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4-Traders Homepage  >  Equities  >  Nyse  >  Xcel Energy Inc    XEL

Delayed Quote. Delayed  - 10/25 08:57:46 pm
40.41 USD   +0.52%
08:19p XCEL ENERGY : wants to build three more wind farms in Minnesota
10/24 XCEL ENERGY : plans to go 60 percent green energy
10/23 XCEL ENERGY : Power outage hits upper campus Saturday afternoon
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Xcel Energy : wants to build three more wind farms in Minnesota

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10/25/2016 | 08:19pm CEST

Oct. 25--Xcel Energy said Tuesday it plans to build three new wind farms in Minnesota and one in North Dakota, part of a larger program to increase its wind generation capacity by 60 percent in the Upper Midwest.

Together, the four projects total 750 megawatts and will provide enough energy to power nearly 400,000 homes. In September, Xcel announced it would add 1,500 megawatts of new wind generation -- or eight to 10 wind farms -- by 2020, a $2 billion investment. The projects announced Tuesday are included in that goal; they still require regulatory approval.

The four new wind farms are: Freeborn Wind Energy, at 200 megawatts in Freeborn County in southern Minnesota; Blazing Star 1 and 2, each at 200 megawatts in Lincoln County in southwestern Minnesota; and Foxtail Wind, at 150 megawatts in Dickey County in southeastern North Dakota.

To put the wind farms' size perspective, one of Xcel's largest coal plants can kick out 682 megawatts and run continously. (Wind power by nature is intermittent).

Xcel expects that by 2030, one-third of its power generation in the Upper Midwest will come from renewable sources -- primarily wind -- up from 24 percent now.

The Freeborn project will be developed by Chicago-based Invenergy; Blazing Star 1 and 2 will developed by Edina-based Geronimo Energy; and Juno Beach, Fla.-based NextEra Energy will handle the North Dakota wind farm. Xcel will own all four wind farms when they are completed.

Historically, Xcel has primarily bought wind power through long-term contracts, though it's said it intends to own more wind farms directly. Through ownership, Xcel can roll its investments into its rate base, and thus get a return for its investors through the regulatory process.

Minneapolis-based Xcel is the nation's leading utility for wind generation. The company's plan to add 1,500 megawatts -- a megawatt is 1 million watts -- in the Upper Midwest over the next four years will take full advantage of a federal wind power tax credit that will phase out by 2020. The 30 percent credit is based on wind production.

There are already 110 wind farms in Minnesota, with 2,400 turbines with a capacity for 3,424 megawatts of power, according to the Minnesota Department of Commerce.

Minnesota is the nation's seventh largest producer of wind power as ranked by the Amercian Wind Energy Association.


(c)2016 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2016 11 566 M
EBIT 2016 2 239 M
Net income 2016 1 114 M
Debt 2016 14 530 M
Yield 2016 3,38%
P/E ratio 2016 18,32
P/E ratio 2017 17,39
EV / Sales 2016 3,02x
EV / Sales 2017 2,99x
Capitalization 20 420 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 43,1 $
Spread / Average Target 7,2%
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Benjamin G. S. Fowke Chairman, President & Chief Executive Officer
Kent T. Larson President-Group Operations & Executive VP
Robert C. Frenzel Chief Financial Officer & Executive Vice President
Albert F. Moreno Independent Director
A. Patricia Sampson Independent Director
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