Climate Policy Engagement Analysis
Climate Policy Engagement Overview: Xcel Energy (Xcel) exhibits both positive and negative engagement with science-aligned climate policy. The company engages on US climate policy with a mix of positions, with evidence of advocacy at the federal level and across several states including Colorado, Minnesota, and Wisconsin. Although the company supported federal renewable energy tax credits, it appears to advocate for measures to prolong the role of fossil gas. Xcel is a member of the Edison Electric Institute and serves on the board of directors for the American Gas Association, both of which promote the long-term role of fossil gas in the energy mix.
Top-line Messaging on Climate Policy: Xcel has limited top-line messaging on climate policy. The company does not appear to have taken an explicit position on the Paris Agreement or the need to reduce GHG emissions in line with IPCC science. In its 2024 sustainability report published in May 2025, Xcel did not take a clear position on the need for government regulation to address climate change.
Engagement with Climate-Related Policy: Xcel appears to take a mix of positive and negative positions on US climate-related policy. At the federal level, the company submitted January 2023 comments to the Environmental Protection Agency (EPA) that appeared to support the Inflation Reduction Act (IRA)’s methane fee. However, it subsequently submitted October 2023 comments with the Differentiated Gas Coordinating Council that advocated for weaker methane reporting revisions, which directly impact the ambition of the methane fee’s implementation. At the state level, Xcel demonstrates mostly negative positions on state-level climate proposals. In Wisconsin, for example, Xcel submitted February 2024 testimony against Assembly Bill 258, which proposed to authorize community solar programs in the state. According to a November 2023 article by the Star Tribune, the company appeared to restrict access to rooftop and community solar in Minnesota.
Positioning on Energy Transition: Xcel takes a mix of positions on the transition of the energy mix, supporting transport electrification measures while promoting a long-term role for fossil gas. At the federal level, the company has repeatedly opposed the ambition of the Biden administration’s power plant carbon standards: in August 2023, it submitted individual and two joint comments - one by the Class of ‘85 and one by the Midcontinent Power Sector Collaborative – that did not support the ambition of the proposal to address GHG emissions from coal and gas power plants. More recently, Xcel submitted August 2025 joint comments with the Class of ‘85 that advocated for the Trump administration’s proposed repeal of these carbon standards. Previously, Xcel also advocated for weaker implementation of the IRA’s clean hydrogen tax credit, submitting February 2024 comments and August 2023 comments that emphasized concerns with the hourly matching and additionality requirements.
Xcel actively engages on state-level policies related to the energy transition. According to an August 2023 article by E&E News, Xcel emphasized cost and reliability concerns with meeting building electrification goals in Colorado. In Minnesota, a December 2024 article by Canary Media contained statements by Xcel suggesting that prolonged gas use was required to meet data center energy demands.
Industry Association Governance: Xcel has published a list of its industry association memberships, however the company fails to disclose details of each group’s engagement activities. The company does not appear to have published a formal review of its industry associations. Xcel serves on the 2025 Board of Directors for the American Gas Association, which strategically opposes US climate policy. Xcel is also a member of the Edison Electric Institute, which continues to advocate for a long-term role for fossil gas.
A detailed assessment of the company's corporate review on climate policy engagement can be found on InfluenceMap's CA100+ Investor Hub here.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q3 2025.