PROFILE 2019 | WORLD’S MOST ADMIRED COMPANIESCONTENT FROM XCEL ENERGYestablished, which is leadership in this
area of carbon reduction,” says Ben Fowke,
Xcel Energy’s president, chairman, and
CEO. “When we look at the latest climate
change reports and compare that to the
trend in technology, we really believe we’re
positioned to do even more.”
It’s that kind of forward thinking that
has landed Xcel Energy once again on
Fortune’s list of the World’s Most Admired
Companies. Xcel Energy’s prowess in
reliable energy dates back more than
100 years through its three predecessor
companies. In addition to its 3.6 million
electric customers, the Minneapolis-based
company also has more than 2 million gas
customers. Annual revenues in 2017: $11.4
billion.
Fowke believes that clean energy can
make Xcel Energy even more profi table. Re-
newables are not only good for the planet,
they’re good for business too. “They have
to work together,” he says. “It’s important
we listen to scientists regarding climate
change and address that risk, especially
when we can do it for little or no extra cost.
But it’s also important that we listen to our
engineers and pay attention when they talk
about reliability.”
Xcel Energy’s carbon-reduction, money-
saving strategy, called “Steel for Fuel,”
substitutes renewables, principally wind,
because it has the richest wind resources
in the country from Minnesota down to
Texas. “We can build wind farms, own them,
get a return on them, and all of those costs
combined are still cheaper than the fuel we
would put into a fossil plant,” says Fowke.
“Not only is it saving customers money on
fuel, but it’s also an attractive investment
opportunity, so we’re excited about it.”
In addition to leading the clean-energy
transition, Xcel Energy is also a community
leader in the eight states where it operates.
“Our success is really tied to our communi-
ties’ success,” says Fowke. “Our assets
are literally embedded in the communities.
We’ve got 11,000 dedicated employees
who volunteer and give generously with
their wallets.”
Now that’s good energy. QBy investing in clean energy technologies, Xcel Energy
is not only reducing its carbon emissions to zero,
but it’s saving customers money.
Change Is in the Air:
The Clean Energy
Leader
BEN FOWKE
President, chairman, and CEO
Xcel EnergyIN EARLY DECEMBER, XCEL ENERGY,
a national leader in renewable energy, an-
nounced plans to deliver 100% carbon-free
electricity to its 3.6 million customers by
2050 that will also be more cost-effective.
The company claims this isn’t some energy
pipe dream. Operating in eight Western
and Midwestern states, Xcel Energy has
already reduced carbon emissions by 35%
since 2005 and residential electric costs by
3% since 2013. Plans are to reduce carbon
emissions 80% by 2030.
“We want to build on what we’ve already“We want to build on
what we’ve already es-
tablished...in this area of
carbon reduction. When
we look at the latest cli-
mate change reports...
we really believe we’re
positioned to do even
more.”