Xcel Energy, a leading energy company, has released data demonstrating its significant economic impact on the communities it serves in Texas and New Mexico in 2022. The company said it spent about $784 million on supplies, fuel, equipment and other goods and services, up $40 million from the previous year. In addition, Xcel Energy contributed $177 million in state and local taxes and fees and donated more than $1.1 million to area nonprofits.
With 1,615 full-time employees in Texas and 253 in New Mexico, Xcel Energy not only supplies electricity to the region’s economy, but also supports it financially. The $784 million spent locally in 2022 boosted local governments, including school districts, cities and counties, through $177 million in franchise fees and taxes. These funds play a critical role in maintaining essential services that contribute to the quality of life in the region.
In addition to financial contributions, Xcel Energy and its foundation donated a significant amount of money to United Way organizations, benefiting the entire region. Employees and retirees also made significant individual donations of $364,000 to local nonprofits and volunteered their time to support various causes.
Xcel Energy plays an active role in supporting economic development efforts in the communities in which it operates. By partnering with local governments, economic development organizations and chambers of commerce, the company works to retain existing businesses and attract new jobs to the area. Xcel Energy’s investments in infrastructure improvements such as lines, substations and power plants are aligned with local economic development strategies and provide communities with a competitive advantage to attract investment and job opportunities.
As the region’s leading energy company, Xcel Energy remains committed to the economic prosperity of the communities it serves. With an extensive service area that includes 96 cities and towns in Texas and New Mexico, the company’s high-voltage transmission network plays a critical role in providing reliable power to the region.
Definitions:
– Xcel Energy: An energy company that provides services in Texas and New Mexico.
– Franchise: A fee paid to a local government for the right to operate in its territory.
– Economic development: Efforts to improve a region’s economy by creating jobs and attracting investment.
