Xcel Energy has proposed a new clean energy plan for the Upper Midwest that advances the company’s ambitious carbon reductions while ensuring customers continue to have the reliable, safe and affordable electric service.
Under the proposal, carbon emissions reductions are expected to exceed 80 percent by 2030, potentially reaching up to 88 percent. This positions the company well to meet Minnesota’s new carbon-free standard for 2040 and continues on a path to achieving the clean energy goals of all Upper Midwest states it serves. The plan calls for extending the use of Xcel Energy’s two carbon-free nuclear plants while adding more wind and solar energy, battery energy storage systems, and always-available sources of electric generation capacity.
“This new proposal builds on our already-approved plans to retire all coal plants by 2030 and replace them with nation-leading amounts of renewable energy like wind and solar, as we transition to a clean, secure energy future,” according to Ryan Long, president of Xcel Energy—Minnesota, South Dakota and North Dakota. “Our strategy will support renewables with always-available generation resources to ensure the reliability that our customers depend on.”
The plan will keep costs low for customers by unlocking $5.7 billion in estimated tax credit savings from the Inflation Reduction Act for renewable generation and energy storage additions, according to Long.
