Xcel Energy has selected a proposed portfolio of nearly 4,000 megawatts of new power generation projects across Texas and New Mexico, combining wind, solar, battery storage, and natural gas resources to meet growing electricity demand through 2030.
Xcel announces new generation portfolio.
Xcel Energy announced it has selected a proposed portfolio of 3,928 MW of new power generation projects to serve customers across Texas and New Mexico.
The projects were selected through a competitive all-source request-for-proposals process and are expected to be operational by 2030, pending regulatory approval.
According to the company, the portfolio is designed to strengthen grid reliability, manage customer costs, and support continued population and business growth throughout the region.
Diverse mix of energy resources
The proposed portfolio includes:
- Five solar energy projects.
- One solar project paired with battery energy storage.
- Four wind generation projects.
- One natural gas generation project.
Xcel said the combination of renewable energy, energy storage, and dispatchable natural gas generation is intended to provide reliable electricity during periods of both normal operations and extreme weather.
Company cites growing regional demand.
Interim President of Xcel Energy - Texas, New Mexico, Brad Baldridge said the investment is focused on preparing the region for continued growth.
Interim President Brad Baldridge: "Every decision we make starts with our customers. Our communities depend on reliable energy to support new growth, strengthen local economies, and improve quality of life."
Long-term customer savings
According to Xcel, its wind generation facilities have produced approximately $1.3 billion in customer savings across Texas and New Mexico since 2017 through avoided fuel costs and federal tax credits.
The company also noted that beginning development now allows it to take advantage of favorable construction conditions and available federal energy incentives.
The Bottom Line
Xcel Energy has selected a proposed 3,928-MW portfolio of wind, solar, battery storage, and natural gas projects to meet rising electricity demand across Texas and New Mexico, while seeking to maintain reliability, manage customer costs, and support long-term regional growth.
