Xcel Energy Powering More of the Economy as Energy Transition Continues

Company has also reduced carbon emissions 57% since 2005

MINNEAPOLIS--(BUSINESS WIRE)-- Xcel Energy is powering even more of the economy as it continues to reduce the carbon emissions from its operations, the company announced in its 20^th annual Sustainability Report today.

The company now provides reliable electric service to data centers, vehicle charging, home heating, natural gas development and other areas of the economy that spur growth and support opportunities for customers to choose cleaner energy sources. As it provides value to customers in new ways, Xcel Energy has also continued to reduce carbon emissions from the electricity it provides to customers, with carbon emissions 57% below 2005 levels.

“We remain steadfast in our commitment to provide reliable, affordable, sustainable and safe energy to the millions of people we serve,” said Bob Frenzel, chairman, president and chief executive officer of Xcel Energy. “We are particularly proud of the progress we have made on our journey to a carbon-free electricity future, and we have done so with the most expansive set of clean energy resources in the country, including wind, solar, nuclear, hydro and natural gas.”

The carbon reduction progress brings Xcel Energy closer to its industry-leading vision it established in 2018 to provide customers with 100% carbon-free electricity by 2050.

“Whether you’re a resident of a single-family home or a technology company powering a data center, the energy we provide enables you to choose cleaner alternatives for your home or business and drives our economy forward,” Frenzel said.

Maintaining reliability while adding renewable energy

Xcel Energy remains committed to delivering reliable, low-cost energy to its customers. The company outperforms the industry reliability standard, restoring 92% of affected customers’ power within 24 hours during active storm days, and has an overall electric service reliability of 99.98%. Its residential customers’ electric bills are 28% below the national average and are among the lowest in the country, according to the U.S. Energy Information Administration. The company has also lowered customers’ bills through cost-effective wind and solar projects. Xcel Energy now has enough wind capacity on its system to cost-effectively power more than 2.5 million homes, quadruple the amount it had in 2005. And, from 2017 to 2024, wind projects saved customers approximately $5 billion through avoided fuel costs and earned tax credits.

“We have long been leaders in sustainability in this industry — without sacrificing affordability — and we’re not slowing down now,” said Jeff Lyng, vice president of external affairs and policy and chief sustainability officer. “Our customers and policymakers are asking more from us as our service plays an even larger role in their homes and businesses. We must continue to balance environmental responsibility with economic prosperity and community vitality.”

In 2024, Xcel Energy provided $187 million in customer rebates and incentives through programs that enable customers to embrace energy-efficient lighting, appliances and more. Customers installed more than 23,000 solar systems through the company’s Solar*Rewards program, and the company also connected more than 193,000 customers to more than $175 million in energy assistance programs offered by the company and by public sources.

Bringing jobs and investment to communities

Xcel Energy engages with community members, businesses, organizations and civic and political groups across the 1,600 cities and counties it serves to better meet residents’ energy needs, connect customers to programs that save money and energy, foster economic growth and build the future workforce.

Xcel Energy helps the communities it serves prosper, working with landowners, developers, municipalities and economic development organizations to ease the path to locating or expanding businesses. The company spent $5.2 billion with small or local businesses in 2024, helped create nearly 3,200 new jobs and spurred $5.1 billion in additional capital investment. The company’s economic development team initiated 24 projects across the eight states it serves, which will help grow industries such as data centers, food processing and manufacturing.

Together with the Xcel Energy Foundation, employees and retirees, the company gave back to its communities, donating $14.5 million across the eight states it serves and its employees contributed $3 million in economic impact through volunteering for nonprofit and community improvement projects.

Read the full Sustainability Report.

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 X and Facebook.

About Xcel Energy Foundation

The Xcel Foundation is a 501(c)(3) organization that awards charitable grants to nonprofit organizations and sponsors the volunteer programs of Xcel Energy and its subsidiaries. The majority of Xcel Energy Foundation funding comes from Xcel Energy shareholder dollars. Learn more about the Foundation’s Focus Area Grants.

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Source: Xcel Energy