Dive Summary:
- Xcel Energy CEO Ben Fowke revealed in an interview Thursday that the utility would move its headquarters from Minneapolis if the city forms a municipal electric utility.
- Xcel employs around 2,000 people in downtown Minneapolis—which it has served for a century—has a market value of $14 billion and operates in eight states, but its 20-year franchise agreement with the city expires at the end of 2014.
- The move to form a municipal electric utility will be the subject of a public hearing on Aug. 1 and will go to voters in November.
From the article:
... Fowke said he can’t understand why city officials are talking about replacing Xcel with a municipal utility without first having serious discussions with the company.
“It is kind of astonishing to me that we don’t have a dialogue,” he said.
The current franchise agreement gives Xcel space below or along streets, alleys and other public rights of way in exchange for millions of dollars in franchise fees paid to the city. ...