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Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) continues with a large buildout of windfarms across the U.S. and has announced the early retirement of two coal-fired units in Colorado as part of its Colorado Energy Plan. Industrial Info is tracking $8.9 billion in active Xcel projects.
In the company's conference call, Xcel Chief Executive Officer Ben Fowkes said, "Last year, we introduced our Colorado Energy Plan. The plan, which is supported by a wide range of stakeholders, calls for the addition of up to 1,000 megawatts (MW) of wind, 700 MW of solar and 700 MW of natural gas or storage, as well as the early retirement of two of the coal units at our Comanche Plant [in Pueblo, Colorado]." The 325-MW Comanche Unit 1 will be retired by 2022, and the 335-MW Unit 2 will be retired by 2025. For more information, see Industrial Info's plant profile. "Implementation of the Colorado Energy Plan would allow us to achieve by 2027 an energy mix of 55% renewables and a 60% carbon reduction," said Fowkes.
Xcel has proposed 3,680 MW of new wind power by 2021, 83% of which it will own. Among the windfarms underway in Colorado is the Rush Creek Windfarm, near Simla. The windfarm will use 300 2-MW wind turbine-generators. Construction began in the first half of 2017 and is expected to be completed in the fourth quarter of this year. M.A. Mortenson Company (Minneapolis) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value (TIV) of $1 billion. For more information, see Industrial Info's project reports on Phase I and Phase II of the windfarm.
Among the company's largest proposed windfarms is the Crowned Ridge Windfarm in South Dakota. The project would use 120 5-MW wind turbine-generators in its location in Codington, Grant and Deuel counties. Construction could begin this summer for completion by the end of the 2020. For more information, see Industrial Info's project report.
In North Dakota, Xcel is in the late planning stages for the 155-MW Foxtail Windfarm near Ellendale. Construction on the 155-MW windfarm is set to kick off in the first half of this year, with completion set for the third quarter of 2019. Wanzek Construction Incorporated (West Fargo, North Dakota) is providing EPC work on the project, which has an estimated TIV of $270 million. For more information, see Industrial Info's project report.
The company's SPS [Southwestern Public Service Company] Wind Proposal involves construction of 1,000 MW of power in Texas and New Mexico and a power purchase agreement with NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) for 230 MW. The 522-MW Sagamore wind project near Portales, New Mexico, and the 468-MW Hale County Windfarm near Plainview, Texas, could kick off construction later this year, with plans for completion in 2020. The respective state commissions are expected to rule on the proposed windfarms this quarter. The projects have a combined TIV of $1.6 billion. For more information, see Industrial Info's project reports on the Sagamore and Hale County projects.
While the company is focusing primarily on wind, other fuel types also play role in the company's future. Xcel is underway with construction of a natural gas-fired turbine for its peaking unit at the Black Dog Power Station in Burnsville, Minnesota. Construction on the 241-MW turbine began in late 2016 and is expected to be completed this quarter. AZCO Incorporated (Appleton, Wisconsin) is contractor. For more information, see Industrial Info's project report.
Xcel is in the early planning stages to construct a 786-megawatt (MW) natural gas-fired, combined-cycle unit at the Sherburne County Power Station in Becker, Minnesota. Construction on the $800 million project could begin in 2023. For more information, see Industrial Info's project report.
Xcel reported fourth-quarter 2017 net income of $189 million, compared with $227 million in fourth-quarter 2016. Full-year 2017 net income was $1.15 billion, compared with $1.12 billion in 2016.
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. 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 conference call, Xcel Chief Executive Officer Ben Fowkes said, "Last year, we introduced our Colorado Energy Plan. The plan, which is supported by a wide range of stakeholders, calls for the addition of up to 1,000 megawatts (MW) of wind, 700 MW of solar and 700 MW of natural gas or storage, as well as the early retirement of two of the coal units at our Comanche Plant [in Pueblo, Colorado]." The 325-MW Comanche Unit 1 will be retired by 2022, and the 335-MW Unit 2 will be retired by 2025. For more information, see Industrial Info's plant profile. "Implementation of the Colorado Energy Plan would allow us to achieve by 2027 an energy mix of 55% renewables and a 60% carbon reduction," said Fowkes.
Xcel has proposed 3,680 MW of new wind power by 2021, 83% of which it will own. Among the windfarms underway in Colorado is the Rush Creek Windfarm, near Simla. The windfarm will use 300 2-MW wind turbine-generators. Construction began in the first half of 2017 and is expected to be completed in the fourth quarter of this year. M.A. Mortenson Company (Minneapolis) is providing engineering, procurement and construction (EPC) on the project, which has an estimated total investment value (TIV) of $1 billion. For more information, see Industrial Info's project reports on Phase I and Phase II of the windfarm.
Among the company's largest proposed windfarms is the Crowned Ridge Windfarm in South Dakota. The project would use 120 5-MW wind turbine-generators in its location in Codington, Grant and Deuel counties. Construction could begin this summer for completion by the end of the 2020. For more information, see Industrial Info's project report.
In North Dakota, Xcel is in the late planning stages for the 155-MW Foxtail Windfarm near Ellendale. Construction on the 155-MW windfarm is set to kick off in the first half of this year, with completion set for the third quarter of 2019. Wanzek Construction Incorporated (West Fargo, North Dakota) is providing EPC work on the project, which has an estimated TIV of $270 million. For more information, see Industrial Info's project report.
The company's SPS [Southwestern Public Service Company] Wind Proposal involves construction of 1,000 MW of power in Texas and New Mexico and a power purchase agreement with NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) for 230 MW. The 522-MW Sagamore wind project near Portales, New Mexico, and the 468-MW Hale County Windfarm near Plainview, Texas, could kick off construction later this year, with plans for completion in 2020. The respective state commissions are expected to rule on the proposed windfarms this quarter. The projects have a combined TIV of $1.6 billion. For more information, see Industrial Info's project reports on the Sagamore and Hale County projects.
While the company is focusing primarily on wind, other fuel types also play role in the company's future. Xcel is underway with construction of a natural gas-fired turbine for its peaking unit at the Black Dog Power Station in Burnsville, Minnesota. Construction on the 241-MW turbine began in late 2016 and is expected to be completed this quarter. AZCO Incorporated (Appleton, Wisconsin) is contractor. For more information, see Industrial Info's project report.
Xcel is in the early planning stages to construct a 786-megawatt (MW) natural gas-fired, combined-cycle unit at the Sherburne County Power Station in Becker, Minnesota. Construction on the $800 million project could begin in 2023. For more information, see Industrial Info's project report.
Xcel reported fourth-quarter 2017 net income of $189 million, compared with $227 million in fourth-quarter 2016. Full-year 2017 net income was $1.15 billion, compared with $1.12 billion in 2016.
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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
