Xcel Energy released information about its economic impact from operations in its Texas-New Mexico communities in 2022.
The amount spent on supplies, fuel, equipment and building materials and other goods and services was approximately $784 million, which is about $40 million more than the previous year, according to the company. And Xcel Energy paid state and local taxes and fees amounting to about $177 million, with gifts to nonprofits in the area exceeding $1.1 million.
The company employs 1,615 full-time workers in Texas and 253 in New Mexico.
Xcel Energy said the utility not only provides the electricity that powers the area economy, but it also contributes a substantial amount of economic support through hundreds of millions of dollars spent on goods and services and through taxes and fees paid to state and local governments.
The 2022 total of $784 million was up from the $745 million in local spending the year before, and local governments such as school districts, cities and counties benefitted from the $177 million in franchise fees and tax revenues, which help pay for services vital to the area’s quality of life, according to a news release.
“We would not be able to provide the level of service our customers deserve without the communities where we work and the tools and supplies our communities provide to get our jobs done,” said Adrian J. Rodriguez, president, Xcel Energy – New Mexico, Texas in the release. “It’s important that we maintain this vital partnership as we support our shared vision of a prosperous region that provides opportunities for everyone.”
Xcel Energy and the Xcel Energy Foundation donated more than $1.1 million that year, a large amount of which benefitted United Way organizations throughout the region. Employees and retirees donated an additional $364,000 to area nonprofits in 2022 and gave hundreds of hours of volunteer time to nonprofit causes.
Additionally, Xcel Energy employees serve on boards and committees, often taking leadership roles, and the company also benefits the communities it serves through support of economic development efforts, working 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.
Xcel Energy provides an online inventory of area industrial sites and buildings at economicdevelopment.xcelenergy.com.
"Xcel Energy’s investments in new and upgraded lines, substations and generating facilities are coordinated with local economic development efforts, providing area communities a strong advantage as they seek to expand and retain business and create jobs," the release states. "Recent investments in the distribution network in Amarillo have been cited by economic developers as key to attracting 3,000 new jobs and over $2 billion in capital investment over the past two years."