MINNEAPOLIS (Jan. 17, 2025) – Six years after establishing its industry-leading clean energy vision, Xcel Energy has made significant progress toward removing carbon emissions from its electric generation and achieving net-zero carbon in the areas of natural gas distribution and clean transportation. 

In 2018, Xcel Energy became the first energy company in the nation to establish a vision for 100% carbon-free electricity by 2050 while prioritizing safety, reliability and affordability. To date, the company has reduced carbon emissions from electricity by an estimated 57% from 2005 levels, positioning it to achieve its interim goal of 80% carbon reduction by 2030 based on current load projections, bolstered by the company’s closure of 25 coal units since 2007 with no worker layoffs. The company has also expanded its vision to include net-zero commitments in natural gas and clean transportation. 

“In the years since our industry-leading clean energy vision announcement, we have dedicated ourselves to reimagining our energy systems,” said Jeff Lyng, chief sustainability officer and vice president, External Affairs and Policy at Xcel Energy. “We are many steps closer to our vision for the clean energy future and have revised our interim goals for net-zero natural gas and transportation. As we move forward, we will continue to invest in new renewable resources, fully exit coal by the end of 2030 and bring our customers more clean energy options.” 

Xcel Energy will continue to partner with stakeholders, policymakers, regulators and customers as it advances the energy transition. In Colorado, for example, the company launched new programs this month under its Demand Side Management & Beneficial Electrification Plan and Clean Heat Plan to provide rebates and support to residents making their homes and businesses more energy efficient or choosing beneficial electrification technologies such as heat pumps. The programs, which are designed to meet shifting customer preferences and have already seen strong demand, will advance adoption of these technologies during the early stages of market transformation and promote their use in homes. In addition to promoting voluntary customer electrification options to residential and business customers across the states it serves, Xcel Energy will also continue to provide the fueling infrastructure, customer programs and energy needed to accelerate the adoption of electric vehicles. 

The company remains committed to achieving its 2050 vision, which includes delivering 100% carbon-free electricity, supplying net-zero natural gas service and enabling zero-carbon transportation in its service areas. Xcel Energy has updated certain interim goals on the path to its 2050 vision. By 2030, the company expects to still achieve net-zero methane emissions on its gas distribution system, while also promoting electrification-first for new construction for customers and investing in its system to allow for greater electric adoption. By 2035, the company aims to enable the charging infrastructure for 1.5 million electric vehicles across the areas it serves and convert 20% of its combined fleet to vehicles that are fully electric, plug-in hybrid or other zero-emissions alternatives. 

The interim goals for natural gas and clean transportation recognize the pace of technology advancement, market maturity, supply chain considerations and the evolving needs of customers, and strike a balance between the mounting demand for a diversified energy mix that is also reliable and cost-effective. The goals align with state policies and requirements incorporated in company’s clean energy plans, as well as expectations from customers and communities. The company’s 2030 goal to reduce carbon emissions from electricity by 80% from 2005 levels remains unchanged, as does its 2050 vision. 

Learn more about Xcel Energy’s clean energy goals. 

 

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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 X and Facebook.