Xcel Energy reached 53 percent carbon-free electricity generation last year

At the end of 2022, Xcel Energy officially generated more than half of its power from carbon-free resources, reaching a total of 53 percent carbon-free energy in its portfolio that also reduced carbon emissions from its electricity by 53 percent, compared to 2005 levels.

These were the findings of the company’s 18th annual sustainability report, meant to highlight its progress in transitioning to clean energy without sacrificing reliability. This did not come without hurdles, though. High global natural gas prices drove energy bills up this past winter, and Xcel noted that, as a result, it expanded efforts to connect customers with payment plans and assistance programs, while it works to institute policies that will better shield such customers from future natural gas price volatility.

At the same time, between 2017 and 2022, the company’s wind projects alone managed to save customers approximately $3 billion through avoided fuel costs and earned tax credits.

“Xcel Energy is at the heart of our nation’s clean energy transition,” Bob Frenzel, chairman, president and CEO of Xcel Energy, said. “Guided by our customers’ priorities and enabled by rapidly changing technology, we’re driving toward a clean energy future, bringing reliable, affordable, increasingly clean energy to millions.”

According to the sustainability report, so far the company has begun implementing energy plans for Colorado and the Upper Midwest, pushing for new energy generation, transmission infrastructure and other resources to meet an 80 percent self-imposed carbon emissions reduction goal by 2030 (when compared to 2005 levels). As part of this, the company will also retire its coal operations entirely by the end of 2030. Battery storage and hydrogen production projects are moving to demonstration scale as it considers new replacement options and technologies, and it is actively developing new transmission lines for stretches of hundreds of miles.