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September 14, 2022
NFIB MN Sounds Alarm on Xcel’s $400 Million EV Plan
- Xcel is a government regulated, investor-owned monopoly that, in recent years, has increasingly sought to expand into competitive lines of business under the guise of advancing “green energy.” As a regulated monopoly, Xcel recovers the cost of any project approved by the MPUC – an enormous advantage over any other private business in a competitive market.
- Xcel’s proposal creates an absurd scenario where mom and pop stores – some of which may want to install their own EV chargers – subsidize the expansion of a larger, publicly-owned business. Xcel shareholders would reap financial gain while Xcel customers are not guaranteed any benefit.
- Xcel’s proposal ignores low consumer demand for EVs, current EV battery technology limitations, and future technological advances that could leave Xcel customers footing a $400 million bill for an obsolete system.
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