Dec
21
Gale Klappa has agreed to stay on as executive chairman of Milwaukee-based WEC Energy Group until May 2024.
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Dec
21
Xcel Energy’s clean energy transition has taken another significant step forward with a recent agreement with Western Mustang Solar, LLC to construct a 74-megawatt solar array to be located on privately owned land in Pierce County, Wisconsin. When completed, it will be owned and operated by Xcel Energy and be the largest solar facility in western Wisconsin.
Xcel Energy currently has more than 760 megawatts of large-scale, universal solar capacity on its system and was the first major utility in the nation to announce a vision to deliver carbon-free electricity to all customers by 2050.
Ranger Power LLC, a utility-scale solar development company, is developing the project on behalf of Western Mustang Solar, LLC. Pierce County approved local permits in August that will be needed to build the project on nearly 1,100 acres of land in the town of Gilman in the northeastern part of the county. Once built, the project is expected to generate nearly $300,000 a year in shared revenue payments for Pierce County and the town of Gilman.
Dec
21
We Energies will retire the oldest part of its coal-fired power plant complex in Oak Creek in 2023 and 2024 as its parent company shifts to more efficient power generation, including renewables, as part of its largest-ever capital projects outlay of $16 billion. The retirements will not include the Elm Road Generating Station in Oak Creek, which was part of the $7 billion Power the Future initiative completed a decade ago.
Dec
21
Xcel Energy has achieved strong third quarter results despite the ongoing pandemic and has launched important new initiatives to support customers, employees and communities through these challenging times. As a result, it is narrowing its 2020 earnings guidance to $2.75 to $2.81 per share. In addition, it is initiating 2021 earnings guidance of $2.90 to $3.00 per share. Over the next five years, the company plans to invest $22.6 billion in base capital. It also has proposed to invest an incremental $1.4 billion related to requests from Minnesota to help address the economic impacts of COVID-19. The proposal, which includes grid investment, solar facilities and modernizing aging wind farms, would create 5,000 jobs and expand the company’s renewable portfolio, all while keeping customer bills low. It also outlines a 10-year vision to power 1.5 million electric vehicles, saving customers $1 billion on fueling costs and cutting carbon emissions by nearly 5 million tons annually by 2030.
Dec
21
The Board of Directors of Xcel Energy has declared a quarterly dividend on its common stock of 43 cents per share. The dividends are payable January 20, 2021, to shareholders of record on December 23, 2020.
Dec
21
The Board of Directors of WEC Energy Group has announced it will increase the company’s common stock to 67.75 cents per share in the first quarter of 2021. This would represent an increase of 4.5 cents per share. The dividend, which would be equivalent to an annual rate of $2.71 per share, would be payable March 1, 2021, to stockholders of record on February14, 2021.
Dec
21
For the first time in more than a century, Xcel Energy will no longer use coal as a backup fuel at its Bay Front biomass power plant in Ashland, Wisconsin. The last shovel of coal was burned in the plant’s boilers on December 1st.
Since 1979, Bay Front has burned more than 6 million tons of biomass, including sustainably harvested local waste wood. Over the years, Xcel Energy has made several technological improvements at Bay Front including an $18 million project in 2015 that improved the air quality and boiler control systems, making it one of the cleanest biomass power plants in the nation. This advanced modernization project also reduced the need to use coal as a backup fuel at the plant. Moving forward, the company will use natural gas to serve as a back-up fuel to biomass if needed.
“In 2006, the plant operated on about 64 percent biomass and used about 48,600 tons of coal,” according to Bay Front Plant Manager Dave Fulweber. “This year, we will operate on 98 percent biomass and use about 4,200 tons of coal. Beginning next year, we will no longer use coal and work closely with our local wood vendors and add more agriculture partners to operate on nearly 100 percent biomass.”
Dec
21
Cristy Garcia-Thomas, Chief External Affairs Officer for Advocate Aurora Health Inc., was elected to the board of directors of WEC Energy Group effective January 1st.
“We’re delighted that Cristy has agreed to serve as a director,” said Gale Klappa, executive chairman. “Her leadership in the highly regulated health care field, and her experience in customer care, external affairs, and diversity and inclusion will add another dimension of strength to an engaged and effective board of directors.”
Garcia-Thomas joined Aurora Health Care, the largest employer in the Milwaukee region, in 2011 and was previously president of its Foundation. She has more than 25 years of experience in leadership roles including president and CEO of the United Performing Arts Fund and publisher and vice president of the Specialty Media Division of the Milwaukee Journal Sentinel.
Garcia-Thomas is a graduate of Kansas State University. She also is a graduate of executive programs at Northwestern University and Harvard Business School.
Dec
21
Xcel Energy is launching a new electric vehicle program for residential customers that would simplify and significantly lower the cost to install EV chargers at their homes. The program aligns with Xcel Energy’s vision to reduce carbon emissions 80% by 2030 from 2005 levels in the electricity provided to customers and to supply 100% carbon-free electricity by 2050.
Under the program, known as EV Accelerate At Home, eligible customers can choose to have Xcel Energy install a smart EV charger with embedded energy-monitoring capabilities. This equipment can charge a customer’s EV faster than a charger that plugs into a typical household outlet. Customers can pay for the equipment and charging service monthly on their bill or up-front. Participating customers can save the most money when charging their vehicles exclusively during off-peak hours from midnight-8 a.m.
PSC ALLOWS REFINANCING OF WE DEBT
Category: Update
Dec
21
The Public Service Commission has voted unanimously to allow We Energies to issue bonds for $100 million of its investment in pollution controls at the Pleasant Prairie plant, which shut down in 2018. The financing arrangement, known as securitization, is expected to save ratepayers about $40 million while allowing the utility to recover its investment.
Similar to refinancing a mortgage, securitization allows a utility to sell low-interest bonds and use the proceeds to pay back investors for the cost of an asset, such as a power plant, that is no longer in service. Ratepayers then pay back the bond holders at a much lower interest rate — in this case around 2.5% versus more than 9.5% without securitization.
Dec
21
Xcel Energy wants to provide some users in Wisconsin with custom-built systems of generators and batteries known as microgrids to bolster resilience against violent storms and other disruptions.
The utility has asked regulators to approve a pilot program designed to serve large customers who need “higher than standard” service reliability at datacenters, hospitals and municipal services like first responder stations, communications centers and emergency shelters.
While the program is based on one tested at by its Colorado subsidiary, Xcel said it has heard from Wisconsin customers who would like the service. The cities of La Crosse and Eau Claire have signaled support for the program and say they hope to use microgrids at their wastewater treatment plants and other public facilities.
Dec
21
Xcel Energy has announced that it submitted a redemption notice to the trustee to redeem all of its outstanding 2.60% Senior Notes, Series due March 15, 2022 (Notes) on December 1, 2020, (Redemption Date). The redemption price is equal to the greater of the outstanding principal amount of the Notes and a make whole premium, which will be calculated three business days prior to the Redemption Date in accordance with the terms of the Notes and related indenture, plus accrued and unpaid interest to the Redemption Date. The aggregate principal amount of Notes currently outstanding is $300,000,000.
Dec
21
Madison Gas and Electric customers will pay 4.1 percent more for natural gas next year but see no change in electricity rates. The Wisconsin Public Service Commission has voted unanimously to approve a one-year rate structure negotiated between the utility, consumer advocates and UW-Madison. It is expected to cost the average residential customer about $27 next year. The $19 MGE charges residential customers each month, regardless of how much electricity they use, is the second-highest among Wisconsin utilities.
Dec
21
Alliant Energy has announced plans to stop burning coal at two Iowa generators as part of an ongoing transition to clean energy.
The company said that its Iowa subsidiary will retire a 275-megawatt Lansing coal plant south of La Crosse on the Mississippi River by the end of 2022 and convert its 212-megawatt plant in Burlington to burn natural gas next year. Alliant plans to add up to 400 megawatts of solar generation by 2023, which would make renewable energy account for nearly half of the company’s Iowa generation portfolio. The plan also calls for up to 100 megawatts of “distributed energy resources,” such as battery storage, community-owned solar and demand management programs by 2026.
Alliant CEO John Larsen said the plans will help the company meet its goal to reduce carbon emissions by one half in the coming decade and avoid more than $300 million in ratepayer costs over the next 35 years.
“We continue to lead the way toward a clean energy future for our customers,” Larsen said in a statement. “Investing in renewable energy, like wind and solar, benefits our customers, the communities we serve and the environment.”
Alliant said retiring the 43-year-old Lansing plant will allow it to avoid “significant investments” required to comply with changing environmental regulations.
Oct
29
Alliant Energy announces 100 percent of the company’s active light-duty fleet vehicles will be electric by 2030.
“Our customers and the communities we are privileged to serve benefit from our plan to electrify our fleet vehicles and our commitment to a cleaner energy future,” said JP Brummond, Vice President of Business Planning at Alliant Energy. “By transitioning to electric vehicles, we reduce the total cost of ownership of our fleet and reduce emissions. The savings are an element of our ongoing focus to maintain affordable rates for our customers while also contributing to a cleaner environment for all to enjoy.”
Electric vehicles offer several advantages for customers and communities, including lower total cost of ownership through reduced fuel costs, less maintenance and fewer direct emissions. To achieve this goal, Alliant Energy will replace e nd-of-life light-duty vehicles, including up to half-ton pickups, sedans, SUVs, passenger vans and forklifts, with Battery Electric Vehicles and Plug-in Hybrid Electric Vehicles. More information on electric vehicles is available at alliantenergy.com/ev.
Oct
29
The Public Service Commission of Wisconsin has finalized and approved the state’s 2026 Strategic Energy Assessment (SEA). Electric providers and transmission owners operating in Wisconsin are required to file specified historical and forecasted data on electric system operations, providing forecasted information from January 1, 2020, through December 21, 2026. A draft of the SEA was made available for comments and suggestions from the public and interested parties in June of 2020.
According to the Commission, “The SEA shows the continued reliability and adequacy of Wisconsin’s electric supply, as well as the progress made in emission reductions as the state continues its transition to zero-carbon fuels. This transition is due to sharply declining costs of clean energy as well as the state’s largest utilities’ carbon reduction goals.”
According to the Commission, “The SEA shows the continued reliability and adequacy of Wisconsin’s electric supply, as well as the progress made in emission reductions as the state continues its transition to zero-carbon fuels. This transition is due to sharply declining costs of clean energy as well as the state’s largest utilities’ carbon reduction goals.”
Oct
29
Xcel Energy has announced plans to repower older wind farms with new technology in the Upper Midwest. The company is asking for proposals to give legacy wind farms currently serving Xcel Energy customers with a new life from improved technology as part of its commitment to expand renewable energy and reduce carbon emissions. As the company works with state leaders and regulators to spur the economic recovery from the effects of the COVID-19 pandemic, these projects will create hundreds of construction jobs and lower costs for customers while increasing the amount of carbon free renewable energy in the region. Repowered wind projects can typically generate at least ten percent more electricity annually with updated technology.
Oct
29
The Board of Directors of WEC Energy Group have declared a quarterly cash dividend of 63.25 cents per share on the company’s common stock. The dividend is payable December 1, 2020, to stockholders of record on November 13, 2020. This marks the 313th consecutive quarter, dating back to 1942, that the company will have paid a dividend to its stockholders.
Oct
29
Xcel Energy has announced it will donate $100,000 to local organizations in western and northern Wisconsin to support those that are working with individuals who have been impacted by COVID-19. The donation is part of Xcel Energy and the Xcel Energy Foundation’s plan to continue to support its communities through ongoing and future philanthropy as nonprofits and other organizations work to address various needs related to the pandemic.
“At Xcel Energy we continue to look for ways to support our customers and communities during this very challenging time,” said Mark Stoering, President, Xcel Energy, Wisconsin and Michigan. “This includes ongoing financial support and through various activities like our annual Day of Service. We are committed to assisting in any way we can to keep our communities safe, healthy and viable places to live and work.”
Oct
29
Alliant Energy’s Kossuth Wind Farm is now operational and generating renewable energy to benefit customers, communities and the environment. This news follows the previous announcement that the company achieved its milestone to add 1,000 megawatts (MW) of wind energy for Iowa customers. The 150-MW Kossuth Wind Farm is located in the north-central part of Iowa, an area with consistently strong wind resources. This project includes 56 turbines and is expected to provide enough energy to power 57,000 homes.
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