Xcel Energy not only powers the regional economy with clean, reliable electricity, but also supports local jobs and economic development through hundreds of millions of dollars spent with companies in Texas and New Mexico, according to a release from press published on Wednesday.
According to the release, in 2021, Xcel Energy purchased nearly $745 million in goods and services from businesses in Texas and New Mexico, providing a boost to local economies rebounding from the effects of the pandemic. Additionally, this is a significant increase from the amount spent with regional businesses in 2020.
“Local businesses are essential to the work we do every day, and the dollars we inject into the economy through trade with businesses – large and small – in our communities support many local jobs, both in both inside and outside of our business,” said Adrian J. Rodriguez, president, Xcel Energy – New Mexico, Texas. “We couldn’t do this without the help of these important trading partners.”
Communities in the area also benefit from the property tax revenues generated by Xcel Energy’s network of electrical installations in the region, the statement said. In 2021, Xcel Energy paid $62 million in property taxes to local governments in the South Texas Panhandle and Plains region and in eastern and southeastern New Mexico, and the utility company paid $22.3 million in franchise fees to municipal and county governments, providing a reliable stream of revenue to fund essential services in the region.
Xcel Energy also works closely with local governments, area economic development organizations and chambers of commerce to support the retention of existing businesses and the attraction of new jobs to the area. In 2021, the company participated in development projects totaling $90 million in capital investments. Xcel Energy also offers an online inventory of the region’s most marketable industrial sites and buildings at economicdevelopment.xcelenergy.com. Site consultants use this inventory to find information on business and industrial parks in the region, including data on energy capacity and infrastructure, access to transport and communication networks and other criteria designed to accelerate time to market.
“It’s important to us personally and as employees of the region’s leading energy company that the communities we serve prosper economically,” Rodriguez said. “Our team’s roots run deep here, and we will be here for many years to come.
Xcel Energy operates in 96 cities and towns in a 52,000 square mile service area that includes the Panhandle and Plains regions of southern Texas and much of eastern New Mexico. The Company’s high voltage transmission network extends from southwestern Kansas through the Texas Panhandle and the southern plains to southeastern New Mexico. The company employs 1,455 full-time people in Texas and 256 in New Mexico.