Press release
Xcel Energy proposes one of largest packages of energy investments in state history
Almost $3 billion of accelerated and incremental capital investment planned to support Minnesota’s economic recovery, advance clean energy goals, and keep
About this update from Xcel Energy Inc.
[{"type":"text","content":"\nAlmost $3 billion of accelerated and incremental capital investment planned to support Minnesota’s economic recovery, advance clean energy goals, and keep customer bills stable \n\n MINNEAPOLIS--(BUSINESS WIRE)--\n\nXcel Energy today announced its proposal for the one of the largest packages of energy investments in Minnesota’s history, as part of its response to the Minnesota Public Utilities Commission and Department of Commerce request for energy companies to help with job growth and getting the economy on track. As part of Xcel Energy’s commitment to helping customers and the state recover from the COVID-19 pandemic, the company’s proposal would include almost $3 billion of accelerated and incremental projects that will create jobs, advance the transition to cleaner energy, and keep customer bills stable.\n\n\n“COVID-19 put the brakes on our economy, leading to widespread unemployment and we are eager to help Minnesota with our proposal that can help provide the economic jump start our state needs.” said Ben Fowke, chairman and CEO, Xcel Energy. “We thank Governor Tim Walz, our regulators and commissioners for the leadership on this issue and remain committed to working with them along with our, communities, policymakers, stakeholders and employees to move these projects forward quickly to help all Minnesotans.”\n\n\nXcel Energy proposed a slate of projects to the Minnesota Public Utilities Commission that would create an estimated 5,000 jobs in the state, while keeping customer bills stable. Xcel Energy customers in Minnesota have electricity bills that are 24% below the national average, and the company plans to continue to keep our customers’ bills low, at or below the rate of inflation.\n\n\nProject highlights include:\n\n\n\nAdding solar near the Sherco plant. Xcel Energy has proposed speeding up the addition of up to 460 megawatts of solar power next to our Sherco coal plant in Becker, Minnesota. Building the solar installation would create 230 to 350 union jobs during construction and generate significant state and local tax benefits as well as landowner lease payments over the life of the project. The solar installation will also generate enough carbon-free energy to power more than 240,000 homes each year while leveraging existing transmission infrastructure.\n\n\n\n\nExpanding and rebuilding wind farms. Rebuildin...