Xcel Energy

Xcel Energy is engaged in the generation, purchase, transmission, distribution, and sale of electricity. Xcel Energy is engaged in the generation, purchase, transmission, distribution, and sale of electricity. It operates through 5 segments: electricity, natural gas, renewable energy, transmission, and innovation. 

The company is engaged in generating electricity using coal, nuclear, natural gas, hydro, solar, biomass, oil and refuse, and wind energy sources; developing and leasing natural gas pipelines, and storage and compression facilities; and investing in rental housing projects. Xcel Energy was founded in 1909 and is based in Minneapolis, Minnesota.

Xcel Energy is a leader in renewable energy, investing in wind and solar to meet customer demands and reduce emissions. In 2020, the company announced that it had achieved its goal of providing 100% carbon-free electricity by 2030. The company has also committed to reducing its carbon footprint by 80% by 2030 and has plans to invest $3 billion in energy efficiency programs.

In the year 1909, the Washington County Light & Power Co. was organized, marking the beginning of the Northern States Power Company's timeline. Founded in Minneapolis, MN, the company's early years were marked by changes and expansion. Byllesby and Insull, who had partnered in 1912, went their separate ways. In 1916, Byllesby changed his company's name to Northern States Power Company.

In 1923, the Public Service Company of Colorado (PSCo) was formed to provide an electric generating station for the Denver area. The same year, Ottumwa's electric and steam-heating business became the Northern States Power Company (New Jersey), while its railway business became the Ottumwa Traction Company.

By 1924, NSP had acquired most of the electric companies in northern and central Colorado, including the Colorado Power Co. and its subsidiary Cheyenne Light, Fuel & Power in Wyoming, which came under the PSCo name on September 3, 1924. Unfortunately, NSP lost $75 million due to the Securities and Exchange Commission (SEC) forcing the company to reevaluate assets it had overvalued for stock issuing purposes in 1924.

In 1937, NSP experienced its first labour strike, and in 1939, the company continued its expansion in Wisconsin. By 1942, NSP's president, Robert Pack, retired, and his assistant, Ted Crocker, took over. By the time PSCo became an independent and autonomous operation in November 1943, it served 80% of Colorado's gas and electricity needs. In 1945, NSP achieved a record $53 million in sales.

President Ted Crocker's unexpected death in 1947 left B.F. Braheney with a power shortage due to the company's rapidly growing customer base. In 1950, NSP sold the utility properties of its Illinois-based subsidiary, Interstate Light & Power Company, and dissolved it. By 1955, NSP ranked among the top ten utilities in the United States.

NSP-Wisconsin acquired properties from Wisconsin Hydro Electric Company in October 1957, and in May 1961, NSP acquired Western Power and Gas Company's eastern business, which served the southeastern portion of South Dakota. The company sold its Tracy, Minnesota, water utility to the city of Tracy in 1962.

NSP enjoyed smooth sailing until 1966 when it announced its plans for the Monticello nuclear plant. Despite an injunction brought by the Wisconsin attorney general, the company went ahead with the plant, which began production in 1968. In 1968, NSP also acquired the electric generating, transmission, and distribution facilities of the village of Mazeppa, Minnesota, and sold the electric distribution system of the village of Fischer, Minnesota, to the Otter Tail Power Company.

In 1971, NSP donated land skirting the Upper St Croix River to the states of Minnesota and Wisconsin and to the National Park Service for cooperative management. It added a second nuclear plant, Prairie Island, in 1973. NSP merged its subsidiary, Lake Superior District Power Company, into NSP-Wisconsin in 1987.

The company experienced some setbacks in the 1990s. In December 1991, the commission granted a smaller increase of $53.5 million, and in 1992, the Minnesota Public Utilities Commission approved the storage of spent fuel rods in 17 above-ground casks outside the Prairie Island nuclear power plant. Nevertheless, Northern States Power Company has persevered, providing power to millions of customers for over a century.

In 1994, the Court of Appeals made a ruling that the above-ground casks were considered permanent storage. As a result, the issue was sent to the Minnesota state legislature for final approval, which was granted that same year.

By late 1996, the planned merger between Northern States Power (NSP) and Wisconsin Energy Corporation (WEC) was in limbo. Unfortunately, by 1997, the merger had fallen through due to the lengthy approval process from state and federal agencies.

However, in 1998, NSP merged with NCE to create Xcel Energy. That same year, Xcel Energy launched its Windsource program, allowing customers to choose renewable energy sources for their electricity.

In 1999, NRG Energy was expected to bring in 20% of NSP's earnings by the year 2000. However, wholesale power prices fell 90% since then, putting NRG on the ropes.

In 2005, Xcel Energy began focusing on new projects and getting back to basics. The company continued to grow and expand, and by 2011, its transmission system was worth $3.3 billion.

In 2014, Xcel Energy invested over $13 million in charitable donations. The following year, approximately 96,000 people enrolled in Windsource, and in 2016, Xcel Energy announced the Advanced Grid Intelligence and Security (AGIS) initiative, aimed at improving power reliability and information sharing with customers.

In 2017, Xcel Energy partnered with the Financial Services Information Sharing and Analysis Center to establish a new threat information-sharing community, intending to share cyber and physical security intelligence with the energy sector. Despite the challenges and setbacks faced over the years, Xcel Energy has continued to innovate and strive for excellence in the energy industry.

Mission statement:
Xcel Energy's mission is to provide safe, reliable, and affordable energy to its customers while embracing innovation and promoting environmental responsibility.

This mission statement highlights the company's commitment to delivering energy solutions that meet the needs of its customers, while also advancing sustainability and environmental stewardship. 

Xcel Energy recognizes the importance of providing safe and reliable energy, and it strives to do so in an affordable and cost-effective manner. Additionally, the company values innovation and seeks to implement new technologies and practices that improve energy efficiency and reduce environmental impact.

Vision statement:
Xcel Energy's vision is to be a leading provider of sustainable energy solutions and a responsible corporate citizen that contributes to the communities it serves.

This vision statement emphasizes Xcel Energy's goal to become a leader in the development and implementation of sustainable energy solutions. The company is committed to promoting renewable energy sources, reducing greenhouse gas emissions, and improving energy efficiency. 

In addition to its focus on sustainability, Xcel Energy also recognizes its role as a corporate citizen and seeks to make a positive impact in the communities it serves. Through philanthropic efforts and community engagement, the company aims to contribute to the well-being of its customers and stakeholders.

Xcel Energy produces power at our power stations, using a diverse mix of fuels that includes biomass, coal, nuclear, and natural gas, to produce electricity by creating steam to turn a turbine. They also harvest clean energy directly from water, the sun, or the wind.