Xcel Energy's deal with Google saves Minnesota customers $1.1B by shifting AI power costs to Google.

Xcel Energy has signed a groundbreaking electric service deal with Google that shifts the cost of powering Google's 750-megawatt Minnesota AI campus from residential and small-business ratepayers to Google itself. This arrangement is projected to save Minnesota customers about $1.1 billion over the deal's life, potentially up to $1.5 billion over 15 years, by having Google pay all infrastructure and generation costs, including clean energy projects. The deal could become a model for other utilities and hyperscalers, supporting Xcel's $60 billion capital plan focused on transmission, renewables, and generation. The Minnesota Public Utilities Commission still needs to approve the Clean Energy Accelerator Charge, and more similar deals may follow across Xcel's service states, offering investors exposure to AI-driven energy demand without typical ratepayer cost hikes.