- Electric utility targets zero emissions by 2050
- CEO Fowke says shutting its nuclear plants would “totally set us back”
- Utility’s move fits larger trend in support of preserving existing nuclear plants
In an ambitious move to bring its carbon emissions to zero, Xcel Energy Inc. has announced a clean energy vision that will deliver 100 percent carbon-free electricity to its customers by 2050.
The plan is the most aggressive to date in the electric power industry.
“This is an extraordinary time to work in the energy industry, as we’re providing customers more low-cost clean energy than we could have imagined a decade ago,” Chairman, President and Chief Executive Officer of Xcel Energy Ben Fowke said. “We’re accelerating our carbon reduction goals because we’re encouraged by advances in technology, motivated by customers who are asking for it and committed to working with partners to make it happen.”
The company also announced plans to reduce carbon emissions 80 percent by 2030, from 2005 levels.
In an interview following the Xcel Energy announcement, Fowke added that keeping the company’s existing nuclear plants open is key to meeting these carbon-reduction goals.
“An early retirement of those plants would totally set us back,” Fowke said. “If you are shutting down your coal fleet, it’s pretty hard to shut down your nuclear fleet at the same time and still offer reliable power to customers.”
Xcel Energy owns and operates two nuclear power plants: Monticello Nuclear Generating Plant near Monticello, Minnesota, and Prairie Island Nuclear Generating Plant near Red Wing, Minnesota.
Combined, these plants produce nearly 30 percent of the electricity the utility provides to customers in the Upper Midwest. Their two nuclear plants also provide 51 percent of the state’s emission-free electricity and employ nearly 1,400 people full-time as well as hundreds of specialized contractors. Minnesota customers’ average electricity bill is also 22 percent below the national average.
The announcement from Xcel Energy follows a wave of statements from nongovernmental organizations, environmentalist groups and tech companies supporting nuclear energy as a key piece of the climate solution.
One of the most striking statements came from Ken Kimmell, president of the Union of Concerned Scientists, an environmentalist group, as it released a report last month acknowledging the impact that nuclear plant closures have on climate and air quality.
“These sobering realities dictate that we keep an open mind about all of the tools in the emissions reduction toolbox—even ones that are not our personal favorites,” Kimmell said. “And that includes existing nuclear power plants in the United States, which currently supply about 20 percent of our total electricity needs and more than half of our low-carbon electricity supply.”