as part of its five-year, $39 billion capital-spending plan: "This base capital plan supports investment in renewable generation; transmission to deliver the clean energy; and customer-facing investments for a reliable and resilient advanced grid." He noted the base plan does not include Xcel's estimated $5 billion of investment for renewables and firm capacity associated with requests for proposals (RFPs) at its Northern States Power (NSP) and Southwestern Public Service (SPS) subsidiaries, and future filings in Colorado.
Xcel operates in eight states. Its renewable plans also include the closing of its coal-fired Sherburne County (Sherco) Power Station in Becker, Minnesota, which will be replaced by a pair of solar-generation sites with a combined output of 460 MW. Construction on the two phases, each 230 MW, is underway, with the West portion expected to begin operations this year, followed by the East portion in 2025. Xcel has proposed a 230-MW BESS unit to follow the solar sites. Subscribers can read detailed project reports on the West and East portions of the project and the BESS unit, and learn more from Industrial Info's January 9, 2024, article - Xcel Retires First Unit at Coal-Fired Plant.
"In December, we retired Unit 2 at our Sherco coal facility, while continuing the trend of no personnel layoffs at our retiring coal facilities over the past 15 years," said Bob Frenzel, the chief executive officer of Xcel, in the earnings call. "We reduced carbon emissions for the electric utility by 53% as compared to a 2005 baseline, on track with our goals for 2030 and 2050." He also said Xcel recently received approvals in Minnesota for another 250 MW of solar generation at Sherco.
Xcel also is considering renewable-energy additions at some of its existing gas-fired plants. The company's SPS subsidiary is seeking permits for a solar farm at its Plant X site in Earth, Texas, which has an existing gas-fired capacity of 434.4 MW. The new facility would use single tracking panels to generate 150 MW. Subscribers can learn more from a detailed project report, and read a profile of the existing Plant X site.
"We have active RFPs for over 2,000 megawatts of renewable resources across our operating companies, which we expect resolution on later this year," Frenzel said in the call. " We also filed our resource plans in our SPS company, which could add an additional 5,000 to 10,000 megawatts to our system by 2030."
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects from Xcel.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
