Xcel Energy Aims for Zero-Carbon Electricity by 2050

Company sets new, industry-leading carbon reduction goals

DENVER–(BUSINESS WIRE)–#corporateresponsibility–Xcel Energy, a national leader in renewable energy, rolled out a clean
energy vision today in Denver that will deliver 100 percent carbon-free
electricity to customers by 2050. As part of this vision, the company
also announced plans to reduce carbon emissions 80 percent by 2030, from
2005 levels in the eight states it serves. The new goals are the most
ambitious announced to date within the electric power industry.

“This is an extraordinary time to work in the energy industry, as we’re
providing customers more low-cost clean energy than we could have
imagined a decade ago,” said Ben Fowke, chairman, president and CEO,
Xcel Energy. “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.”

”When I launched my campaign back in 2017 we had a bold agenda for our
state to get to 100 percent renewable by 2040,” said Colorado
Governor-Elect Jared Polis. “Xcel Energy’s exciting announcement today,
along with the strong climate goals communities like Pueblo, Summit
County, Ft. Collins, Denver and others across the state have embraced,
shows we are leading the way forward right here in Colorado — by
committing to a renewable and clean energy future.”

“Congratulations to Xcel Energy and all of its customers for this bold,
progressive commitment to reducing and ultimately eliminating carbon
emissions,” Denver Mayor Michael B. Hancock said. “I’m grateful for our
partnership with Xcel Energy, the nation’s leading utility, when it
comes to building a path toward a clean energy future. Reducing carbon
emissions is a must, and Denver is committed to an affordable, reliable
and sustainable energy future. 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.”

“Xcel Energy’s ground breaking climate commitment is an act of true
leadership. It is anchored in proven clean energy solutions that are
already delivering healthier air, low cost electricity, major economic
investments and jobs to local communities,” said Fred Krupp, president
of Environmental Defense Fund. “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.”

As a leader in the clean energy transition, Xcel Energy’s strong track
record includes reducing carbon emissions 35 percent since 2005, as part
of its previous goal to cut carbon 60 percent by 2030. The company
believes that its 2030 goal can be achieved affordably with renewable
energy and other technologies currently available. However, achieving
the long-term vision of zero-carbon electricity requires technologies
that are not cost effective or commercially available today. That is why
Xcel Energy is committed to ongoing work to develop advanced
technologies while putting the necessary policies in place to achieve
this transition.

Xcel Energy’s electricity grid serves millions of customers with
reliable, affordable energy. By implementing new renewable and
carbon-free generation and energy storage technologies at scale, the
company can provide the greatest environmental impact at the lowest cost
for customers. That clean electricity can then also be used to reduce
the environmental footprint of other industries, such as transportation
through the use of electric vehicles, for even greater impact.

“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.

About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the
energy that powers millions of homes and businesses across eight Western
and Midwestern states. Headquartered in Minneapolis, the company is an
industry leader in responsibly reducing carbon emissions and producing
and delivering clean energy solutions from a variety of renewable
sources at competitive prices. For more information, visit xcelenergy.com
or follow us on Twitter
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Contacts

Xcel Energy Media Relations
www.xcelenergy.com