Xcel Energy set to exit coal by 2030 after advancing Tolk retirement
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Xcel Energy (NASDAQ:XEL) unveiled a proposal to advance the retirement of coal operations at its Tolk Generating Station in Texas to 2028, more than four years earlier than planned.
Xcel (XEL) said it will propose to New Mexico regulators to move Tolk's retirement date, previously set in the 2032-34 time frame, to 2028; the proposal will go before Texas regulators in February 2023.
With the earlier retirement, combined with accelerated coal plant retirements in other states, Xcel (XEL) would exit the use of coal by the end of 2030 when the Comanche 3 coal unit in Colorado retires.
The company said it is aiming to cut carbon emissions 80% by 2030 for electric customers, en route to achieving 100% carbon-free electricity by 2050.
Last week, Xcel Energy (XEL) reported Q3 adjusted earnings that narrowly missed estimates while beating expectations for revenues.