Xcel Energy Secures 20-Year License Extension For Monticello Nuclear Plant, Boosting Clean Energy Goals

On Thursday, Xcel Energy Inc. XEL announced that it will extend the operation of its Monticello Nuclear Generating Plant, following a recent license renewal by the U.S. Nuclear Regulatory Commission.

The federal approval allows the plant to continue operating for an additional 20 years, until 2050, subject to approval by state regulators. This extension is pivotal to Xcel Energy’s goal of achieving 100% carbon-free electricity by reinforcing the role of nuclear energy in its clean energy transition.

The Monticello plant has been a vital source of clean, safe, and reliable energy for more than 500,000 homes in the Upper Midwest.

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Xcel Energy Chairman, President, and CEO Bob Frenzel emphasized the importance of the plant in accelerating the company’s clean energy journey.

“As the only 24/7 carbon-free energy source we have, nuclear energy will be key to accelerating our journey to a clean energy future while ensuring we also meet the unprecedented growth in our customers’ demand for electricity,” Frenzel added.

The NRC’s decision follows a thorough multi-year review process, including extensive inspections, audits, and technical assessments to ensure the plant meets rigorous safety and environmental standards.

The Minnesota Public Utilities Commission has already approved extending Monticello’s operations through 2040, and Xcel Energy will seek further approval for the remaining 10 years.

In addition to its environmental role, the Monticello plant is a major economic contributor to the region, providing significant employment and tax revenue to the local community.

Price Action: XEL shares are trading lower by 0.64% to $67.09 at last check Thursday.

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