We talked with Ben Fowke, who leads Xcel Energy
Ben Fowke is chairman of the board, president, and chief executive officer of Xcel Energy. He previously served as president and chief operating officer with responsibility for overall corporate operations as well as Xcel Energy’s four operating companies, which do business in eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin.
Ben Fowke is chairman of the board, president, and chief executive officer of Xcel Energy. He previously served as president and chief operating officer with responsibility for overall corporate operations as well as Xcel Energy's four operating companies, which do business in eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin.
Our discussion focused on Xcel's rapidly growing wind resources. They made up seventeen percent of the energy provided to its customers in 2015, generating more power than nuclear and nearly as much as natural gas. By 2020, Xcel projects that twenty-four percent of its energy will come from wind.
PUF's Steve Mitnick: Is wind a differentiating strategy for Xcel?
Ben Fowke: I think very much so. Whenever you can buy a technology that is environmentally friendly and buy it at a price cheaper than you can buy more conventional alternatives, for example natural gas, you have a unique advantage.
That's exactly what we have across all of our eight states with what we call "Steel for Fuel." We are lowering our customers' overall bills by buying or building wind at a price point that is less expensive than acquiring natural gas under a long-term contract. Wind is more affordable than natural gas even compared to today's low natural gas prices.