Xcel Energy seeks proposals for new power generation
Media Release, Xcel Energy
AMARILLO, Texas — Xcel Energy is seeking proposals for power generation projects to increase the capacity of its Texas-New Mexico electric system to meet the forecasted increase in demand, as well as the needs of the growing regional economy.
“For more than a century, we’ve had the privilege of powering the growth of this region and supporting the communities and industries that call it home,” said Adrian J. Rodriguez, president, Xcel Energy Texas–New Mexico. “As economic activity continues to expand, we’re planning ahead to ensure we can meet our customers’ growing energy needs with reliable, cost-effective service and a balanced approach to our energy future.”
Today, the company filed a Request for Proposals (RFP), opening the competitive bidding process for all sources of new power projects to add more than 2,000 megawatts to the system when those sources are operating at their intended design capacity. This Texas-New Mexico RFP seeks resources to meet identified power needs from 2030-2032.
When Xcel Energy previously shared news in July of our most recent generation portfolio of 17 new power projects, the company also announced its plan to issue this RFP to fulfill its remaining identified generation needs. If given full regulatory approval, the 17 projects announced in July would increase generation capacity by more than 5,000 megawatts.
“Industries can’t grow without power, so we are taking an ‘all of the above’ approach to new generation projects,” Rodriguez continued. “This process is the first step toward powering new jobs and supporting continued economic growth in our region.”
Xcel Energy operates a diverse mix of power generation facilities in its Texas–New Mexico service area, including conventional power generating stations and large-scale wind installations. The region’s energy mix also includes electricity supplied through long-term contracts called power purchase agreements (PPAs).
Xcel Energy is working with an independent monitor appointed by state regulators to ensure the design and execution of the RFP is fair, competitive and transparent.
In addition to the need to increase generating capacity, the company also seeks proposals for projects that will provide renewable energy credits to meet New Mexico Renewable Portfolio Standard requirements, as well as projects that may lower costs or improve service to its customers.
Bids from developers are due by Jan. 13, 2026. All documents and guidance for submission may be found on the Texas & New Mexico SPS 2025 All-Source Request for Proposals webpage.
Xcel Energy will evaluate submissions with proposed commercial operation dates before June 2032.
The company expects to file its bid evaluation report and recommended portfolio to the New Mexico Public Regulation Commission for review in the second quarter of 2026. Individual projects selected will be submitted for approval to the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
