ENERGY STORAGE

Xcel Energy announces plans for 4.2GW of new wind, solar & storage projects

February 5, 2024

Xcel Energy, a provider of energy to eight US western and midwestern states, has announced a new clean energy plan for the Upper Midwest, which includes proposals for 3.6GW of new wind and solar facilities and 600MW of new battery energy storage.

Xcel Energy said that, under the proposals – which also include plans to extend the operation of carbon-free nuclear plants until the early 2050s – carbon emissions reductions are expected to exceed 80 per cent by 2030, and could potentially reach 88 per cent.

The company also said 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.

Ryan Long, president of Xcel Energy – Minnesota, South Dakota and North Dakota, said: “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. Our strategy will support renewables with always-available generation resources to ensure the reliability that our customers depend on.”