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Xcel Energy CEO Made $26.2 Million in 2018 As Your Electric Bill Reached a New All-Time High

The Star Tribune recently ran a piece announcing that Xcel Energy CEO Ben Fowke was the third-highest paid CEO in Minnesota in 2018 with a total pay of $26.2 million for the year. This wouldn't necessarily be outrageous compensation if Xcel Energy were a private company competing for your businesses in a free market, but the fact that Xcel customers are literally forced by the government to buy their electricity from the  government-approved monopoly makes this level of compensation unconscionable. Why does the Xcel CEO get paid so much? According to the Star Tribune: "Fowke’s annual bonus is based on five factors: employee...

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Should EV Charging Stations Be Regulated as Utilities? Kentucky Joins Majority to Say ‘No,’ Minnesota Should Too

Last week, Kentucky regulators ruled that electric vehicle charging stations were not considered utilities under state law, according to Utility Dive. In doing so, Kentucky joins Iowa, Vermont and California in determining that chargers do not provide a public service in the same way that other electric services do. This makes sense, because owning an electric car is a luxury item. The graph below from the Energy Information Administration shows most electric car owners make more than $100,000. Not surprisingly, most of the household that own electric cars also have a regular car. Therefore, the argument that electric car chargers are a vital public...

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Utility Dive Names Xcel Energy “Utility of the Year.” We’re Less Impressed

Utility Dive, a website that covers the ongoings of the electric utility industry, has named Xcel Energy the Utility of the Year for 2018, commending the company for retiring coal-fired power plants and investing billions in future wind, solar, and natural gas installations. As for us, we don't think Xcel should be applauded for pursuing policies that result in higher profits for Xcel shareholders at the expense of the families and businesses who have no choice but to buy their electricity from the monopoly utility. ...

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If Wind Energy Saves Ratepayers Money, Why Does Xcel Brag About How Wind Investments Increase Profits for Shareholders?

Wind energy is supposed to be the cheapest energy source available, providing energy savings to Minnesota businesses and families.  Just read this opening paragraph of a StarTribune article, which claims that “The cost of wind energy in Minnesota, even without tax subsidies, now appears lower than that of electricity produced from both natural gas and coal.”  The validity of this statement can be proven false simply by using public data provided by the Federal Energy Regulatory Commission (FERC). As you can see from the graph below, the cost of electricity from wind farms is more expensive than both coal and natural gas plants.  Figure 1 The capacity factor of a power plant can...

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Confessions of a Former Xcel Energy Employee- Can Minnesota Avoid Wreckage Seen in Colorado?

A tell-all from Duane Richards, a former Xcel Energy employee, who plainly states that the company's "Steel for Fuel" agenda is an attempt to bolster shareholder profits at the expense of Colorado ratepayers, who will be stuck footing the bill. We can learn a lot in Minnesota from our friends in the west about the wisdom of pushing for greater renewable energy mandates, as some candidates for public office are advocating....

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