Six Midwest companies will invest $15 million combined in renewables projects. This action follows their goal to meet a net-zero carbon level in the future.
Midwest companies investment plans
According to a new S&P News report, six Midwest companies declared they expect to make a combined $15 million investment.
Over the next years, this investment will be used to develop or buy roughly 4GW of solar generation, 3.6 GW of wind generation over 1GW of electric battery storage.
WEC Group, Alliant, Xcel Minnesota, CMS Energy, DTE Energy, and Ameren said they would continue to pursue carbon reduction targets for the next five, ten, and thirty years.
These six utilities reported earnings in Q3, saying they expect to retire a combined total of 5.8 GW of coal-fired capacity by 2023.
These companies have a combined generating capacity of 46.3 GW and are looking to replace their coal-fired power with 7.7. GW of new solar and wind infrastructure projects over the next few years.
Although the combined total investment for future renewables projects is $15.6 billion, each of the companies described their assets differently.
For instance, the WEC group declared it has a 2021-2025 capital plan of $16.1 billion for investing in its sustainability and efficiency drives. In that regard, the company is willing to invest $4.1 billion in its sustainable renewable projects and allocate $1.9 billion in carbon-free generation.
The WEC group will develop an 800 MW capacity in total by 2023. 100 MW in new solar developments, 600 MW in new wind infrastructure, and 1,135 MW in recent battery storage coal retirements.
On Alliant’s side, the company will achieve a net 400 MW in solar capacity by 2022. Also, 1,150 MW in wind developments.
Regarding Xcel, the utility has made commitments to address an overall 682 MW capacity in cleaner power infrastructure by 2023, including 460 MW in new solar and 650 MW in wind developments.
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CMS Energy will develop its renewables infrastructure projects in the next three years. The company looks to achieve a 1,100 MW capacity in solar assets and 450 MW in battery storage coal retirements.
Another utility joining these efforts is DTE Energy, which wants to have a net 2,410 MW power capacity in its renewable assets, divided the following way: 545 MW in solar developments and 225 MW in wind developments 2022.
Finally, Ameren will develop a net capacity of 812 MW in the next two years, divided into 700 MW solar capacity and 112 MW in wind developments