Minneapolis (July 28, 2020) – Today Xcel Energy released a new report providing an even more comprehensive view of its clean energy strategy and preparedness for managing the risks associated with climate change and the opportunities associated with clean energy. The report, which responds to the recommendations of the international Task Force on Climate-related Financial Disclosures, shows that the company’s clean energy strategy is well-suited to adapt to the risks of climate change and creates shareholder and customer value.
The Task Force’s framework asks organizations to report on four categories related to climate change, including: governance, strategy, risk management, and metrics and targets. It also recommends that companies develop a climate scenario analysis testing the resilience of their strategies. The company has signed on as an official supporter of the Task Force, one of only five U.S.- based electric companies to do so.
Xcel Energy’s evaluation details climate-related disclosures important to investors and other stakeholders. The report shows the value of the company’s strategy of deploying renewable and other clean energy resources, building a more resilient energy grid and meeting the evolving needs of customers, all while keeping service reliable and bills low. It further reinforces Xcel Energy’s commitment to its vision to deliver 100% carbon-free electricity to customers by 2050 even as the COVID-19 pandemic forces businesses in the United States and around the world to reevaluate their strategies.
“Our clean energy leadership benefits our customers and investors and this report helps demonstrate that our strategy is designed to stand the test of time,” said Ben Fowke, chairman and CEO of Xcel Energy.’’ We’re retiring aging coal plants while investing in the nation’s largest multi-state wind expansion, seeking to extend the life of carbon-free nuclear energy and investing in our transmission and advanced grid capabilities as part of our plans to reduce carbon emissions,” Fowke continued.
Xcel Energy has a long history of robust environmental, social and governance reporting, but this framework is the first to focus solely on a company’s strategy to manage the risks associated with climate change and the opportunities associated with clean energy. The company annually registers and discloses its greenhouse gas emissions, including carbon, through The Climate Registry, a nonprofit established in 2007. All of the company’s disclosures to The Climate Registry are verified by a third party. Xcel Energy is a founding member of The Climate Registry and has been awarded its top “Allstar” status for the quality of its reporting. In 2020, Xcel Energy was also honored with a Climate Leadership Award for Organizational Leadership for its work in reducing carbon emissions and supporting customers and communities in achieving their clean energy goals.
Xcel Energy’s ESG reporting, including carbon emission reporting, is available at www.xcelenergy.com/CorporateResponsibility.
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About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
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