Analysis: Xcel Energy Inc.

US:XEL

Why is Xcel Energy Inc. stock rising?

  • Google data center ESA in the Upper Midwest will require 1,900 MW of new wind and solar plus long-duration storage, with Minnesota regulatory approval expected in early 2027.
  • SPS RFP selection adds 2,400 MW of renewables and 200 MW of natural gas generation in Texas and New Mexico, with about $6 billion of investment expected to be in service around 2030.
  • Xcel expects to contract an additional 4 GW of data center load by year-end 2027, including at least 1 GW by end-2026, converting its >20 GW pipeline into signed ESAs.
  • NextEra joint development agreement will co-develop wind, solar, storage, natural gas and interconnections for data centers, with 2 GW of solutions already underway and potential expansion.
  • Large Load Tariff approval in Minnesota and new filings in Colorado and Wisconsin create a repeatable framework for hyperscaler contracts, with Texas and New Mexico filings expected.

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