Xcel Energy will increase its wind energy projects by 60% in the Upper Midwest, which means adding 1550MW to existing capacity.
The company is looking to build 7 more wind farms in Minnesota, North Dakota, South Dakota and Iowa which will provide enough energy to power 800,000 homes.
Xcel Energy wants to invest approximately $2.5 billion in capital investments through a combo of owned projects and power purchase agreements (PPA). Xcel Energy believes the wind energy projects will save more than $4 billion, thanks to the company taking advantage of existing federal production tax credits which will secure lower wind energy prices, making it even more lucrative. According to the company, these projects are all a part of their ‘steel for fuel’ strategy.
President, Xcel Energy-Minnesota, Chris Clark said, “This investment in renewable energy keeps bills low for customers while giving them the clean energy they want and helping us achieve 63 percent carbon-free energy by 2030,”
“Wind energy is at historically low prices right now so we’re able to reduce emissions while securing long-term cost savings for our customers.”
“We’re significantly increasing the amount of wind generation on our system in part due to the recent completion of Midwest transmission projects that connect wind-rich areas to our customers.”