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XCEL ENERGY NAMES NEW PRESIDENT FOR MINNESOTA, NORTH DAKOTA AND SOUTH DAKOTA

Xcel Energy has announced that Chris Clark, current President of Xcel Energy – Minnesota, North Dakota and South Dakota, will retire March 1, 2024. Ryan Long, Xcel Energy’s interim general counsel, will succeed Clark as the new president, effective January 1, 2024.

“I want to thank Chris for his tremendous contributions to the company. He helped lead the nation’s clean energy transition and was instrumental in driving our wind leadership to new heights in the Upper Midwest,’’ said Bob Frenzel, Xcel Energy’s chairman, president and CEO.

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FORD PRO AND XCEL ENERGY COLLABORATE TO INSTALL EV CHARGING PORTS FOR BUSINESS FLEETS

Ford Pro, the commercial division within Ford Motor Company, and Xcel have announced a unique collaboration to support the deployment of 30,000 electric vehicle (EV) charging ports in Xcel Energy service territories across the U.S. by 2030 with most upfront costs offset by Xcel for qualifying business fleet customers.

Ford Pro and Xcel Energy are launching the 30x30 initiative within Xcel Energy’s broader Electric Vehicle Supply Infrastructure (EVSI) program to scale EV adoption and increase access to charging infrastructure for business fleets across Xcel Energy’s service areas in the U.S. Through the program, most upfront costs for EV charging equipment and installation for businesses will be offset by Xcel Energy. Ford Pro will offer its suite of end-to-end charging solutions to Xcel Energy business customers as part of the effort. 

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PUBLIC SERVICE COMMISSION REJECTS MGE's PROPOSED CHANGES TO RESIDENTIAL SOLAR REIMBURSEMENT

The Public Service Commission of Wisconsin has rejected a proposal by Madison Gas & Electric that would have changed how the utility reimburses residential solar owners for energy they put back into the grid. 

State regulators are expected to make a decision on a different utility's proposal to change solar reimbursement at a later time. 

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XCEL BOARD DECLARES DIVIDEND


The Board of Directors of Xcel Energy has declared a quarterly dividend on its common stock of 52 cents per share. The dividends are payable January 20, 2024, to shareholders of record on December 28, 2023.

XCEL ENERGY ANNOUNCES OTHER LEADERSHIP CHANGES

Xcel Energy has announced other changes to its executive leadership team. Brett Carter, Executive Vice President, Group President of Utilities and Chief Customer Officer, is leaving the company to pursue other opportunities. Current Executive Vice President, Chief Legal and Compliance officer Amanda Rome has been named to this role, effective immediately. The company’s four operating company presidents and customer organization leaders will report to Rome.

Ryan Long, Vice President and Deputy General Counsel, will step in as General Counsel and oversee the legal and corporate compliance group on an interim basis.

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JC CULLEN INVESTS AS ANCHOR TENANT IN ALLIANT ENERGY'S SOLAR GARDEN IN JANESVILLE

JP Cullen, a $500+ million, full-service construction company headquartered in Janesville with additional offices in Madison and Milwaukee, is the first local business to announce plans to be an anchor tenant in Alliant Energy’s Janesville Community Solar garden. The community-funded solar garden will reduce dependence on fossil fuels and positively affect the environment through the support of residential and business customers.


JP Cullen has purchased 10 percent of the 9,000 solar blocks at the 2.25-megawatt project, to be located east of the Rock Haven Assisted Living facility on county-owned property. The garden will power up to 1,800 homes at maximum output. Alliant Energy will begin construction next spring and expects the project to be operational by the end of 2024.

ALLIANT ENERGY CEO JOHN LARSEN BECOMES EXECUTIVE CHAIRMAN, LISA BARTON NAMED CEO

Alliant Energy has announced that its Board of Directors elected John Larsen, current Board Chair and CEO, to the position of Executive Chairman, effective January 1, 2024. In addition, Lisa Barton has been elected CEO of Alliant Energy and a member of the Board of Directors, effective January 1, 2024.


"Lisa is an outstanding leader, with a track record of driving strategic outcomes, making her uniquely qualified to take on the CEO role during this period in our industry," Larsen said. "The board and I are confident she will further Alliant Energy’s ability to deliver consistent results as we deliver on our purpose of serving customers and helping to build stronger communities. I look forward to working closely with Lisa in her new role."

Barton joined Alliant Energy in February of this year as President and COO.  

"I am excited and appreciative for the opportunity to take on the role of CEO during this exciting time for our company and industry," Barton said. "I am honored to follow John's leadership and look forward to our continued partnership. There has never been a more exciting time to be in the industry, and it is a privilege to have the opportunity to work with our dedicated and innovative team at Alliant Energy, where we are focused on successfully delivering on our purpose of serving customers and building stronger communities."

"The Board of Directors is confident that Lisa will provide excellent leadership at Alliant Energy, and working with our deep bench of leaders, continue to deliver superior value to our customers, communities and shareowners," said Carol Sanders, independent lead director of the board of directors. "On behalf of the Alliant Energy Board of Directors, I also want to thank John for his outstanding and continued leadership. His track record as CEO in delivering long-term value to customers, communities and shareowners is built upon his strong foundation of serving our company for the past 35 years. We are pleased that he is stepping into his new role as executive chairman and will continue to help shape the future direction of Alliant Energy." 

Sanders will remain in her role as lead independent director.

In Larsen's new role as Executive Chairman, he will remain an employee of Alliant Energy and Chair of the Board of Directors, and Barton will report to him. Working closely with Barton, Larsen will oversee key strategic matters important to the company, including the development of the company’s strategy, as well as legislative and investor engagement. He will remain actively engaged in key energy and economic policy matters, and with key stakeholders and in the community.

Happy Holidays!

THE WUI BOARD OF DIRECTORS WOULD LIKE TO SEND A HEARTFELT
Thank you, Merry Christmas, and Happy Holidays to all our members!

Wisconsin Utility Investors (WUI) has a strong membership base that powers an effective grass-roots response. As a member, you have made your voice heard
and votes counted through events such as the WUI Legislative Day and Legislative Action Alert responses.


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WEC REAFFIRMS 2024 SHUTDOWN FOR FIRST OAK CREEK UNITS

WEC Energy Group expects to stop using coal as a power source by 2032, three years earlier than previously expected.

WEC Energy Group executives have presented the utility's plan to become coal-free in eight years, beginning with the shutdown next year of a pair of coal-powered generating units at its We Energies subsidiary's Oak Creek Power Plant.

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BILL PROTECTING ENERGY GRID RETURNS TO THE STATE LEGISLATURE

Lawmakers in both chambers of the state Legislature have held hearings on a bill that is aimed at protecting Wisconsin’s power grid from becoming an inefficient patchwork of separate transmission line operators.

The bills were introduced in the state Senate last week by Senator Julian Bradley, R-Franklin; and in the Assembly by Representative Peterson, R-Waupaca. The bills would give the current transmission line companies in Wisconsin the right of first refusal (ROFR) to build new lines connecting to their existing infrastructure.

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XCEL ENERGY RECEIVES GRANT TO BOOST WILDFIRE MITIGATION AND GRID RESILIENCY

Xcel Energy has been selected for a $100 million award from the U.S. Department of Energy to boost its work to reduce and mitigate the threat of wildfires and ensure the resiliency of the grid through extreme weather.

The funding, provided through the Grid Resilience and Innovation Partnerships program and matched by a $140 million cost share provided by Xcel Energy, will support a range of projects that enhance the grid’s resiliency in the face of fires, severe storms, and other adverse environmental conditions to better protect lives, homes and forests while reducing and preventing power outages. The projects will be based in Colorado, Minnesota, New Mexico, Texas and Wisconsin.

“We recognize that the year-round risk of wildfires has grown, along with the severity of storms and other weather events that threaten the grid,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “This funding from the Department of Energy will enhance our ability to meet this rising challenge with decisive action while reducing carbon emissions and ensuring reliable affordable and clean power for our customers.”

As climate conditions have changed, environmental impacts to the power grid have grown more severe and frequent. Areas with traditional fire seasons, for example, have seen them evolve into year-round battles against rapidly changing and extreme weather conditions that can generate larger, more intense and faster-moving wildfires.

Xcel Energy is a leader in the clean energy transition, moving forward at a pace and scale that allows the company to reach net-zero carbon emissions responsibly and meet emissions reductions goals that align with science-based climate targets. The company is continually making strategic investments and improvements to strengthen the power grid, build resilience, and increase its situational awareness of risks.

Since 2019, Xcel Energy has invested over $450 million in wildfire mitigation activities in Colorado alone to strengthen its systems and better protect communities and the natural environment.

The projects will take a number of steps to boost grid resiliency, including adding fire-resistant coatings to 6,000 wood poles, improving equipment safety features in power lines and electric vehicle chargers in high fire risk conditions, moving high-risk distribution circuits underground, and enhancing vegetation management. They will also build on current programs using emerging technology, such as drones aided by artificial intelligence that inspect power lines for safety, wind strength testing, satellite identification of trees that pose a risk and modeling software to predict how fires would spread.

In addition, the funding will support greater resilience for communities of color. Xcel Energy will use Department of Energy funds to complement an equal investment in customer-funded microgrids in the Resilient Minneapolis Project, which aims to support underserved communities in Minneapolis by providing solar, battery and microgrid technologies to strengthen community resiliency. Microgrids at key community center locations will allow critical services to be delivered to communities in the event of a grid outage.

ALLIANT ENERGY WILL INCREASE ELECTRIC RATES OVER TWO YEARS

Alliant Energy's Wisconsin residential electric customers will pay about $10 more per month, on average, for electric service next year under a two-year rate plan approved by the Wisconsin Public Service Commission.

The following year, rates will go up again, adding another $8 per month to the average bill, according to a preliminary analysis by PSC staff.

By 2025, the average residential customer will pay an additional $214 per year for electric service, 16 percent more than this year. Customers' bills for natural gas service will increase about $4 a month in 2024, but will be essentially flat in 2025, according to the PSC analysis.

EARNINGS - DECEMBER 2023

XCEL ENERGY THIRD QUARTER 2023 EARNINGS REPORTED
Xcel Energy has reported 2023 third quarter GAAP earnings of $656 million, or $1.19 per share, compared with $649 million, or $1.18 per share in the same period in 2022 and ongoing earnings of $682 million, or $1.23 per share, compared with $649 million, or $1.18 per share in the same period in 2022.
Third quarter ongoing earnings results reflect the impact of increased recovery of infrastructure investments, higher sales and demand, lower operating and maintenance (O&M) expenses, partially offset by increased interest charges and depreciation.
“Xcel Energy delivered solid performance during the third quarter,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “As a result, we are narrowing our 2023 ongoing earnings guidance to $3.32 to $3.37 per share and initiating 2024 guidance of $3.50 to $3.60 per share.”
“We made significant progress on our industry-leading clean energy transition plans. In September, we filed a proposed 
plan for the largest clean energy transition effort in Colorado history. The plan includes approximately 6,500 MW of renewable energy and battery storage, and approximately 600 MW of natural gas resources to ensure reliability. With
the benefits of the Inflation Reduction Act, the resources in the plan would have an annual rate impact of approximately 2.3 percent.”

MGE ENERGY REPORTS THIRDQUARTER 2023 EARNINGS
MGE Energy has reported financial results for the third quarter of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year.
The company’s third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022.
MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects.
In the third quarter of 2023, earnings from investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity. Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022.

XCEL ENERGY, HEARTLAND HYDROGEN HUB AWARDED FEDERAL GRANT

The U.S. Department of Energy has selected the Heartland Hydrogen Hub, including multiple clean hydrogen projects from Xcel Energy, for award negotiations to receive up to $925 million. The award will serve as a catalyst for a future hydrogen ecosystem in the Upper Midwest.
The Heartland Hydrogen Hub (HH2H) is one of seven selected to receive funding. The hub includes Xcel Energy, Marathon Petroleum Corporation and TC Energy, in collaboration with the University of North Dakota’s Energy & Environmental
Resource Center, to produce and use low-carbon hydrogen at commercial scale in Minnesota, Wisconsin, South Dakota, North Dakota and Montana. The hub aims to reduce carbon emissions by more than 1 million metric tons per year, the equivalent of taking 220,000 gasoline-powered cars off the road.

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, effective immediately.

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. Welsh also brings a passion for helping enhance the vitality of the community and opportunities for its residents.

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WE ENERGIES 2024 RATE PROPOSAL BEING CONSIDERED

The Public Service Commission of Wisconsin is considering a limited rate filing for We Energies customers. The PSCW has been conducting a thorough review of the proposal and taking public input. They are expected to make a decision before the end of 2023. The limited rate filing is driven by new investments in electric and natural gas infrastructure that have already been approved by the PSCW and that go into service in 2023 and 2024.

The filing includes significant investments in renewable energy and savings from the planned retirement of coal-fueled units at the Oak Creek Power Plant. The new investments are part of a plan that is expected to save customers $2 billion over 20 years compared to the status quo.

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ALLIANT TO CREATE UNIQUE ENERGY STORAGE FACILITY

A first of its kind energy storage system will be coming to Wisconsin in the next few years and could serve as a blueprint for wide-scale deployment across the country.

Alliant Energy has announced it has received a $30 million federal grant for a 200-megawatt-hour storage system in Columbia County. 

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WE ENERGIES PLANS $100M PROJECT TO SUPPORT NEW MICROSOFT DATA CENTER

We Energies plans to spend $100 million on a distribution project to serve Microsoft’s proposed data center on land initially meant for Foxconn in the village of Mount Pleasant.

But, the project may not need approval by state regulators, due to exemptions created for Foxconn’s failed plans to create 13,000 jobs and produce large flat-screens in southeast Wisconsin. Now, critics are calling on state lawmakers to close those loopholes.  

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XCEL ENERGY TO EXPAND ONE OF THE NATION'S BIGGEST SOLAR PROJECTS

The Minnesota Public Utilities Commission has approved Xcel Energy’s expansion of the Sherco Solar project, which will soon become one of the biggest solar projects in the country. The project is a key element of Xcel Energy’s clean energy transition and will help the company triple the amount of solar on its Upper Midwest system by 2028.  The unanimous vote paves the way for 710 megawatts of solar generation near the existing Sherco coal plant in Becker, Minnesota, by adding a 250-megawatt array to the 460 megawatts currently under construction. All phases of the project are expected to be complete by the end of 2025, replacing the capacity of the Sherco plant’s first coal unit that is scheduled to retire later this year.

The solar portfolio approved by the Commission also includes a plan to purchase power from the 100-megawatt Apple River solar project in northwestern Wisconsin, which will be one of the largest solar projects in Wisconsin.

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NEW SMART METERS SPEED GRID TRANSFORMATION

Xcel Energy’s Wisconsin customers will soon see the benefits of an improved, high-tech electric grid as the company begins installing smart electric meters at their homes and businesses. Installation work begins today in the company’s southern communities as part of a multiyear project to bring customers cleaner, safer and more reliable energy through advanced grid technology.

"We’re excited to take this next step in building a smarter, more resilient and efficient energy grid and making it easier than ever for customers to understand and manage their energy use,” According to  Karl Hoesly, President, Xcel Energy-Wisconsin. “Smart meters are the starting point for this advanced grid, boosting reliability and providing new tools and technology to help customers lower costs.”

The first meters were installed in the communities of Alma Center, Coon Valley, Ettrick, Hixton, Melrose, Rockland and Spartaas the company sets out to install more than 260,000 of the new devices in Xcel Energy’s Wisconsin service area this year and through 2025.

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