Xcel plans to power 1.5 million EVs by 2030, sees EVs making up 20% of all vehicles

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Xcel Energy Inc. announced Wednesday its plan toward powering 1.5 million electric vehicles (EVs) in its service areas by 2030, including efforts to support residential and public charging options and EV adoption. The Minneapolis-based electricity producer and distributor said its plan envisions EVs making up 20% of all vehicles on the road by 2030, or more than 30 times the current number. The company estimates that by 2030, and EV would cost $700 less per year to charge than for fueling a gas-powered vehicle. “We are already busy creating new charging options for customers, whether they are residential customers or companies and government agencies with large vehicle fleets,” said Brett Carter, chief customer and innovation officer at Xcel. The company said it plans to electrify all sedans it uses by 2023, all light-duty vehicles by 2030 and 30% of its medium- to heavy-duty vehicles by 2030. The stock, which rose 1.4% in morning trading, has rallied 12.6% year to date, while the SPDR Utilities Select Sector ETF has lost 5.6% and the S&P 500 has gained 4.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.