Xcel Energy is advancing its clean energy initiatives, working to reduce emissions and fuel electric vehicles as the nation celebrates significant sustainability milestones. As part of Climate Week NYC (Sept. 22-29), which highlights global climate action, the company reflects on its achievements so far. Since 2005, Xcel Energy has cut carbon emissions by 54% from its electricity generation, aiming for 100% carbon-free electricity across its service areas by 2050.
In celebration of Clean Energy Week (Sept. 23-27), which focuses on clean energy innovations, Xcel Energy operates with an energy mix that is more than 50% carbon-free, surpassing the national average of 41%. As Drive Electric Week (Sept. 27 to Oct. 6) approaches, the company is powering electric vehicles (EVs) with energy that emits 65% fewer carbon emissions than gasoline-powered vehicles and costs around $1 per gallon-equivalent.
“We celebrate these significant sustainability achievements during this month of environmental events, but we know there’s more to be done,” said Bob Frenzel, chairman, president, and CEO of Xcel Energy. “Xcel Energy was the first U.S. utility to set bold carbon reduction targets for electricity, heating, and transportation. As we plan for future energy needs, our customers can count on affordable and reliable service.”
Transitioning to Clean Energy
Xcel Energy is on a path to become a net-zero energy provider by 2050 while maintaining reliable and affordable service. Guided by climate science, the company collaborates with climate modeling experts to align its clean energy vision with global temperature goals. By 2023, Xcel Energy reduced 46.3 million short tons of carbon dioxide equivalent (CO2e) from 2005 levels—equivalent to the emissions from 11 million gas-powered vehicles annually, according to the EPA’s Greenhouse Gas Equivalencies Calculator.
The company has also made significant reductions in harmful air pollutants, cutting sulfur dioxide emissions by 83% and nitrogen oxides by 85% from its power plants. In 2023, Xcel Energy’s energy efficiency programs saved 1,300 gigawatt hours of electricity, enough to power 165,000 homes, and 2.1 million dekatherms of natural gas, which could heat over 28,000 homes for a year. Since 1992, these efforts have saved enough energy to prevent the construction of 28 average-size power plants.
In 2023, the company helped customers complete 7 million energy efficiency projects and saw 300,000 customers participate in renewable energy programs. Renewable resources like wind and solar provided 40% of the company’s energy mix in 2023, with another 10% from carbon-free nuclear energy. There were several instances where wind and solar accounted for 90% or more of electricity generation, with entire days reaching 80%.
Since 2005, Xcel Energy has closed 23 coal-fired generation units and plans to exit coal entirely by 2030. The company is committed to supporting its employees through this transition, helping them find new roles within the company and assisting the affected communities.
Xcel Energy continues to lead clean energy innovation, incorporating advanced renewable energy storage technologies, such as lithium-ion ferro phosphate batteries in Colorado and iron-air long-duration batteries in Minnesota. These technologies will enhance reliability and sustainability as part of the company’s future energy system.
Electrifying Transportation
Xcel Energy aims to enable zero-carbon transportation across its service area by 2050, powering all vehicles with clean energy. In 2023, the company saw 143,000 EVs on the road, marking a 50% increase over 2022. Xcel Energy’s transportation programs across four states help customers transition to electric vehicles by providing education, rebates, and incentives. An EV powered by Xcel Energy in 2023 produced 65% fewer carbon emissions than a conventional gasoline vehicle, with projections of up to 80% lower emissions by 2030 as the electricity grid becomes cleaner.
The company’s own EV fleet has driven over 1.3 million miles and includes nearly 300 vehicles, from light-duty to heavy-duty, along with all-electric equipment like mini excavators and bucket trucks, making Xcel Energy a pioneer in electric utility operations.
