Xcel Energy Advances Resource Planning with New Mexico Public Regulation Commission

Xcel Energy has advanced its resource planning with the New Mexico Public Regulation Commission. The Integrated Resource Plan aims to address projected load growth and enhance reliability by securing replacement energy and capacity for retiring resources. SPS plans to file for Certificates of Convenience and Necessity with the PUCT and NMPRC in 2025, with approvals anticipated in 2026. The company is committed to sustainable energy solutions and regulatory compliance, positioning it to effectively manage future energy demands and environmental responsibilities.

Xcel Energy, through its subsidiary Southwestern Public Service Company (SPS), has made significant strides in its Integrated Resource Plan (IRP) with the New Mexico Public Regulation Commission (NMPRC). The IRP, initially filed in October 2023, aims to address projected load growth, enhance reliability, and secure replacement energy and capacity for retiring resources. SPS anticipates a resource need ranging from approximately 5,300 MW to 10,200 MW of nameplate capacity by 2030 [2].

In a strategic move to meet these requirements, SPS issued a Request for Proposal (RFP) in July 2024, seeking around 3,200 MW of accredited generation capacity by 2030. The bids received in January 2025 culminated in a portfolio selection report filed with the NMPRC in July 2025, detailing 3,121 MW of accredited capacity resources. The chosen portfolio includes 2,088 MW of natural gas, 1,273 MW of wind, 695 MW of solar, and 1,112 MW of storage, reflecting a balanced approach to energy transition [1].

Looking ahead, SPS plans to file for Certificates of Convenience and Necessity with both the Public Utility Commission of Texas (PUCT) and NMPRC in the latter half of 2025, with approvals anticipated in 2026. Additionally, SPS is preparing to issue a second RFP to solicit at least 500 MW of accredited capacity through 2032, which will include additional renewable generation to comply with the New Mexico Renewable Portfolio Standard [2].

This proactive approach by Xcel Energy underscores its commitment to sustainable energy solutions and regulatory compliance, positioning the company to effectively manage future energy demands and environmental responsibilities. The company's strategic build-out of its energy infrastructure is expected to significantly impact future capital expenditures and operational profiles, shaping its long-term financial performance [1].

References:

[1] https://www.panabee.com/news/xcel-energy-charts-future-with-3-121-mw-power-portfolio-balancing-gas-and-renewables
[2] https://www.gurufocus.com/news/2987178/xcel-energy-xel-advances-resource-planning-with-new-mexico-public-regulation-commission