Xcel Energy Inc. (NYSE: XEL) executives said Wednesday the company plans to create a transmission subsidiary to build high-voltage lines, according to a report from the Minneapolis Star Tribune.
Xcel plans to create the subsidiary in 2014 and could potentially use it to develop $650 million in power lines in and near its Texas and New Mexico service areas, the Star Tribune reported.
Teresa Mogensen, Xcel’s vice president for transmission, said the company plans to make investments in transmission of nearly $1 billion annual for the next three years. Morgensen also told the Star Tribune the transmission company will rely on existing Xcel Energy employees and will be mainly used for developing and financing projects.
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