Xcel Energy Inc.
NASDAQ Global SelectCapital Structure
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in mil. unless spec.Company Description
- CEO
- Robert C. Frenzel
- Full Time Employees
- 11,534
- Sector
- Utilities
- Industry
- Regulated Electric
- Address
- 414 Nicollet Mall Minneapolis MN United States of America 55401
- IPO Date
- Mar 13, 2001
- CIK
- 0000072903
- Website
- my.xcelenergy.com
- Similar Companies
- Business
- Xcel Energy Inc. Xcel Energy Inc. (XEL) operates as a leading U.S. electric and natural gas utility, generating, transmitting, distributing, and selling electricity and natural gas to approximately 3.9 million electric and 2.1 million natural gas customers across eight states, including Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin; its operating subsidiaries comprise Northern States Power-Minnesota, serving Minnesota, North Dakota, and South Dakota with electric and natural gas; Northern States Power-Wisconsin, serving Wisconsin and Michigan with electric and natural gas; Public Service Company of Colorado, serving Colorado with electric and natural gas; and Southwestern Public Service Company, serving Texas and New Mexico with electric service. The company offers a diverse generation portfolio emphasizing carbon-free sources, with wind and nuclear comprising the largest shares at 50% of 2023 electricity generation; other sources include natural gas, coal, solar, hydroelectric, and biomass, alongside energy efficiency programs, renewable energy incentives such as net metering and credits, appliance repair services, steam revenue, and nonutility activities like real estate and low-income housing tax credit investments. Headquartered in Minneapolis, Minnesota, where it was incorporated in 1909 through the consolidation of predecessor companies including Northern States Power Company, Xcel Energy focuses on residential, commercial, and industrial customers in the regulated utilities sector. Recent developments include the purchase of 10 large gas turbines from Siemens Energy to construct two new power plants adding 2,088 MW of dispatchable capacity by early 2026, coinciding with the retirement of its coal-fired Tolk Station in Texas and installation of five SGT6-5000F turbines there for 928 MW of grid-stabilizing backup power as part of 17 initiatives exceeding 5,000 MW by 2030; partnerships for grid modernization such as Itron's Distributed Energy Resource Management System (DERMS) and Sunairio's climate modeling to integrate renewables and support data center demand; and plans for the Upper Midwest's largest battery storage site at 600 MW in the Sherco Energy Hub alongside solar projects, advancing its $45 billion capital plan for reliability, digital twins, and clean energy transition.
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