Xcel Energy outlines vision to run all vehicles on clean energy by 2050
Xcel Energy outlined a plan that seeks to provide the infrastructure and energy to run all vehicles in its service area on carbon-free electricity or other clean energy by 2050.
This new transportation vision is part of the company’s overall goal to become a net-zero energy provider by 2050.
“Xcel Energy is making incredible progress and has already reduced power sector carbon emissions by 50% since 2005,” said Bob Frenzel, chairman, president, and CEO of Xcel Energy. “As we expand our clean energy leadership to transportation, which is the largest emitter of greenhouse gases in the nation, we know that electric vehicles are a key component of our comprehensive strategy to be a net-zero energy provider by 2050.”
Xcel Energy’s zero-carbon transportation vision for 2050 includes providing the fueling infrastructure and energy system to run all vehicles in its service area on carbon-free electricity or other clean energy. It also seeks to ensure that all customers can access affordable, convenient electric vehicle charging at or within one mile of their homes. It also would create opportunities for underserved communities to participate in Xcel Energy programs and the economic development benefits associated with zero-carbon transportation.
“Xcel Energy’s goal for a zero-carbon transportation sector in their service territory by 2050 is the type of ambitious commitment needed to decarbonize one of the highest emitting sectors of the economy,” Armond Cohen, president of Clean Air Task Force (CATF), said. “CATF looks forward to seeing concrete programs developed and implemented to achieve this goal—including further details on enabling an equitable transition and providing zero-carbon fuels like hydrogen for the transportation sector—and we hope to see other utilities pursuing similar commitments.”
An electric vehicle powered with Xcel Energy electricity in 2021 was over 55 percent cleaner than a conventional gasoline-powered vehicle and is expected to be at least 80 percent cleaner by 2030. Additionally, charging an EV during off-peak rate periods currently costs the equivalent of about $1 per gallon of gasoline or less, saving customers $1 billion annually on fuel by 2030.
“A carbon-free transportation sector is essential for meeting climate goals and will provide significant health benefits, particularly in urban areas,” said Jason Albritton, director of climate and energy policy at The Nature Conservancy. “Today’s commitment from Xcel Energy is an important step and will hopefully serve as an example to businesses from all economic sectors while spurring additional state and federal policy action to address the climate crisis.”
In conjunction with this initiative, the company filed proposals in Minnesota and Wisconsin to make charging at home easy, fast, and more affordable for all customers. The proposals also include the expansion of EV chargers for businesses, multifamily buildings, community charging, transit, and electric school buses, and public charging. They would add about 750 high-speed charging stations across the two states and up to 1,500 charging ports by 2026.
