Driving to Destination 2050 and carbon-free electricity
MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy reported today that it reduced carbon emissions 38% from
2005 levels – well ahead of industry reductions – as it aims by 2050 to
deliver 100% carbon-free electricity. While Destination 2050 is the
vision, the company is currently on pace to reach its interim goal to
cut carbon 80% by 2030, as it maintains reliable and affordable energy
for customers, a key component of the goal. Xcel Energy unveiled its
annual Corporate
Responsibility Report that shows how the company is meeting its
environmental, economic and community commitments.
“Our customers and communities are at the center of all we do,
especially our industry-leading plans to deliver carbon-free electricity
by 2050,” said Ben Fowke, chairman, president and CEO of Xcel Energy.
“We’re realizing significant progress in the clean energy transition and
empowering those who want to save energy and purchase 100% renewable
electricity. All of our customers benefit from our strategies that both
dramatically reduce carbon emissions and lower energy bills.”
Xcel Energy’s clean energy leadership includes a groundbreaking proposal
to end all coal use in the Upper Midwest in 2030, to have renewable
sources power more than half its grid in Colorado by 2026 and vastly
expand the use of wind energy in Texas and New Mexico. Maintaining
nuclear generation and encouraging customer energy efficiency and
participation in voluntary renewable choice programs are critical for
the company to reach its carbon reduction goals. The company expects to
achieve its 2030 goal using existing technologies and is advocating for
research and development to advance 24/7 carbon-free technologies that
are required to reach Destination 2050 while protecting customer
reliability and affordability.
Industry Leader
Renewable energy sources produced 25% of the
company’s electricity in 2018. With its 38% reduction in carbon
emissions from the electricity serving customers, the company is also
well ahead of the industry average of 27%. Xcel Energy also provides
voluntary options for customers who want to reduce energy usage and go
beyond renewables in the company’s standard energy mix.
- Nearly 190,000 customers participated in renewable choice programs.
-
Customers completed about 4.8 million energy-saving projects through
more than 150 efficiency programs and rebate options. -
Xcel Energy customers saved 1,240 gigawatt hours of electricity,
enough to power 160,000 average homes.-
They also saved 1.6 million dekatherms of natural gas enough to
fuel 20,000 average homes.
-
They also saved 1.6 million dekatherms of natural gas enough to
-
Xcel Energy and its customers avoided more than 1.5 million tons of
carbon emissions, equivalent to taking approximately 290,000 cars off
the road for a year.*
Other highlights detailed in the report include:
-
Beyond carbon reduction: By delivering cleaner energy, the
company is reducing other environmental impacts. It reduced water
consumption 20% from all electricity generation and air emissions of
sulfur dioxide and nitrogen oxide at least 77%. -
Record renewable generation: In both Colorado and the Upper
Midwest, there were hours where renewables delivered over 70% of Xcel
Energy customers’ electricity and days where customers received more
than 60% renewable energy. -
Community commitment: Investment of $63.1 million in 2018,
which includes support for energy assistance, volunteer programs and
grants through the Xcel Energy Foundation. These grants support
nonprofit organizations focused on STEM education, environmental
stewardship, arts and culture and economic sustainability. For
communities where the company is closing coal plants, it is partnering
on economic development opportunities to successfully make this
transition. -
Workforce for the future: To build the energy future, Xcel
Energy is working to attract, retain and develop the highest quality
talent through its workforce programs. In 2018, 56% of newly hired
employees were local, 24% had ethnically diverse backgrounds, and 10%
were veterans. The company has also reduced workplace injuries 55%
since 2009. -
Strong corporate governance: The Xcel Energy’s Board of
Directors has an independent lead director with 12 of 13 independent
board members, including five that self-identify as female and/or
minority to provide the diverse perspectives and experience the
company needs to be successful.
Xcel Energy’s annual Corporate Responsibility Report tracks nonfinancial
performance and includes information related to environmental impact,
safety, economic development, community giving and workplace programs.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of
homes and businesses across eight Western and Midwestern states.
Headquartered in Minneapolis, the company is an industry leader in
responsibly reducing carbon emissions and producing and delivering clean
energy solutions from a variety of renewable sources at competitive
prices. For more information, visit xcelenergy.com
or follow us on Twitter
and Facebook.
*Includes Xcel Energy renewable choice programs where Xcel Energy owns
the Renewable Energy Credits, as well as programs where participating
customers own the RECs.
Forward-Looking Statements
This release contains forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking
statements include projections related to emission reductions and
statements about changes in our generation portfolio, such as the end of
coal use, renewable energy use targets and renewable energy expansion,
are identified in this document by the words “aim”, “aspire”,
“assuming”, “believe”, “could”, “expect”, “may”, and similar
expressions. Actual results may vary materially. Factors that could
cause actual results to differ materially include, but are not limited
to: general economic conditions, including the availability of credit,
actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry: competitive factors; unusual
weather; effects of geopolitical events; including war and acts of
terrorism; changes in federal or state legislation; regulation; actions
of regulatory bodies; and other risk factors listed from time to time by
Xcel Energy in its Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2018 (including the items described under Factors Affecting
Results of Operations) and the other risk factors listed from time to
time by Xcel Energy Inc. in reports filed with the SEC.
Contacts
Xcel Energy Media Relations
612-215-5300
www.xcelenergy.com
