Xcel Energy 2013 Annual Report Download - page 8
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The need for new transmission infrastructure dovetails with
new regulations coming from the Federal Energy Regulatory
Commission (FERC) designed in part to initiate competition
for certain transmission projects. To make sure we are ready
to compete with others entering that market, we plan to
establish a separate subsidiary that will enable us to build new
transmission—in our own service territory or within our FERC
regions—and get a solid return for our investment. Details are
still unfolding around the FERC rules but we are approaching
the opportunity proactively. As always, we want to leverage
the skills and capabilities we have in abundance for the benefit
of our customers and stakeholders.
Not surprisingly, the success of those efforts depends in part
on regulatory rules. We’ve always recognized the importance
of a constructive regulatory environment as well as the
need to lessen the impact of rate increases on customers.
Our regulatory strategy has been built around aligning our
investments with the interest of our stakeholders.
A good example is Minnesota, where we’ve made significant
investments in wind energy. Policymakers support that
investment because it addresses the state’s renewable energy
and carbon goals. Customers benefit from the low, predictable
production cost. And investors see the benefits of reduced
environmental and operating risks associated with these
kinds of projects.
While those projects are valuable to stakeholders, they
create the need for rate increases. To moderate the effect
on customers, we’re asking for a multi-year increase in our
latest Minnesota proposal. We believe multi-year plans, which
we’ve seen in Colorado and recently received in North Dakota,
provide the price certainty that customers need.
Strengthening the strategic path forward
More than anything, growing and changing customer needs
drive our strategic path forward. It really is a new world for
energy companies like ours, with a variety of competitive