Pixabay
Pixabay
Xcel Energy recently revealed that the net gain made from the upcoming sale of a natural gas-fired power plant will be used to support COVID-19 relief efforts.
According to a press release, the Minneapolis-headquartered energy company is selling Mankato Energy Center to power producer Southwest Generation. The $680 million sale will enable Xcel Energy to focus on being a fully regulated utility company while helping Southwest Generation achieve a lower carbon grid.
Sale proceeds will support Xcel Energy’s financing needs and credit metrics with net gain going toward funding its corporate giving and coronavirus-related recovery measures.
“This is an unprecedented time, and we want to do our part to support our communities as we face the challenges brought on by the COVID-19 pandemic,” Xcel Energy Chairman and CEO Ben Fowke said. “The Mankato Energy Center and its workforce provides essential services for local and regional economies and that will not change. And now more than ever, the people we serve need safe, reliable, affordable power.”
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