Xcel Energy SuccessStory
Xcel Energy is a leading utility holding corporation which serves electricity & natural gas in Minnesota & 9 other States of America. It has its headquarter in Minneapolis. The company was founded in the year 1998- Ben Fowke is the President, Chairman & CEO of Xcel Energy. It is listed in NYSE as XEL.
Xcel Energy serves over 3.3 million electric customers & 1.8 million natural gas consumers across Minnesota, Wisconsin, Michigan, South Dakota, North Dakota, New Mexico, Texas, Oklahoma, Kansas & Colorado. The company is comprised of 4 operating subsidiaries- Northern States Power- Wisconsin, Northern States Power-Minnesota, Public Service Company of Colorado & Southwestern Public Service Company. The company operates thirteen coal plants, 27 hydroelectric power plants, 3 biomass generators and 2 nuclear plants.
History & Growth
Xcel Energy is the result of amalgamation of 3 companies- Northern States Power Company based in Minneapolis, Public Service Company of Colorado based in Denver and Southwestern Public Services based in Amarillo. SPS merged with PSCo to establish New Century energies in 1995. On the other hand, NSP merged with Wisconsin energy Corporation to form Primergy but the merger failed eventually. Then, NSP merged with NCE to found Xcel Energy in 1998. In 2005, the company sold Cheyenne Light, Fuel & Power (PSCo subsidiary) to Black Hills Corporation.
Xcel Energy runs the 4th biggest transmission system in America that spans to 205 of the States. In 2011, the transmission system of the company was worth 3.3 billion USD. Operating on a non-discriminatory approach, the Xcel Energy transmission lines carry 115,000 V, 230,000 V & 345,000 V. another 500,000 V transmission line runs from Dorsey Substation in Canada till Chisago Substation in Chisago County.
The company’s Bay Front plant has come up as a great model for initiating creative usage of different fuels like waste wood, coal, railroad ties, natural gas, petroleum coke and discarded tires.
What is it known for?
Xcel is the biggest wind power producer in America as per American Wind Energy Association. In 2011, the company set the world record in the area of electricity generation from the wind power. It also generates more than 500MW hydroelectric power that accounts for over 4% of their electric generation. 2 of 3 Bay front units of Xcel Energy already deploy biomass as the primary fuel.
Xcel energy is known to make substantial investment in community via grants, sponsorships and employee contributions. In 2014, the total charitable investment by the company was $13,844.895. The philanthropic activities of the company are directed towards the betterment of education, economic sustainability, environment as well as art and culture. The company also takes an active role in disaster relief programs.
Xcel Energy has enabled its consumers to come up with an energy-efficient approach by addressing the electricity needs of their homes and offices (either in part or in full)- with renewable energy. In 2011, over 2.3 million electric & more than 261,500 natural gas clients enrolled into Xcel’s windsource energy-efficiency program. The company also offers incentives for solar panel installation.