About This Report
- Reporting Period
- Jan. 1, 2014 – Dec. 31, 2014
- Date of Previous Report
- May 2013
- Reporting Cycle
- Report Boundary
- Xcel Energy and its four utility subsidiaries
- Contact Point
Xcel Energy’s Corporate Responsibility Report covers the company’s economic, environmental and social performance. We report on key initiatives and performance indicators important to stakeholders and Xcel Energy as we continue to provide high quality energy service and meet the challenges of a changing energy marketplace.
This year marks the tenth year we have been reporting. Our first Corporate Responsibility Report (formerly known as the Triple Bottom Line report) was published in April 2005, with the contents covering the 2004 calendar year, and we have published a similar report in each following year. In 2012, we began publishing the full report online. We believe the online format is convenient to use and provides easier access to information for our stakeholders. Throughout the report, we provide links to data and information published in our other corporate reports, such as the Form 10-K and the proxy statement. To promote the full report and encourage our stakeholders to access it online, we have produced a much shorter overview publication to distribute at our annual shareholders’ meeting and other events.
As a regulated, public utility we interact with stakeholders on a daily basis through the dozens of requests and reports we file with our public utilities commissions; through our ongoing interactions with customers, both business and residential; and through regular meetings and contacts with investors, community leaders, elected officials and others. Having a clear understanding of our stakeholders and our impact helps us set priorities and create a course of action to ensure a sustainable and socially responsible future. We cannot act effectively without considering input.
For the purposes of this report, our stakeholders are those individuals and groups who affect or are affected by our business operations. We have divided these stakeholders into five categories:
- Legislators and Regulators
Xcel Energy continues to base its Corporate Responsibility Report on Global Reporting Initiative (GRI) guidelines, which we have used since 2008. This year we have used GRI’s G4 guidelines and the Electric Utilities sector specific supplement as the framework for the report. We have tried to meet the intent and follow the G4 guidelines as closely as possible; however, there are instances where we track the information for disclosure differently or not at all, based on our company or stakeholder information needs. We have noted these items in the GRI index that accompanies our report.
Consistent with GRI’s G4 guidelines, we conducted our first materiality assessment for the report in early 2015. For our Corporate Responsibility Report, material issues are associated with Xcel Energy’s potential impact on environmental, social and local economic matters that are important to Xcel Energy and its stakeholders. Material issues in this context are different from those related to investment decisions.
Xcel Energy’s materiality assessment for this report was done in a limited manner because it was the company’s first and was done for experience and learning purposes. We developed a questionnaire to ask stakeholders about their interests in 23 important sustainability or corporate social responsibility related issues. The issues were chosen based on the work of the Electric Power Research Institute’s Energy Sustainability Interest Group, of which Xcel Energy is a member, and also our own experience and interactions with stakeholders.
Company departments that maintain relationships with different stakeholder groups distributed the questionnaire. We had 97 stakeholders from throughout Xcel Energy service territories complete questionnaires and results were weighted to reflect the customer base of our states.
After the stakeholder results were compiled, we compared stakeholder interests to the interests of Xcel Energy and our strategic plan and objectives. Overall, the results confirmed that there is alignment among stakeholders and Xcel Energy when it comes to the issues that are most important for the future. Through our strategic plan and objectives, as well as other corporate priorities, Xcel Energy is focused on those issues that stakeholders rated most highly, including:
- Energy reliability
- Public health and safety
- Public policy engagement and collaboration
- Renewable and advanced clean energy technologies
- Employee safety and health
- Greenhouse gas emissions
- Cybersecurity, physical security and data protection
- Customer engagement and satisfaction
- Economic viability of the utility
- Community support and economic development
- Energy affordability
The results have helped inform our business and have been used to improve the focus and quality of this report.
Learn more about Xcel Energy’s materiality assessment in the GRI Index.