Summary
Xcel Energy Inc. (XEL), through its wholly owned subsidiary Northern States Power Company (NSP-Minnesota), announced a significant renewable energy development initiative on October 31, 2008. The company has entered into an agreement with enXco, an EDF Energies Nouvelles Company, to develop approximately 351 megawatts of wind power in Minnesota and North Dakota. This initiative represents a substantial investment of around $900 million over a three-year period, with the project ownership ultimately transferring to NSP-Minnesota. The development aligns with NSP-Minnesota's strategy to meet state renewable energy requirements and commitments. The proposed projects, one in southwestern Minnesota (201 MW) and another in southeastern North Dakota (150 MW), are expected to become operational between 2010 and 2011, pending regulatory approvals. Xcel Energy anticipates that the capital expenditure forecast, including this new wind development, will be consistent with previously disclosed projections for 2009-2011.
Key Highlights
- 1Xcel Energy, via NSP-Minnesota, is developing 351 MW of wind power in MN and ND with enXco.
- 2The agreement targets an investment of approximately $900 million over three years.
- 3Project ownership will transfer to NSP-Minnesota upon completion.
- 4The wind projects are intended to fulfill state renewable energy mandates.
- 5Development includes a 201 MW project in southwestern Minnesota and a 150 MW project in southeastern North Dakota.
- 6Projects are expected to be operational between 2010 and 2011, subject to regulatory approvals.
- 7Capital expenditure forecast for 2009-2011 is expected to remain consistent with prior disclosures, including this wind development.