Xcel Energy Hits Carbon Reduction Milestone, Reduces Water Consumption and Promotes Electric Vehicles
June 07 2021 - 10:40AM
Business Wire
Company’s clean energy leadership on display in new report
Xcel Energy announced today that the company delivered for
customers, achieved key carbon reduction goals, supported its
communities and kept customer bills low despite challenges brought
on by the COVID-19 pandemic, the economic downturn and civil unrest
in the states it serves.
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the full release here:
https://www.businesswire.com/news/home/20210607005517/en/
The company released its 16th annual Sustainability Report,
formerly known as the Corporate Responsibility Report. The name
change reflects the company’s commitment to delivering reliable,
affordable natural gas and electricity, while protecting the
environment and helping build the clean energy future.
“If we learned anything in the last year, it is how resilient we
are as a company and an industry,” said Ben Fowke, chairman and CEO
of Xcel Energy. “We’ve all faced great challenges, but our
dedicated employees continued to deliver exceptional service to our
customers, while taking action on key priorities that will benefit
our communities, customers and the environment.”
Xcel Energy is the first major U.S. power provider to announce a
vision of delivering 100% carbon-free electricity to its customers
by 2050, with an interim goal of cutting carbon emissions 80% by
2030. And it’s more than halfway there, having reduced carbon
emissions 51% from the electricity it provides to customers. The
company has also proposed plans to exit coal responsibly by
2040.
Clean energy leadership
In addition to achieving a 51% carbon reduction from the
electricity provided to customers since 2005, Xcel Energy completed
approximately 1,500 megawatts of company-owned wind projects in
2020 that are expected to save customers hundreds of millions of
dollars in fuel costs, while adding more carbon-free energy to its
system.
In addition, the company reported progress on the following
goals:
- A goal to reduce water consumption from the electricity
it provides customers 70% by 2030 (from 2005 levels). Since 2005
the company has reduced water consumption by 34%.
- A vision to power 1.5 million electric vehicles (EVs) in
the communities it serves by 2030, which is equal to about 20% of
all vehicles on the road—30 times more than we see now. That
strategy would help customers save an estimated $1 billion annually
in fuel costs by 2030, while cutting five million tons of carbon
every year from the transportation sector, now the largest emitter
of carbon.
- A strategy to reduce greenhouse gas emissions from its
natural gas business, with its ongoing investment of $1.4 billion
in system upgrades that will also help the company achieve its goal
to keep methane emissions below .2%.
- The company is committed to purchasing natural gas from
suppliers with low emissions and joined ONE Future, a consortium of
companies committed to keeping methane emissions below 1%.
- It’s also expanding programs to help customers reduce their
carbon emissions from natural gas use.
Supporting customers, local communities and racial
equity
Keeping customer bills low is a key priority for Xcel Energy as
it continues leading the clean energy transition. Since 2013, the
company’s residential energy bill increases have remained below the
rate of inflation, and both its average residential electric and
natural gas bills are well below the national average.
Xcel Energy has renewed its commitment to social and racial
equity. The company added a new corporate scorecard metric for 2021
that ties executive compensation to fostering an inclusive
workplace, promoting equity and building a workforce that reflects
the communities it serves.
In 2020, the company spent $643 million on goods and services
through diverse suppliers, exceeding its annual target of $600
million and donated $760,000 to nonprofits that support racial
equity.
Xcel Energy and its employees also stepped up in a big way to
support local communities, donating $2 million to address food
insecurity and COVID-19 relief. Employees volunteered 59,000 hours
and together with the company donated $15.3 million through the
Xcel Energy Foundation’s giving programs, the United Way campaign
and employee contributions.
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.
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. For more information, visit
https://www.xcelenergy.com/community/focus_area_grants.
Forward-Looking Statements
This release contains forward-looking statements that are
subject to certain risks, uncertainties and assumptions. Such
forward-looking statements include projections related to emission
reductions and statements about changes in our generation
portfolio, such as the end of coal use, renewable energy use
targets and renewable energy expansion, are identified in this
document by the words “aim”, “aspire”, “assuming”, “believe”,
“could”, “expect”, “may”, and similar expressions. Actual results
may vary materially. Factors that could cause actual results to
differ materially include, but are not limited to: 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, 2020 (including the items described
under Factors Affecting Results of Operations) and the other risk
factors listed from time to time by Xcel Energy Inc. in reports
filed with the SEC.
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Xcel Energy Media Relations 414 Nicollet Mall, 401-7
Minneapolis, MN 55401 612-215-5300 www.xcelenergy.com
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