This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Xcel Energy Plans To Grow Wind Power By 30 Percent

MINNEAPOLIS, July 30, 2013 /PRNewswire/ -- Xcel Energy, already the country's top wind energy provider, proposes to significantly expand its wind power production to reduce customer costs, protect against rising and volatile fuel prices, and benefit the environment. The move is made possible by extremely competitive prices and the extended federal Production Tax Credit.

(Photo: http://photos.prnewswire.com/prnh/20130730/LA55514-INFO)

(Logo: http://photos.prnewswire.com/prnh/20130312/LA75651LOGO)

"Wind energy is a valuable, low-cost substitute for natural gas and other fuels right now," said Ben Fowke, chairman, president and CEO.  "These projects will lower customer costs by at least $800 million over their lives and will provide a valuable hedge to rising and volatile fuel prices for well into the future."

The company has submitted to state regulators throughout its service area proposals to purchase at least 1,500 megawatts of wind resources, a 30 percent increase in overall wind capacity. The wind power expansion, along with previous conservation, renewable energy and power plant improvement projects, also puts Xcel Energy on track to reduce its carbon emissions by 28 million tons, or more than 31 percent by 2020.

"These projects demonstrate how to do environmental leadership the right way," Fowke continued.  "Both economic and environmental benefits can and should be achieved."

If the projects are approved, the company expects that more than 20 percent of its total energy mix will be supplied by wind.

Xcel Energy is seeking approval of the following projects from state regulators throughout its service territories:
  • Upper Midwest: Three 200-megawatt projects in Minnesota and North Dakota, increasing the total to 2,400 megawatts. The additions will save Upper Midwest customers more than $180 million in fuel costs over 20 years.
  • Texas/New Mexico:  Three projects totaling almost 700 megawatts located in New Mexico, Oklahoma and Texas, increasing the total to more than 2,200 megawatts. The additions will save Texas- New Mexico customers up to $590 million in fuel costs over 20 years.
  • Colorado: One project totaling approximately 200 megawatts, increasing the total to nearly 2,400 megawatts. The addition will save Colorado customers more than $142 million in fuel costs over 20 years. The Colorado Public Utilities Commission will decide this fall on whether to approve another 350 megawatts of wind power.

Late last year Congress extended the PTC to projects that begin significant construction activities by the end of 2013. Xcel Energy supported the PTC extension and also supports the Consumer Renewable Credit, a proposed tax credit that would provide low-cost federal support of continued, cost-effective wind development such as the projects proposed in today's filing.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,630.27 +189.68 1.09%
S&P 500 2,093.25 +25.61 1.24%
NASDAQ 5,089.2060 +49.43 0.98%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs