Xcel Energy Drives Forward Clean Energy Goals

September 23, 2024 at 14:28 PM EDT

Amid national focus on climate and clean energy, company forges ahead with sustainability efforts

Xcel Energy continues to forge ahead in its goals to reduce emissions, embrace clean energy and fuel electric vehicles as the nation celebrates major advances in sustainability through several events taking place late this month.

During Climate Week NYC (Sept. 22-29), which promotes climate action, the company celebrates the changes already underway. Xcel Energy has reduced carbon emissions 54% from the electricity it provides to customers from 2005 levels, with a goal to reach 100% carbon-free electricity across its service areas by 2050.

With events kicking off during Clean Energy Week (Sept. 23-27) to celebrate clean energy innovation and discuss pressing challenges in energy technologies, Xcel Energy is operating on an energy mix that is more than 50% carbon-free, compared to an average of 41% nationwide.

And with Drive Electric Week around the corner (Sept. 27 to Oct. 6), the company is powering EVs with energy that is 65% lower in carbon emissions than a conventional gasoline-powered vehicle — and far more cost effective at about $1/gallon-equivalent.

“As we observe the significant environmental events taking place this month, we celebrate these robust sustainability accomplishments and know we have more to achieve,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “Xcel Energy was the first U.S. energy provider to set aggressive goals to reduce carbon emissions from electricity, heating and transportation. As we plan for the energy needs of the future, we will ensure our customers continue to receive affordable and reliable service.”

Transitioning to cleaner energy

Xcel Energy is committed to becoming a net-zero energy provider by 2050 while keeping its service reliable, affordable and safe. The company uses climate science to inform its clean energy strategy and has contracted with climate modeling experts to understand how its clean energy vision relates to global temperature goals.

The company had reduced 46.3 million short tons of carbon dioxide equivalent (CO2e) by 2023, compared to 2005 levels — roughly the same emissions released from driving 11 million gas-powered vehicles for a year, according to estimates from the U.S. Environmental Protection Agency’s Greenhouse Gas Equivalencies Calculator.
Over the same time span, the company cut air emissions of sulfur dioxide from its power plants by 83% and nitrogen oxides by 85%.
In 2023, the company’s demand-side management programs, including its energy efficiency programs, saved 1,300 gigawatt hours of electricity, enough to power 165,000 homes, and 2.1 million dekatherms of natural gas, enough to fuel more than 28,000 homes for a year.
Since 1992, the company’s customers have saved enough energy to avoid building 28 average-size power plants.
Xcel Energy helped customers complete about 7 million energy efficiency projects in 2023, while 300,000 customers participated in renewable choice programs.
Renewable resources, including wind and solar, produced 40% of the company’s energy mix in 2023, with another 10% supplied by carbon-free nuclear energy. Xcel Energy recorded several-hour periods when wind and solar energy produced 90% or more of the electricity serving customers within one of its operating companies, as well as entire days when these resources produced about 80% of the power.
The company has closed 23 coal-fired generation units since 2005 and is on-track to fully exit coal generation by the end of 2030. Along the way, Xcel Energy will provide a smooth transition for its employees at these plants to other roles within the company and support the communities where these plants are based.
The company is also a leader in clean energy innovation, bringing advanced renewable energy, storage and other technologies onto its system to help build a reliable and clean system to serve our customers in the future. Among these technologies are lithium-ion ferro phosphate batteries at two sites in Colorado, which use a chemistry that is potentially safer and lower-cost than traditional lithium-ion batteries, and an iron-air long-duration battery in Minnesota, which can provide power for up to 100 hours.

Powering electric vehicles

Xcel Energy has an ambitious vision to enable zero-carbon transportation across its service area by 2050, providing the fueling infrastructure and energy to run all vehicles on carbon-free electricity or other clean energy sources.

In 2023, the company counted over 143,000 EVs on the road in its service area, a 50% increase over 2022. Xcel Energy’s current transportation programs in four states aim to make the transition to electric transportation easier for its customers by addressing common barriers to adoption through education, rebates and incentives. An EV powered with electricity provided by Xcel Energy in 2023 had about 65% lower carbon emissions than a conventional gasoline-powered vehicle. As the electricity the company provides to customers gets cleaner over the next five years, that number is expected to reach at least 80% lower carbon emissions by 2030.

The company’s own EV fleet has driven over 1.3 million miles. It now contains nearly 300 vehicles, including light-duty, medium-duty and heavy-duty vehicles. Xcel Energy was one of the first energy companies to use all-electric mini excavators and bucket trucks in its construction and distribution operations.

See Xcel Energy’s Sustainability Report for more.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on X, formerly known as Twitter, and Facebook.