Xcel Energy announces $45B investment plan, with about half for Colorado

Large wind turbines are seen in fields along US Highway 385 on April 4, 2022 in Cheyenne Wells, Colorado. Some of the $22 billion that Xcel foresees investing in Colorado from 2025 through 2029 has been considered by the Colorado Public Utilities Commission, including plans to boost the use of renewable energy sources and an upgrade of the state’s high-voltage system for up to $2 billion.

Some of the $22 billion that Xcel foresees investing in Colorado from 2025 through 2029 has been considered by the Colorado Public Utilities Commission, including plans to boost the use of renewable energy sources and anEnergy demand in Colorado is anticipated to double in the next five years from a peak of approximately 7,200 megawatts to 14,000 megawatts, said Robert Kenney, Xcel Energy-Colorado president.

Xcel has also been able to secure state and federal grants and incentives, Frenzel said. The company has received almost $500 million in grants for clean-energy projects and the Department of Energy is reviewing another $300 million in requests.has accused Xcel of burdening customers by “pancaking” rate increase requests, submitting a series of proposed hikes for natural gas and electricity service in a row.

In 2018, Xcel Energy pledged to produce 100% carbon-free electricity by 2050. The company will close all its coal-fired power plants by the end of 2030. It expects to meet or exceed the target of reducing emissions from 2005 levels by 80% by 2030. Concerns about the amounts of electricity and water for cooling that data centers require raised concerns among Denver City Council members who were considering incentives for a new facility in the Elyria-Swansea neighborhood. One member said she worried about the potential impact on existing customers because ofA new Denver data center could use as much water as 16,000 people every day.

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