Xcel Energy has announced its 2024 Resource Plan, which is expected to reduce carbon emissions by 80% while significantly enhancing renewable energy capacity. The plan, known as the Upper Midwest Energy Plan, was developed in collaboration with the Minnesota Department of Commerce, clean energy organizations, labor unions, and energy developers.
The proposal includes the deployment of 3.6 gigawatts (GW) of renewable energy generation capacity by 2030, comprising 2.3 GW from wind and 400 megawatts (MW) from solar photovoltaic (PV) sources, along with an additional 900 MW of energy storage capacity. This initiative builds on existing projects that have already received regulatory approval, covering operations across Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
A key highlight of the plan is the transformation of the Sherco plant, a retired coal generation facility, into a new solar PV site with a capacity of 710 MW. The agreement also includes the addition of a 300 MW lithium-ion battery storage system at this location. Furthermore, Xcel plans to extend the operational life of its two carbon-free nuclear plants at Prairie Island and Monticello through the early 2050s.
This resource plan follows earlier announcements made in February regarding the introduction of 2.2 GW of “always available resources” intended to back up the expanded renewable energy portfolio. These plans have evolved to include a hydrogen-capable natural gas-fired power plant in Lyon County, Minnesota.
Xcel Energy's president for Minnesota, South Dakota, and North Dakota, emphasized that the plan not only focuses on innovation and customer value but also aims to create jobs and support local communities. The company aims to progress toward its vision of providing reliable, affordable, and completely carbon-free electricity while acknowledging the support received from stakeholders in advancing the clean energy economy.
