Latest news with #Frenzel
Yahoo
5 days ago
- Business
- Yahoo
Xcel Energy Powering More of the Economy as Energy Transition Continues
Company has also reduced carbon emissions 57% since 2005 MINNEAPOLIS, June 05, 2025--(BUSINESS WIRE)--Xcel Energy is powering even more of the economy as it continues to reduce the carbon emissions from its operations, the company announced in its 20th annual Sustainability Report today. The company now provides reliable electric service to data centers, vehicle charging, home heating, natural gas development and other areas of the economy that spur growth and support opportunities for customers to choose cleaner energy sources. As it provides value to customers in new ways, Xcel Energy has also continued to reduce carbon emissions from the electricity it provides to customers, with carbon emissions 57% below 2005 levels. "We remain steadfast in our commitment to provide reliable, affordable, sustainable and safe energy to the millions of people we serve," said Bob Frenzel, chairman, president and chief executive officer of Xcel Energy. "We are particularly proud of the progress we have made on our journey to a carbon-free electricity future, and we have done so with the most expansive set of clean energy resources in the country, including wind, solar, nuclear, hydro and natural gas." The carbon reduction progress brings Xcel Energy closer to its industry-leading vision it established in 2018 to provide customers with 100% carbon-free electricity by 2050. "Whether you're a resident of a single-family home or a technology company powering a data center, the energy we provide enables you to choose cleaner alternatives for your home or business and drives our economy forward," Frenzel said. Maintaining reliability while adding renewable energy Xcel Energy remains committed to delivering reliable, low-cost energy to its customers. The company outperforms the industry reliability standard, restoring 92% of affected customers' power within 24 hours during active storm days, and has an overall electric service reliability of 99.98%. Its residential customers' electric bills are 28% below the national average and are among the lowest in the country, according to the U.S. Energy Information Administration. The company has also lowered customers' bills through cost-effective wind and solar projects. Xcel Energy now has enough wind capacity on its system to cost-effectively power more than 2.5 million homes, quadruple the amount it had in 2005. And, from 2017 to 2024, wind projects saved customers approximately $5 billion through avoided fuel costs and earned tax credits. "We have long been leaders in sustainability in this industry — without sacrificing affordability — and we're not slowing down now," said Jeff Lyng, vice president of external affairs and policy and chief sustainability officer. "Our customers and policymakers are asking more from us as our service plays an even larger role in their homes and businesses. We must continue to balance environmental responsibility with economic prosperity and community vitality." In 2024, Xcel Energy provided $187 million in customer rebates and incentives through programs that enable customers to embrace energy-efficient lighting, appliances and more. Customers installed more than 23,000 solar systems through the company's Solar*Rewards program, and the company also connected more than 193,000 customers to more than $175 million in energy assistance programs offered by the company and by public sources. Bringing jobs and investment to communities Xcel Energy engages with community members, businesses, organizations and civic and political groups across the 1,600 cities and counties it serves to better meet residents' energy needs, connect customers to programs that save money and energy, foster economic growth and build the future workforce. Xcel Energy helps the communities it serves prosper, working with landowners, developers, municipalities and economic development organizations to ease the path to locating or expanding businesses. The company spent $5.2 billion with small or local businesses in 2024, helped create nearly 3,200 new jobs and spurred $5.1 billion in additional capital investment. The company's economic development team initiated 24 projects across the eight states it serves, which will help grow industries such as data centers, food processing and manufacturing. Together with the Xcel Energy Foundation, employees and retirees, the company gave back to its communities, donating $14.5 million across the eight states it serves and its employees contributed $3 million in economic impact through volunteering for nonprofit and community improvement projects. Read the full Sustainability Report. About Xcel Energy Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit or follow us on X and Facebook. About Xcel Energy Foundation The Xcel Foundation is a 501(c)(3) organization that awards charitable grants to nonprofit organizations and sponsors the volunteer programs of Xcel Energy and its subsidiaries. The majority of Xcel Energy Foundation funding comes from Xcel Energy shareholder dollars. Learn more about the Foundation's Focus Area Grants. View source version on Contacts Xcel Energy Media Relations414 Nicollet Mall, 401-7Minneapolis, MN 55401(612) 215-5300mediainquiries@ Sign in to access your portfolio
Business Wire
5 days ago
- Business
- Business Wire
Xcel Energy Powering More of the Economy as Energy Transition Continues
MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy is powering even more of the economy as it continues to reduce the carbon emissions from its operations, the company announced in its 20 th annual Sustainability Report today. The company now provides reliable electric service to data centers, vehicle charging, home heating, natural gas development and other areas of the economy that spur growth and support opportunities for customers to choose cleaner energy sources. As it provides value to customers in new ways, Xcel Energy has also continued to reduce carbon emissions from the electricity it provides to customers, with carbon emissions 57% below 2005 levels. 'We remain steadfast in our commitment to provide reliable, affordable, sustainable and safe energy to the millions of people we serve,' said Bob Frenzel, chairman, president and chief executive officer of Xcel Energy. 'We are particularly proud of the progress we have made on our journey to a carbon-free electricity future, and we have done so with the most expansive set of clean energy resources in the country, including wind, solar, nuclear, hydro and natural gas.' The carbon reduction progress brings Xcel Energy closer to its industry-leading vision it established in 2018 to provide customers with 100% carbon-free electricity by 2050. 'Whether you're a resident of a single-family home or a technology company powering a data center, the energy we provide enables you to choose cleaner alternatives for your home or business and drives our economy forward,' Frenzel said. Maintaining reliability while adding renewable energy Xcel Energy remains committed to delivering reliable, low-cost energy to its customers. The company outperforms the industry reliability standard, restoring 92% of affected customers' power within 24 hours during active storm days, and has an overall electric service reliability of 99.98%. Its residential customers' electric bills are 28% below the national average and are among the lowest in the country, according to the U.S. Energy Information Administration. The company has also lowered customers' bills through cost-effective wind and solar projects. Xcel Energy now has enough wind capacity on its system to cost-effectively power more than 2.5 million homes, quadruple the amount it had in 2005. And, from 2017 to 2024, wind projects saved customers approximately $5 billion through avoided fuel costs and earned tax credits. 'We have long been leaders in sustainability in this industry — without sacrificing affordability — and we're not slowing down now,' said Jeff Lyng, vice president of external affairs and policy and chief sustainability officer. 'Our customers and policymakers are asking more from us as our service plays an even larger role in their homes and businesses. We must continue to balance environmental responsibility with economic prosperity and community vitality.' In 2024, Xcel Energy provided $187 million in customer rebates and incentives through programs that enable customers to embrace energy-efficient lighting, appliances and more. Customers installed more than 23,000 solar systems through the company's Solar*Rewards program, and the company also connected more than 193,000 customers to more than $175 million in energy assistance programs offered by the company and by public sources. Bringing jobs and investment to communities Xcel Energy engages with community members, businesses, organizations and civic and political groups across the 1,600 cities and counties it serves to better meet residents' energy needs, connect customers to programs that save money and energy, foster economic growth and build the future workforce. Xcel Energy helps the communities it serves prosper, working with landowners, developers, municipalities and economic development organizations to ease the path to locating or expanding businesses. The company spent $5.2 billion with small or local businesses in 2024, helped create nearly 3,200 new jobs and spurred $5.1 billion in additional capital investment. The company's economic development team initiated 24 projects across the eight states it serves, which will help grow industries such as data centers, food processing and manufacturing. Together with the Xcel Energy Foundation, employees and retirees, the company gave back to its communities, donating $14.5 million across the eight states it serves and its employees contributed $3 million in economic impact through volunteering for nonprofit and community improvement projects. Read the full Sustainability Report. About Xcel Energy Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit or follow us on X and Facebook. About Xcel Energy Foundation The Xcel Foundation is a 501(c)(3) organization that awards charitable grants to nonprofit organizations and sponsors the volunteer programs of Xcel Energy and its subsidiaries. The majority of Xcel Energy Foundation funding comes from Xcel Energy shareholder dollars. Learn more about the Foundation's Focus Area Grants.
Yahoo
23-05-2025
- Business
- Yahoo
Xcel Energy Raises Dividend Amid Strong Growth and Expanding Power Demand
Xcel Energy Inc. (NASDAQ:XEL) announced on May 21 that its Board of Directors approved a quarterly dividend of 57 cents per share. This is a 4.1% increase from the previous amount, 54.75 cents. The hike marks Xcel Energy's 22nd consecutive year of dividend increases. CEO Bob Frenzel stated that the increase reflects the board's confidence in the utility's long-term growth strategy and continued operational excellence. The dividend boost follows strong Q1 2025 performance. The company posted $0.84 per share in earnings and invested $2.3 billion in energy infrastructure. A close-up of an electrical power line with a bright blue sky in the background, highlighting the company's selection of electricity and natural gas services. Frenzel said in the Q1 2025 earnings call that the company stares at immense growth opportunities as electric demand surges across its service territories. Xcel Energy anticipates needing to deliver between 15,000 and 29,000 megawatts of new generation by 2031 to serve customers. To that end, the company has obtained regulatory approvals for various projects, including a Minnesota settlement for nearly 5,000 megawatts of power generation. Xcel Energy Inc. (NASDAQ:XEL) is an American electric and natural gas utility company. It serves millions of customers (residential, commercial, and industrial) across eight US states. While we acknowledge the potential of Xcel Energy Inc. (NASDAQ:XEL) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XEL and that has 100x upside potential, check out our report about the . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None.
Yahoo
30-04-2025
- Business
- Yahoo
Leading through uncertainty: Advice from Xcel Energy's CEO, a former CFO
Good morning. More finance chiefs are being considered for chief executive roles. But the C-suite trend of CFO-to-CEO increasingly includes execs with operational acumen of the core business and strategy experience, in addition to finance. Take, for instance, Bob Frenzel, CEO of Xcel Energy (No. 302 on the Fortune 500), one of the largest public utilities in the country. Frenzel joined the company in 2016 as EVP and CFO. In 2020, he began serving as president and chief operating officer, where he led Xcel Energy's four utility operating companies, in addition to the transmission, distribution, and natural gas operations. Frenzel was promoted to chairman, president, and CEO in 2021. His operational experience first began after college when he served in the U.S. Navy for six years, working as a nuclear engineering officer and weapons officer. Frenzel's CFO roots continue to serve him well. "We spend a lot of time thinking about the cost of capital," he said of Xcel Energy during a fireside chat last week at Semafor's World Economy Summit in Washington, D.C. "We deploy probably $10 billion of capital a year. As an industry, we're probably $200 billion a year of capital deployment." U.S. electricity demand is projected to grow by 3% annually through 2030 following decades of stagnation, driven by the adoption of new devices and technologies, Al-driven data centers and the resurgence of manufacturing, according to the company's latest white paper. Following his talk, I asked Frenzel about what prepared him for the CEO role and his thoughts on leading during uncertain times. Here's what he had to say:I attended the University of Chicago to get an MBA and our accounting professor there, who is world-renowned, would say that accounting is the language of business, and sometimes business is the language of leadership. As a company, we're very capital-intensive, one of the most capital-intensive industries in the United States. And so understanding how to raise capital, deploy capital, manage budgets, and balance budgets, is important in the business, and it could be in making electricity or making a manufacturing device. I think having that financial background is very helpful.I'm a recovering CFO, but I'm also a nuclear engineer, so I did start my career in making electricity. I always like to think I've been making electricity for three decades. Yes, in this industry, having a background in energy, generation, transmission, engineering, or construction, all those things are things that we do, is at the big picture, the skill sets to become a CEO are broad. But not everybody comes in with the full slate of all the skills you need to be the CEO of any company. You have to be able to hire great talent, understand where your blind spots might be in terms of your own skills and talent, and then fill those spots with great people. And, where you have more expertise, you may be able to lean on yourself a little bit more, as opposed to your team. I think having great teams, whether it's a finance, communications, or HR team, is necessary for a CEO to be I come to work and I talk to my team or the broad organization, it's about focus. There's just so much news media, there's so much social media, and it's kind of all the time on and you can see how it wears on people. I know that if we show up and deliver for our customers, we keep the customer at the center of everything we do, and we focus on delivering our life-essential product to our customers when and where they need it, at a price that's as low as possible, then I know we can deal with all the uncertainty that comes—whether it's a headline or it's a financial challenge. Sheryl This story was originally featured on Sign in to access your portfolio
Yahoo
28-04-2025
- Business
- Yahoo
Semafor World Economy Summit: Views from policymakers and CEOs on AI
Day 3 of Semafor's World Economy Summit got underway in Washington, DC Friday, featuring interviews with leading policymakers and CEOs discussing how artificial intelligence will transform businesses and empower consumers. Semafor's journalists are in conversation with newsmakers including Uber CEO Dara Khosrowshahi and Nasdaq chief Adena Friedman. Technology Strategy Leader, PwC US Bigger players have been acquiring AI startups 'as a way of amplifying the innovation,' Krishnamurthy said. The trend makes him confident there will be more M&A: 'It will break the deals winter we've been kind of going through to drive the change that we are looking at.' Krishnamurthy said there can be tensions between keeping up with the pace of AI innovations while maintaining long-term corporate vision, 'but they don't need to be necessarily the paradox that we have thought about in the past,' he said. CEO, CoreWeave 'No, I don't feel vindicated,' Intrator said. 'We took the company public for some very specific reasons and we are bringing a new business model to the market, and the validity of that model is being debated every day.' He said the vindication will come two to five years from now 'when people understand what we're doing… and value the company as they see fit.' 'I've never seen an experience where there was a severe dislocation with the interpretation of the financial market and the physical underlying infrastructure' until Deep Seek emerged, Intrator said. He said the 'abject panic' in the markets revealed the extent to which the Chinese startup's AI model 'rattled the foundations of technology investment.' Chairman, President and CEO, Xcel Energy 'We didn't wake up on April 2 or November 6 and think that we weren't gonna be in some form of trade challenges,' Frenzel said. Most of Xcel's equipment is domestically sourced, he said, but the company still has 'some international exposure.' The 'largely Chinese-dominated' battery supply chain, however, is 'relatively fluid and dynamic and can relocate itself predominantly outside of China,' Frenzel said. He specifically mentioned Southeast Asia and the US as possible locations, saying domestic production would be more feasible 'if we had some tariff and trade certainty.' The solar energy supply chain has 'dramatically shifted' to these regions in recent years, Frenzel noted. President Donald Trump's executive orders on energy 'recognize the fact that the country needs as much electricity as we can get right now,' said Frenzel, but he doesn't expect coal to see a big resurgence. Xcel itself uses 40 gigawatts of coal generation, but that will be retired over the next five years, he added, as the company needs nearly 400 gigawatts of new generation. Coal 'just scratches the surface… for a short period of time until we can get the supply chains for either natural gas or wind or solar or storage ramped up to meet the demand that we see on the horizon,' he said. Frenzel said wildfire-related lawsuits raise the cost of capital for companies. 'We are hyper-focused on our cost of capital,' he said, and need 'to mitigate risk as an industry.' Building resilient grid infrastructure to lower the risk requires public-private partnership, he said, including involvement of federal and state governments. CEO and President, Booking Holdings Inc. While the travel industry globally is up since 2019, the number of people visiting the US is actually down, Fogel said. Having heard from customers that they are now hesitant to visit the US, he believes the brand of the US 'has been tarnished.' AI's impact on the travel industry has been severe, said Fogel, citing data showing a '70% reduction in the number of human travel agents' between 2000 and 2021. 'That's great for shareholders, it's great for productivity, it's great for the bottom line. But the question is, so what are those people doing now who used to be travel agents?' Fogel said. As generative AI continues 'accelerating' efficiencies, the resulting job elimination is 'going to have incredible ramifications for our society,' he said. 'I'm not sure how many people really recognize how fast this is happening.' Chair and CEO, Nasdaq Global investors won't necessarily stop investing capital in US markets — but they're looking for predictability and dividends, Friedman said. 'They will go to where the returns are over time. 'It's a matter of just making sure that the US economy delivers those returns,' she said. She said investors are especially looking for 'some level of predictability,' which is 'what really drives the economy forward.' Banks and financial regulators can deploy AI to spot criminal activity, Friedman said, calling the technology 'a game changer for defense in addition to being, unfortunately, a game changer for the criminals.' She said Nasdaq uses its 'very advanced' AI-enabled Verafin platform to detect criminals as well as automate its workflows. Founder and CEO, Aurelia Institute Today the space economy has 'a thriving commercial ecosystem,' Ekblaw said. 'The cost to get to space in the last 15 years has dropped dramatically, she said, noting that with SpaceX the costs are 'like FedEx — if you can ship something around the world, you can ship it to space. Now 'ambition [is] what we need the government's help with,' she said. 'What we want to now see is, how can we do large-scale infrastructure in-orbit for the public good?' Achieving 'that scale of ambition' calls for public-private partnerships,' she said. : 'When we cut science funding at this scale, there are really massive impacts to aviation,' Ekblaw said. However, she continued, 'I'm optimistic that [NASA Administrator Jared Isaacman] is going to be able to find a way to negotiate within the constraints that he's gonna be put under and be able to find a way to protect some of that funding.' Chief Investment Officer, Artificial Intelligence, MGX MGX plans to invest $8-$10 billion a year in artificial intelligence infrastructure and companies, particularly in the US, Osman said. 'We remain optimistic that the technology will revolutionize the way we create value in the economy, and the United States continues to be at the bleeding edge of this technology.' While MGX hasn't disclosed the overall size of its fund — estimates put it at $100 billion — Osman said the firm will invest between $1 billion and $2 billion per deal. He said MGX is taking a 5-10 year view and is 'deploying capital in order to support that build-out growth.' 'The demand is still very high,' he said. Global installations are still expected to be around 60 gigawatts, he said, but he thinks that capacity needs to grow to 200 or 300 gigawatts over the next handful of years. CEO, Infosys There needs to be a clear way to demonstrate benefit at scale across the company,' Parekh said. 'Most of these companies are built from acquisitions and so there are various components to these companies, not a uniform set of structures that allow AI to be deployed. Companies need a strong data infrastructure, and most companies don't have that.' CEO, Uber These cars have to be close to 10 times safer than human-driven cars, Khosrowshahi said. He said that while pedestrian behavior is likely to be erratic in cities like New York, 'AIs now are acting in much more human ways. You will see autonomous drivers who drive more and more like a super safe human.' 'I don't think that there will be a winner-take-all,' he said, noting the industry tops $1 trillion. 'There'll be plenty of room in the industry. We'd love to work with them.' Khosrowshahi said he owns a Tesla himself and called its self-driving ability 'delightful,' but added that he has 'to take over every once in a while.' Tariffs that are supposed to protect domestic companies, can actually reduce competition, and therefore innovation, Khosrowshahi said. 'Sometimes that protection removes the need for vicious competition,' he said. 'If the tariff policy results in companies who have it easier and rest on their laurels, no, it's not gonna work.' Khosrowshahi said the Federal Trade Commission's recent lawsuit against the company related to its Uber One service, was a 'head-scratcher.' The FTC alleged the subscription platform charged consumers without their consent and made it difficult to cancel. 'We make it incredibly easy to sign up for Uber One,' Khosrowshahi said. 'The value is enormous. The renewal rates are over 90%. It's a great product.' He said Uber is 'recession-resistant,' because its revenues and expenses both fluctuate based on GDP. 'In a weaker economy, if there is more unemployment, the cost of Uber will come down because to some extent, the cost of labor comes down,' he said. Artificial general intelligence seems imminent, with increasingly capable robots coming along for the ride, but it remains unclear how increasingly powerful computers will impact the world's knowledge workers. The billions of dollars companies are pouring into AI have not paid off, yet. Read more in The Semafor View -> A SPONSOR MESSAGE Time and again, technology has reshaped how we live and work, from electricity and automation to the internet and mobile. But Generative AI isn't just another shift — it's a seismic technology transformation unfolding faster than ever. For businesses across all sectors, it's gone from experimental to fundamental. At Booking Holdings, we're moving just as fast to harness this technology across our global brands. Beyond improving efficiency, we're reimagining how we serve customers and empower our teams to advance our mission to make it easier for everyone to experience the world. Decades of working with technology and data provide a natural advantage, but we must continue to look beyond the horizon to remain at the forefront of innovation. As a world leader in digital travel technology, we know that the velocity of innovation demands adaptability, agility, and a continuous need to challenge the status quo. Thriving in the AI era means continuously investing, learning, and collaborating across the industry to unlock new opportunities for the benefit of all. Now is the time to forge the future, together. Sign in to access your portfolio
