Xcel Energy unveils $45B capital plan as data center pipeline nears 9 GW

Emma Penrod | Source: Utility DIVE | Posted 11/02/2024

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But load growth is only part of what’s driving increased investments and costs at Xcel, according to the company’s third quarter earnings presentation.

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Xcel Energy is embarking on a $45 billion investment plan for the next five years, focusing on new generation, transmission, and other projects. The company has seen a surge in demand for energy, with data center companies alone accounting for 8,900 MW of requests. Despite this growth, Xcel expects to secure only 25% of the projects in its data center pipeline, leaving room for continued expansion in the next decade.

The investment plan prioritizes clean energy, customer electrification, load growth, and reliability, with transmission and distribution upgrades taking the largest share of the funding. Additionally, Xcel is tracking potential investments beyond the announced $45 billion plan, with projections exceeding $10 billion. The company aims to lower electricity costs for customers while ensuring that contracts with large consumers, such as data centers, do not lead to increased rates for other users.

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Xcel Energy unveils $45B capital plan as data center pipeline nears 9 GW

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