Xcel Energy to Close Minn. Coal Plants Decade Ahead of Schedule

   By Colin Kellaher

Xcel Energy Inc. (XEL) said Monday it plans to retire its two remaining coal plants in the Upper Midwest a decade earlier than scheduled as it transitions to the use of renewable energy.

The Minneapolis energy company said it will submit a plan to the Minnesota Public Utilities Commission that includes closing the two coal plants in the state by 2030, expanding its use of wind and solar power, and continuing the use of its nuclear power plant in Monticello until at least 2040.

Xcel said more than 50% of its customers' energy in the Upper Midwest region would be from renewables by 2030 under the plan, which calls for the completion of a wind expansion that will add 1,850 megawatts, the addition of more than 3,000 megawatts of new universal solar, and the closure of its Sherco 3 and Allen S. King coal plants.

The company said it will file the plan with Minnesota regulators on July 1, adding that it would lead to a more-than-80% reduction in carbon emissions in the region by 2030, compared with 2005.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 20, 2019 13:24 ET (17:24 GMT)

Xcel Energy (NASDAQ:XEL)
Historical Stock Chart
From Mar 2024 to Apr 2024