VP – Policy and Strategy, Xcel Energy
Frank Prager is VP – Policy and Strategy, Xcel Energy.
Steve Mitnick: Tell us about your vision for the electricity industry?
Frank Prager, VP, Xcel Energy: When we look at the future of the electricity industry, we're pursuing three significant priorities. The first part of our strategy is to lead the clean-energy transition by rapidly reducing carbon-dioxide emissions in our electric generation.
We've already reduced our emissions by thirty-five percent from 2005 levels and we're headed toward at least a sixty-percent reduction by 2030. We're also adding a lot of renewable energy to the system. Xcel Energy is a long-time leader in wind energy and we continue to take advantage of the low price of wind and the production tax credits by adding twelve new wind projects by 2021.
We're implementing a strategy we call "steel for fuel." The strategy works because it reduces emissions, builds out our system and brings more renewable energy to our customers
We're doing this in a way that reduces customers' energy bills by avoiding the higher cost associated with the fuel used in traditional generation, specifically coal and natural gas. We're very proud of this. It's the core of what we're trying to accomplish.
The second priority is to enhance the customer experience. We're asking ourselves, what do our customers need going forward? How are we going to take advantage of technologies developing today in the energy market place?