Transitioning 20% of all vehicles to electric by 2030 will
reduce carbon emissions and save customers billions in fuel
costs
Xcel Energy, a national leader in the clean energy transition,
announced today its vision to drive toward powering 1.5 million
electric vehicles in its service areas by 2030. As a result of this
vision, EVs would make up 20% of all vehicles on the road in those
areas, more than 30 times the number today, helping save customers
billions of dollars in fuel costs, while significantly cutting
carbon emissions from transportation.
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By making it easy for more people to use EVs through new
charging infrastructure and customer programs, the company’s vision
will build the future of clean, affordable transportation in the
eight states it serves. As drivers, ride-share companies, public
transit and other fleet operators replace vehicles with EVs, they
will see substantial savings on fuel, because driving electric is
equal to spending about $1 per gallon of gas and can be
significantly less when charging overnight. By 2030, an EV would
cost $700 less per year to fuel than a gas-powered car, saving
customers $1 billion annually. To make the company’s vision a
reality, it will need the support of policymakers, manufacturers
and other stakeholders.
Building on the company’s vision to provide 100% carbon-free
electricity by 2050, powering 1.5 million EVs would reduce carbon
emissions by nearly 5 million tons annually by 2030, or about three
tons of carbon reduction per vehicle. Electric vehicles charged on
the increasingly clean Xcel Energy system will have about 80% lower
carbon emissions than gas-powered cars by 2030. More EVs would also
improve air quality in our communities by reducing other emissions,
like nitrogen oxide and fine particulate matter, that have the
greatest impact on public health.
The transition to more electric cars, trucks and buses will also
help keep bills low for all customers, including those who don’t
drive an EV. The additional electricity sales generated by EVs more
than pay for the system investment required to support them. So as
more vehicles transition to electric, everyone will benefit from
cleaner air and lower bills.
“Electric vehicles are the next frontier in the clean energy
transition, and we are committed to making charging EVs easy,
convenient and affordable for customers,” said Ben Fowke, chairman
and CEO, Xcel Energy. “By accelerating EV adoption in the coming
years, we can drive major reductions in carbon emissions while
helping our customers save money and making the most of our clean
energy investments. We have substantial plans in place in the
states we serve, and we can expand on this with partnership and
support from policymakers, regulators, customers, automakers and
our communities.”
“We are already busy creating new charging options for
customers, whether they are residential customers or companies and
government agencies with large vehicle fleets,” said Brett Carter,
executive vice president and chief customer and innovation officer,
Xcel Energy. “Our new, ambitious EV vision builds on this work as
we continue to lead the clean energy transition and enhance the
customer experience while keeping bills low. We are actively
seeking partnerships with automakers, tech and charging companies,
other private and public sector entities, as well as our
communities and customers, to find innovative ways to drive toward
an electric vehicle future.”
The company is developing its EV plans and partnerships with a
focus on equity, accessibility and fairness, allowing everyone to
benefit from the growth of EVs. In addition to helping customers
who own EVs charge up at home and on the go, its programs aim to
give all customers access to clean, affordable, electric
transportation. That includes working with transit agencies and car
sharing organizations to increase access to the benefits of
electric transportation, especially for those in underserved
communities.
Xcel Energy will help lead the way in its own operations, with
plans to electrify all sedans by 2023, electrify all light-duty
vehicles by 2030 and have 30% of its medium- and heavy-duty
vehicles electrified by 2030.
"Investing in electric vehicle charging infrastructure and
accelerating electric transportation benefits customers, the
environment, and the energy grid,” said Tom Kuhn, president, Edison
Electric Institute. “As an industry, we have a tremendous
opportunity in front of us to electrify the transportation sector
to further leverage our industry’s impressive emissions reductions.
Xcel Energy continues to lead by example with its bold vision and
as it works to deploy even more electric vehicles across its
fleet.”
“The U.S. Department of Energy’s National Renewable Energy
Laboratory is pleased to support and be a part of Xcel Energy’s
exciting new EV vision,” said Martin Keller, NREL Laboratory
Director. “Electrification of the transportation sector is a
critical priority in Colorado and other states that Xcel Energy
serves. Partnerships are a vital part of NREL’s mission, and we
value our growing collaboration with Xcel Energy. This partnership
allows NREL to further leverage our world-class capabilities in
transportation and help bring critical technology and
infrastructure to the marketplace.
“Amazon Web Services is proud to work with Xcel Energy to
develop cloud-based solutions that will advance cleaner
transportation and help achieve a carbon free future,” said Joseph
Beer, Power & Utilities Worldwide Technical Leader for Amazon
Web Services. “We are working collaboratively with Xcel Energy to
develop a machine learning advisory tool to help commercial fleet
operators make the case for switching to electric vehicles. The
goal of this solution is to help Xcel Energy execute on its vehicle
vision for 2030 and make strides in bringing clean energy to the
future of transportation.”
“In our efforts to accelerate EV adoption, General Motors has
several exciting EVs launching soon, including the Cadillac LYRIQ
and GMC HUMMER EV, which are in addition to the affordable
Chevrolet Bolt EV, which is available now and offers an
EPA-estimated 259 miles of range on a full charge,” said Alex
Keros, Lead Architect for EV Infrastructure for General Motors. “As
we accelerate the transition to electric vehicles it is critical
for customers to have access to clean, affordable and convenient
charging. Programs like Xcel Energy’s can help increase customer
confidence in all three aspects of EV charging.”
Plans and programs will drive toward 1.5 million EVs
Xcel Energy is already launching and developing partnerships,
programs and services to reduce barriers to EV adoption while
making EV charging easier and more affordable. The major plans the
company has proposed in Colorado, Minnesota, New Mexico and
Wisconsin aim to support residential charging, increase access to
electric transportation for all customers, speed fleet
electrification, and expand public charging options. Through its
plans so far, Xcel Energy has proposed investing $300 million to
accelerate adoption of EVs in its communities.
From working with states and communities in their efforts to
transform mobility and increase access to electric transportation,
to launching residential programs that save customers money on
charging, the company is already making progress in its drive
toward a cleaner transportation future.
Highlights of the initiatives underway include:
- A charging subscription pilot in Minnesota allows customers to
charge up as much as they need on nights and weekends for one low,
flat monthly price, and a home charging service program coming soon
that makes it easier for customers to have charging equipment
installed.
- A residential smart charging pilot launching later this year
that will reward customers in Colorado for conveniently optimizing
their charging times to benefit the grid and use more renewable
energy.
- Pilots and programs to increase access to public charging in
Colorado and Minnesota by providing infrastructure to help reduce
the upfront costs
- New residential and business programs for customers in
Wisconsin will significantly lower the cost of charging equipment
and encourage charging during low-cost, off-peak hours.
- Education and advice for customers and the public about the
benefits of electric vehicles, whether they visit Xcel Energy’s
website, visit a dealership or call the company’s energy
experts.
- Fleet infrastructure programs help public transit agencies and
fleet operators plan for and implement charging solutions that
drive their transition to electric vehicles.
- Active conversations with a wide variety of partners to help
achieve this 2030 EV vision.
For additional information the company’s EV vision and plans,
visit the company’s website.
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 Twitter and Facebook.
Forward-looking statement
This release contains forward-looking statements that are
subject to certain risks, uncertainties and assumptions. Such
forward-looking statements include statements and projections
related to emission reductions, planned investments, regulatory
initiatives and customer savings, and are identified in this
document by the words “aim”, “can”, “goal”, “plan”, “propose”,
“will”, “would”, “vision” and similar expressions. Actual results
may vary materially. Factors that could cause actual results to
differ materially include, but are not limited to: uncertainty
around the impacts and duration of the COVID-19 pandemic;
successful long-term operational planning; commodity risks
associated with energy markets and production; general economic
conditions, including the availability of credit, actions of rating
agencies and their impact on capital expenditures; business
conditions in the energy industry; competitive factors; unusual
weather; effects of geopolitical events, including war and acts of
terrorism; changes in federal or state legislation; regulation;
actions of regulatory bodies; and other risk factors listed from
time to time by Xcel Energy in its Annual Report on Form 10-K for
the fiscal year ended Dec. 31, 2019 (including the items described
under Factors Affecting Results of Operations) and subsequent
securities filings, and the other risk factors listed from time to
time by Xcel Energy Inc. in reports filed with the SEC.
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