Xcel Energy proposes its Clean Energy Plan with a targeted 85% carbon emissions reduction by 2030
Xcel’s Clean Energy plan includes Craig Station Unit 2 and Hayden Station retirements by 2028
Xcel Energy Colorado proposed its Clean Energy Plan featuring significant near-term reduction in coal plant operations by 2030 Wednesday morning to the Colorado Public Utilities Commissioner, aimed at reducing 85% carbon emissions by 2030.
The Clean Energy Plan is designed to deliver customers an estimated 85% reduction in carbon dioxide emissions from 2005 levels by 2030, Xcel said. The nation-leading plan, if approved, exceeds carbon reductions required by Colorado law and would provide customers with electricity from approximately 80% renewable sources while maintaining affordable and reliable service.
Wednesday’s submission to the Colorado Public Utilities Commission starts the process to review the plan with state regulators and reveals additional details regarding the Company’s clean energy strategy announced last month, Xcel said in a press release.
“It’s exciting to present this landmark plan that will take the next step in the energy transition, provide the State of Colorado with a significant reduction, and transition our workforce and host communities on an appropriate timetable,” Xcel President Alice Jackson said. “This plan details the work needed through the decade to deliver clean, reliable and affordable energy to our Colorado customers and communities and we look forward to working with them to achieve our 2030 collective goals.”
The Clean Energy Plan is the largest, most aggressive, and most-climate driven proposal brought forward in Xcel’s history.
In the Clean Energy Plan, Xcel announced increased resource additions between 2021 and 2030 adding approximately:
• 2,300 MW of wind
• 1,600 MW of large scale solar
• 400 MW of battery storage
• 1,300 MW of dispatchable resources, or those that are available 24/7
• 1,200 MW of distributed solar resources
On top of the increased resource additions, Xcel’s plan also includes a significant near-term reduction in coal plant operations by 2030, and fully retires all coal on our Colorado system by 2040:
• Pawnee Generating Station conversion from coal to natural gas generation by 2028
• Comanche Generating Station Unit 3 reduced operations by 67% between 2030 and 2040 and retires in 2040
• Craig Station Unit 2 retirement by 2028
• Hayden Station retirement by 2028
Xcel Energy previously stated its commitment to working with its communities, employees and union leaders to manage the transition and no layoffs are anticipated in the proposed plan.
In 2018, Xcel Energy became the first utility in the nation to announce a vision to provide customers with 100% carbon-free electricity by 2050.
“This plan continues the company’s vision to lead the clean energy transition, but also presents a balanced, diversified portfolio of energy sources to maintain reliability and affordability while supporting communities as we work together to meet Colorado’s carbon- reduction goals and evolving energy needs,” Xcel states in the press release.
Xcel’s Clean Energy Plan requires the approval of the Colorado Public Utilities Commission.
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The price tag for Xcel Energy closing all its Colorado coal-fired plants will be $1.4 billion spread over decades — a sum that will be paid exclusively by the utility’s residential and commercial customers.