The way we produce, distribute and use energy has changed over time. And it will continue to change. Over the next five to 10 years, it is possible that there will be more change in the utility industry than we have experienced in the last half century. We believe this requires a new approach to our operations and how we address the challenges facing our industry.
We launched the Strategic Call to Action to prepare our workforce for increased competition within our markets and to help grow our business. Through this effort, we are raising awareness among employees for the changes underway and reinforcing our commitment to customers, communities and the many stakeholders we serve. Employees play an important role in our success by looking for opportunities to streamline their work and by making smart investments — in both assets and customer services — that support the company’s business objectives and help to lower costs. We continue to promote operational excellence, specifically seeking opportunities to use technology that improves our processes and workforce productivity.
To support execution of the call to action, Xcel Energy is implementing a strategic plan with four main objectives, presented within the company as “the four pillars.” Focusing on these four objectives over the next several years will prepare Xcel Energy for competition and ensure the company is positioned for success in the changing utility landscape.
|Objective||Impacts, Challenges, Opportunities and Stakeholder Interests|
|Improve the performance of our utility companies||
|Manage the workforce transition||
|Give customers more options and solutions||
|Grow the business||
A full description of our risk oversight and management processes is available in our 2014 10-K, along with a description of the risks associated with Xcel Energy’s business.