Xcel Energy rolls out $70B, 5-year capital plan focused on renewables

Utility Dive · Emma Penrod · 2026-10-30 08:00 UTC

“We believe that we can, in fact, protect the planet” while serving growing demand, CEO Bob Frenzel said. The spending plan includes 9.2 GW of renewables and 2.3 GW of storage.

Renewable energy will account for nearly three-fourths of new generation built under Xcel Energy’s five-year, $70 billion capital plan that the company unveiled Thursday during its third-quarter earnings call.

The new plan — up 17% from its previous $60 billion spending plan — calls for building 9.2 GW of renewable generation, 2.3 GW of energy storage and 3.3 GW of natural gas generation. Xcel expects the renewable portion of the buildout would cost about $21.7 billion. The plan also includes 2,400 miles of new transmission and $4 billion for wildfire mitigation.

“These investments are critical to serve growing electric demand, to keep customer bills low, to deliver clean energy, and to ensure system safety and reliability,” Chairman, President and CEO Bob Frenzel said, later adding that Xcel “continue[s] to lead a clean energy transition” and believes its commitment to clean energy will attract additional data centers to its service territory.

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