Xcel Energy to invest USD 4.2bn in wind ownership through 2020

US utility Xcel Energy (NYSE:XEL) estimates that it will need to spend about USD 4.2 billion (EUR 3.59bn) in the period 2017-2020 on its proposed wind ownership projects.

Overall, Xcel Energy has proposed adding 3,380 MW of wind capacity by the end of the decade, including 2,750 MW of projects that will be owned by the company and power purchase agreements (PPAs) for a further 630 MW.

The utility, through NSP-Minnesota, got clearance from the Minnesota Public Utilities Commission (MPUC) for 1,550 MW earlier in July, which includes PPAs for 400 MW. Before that, Public Service Company of Colorado (PSCo) obtained regulatory approval to build the 600-MW Rush Creek wind farm in Colorado.

Xcel Energy’s unit Southwestern Public Service Company (SPS) expects to receive the approval of the Public Utility Commission of Texas (PUCT) and New Mexico Public Regulation Commission (NMPRC) for an additional 1,230 MW, including PPAs for 230 MW, by the end of the first quarter of 2018.

The table below gives more details about Xcel Energy’s wind ownership plan.

Xcel Energy also counts PPAs for the 300-MW Crowned Ridge wind farm in South Dakota (300 MW), Clean Energy 1 project in North Dakota (100 MW) and the Bonita scheme in Texas (230 MW). All three projects are expected to enter into service in 2019. The Bonita wind scheme is still pending clearance.

For the second quarter of the year, Xcel Energy reported today GAAP and ongoing earnings of USD 227 million, or USD 0.45 per share, compared with USD 197 million, or USD 0.39 apiece, a year earlier.

“Second quarter results were in line with our plan and positions us to deliver earnings within our guidance range,” said Ben Fowke, chairman, president and CEO of Xcel Energy.

The company reaffirmed its 2017 GAAP and ongoing earnings guidance of USD 2.25 to USD 2.35 per share.

(USD 1.0 = EUR 0.855)

Choose your newsletter by Renewables Now. Join for free!