Xcel to add solar power to its New Mexico-Texas portfolio

 Xcel to add solar power to its New Mexico-Texas portfolio

ROSWELL, N.M. (AP) - Two planned solar generating stations are expected to boost Xcel Energy’s (NYSE: XEL) renewable energy portfolio for electric customers in New Mexico and Texas.

The utility announced Thursday it has signed power purchase agreements with affiliates of NextEra Energy Resources (NYSE: NEE), which plans to build solar farms near Roswell.

The agreements require the approval of the New Mexico Public Regulation Commission.

Xcel spokesman Wes Reeves says the cost of solar has come down and tax incentives have helped to make it more competitive with gas-fueled generation.

Most of the utility's renewable energy comes from wind generation, but Xcel is looking to add more solar before investment tax credits expire.

Through the subsidiary Southwestern Public Service Co., Xcel serves nearly 385,000 customers in New Mexico and the Panhandle and South Plains regions of Texas.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...