Xcel plans $70 billion of investment over 5 years, targeting 11% growth in its rate base, the assets used to set customer rates. Nearly 3/4 of planned new capacity is expected from renewables, pointing to expansion despite the large spending needs.
Adding power and storage assets expands what Xcel can provide. The plan requires major spending, and the story does not say how Xcel will pay for it. Still, the growth target and renewable buildout point to a larger utility business.
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