Xcel Energy wins $100M DoE award to boost wildfire mitigation, grid resiliency
peterschreiber.media/iStock via Getty Images
Xcel Energy (NASDAQ:XEL) said Wednesday it was selected for a $100M grant from the U.S. Department of Energy to boost its work to reduce and mitigate the threat of wildfires and ensure the resiliency of the grid through extreme weather.
Xcel (XEL) said the funding, which will include a $140M cost share provided by the company, will support a range of projects that enhance the grid's resiliency in the face of fires, severe storms, and other adverse environmental conditions.
The projects - to be based in Colorado, Minnesota, New Mexico, Texas and Wisconsin - are expected to span five years, with detailed design and planning starting in 2024 and projects completing by late 2028.
Xcel's (XEL) grant is part of $3.5B awarded by the Biden administration for 58 projects across the U.S. to strengthen electric grid resilience.

More on Xcel Energy

Xcel Energy: A Solid Utility Pick For Dividend Growth Investors
Xcel Energy Q2 2023 Earnings Call Transcript
Seeking Alpha's Quant Rating on Xcel Energy