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LEGISLATION MAINTAINS WISCONSIN CONTROL OVER TRANSMISSION SYSTEM

Recently introduced legislation (SB 481/AB 470) will allow Wisconsin utilities to maintain control over construction and operation of transmission infrastructure in this state. Without these bills, out of state investors will be allowed build and operate any new transmission lines which will not only harm investors but also consumers because a balkanized system will inevitably be more costly to build an operate.

Specifically, the bills provide a right of first refusal to incumbent transmission line owner/operators for any new transmission line projects. This will protect the current system which is owned and operated primarily by Xcel Energy and the American Transmission Company which, in turn, is owned by Alliant Energy, Madison Gas and Electric, WEC Energy Group and several Wisconsin municipal utilities.

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WE ENERGIES STRENGTHENS RELIABILITY WITH STATE-OF-THE-ART GENERATION FACILITY NEAR WAUSAU

An innovative new power facility is providing another important source of affordable, reliable energy for homes and businesses across Wisconsin. We Energies has completed a new, 128-megawatt (MW) power generation station at the Weston Power Plant near Wausau, Wisconsin. The units at the natural gas-fueled facility have begun full operations, sending energy to the electric grid. 

“We focus every day on making sure our customers have the energy they depend on,” according to Scott Lauber, President and CEO — We Energies. “As we build more renewable energy power plants, these modern and low-carbon generation units will ensure the lights stay on when the sun is not shining and the wind is not blowing.”

RECORD ATTENDANCE AT WISCONSIN UTILITY INVESTORS 43RD ANNUAL MEETING AT EAST TROY

  

Nearly 150 Wisconsin Utility Investor Members attended this year’s Annual Meeting held in East Troy, Wisconsin, bringing our attendance nearly back to pre-Covid numbers. Members took advantage of the opportunity to talk to shareholder relations representatives from Alliant Energy, MGE Energy, and WEC Energies, learning about current investment dividends and considering future stock options.

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MINNESOTA PUC PAVES THE WAY FOR CONTINUED OPERATIONS AT XCEL ENERGY’S MONTICELLO NUCLEAR PLANT

Xcel Energy has received the necessary approval from the Minnesota Public Utilities Commission to extend operations of the Monticello Nuclear Generating Plant through 2040, a major step toward continuing to provide reliable, carbon-free energy for more than 500,000 customers across the Upper Midwest while meeting the state’s carbon reduction goals.
The Minnesota Public Utilities Commission approved Xcel Energy’s application to allow increased storage of spent nuclear fuel at the site, opening the door for at least ten more years of operation. 
“We thank the Commission, Minnesota Department of Commerce and other stakeholders for their careful review and recognition of the importance of the Monticello nuclear plant to our shared clean energy goals,” said Chris Clark, president, Xcel Energy – Minnesota, North Dakota, and South Dakota. “Nuclear power is crucial to achieving those goals because of its unique combination of reliability, affordability, and zero emissions. 

MGE TARGETING NET-ZERO METHANE EMISSIONS FROM NATURAL GAS DISTRIBUTION SYSTEM

Building upon MGE's long-standing commitment to providing affordable, sustainable energy, Madison Gas and Electric has set a goal to achieve net-zero methane emissions from its natural gas distribution system by 2035. The goal builds on the company’s existing sustainability and clean energy goals.
MGE completed an in-depth analysis and inventory of all its greenhouse gas (GHG) emissions associated with its electric generation and distribution, purchase and distribution of natural gas, and other sources. Methane, which is a primary component of natural gas, is more than 25 times as potent as carbon dioxide. It can be emitted during the production, transmission and distribution of natural gas.

SOLAR ENERGY BATTERY PROJECTS GET GREEN LIGHT

The Public Service Commission of Wisconsin has approved two Alliant Energy battery energy storage projects totaling 175 megawatts (MW). The approval clears the way for construction to begin on the 100-MW Grant County Battery Project and 75-MW Wood County Battery Project. They will be located alongside the company’s Grant County and Wood County solar sites. The integration of these battery systems with Alliant Energy’s utility-scale solar sites increases customer access to safe, reliable energy even when the sun isn’t out.

"We appreciate the PSCW’s approval of these cutting-edge battery energy storage systems that will enhance grid reliability and flexibility for our customers,” according to David de Leon, President of Alliant Energy’s Wisconsin energy company. “These projects are another step toward achieving our clean energy goals while enabling a more resilient and cost-effective energy future. We are excited to break ground on these innovative battery projects and look forward to the benefits and enhanced value these systems will deliver to our customers.” 

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AWARDS

ALLIANT ENERGY NAMED A TOP UTILITY IN ECONOMIC DEVELOPMENT

Site Selector Magazine announced for the fifth consecutive year that Alliant Energy has earned their Top Utility in Economic Development honor. The annual list recognizes the company for its contributions to local community development and job creation.

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FROM THE CAPITOL

WISCONSIN SENATE OVERRIDES THREE OF GOVERNOR’S VETOES
Republicans in the Wisconsin Senate have voted three times to override vetoes from Gov. Tony Evers, two of them partial vetoes that Evers made to the 2023-25 state budget. 
The override votes then go to the state Assembly, where the GOP is just two seats shy of the two-thirds majority needed to concur with the Senate and override. Any Assembly action is likely to have happened after press time for this Voice issue. 
The Senate voted along party lines 22-11 to override. Evers’ veto in the budget that authorized public school districts to raise their revenue limits by $325 annually for the next 400 years.  
Evers’ vetoed budget language that cut the income tax rate for households with incomes from $25,000 to $370,000. He had also vetoed SB-49, a bill to protect liquified gas retailers from government restrictions on their products and also to block state agencies and local governments from restricting utilities or discriminating against them based on their “type or source of energy.”

EVERS VETOES BILLS THAT WOULD HAVE PREVENTED LOCAL BANS ON ENERGY USE
Governor Tony Evers has vetoed several bills that would have prevented Wisconsin communities from barring the use of vehicles or appliances powered by fossil fuels. Two bills sought to prevent Wisconsin’s state and local governments from passing mandates that aim to shift away from vehicles or stoves that run on gas in favor of those powered by electricity.

Another proposal sought to prevent communities from requiring specific sources of energy.  Republican lawmakers and supporters have said the proposals aimed to protect consumer choice. In his veto message, Evers said signing the bills would diminish the state’s ability to combat climate change by shifting to new technology.

XCEL ENERGY ELECTS TIMOTHY WELSH TO BOARD OF DIRECTORS

Xcel Energy has announced that Timothy Welsh has been elected to the company’s Board of Directors, Welsh, who currently serves as Vice Chair for U.S. Bancorp’s Consumer and Business Banking, is an accomplished business and community leader with decades of experience in a variety of diverse fields, including financial services, customer experience, workforce development, and operations. Across several industries, Welsh’s work has centered on understanding consumer behavior and creating strategies to respond to consumer preferences.

WISCONSIN MANUFACTURERS AND COMMERCE SUPPORTS SUPERIOR ENERGY CENTER

A key federal agency is currently accepting public comments related to the Nemadji Trail Energy Center (NTEC). NTEC will be a state-of-the-art natural gas plant in Superior, Wisconsin, with the ability to deliver up to 625 MW of flexible energy to the electric grid. The proposed plant will help ensure the delivery of safe, reliable and affordable energy to many Wisconsin businesses.

In a statement the  Wisconsin Manufacturers and Commerce association said, 'Wisconsin manufacturers and other businesses cannot rely solely on intermittent wind and solar resources that are only available when the wind is blowing and the sun is shining. In order to grow jobs, Wisconsin’s business community needs access to affordable and reliable energy."

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XCEL ENERGY TO NEARLY TRIPLE SOLAR ON UPPER MIDWEST SYSTEM BY 2028

Xcel Energy is proposing to add an additional 250-megawatt solar project near the existing Sherco plant site in Becker, Minnesota, which will soon be home to the Upper Midwest’s largest solar development and represents an important piece of the company’s clean energy future.

Xcel Energy has asked the Minnesota Public Utilities Commission to add a third solar array adjacent to the 460-megawatt Sherco Solar project already under construction. The three solar projects are expected to be complete by the end of 2025 and will replace the capacity of the Sherco plant’s first coal unit that is scheduled to retire later this year. As part of its expansion of solar energy it delivers to customers, Xcel Energy is also proposing to purchase power from the 100-megawatt Apple River solar project being developed in northwest Wisconsin.

WEC ENERGY GROUP'S CORPORATE RESPONSIBILITY REPORT HIGHLIGHTS PROGRESS

WEC Energy Group has released its 2022 Corporate Responsibility Report. The report provides a comprehensive overview of the company's environmental, social and governance performance. The report outlines the progress made by WEC Energy Group and its family of companies on major projects and the company's commitment to the environment and the economies of the areas it serves.

The report also examines the company's climate strategy and the research and development of emerging technologies such as hydrogen power and long-duration battery storage.

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ALLIANT ENERGY: Q2 EARNINGS SNAPSHOT

Alliant Energy has reported earnings of $160 million in its second quarter. On a per-share basis, the company said it had profit of 64 cents. The electric and gas utility parent company posted revenue of $912 million in the period.

Alliant Energy expects full-year earnings to be $2.82 to $2.96 per share.

MGE: QUARTER 2 EARNINGS REPORTED

MGE Energy has reported net income of $28.7 million in its second quarter. On a per-share basis, the company said it had net income of 79 cents. The public utility holding company posted revenue of $148 million in the period.

XCEL ENERGY ANNOUNCES CLEAN HEAT PLAN TO REDUCE CARBON EMISSIONS IN THE NATURAL GAS SYSTEM

Xcel Energy has announced its Clean Heat Plan, the company’s first significant proposal to strategically reduce greenhouse gas emissions across the natural gas system. 

The Clean Heat Plan, one of the first of its kind, provides a pathway to reduce emissions consistent with state goals and further implements Xcel Energy’s net-zero emissions goal for its natural gas business. The Plan fast-tracks clean, resilient, innovative solutions while ensuring our customers receive the reliable, affordable energy they need to power their lives. Designed to accommodate customers’ unique needs, the Plan offers a portfolio of solutions customers can choose that work for them, leading to greater emission reductions at a lower cost.

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NEW ONLINE DATA TOOL GIVES USERS INSIGHT INTO WISCONSIN'S ENERGY MIX

The Public Service Commission has a new online tool that makes it easier to determine the state’s energy mix. The "Wisconsin Energy Statistics" portal provides a snapshot of energy use in Wisconsin, as well as that energy’s economic and environmental impacts. 

The Public Service Commission of Wisconsin has published energy data in a physical book since 1976. In a statement, PSC Chair Rebecca Cameron Valcq said the new online resource aims to make that information more accessible.

HO-CHUNK GAMING WISCONSIN DELLS ADDS ELECTRIC CHARGERS

Ho-Chunk Gaming Wisconsin Dells has hosted a ribbon cutting for one of Wisconsin’s largest and fastest public electric vehicle (EV) charging stations placed at Ho-Chunk Gaming Wisconsin Dells. Casino officials, Ho-Chunk Nation President, Marlon White-Eagle, and officials from Alliant Energy, Inertial Electric, and the Baraboo Area Chamber of Commerce were present for the event.
With collaborations from Alliant Energy and Inertial Electric, two ABB Terra 184 fast charging stations with 180 kilowatt DCFC dual-port charging stations offer both a traditional charging option with pull-in parking as well as a pull-through station which allows easy charging for larger vehicles pulling trailers. Both charging stations are ADA compliant designed and available around the clock in the parking lot just 2 miles south of interstate 90/94, on exit 92.
“We are extremely excited about offering these EV stations for guests to the Wisconsin Dells and wuiinc.org Baraboo areas,” said Ho-Chunk Gaming Wisconsin Dells Executive Manager, Landon Owen.

XCEL ENERGY SURPASSES FIFTY PERCENT CARBON-FREE ELECTRICITY

More than half of the power Xcel Energy generates across the eight states it serves now comes from carbon-free sources, the company announced in its 18th annual Sustainability Report.
Carbon-free energy made up 53 percent of the company’s 2022 energy mix, compared to an average of 41 percent nationwide. The company has also reduced carbon emissions associated with the electricity it provides to customers by 53 percent from 2005 levels. The Sustainability Report details the company’s progress in transitioning to clean energy while maintaining reliable and affordable natural gas and electricity service, as well as the company’s commitments to further strengthen communities and value the people that make up its workforce.
“Xcel Energy is at the heart of our nation’s clean energy transition,” said Bob Frenzel, Chairman, President and Chief Executive Officer of Xcel Energy. “Guided by our customers’ priorities and enabled by rapidly changing technology, we’re driving toward a clean energy future, bringing reliable, affordable, increasingly clean energy to millions.”
Xcel Energy was the first U.S. energy provider to set aggressive goals to reduce carbon emissions from the most significant ways customers use energy: for electricity, heating and transportation. In 2018, the company set a goal to provide customers with 100 percent carbon-free electricity by 2050 and reduce carbon emissions from its operations by 80 percent from 2005 levels by 2030. 
The company has begun to implement its Colorado and Upper Midwest energy plans, which outline the new energy generation, transmission infrastructure, and other resources it will develop to meet its 2030 goal. Xcel Energy also plans to exit from coal by the end of 2030 if regulators approve its proposal to retire coal operations at Tolk Generating Station in Texas four years ahead of schedule. To support the reliability and resiliency of the grid as this transition continues, the company is helping to incubate and scale emerging technologies, including demonstration-scale projects in long-duration battery storage and clean hydrogen production. Xcel Energy also continues to develop new transmission lines and in 2022 received approval for Colorado’s 560- to 650-mile Power Pathway project. The company has built more miles of transmission over the last 15 years than any other utility in the U.S.
Through the clean energy transition, the company is reducing other environmental impacts of its operations as well. Since 2005, Xcel Energy has reduced water consumption from owned and purchased energy generation by 39 percent and air emissions of sulfur dioxide and nitrogen oxides from its power plants by about 80 percent.

XCEL ENERGY SURPASSES CARBONFREE ELECTRICITY GOAL

More than half of the power Xcel Energy generates across the eight states it serves now comes from carbon-free sources, the company announced in its 18th annual Sustainability Report.
Carbon-free energy made up 53 percent of the company’s 2022 energy mix, compared to an average of 41 percent nationwide. The company has also reduced carbon emissions associated with the electricity it provides to customers by 53 percent from 2005 levels.
The Sustainability Report details the company’s progress in transitioning to clean energy while maintaining reliable and affordable natural gas and electricity service, as well as the company’s commitments to further strengthen communities and value the people that make up its workforce.
“Xcel Energy is at the heart of our nation’s clean energy transition,” said Bob Frenzel, Chairman, President, and Chief Executive Officer of Xcel Energy. “Guided by our customers’ priorities and enabled by rapidly changing technology, we’re driving toward a clean energy future, bringing reliable, affordable, increasingly clean energy to millions.”
Xcel Energy was the first U.S. energy provider to set aggressive goals to reduce carbon emissions from the most significant ways customers use energy: for electricity, heating and transportation. In 2018, the company set a goal to provide customers with 100 percent carbon-free electricity by 2050 and reduce carbon emissions from its operations by 80 percent from 2005 levels by 2030.

WEC ENERGY GROUP TO REPLACE REFERENCE RATE FOR JR SUBORDINATED NOTES

WEC Energy Group has announced that CME Term SOFR, as administered by the CME Group Benchmark Administration, will be the replacement reference rate for WEC Energy Group's 2007 Series A Junior Subordinated Notes due 2067 (CUSIP:976657AH9) (the "Notes"), replacing U.S. dollar LIBOR as the reference rate.
In accordance with the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act") and the regulation issued by the Board of Governors of the Federal Reserve System on Dec. 16, 2022, implementing the LIBOR Act (the "LIBOR Rule"), the applicable tenor of three month CME Term SOFR will be the reference rate for calculations of the amount of interest payable with respect to interest periods with reference rate determination dates occurring after June 30, 2023, and specifically August 15, 2023, in the case of the Notes.
In the case of the Notes, the replacement rate, and therefore calculation of the amount of interest payable on the above security for interest periods with reference rate determination dates that occur after June 30, 2023, will also include the applicable tenor spread adjustment of 0.26161 percent per annum, as specified in the LIBOR Act.