Xcel Energy has unveiled a portfolio of energy projects aimed at strengthening the electric infrastructure in Texas and New Mexico. These include 17 new generation projects that will collectively add 5,168 megawatts (MW) of capacity to the system by 2030, with the goal of meeting energy demand that is expected to increase by more than 40% over the next five years.
A diversified portfolio of energy projects
Xcel Energy’s selected solutions include 3,200 MW of dispatchable sources and storage systems, along with 1,968 MW from new solar installations. solar and wind and wind facilities. This strategy seeks to ensure supply reliability and contribute to state clean energy goals, such as New Mexico’s 50 percent renewable generation mandate by 2030.
An important part of the new developments will be located in existing plants such as Nichols, Maddox and Planta X, where the useful life of natural gas units already installed will be extended. This decision allows us to take advantage of the interconnection infrastructure already available, reduce implementation times and generate savings for both the company and its customers.
The economic benefits are also significant: it is estimated that projects in New Mexico will generate up to $5 billion in regional impact over five years. In Texas, energy investments are expected to support the expansion of the Panhandle and other high-growth areas, fostering jobs, tax revenues and new local investment.
In 2024, the company opened a competitive process to receive proposals for energy development using any technology. As a result, a balanced mix of solutions was configured that will be built and operated under different ownership schemes. Some will be managed directly by Xcel Energy and others through long-term power purchase agreements. In addition, the company plans to launch a new open call for projects to start operations in 2032.
This move also responds to the increased reserve margins required by the Southwest Power Pool, which forces companies to have more operating capacity during seasonal peaks. The modernization and diversification of Xcel Energy’s network is therefore a direct response to a more demanding energy environment, geared toward sustainability and reliability.
Follow us on social networks and don’t miss any of our publications!
YouTube LinkedIn Facebook Instagram X (Twitter) TikTok
Source and photo: Xcel Energy
