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Released February 06, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Xcel Energy (NASDAQ:XEL) (Minneapolis, Minnesota) was among the energy providers urging customers to conserve heat as its systems were strained by the severe winter weather that slammed the eastern U.S. in late January. But the company had better news for its investors when it reported steady gains in revenues and profits for 2018, and announced ambitious plans to reduce carbon emissions 80% by 2030. Industrial Info is tracking about $4.2 billion in active projects involving Xcel, including more than $2.1 billion worth in the U.S. Midwest region.
Click on the image at right for a graph detailing the top U.S. states for Xcel projects, by investment value.
Parts of the U.S. reported record amounts of natural gas used for heating late last month, as the "polar vortex" swept the eastern half of the country. Gas demand in the Lower 48 states hit a record 145.1 billion cubic feet per day on Wednesday, January 30. According to the Minneapolis Star Tribune, Xcel asked its Minnesota customers to lower their thermostats to 63 degrees through the following day, and sent its employees door-to-door with local law enforcement to check on those affected.
Xcel has been building out its natural gas-fired capacity in Minnesota in recent years, most recently with an announced, $800 million replacement of two coal-fired units at the Sherburne County Generating Station in Becker with a smaller natural-gas plant. If approved, the station will no longer be the largest coal-fired plant in the Upper Midwest, according to Minnesota Public Radio, and instead generate 786 megawatts (MW) from a pair of combustion turbines and a steam turbine, in addition to the remaining coal unit. For more information, see Industrial Info's project report.
The company's longer-term strategy, however, is fueled by renewable energy. Xcel's plan to slash carbon emissions 80% by 2030 is part of a broader plan to deliver carbon-free electricity to customers by 2050. "We're accelerating our carbon reduction goals because we're encouraged by advances in technology, motivated by customers who are asking for it and committed to working with partners to make it happen," said Ben Fowke, the chief executive officer of Xcel, in a press release.
In the neighboring Dakotas, Xcel is at work on three projects to take advantage of the Great Plains' abundant wind resources. The $575.5 million Crowned Ridge Wind Project in Watertown, South Dakota, and its $356 million second phase, which are set to wrap up by the end of the year, would generate 303 and 296 MW, respectively, from 120 and 118 wind turbines. The $247.5 million Foxtail Windfarm in Ellendale, North Dakota, already is under construction and is expected to generate 150 MW from 73 turbines. For more information, see Industrial Info's reports on the Crowned Ridge I, Crowned Ridge II and Foxtail projects.
Fowke also noted in a recent earnings-related conference call that the company secured approval in 2018 for more than 1,000 MW of new wind capacity in Texas and New Mexico. Xcel expects to begin construction this summer on the $865 million Sagamore Wind Project near Portales, New Mexico, which would generate 522 MW from 261 turbines. Currently, it is expected to finish construction in mid-2020. For more information, see Industrial Info's project report.
Aside from wind energy, Xcel is looking to hydropower to fuel its efforts in renewables. The company is at work on an $82 million uprate of its Cabin Creek Pumped Storage Hydro Station in Georgetown, Colorado, which will replace and refurbish equipment on a pair of reversible pump turbines to improve efficiency and increase generation from 300 to 336 MW. For more information, see Industrial Info's project report.
Xcel reported revenues of $11.54 billion for 2018, a 1.2% increase from 2017. Net income stood at $1.26 billion, a 9.8% 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing the top U.S. states for Xcel projects, by investment value.Parts of the U.S. reported record amounts of natural gas used for heating late last month, as the "polar vortex" swept the eastern half of the country. Gas demand in the Lower 48 states hit a record 145.1 billion cubic feet per day on Wednesday, January 30. According to the Minneapolis Star Tribune, Xcel asked its Minnesota customers to lower their thermostats to 63 degrees through the following day, and sent its employees door-to-door with local law enforcement to check on those affected.
Xcel has been building out its natural gas-fired capacity in Minnesota in recent years, most recently with an announced, $800 million replacement of two coal-fired units at the Sherburne County Generating Station in Becker with a smaller natural-gas plant. If approved, the station will no longer be the largest coal-fired plant in the Upper Midwest, according to Minnesota Public Radio, and instead generate 786 megawatts (MW) from a pair of combustion turbines and a steam turbine, in addition to the remaining coal unit. For more information, see Industrial Info's project report.
The company's longer-term strategy, however, is fueled by renewable energy. Xcel's plan to slash carbon emissions 80% by 2030 is part of a broader plan to deliver carbon-free electricity to customers by 2050. "We're accelerating our carbon reduction goals because we're encouraged by advances in technology, motivated by customers who are asking for it and committed to working with partners to make it happen," said Ben Fowke, the chief executive officer of Xcel, in a press release.
In the neighboring Dakotas, Xcel is at work on three projects to take advantage of the Great Plains' abundant wind resources. The $575.5 million Crowned Ridge Wind Project in Watertown, South Dakota, and its $356 million second phase, which are set to wrap up by the end of the year, would generate 303 and 296 MW, respectively, from 120 and 118 wind turbines. The $247.5 million Foxtail Windfarm in Ellendale, North Dakota, already is under construction and is expected to generate 150 MW from 73 turbines. For more information, see Industrial Info's reports on the Crowned Ridge I, Crowned Ridge II and Foxtail projects.
Fowke also noted in a recent earnings-related conference call that the company secured approval in 2018 for more than 1,000 MW of new wind capacity in Texas and New Mexico. Xcel expects to begin construction this summer on the $865 million Sagamore Wind Project near Portales, New Mexico, which would generate 522 MW from 261 turbines. Currently, it is expected to finish construction in mid-2020. For more information, see Industrial Info's project report.
Aside from wind energy, Xcel is looking to hydropower to fuel its efforts in renewables. The company is at work on an $82 million uprate of its Cabin Creek Pumped Storage Hydro Station in Georgetown, Colorado, which will replace and refurbish equipment on a pair of reversible pump turbines to improve efficiency and increase generation from 300 to 336 MW. For more information, see Industrial Info's project report.
Xcel reported revenues of $11.54 billion for 2018, a 1.2% increase from 2017. Net income stood at $1.26 billion, a 9.8% 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. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
