Minnesota PUC approves five Xcel Energy wind investments
Following a failure to reach agreements over two smaller repowering projects, the Minnesota Public Utilities Commission (PUC) approved five projects comprising Xcel Energy’s Wind Repower Portfolio last week.
This will include replacing wind turbines at older facilities with new, more efficient, and higher output equipment. In all, four self-builds and one power purchase agreement were approved, resulting in approximately $850 million of direct investments on behalf of Xcel, mostly in the self-build area.
“This wind repowering project is very exciting because of its cost savings, job creation, and opportunity to bring more clean energy to Minnesota to keep shrinking the carbon footprint,” PUC Commissioner Katie Sieben said.
Xcel estimates the investments will bring approximately $5.6 million to local economies through landowner lease payments and $3.8 million from property tax revenues. As a result of reduced fuel purchases and more efficient operations at the repowered wind farms, Xcel ratepayers should save more than $200 million. On the environmental front, the proposed portfolio could help Xcel avoid more than 2 million additional tons of CO2 through 2034.
