Zero-Carbon By 2050: Xcel Energy Announces New Clean Plan

DENVER, CO —Xcel Energy announced Tuesday in Denver that the company plans to go 100 percent carbon-free by 2050. The company also announced plans to reduce carbon emissions 80 percent by 2030, from 2005 levels in the eight states it serves.

“We’re accelerating our carbon reduction goals because we’re encouraged by advances in technology, motivated by customers who are asking for it and committed to working with partners to make it happen,” said Ben Fowke, chairman, president and CEO, Xcel Energy in a statement.

Previously, the company had said they would cut carbon by 60 percent by 2030. Already, the company has reduced carbon emissions by 35 percent since 2005, they said. The company said they believed the new zero-carbon future is possible with renewable energy and other technologies currently available, but said the company's focus would be to develop new technologies or perfect those "not cost effective or commercially available today."

“Our goals are ambitious and achieving them requires a long runway. We’re starting the conversation today to make sure we can achieve this groundbreaking transition while continuing to keep energy affordable and reliable for customers,” said Fowke in a press release.

"If we put our minds to it," Fowke said, "we will find the best solution to get us there."

He told the Colorado Sun the goal is a response to climate change.

"This risk of climate change isn't going away and we want to be the company that does something about it and hopefully inspire others to do something about it too," he said.

Xcel has been increasing its solar and wind power generation but said reaching zero carbon emissions could require the company to continue operating its nuclear power plants and using carbon sequestration.

Carbon sequestration would capture carbon dioxide emissions from burning fossil fuels and keep it out of the atmosphere.

Xcel has two nuclear power plants in Minnesota, near the towns of Monticello and Red Wing.
Xcel is based in Minneapolis but made the announcement in Denver, part of its service area. The company has customers in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.

Xcel also supplies natural gas to 2 million customers across its service area. Their service won't be affected, spokeswoman Michelle Aguayo said.

In Colorado, Xcel is already planning to retire two coal-fired electrical generating stations about a decade early and expand its solar, wind and natural gas generation.

The company has said that will save consumers about $213 million by 2054 because renewables are getting cheaper.

Local politicians praised the company's goals.

Colorado Governor-Elect Jared Polis said the proposal mirrored his campaign promise to "get to 100 percent renewable by 2040," he said. "[W]e are leading the way forward right here in Colorado — by committing to a renewable and clean energy future."

Denver Mayor Michael B. Hancock called the announcement a "game changer."

"Reducing carbon emissions is a must, and Denver is committed to an affordable, reliable and sustainable energy future," he said in a statement. "This is a game-changer for addressing the threats of climate change and will be a tremendous asset in achieving our own renewable electricity and emission reduction goals.”

Fred Krupp, president of Environmental Defense Fund, also praised the moment as a "ground breaking climate commitment [and] an act of true leadership," in a statement.

“Ambitious efforts to slash carbon dioxide pollution are urgently needed. Xcel Energy’s vision will help speed the day when the United States eliminates all such pollution from its power sector, which is necessary to seize the environmental and economic opportunity of powering cars, trucks, homes and businesses with cost-effective, zero-emitting electricity.”

Image via Shutterstock

Reporting from the Associated Press was used in this article.

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