Xcel Energy is highlighting its newest corporate sustainability report, which shows the company’s growth in renewable energy across its eight-state service area, stretching from the Upper Midwest to the southwestern states of Texas and New Mexico.
In the Southwest – the Texas Panhandle, Texas South Plains and eastern New Mexico – renewable energy accounted for 23% of generated power, as of Dec. 31, 2016. Most of that number – 22% – was derived from wind energy, according to the company.
In March, Xcel announced plans to add 1.23 additional GW of wind energy on the Southwest regional grid by 2020. Most of the new wind resources – 1 GW – will be built and owned by Xcel Energy at large wind facilities in New Mexico and Texas. The remaining 230 MW will be purchased through a 30-year power purchase contract. Pending regulatory approval of the new wind resources, Xcel Energy anticipates that wind energy will make up 43% of the region’s energy mix by 2021.
Moreover, over 30 years, the company expects the new wind facilities will save customers $2.8 billion by using federal production tax credits and displacing higher-cost power from older power plants.
“We know our success is tied to our communities’ success,” comments Ben Fowke, chairman, president and CEO of Xcel Energy. “Growing and vibrant communities support our business, while clean and affordable energy powers our communities. As a responsible community partner, we are committed to delivering on our shared goals and continually raise the bar on our performance.”
More on the corporate sustainability report can be found here.