Remember that, because it’s important in an age of no federal climate policy: Cities can move utilities, and utilities can move the energy industry. Pueblo, they’re considered or they have already decided that they want to pursue 100 percent renewable.” Boulder, the city of Denver, Breckenridge. “When your customers are asking for this over and over,” Fowke said when announcing the news, “you really do listen. Second, Xcel’s customers - particularly cities - are demanding it. Renewables are even giving natural gas a run for its money. Wind and solar plants paired with storage are bidding in cheaper than the ongoing operating costs of existing coal plants. In its recent solicitations, Xcel has gotten more bids for renewables, with more variety, for much cheaper. So what pushed the company’s ambition so much higher?įirst, renewables are getting really cheap. And they cover Xcel’s entire eight-state territory. Those goals were enough to win the company Utility Dive’s Utility of the Year Award for 2018.īut the new goals go much farther. According to the company, it has reduced its carbon emissions by 35 percent since 2005.Įarlier in 2018, it announced plans to, by 2030, reduce carbon emissions 60 percent (from 2005 levels), increase the level of renewable energy in its fleet to 55 percent, and shut down 50 percent of its coal capacity - in the state of Colorado. Xcel has been a leader on clean energy for a while. Greater ambition is in Xcel’s political and economic interests Here’s our explainer, first published December 5.
So make no mistake: This is industry-shaking news. And this week, the company announced it will be fast-tracking the retirement of its two remaining coal-burning power plants, which are in Minnesota, by 2030. It is the first major US utility to pledge to go completely carbon-free. Its CEO, Ben Fowke, is part of the leadership at the Edison Electric Institute, the main utility trade group. Xcel, based in Minneapolis, serves 3.6 million customers across eight states - Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. Xcel Energy said Monday it plans to shut its Minnesota coal plants, the last two in the Upper Midwest, a decade earlier than scheduled, putting the utility on pace to be coal-free earlier than expected.
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