Xcel Energy plans to grow wind power by 30 percent
Wednesday, Jul 31, 2013
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.
"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 (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.8 million natural gas customers through its regulated operating companies.Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
SOURCE Xcel Energy