Xcel Energy plans $60B capex to boost growth amid rising US electricity demand, targeting 9.6% EPS growth by 2028.

Xcel Energy is set to benefit from increasing U.S. electricity demand driven by data centers, industrial expansion, and electrification. The company has a $60 billion capital expenditure plan for 2026–2030 aimed at growing its rate base by 11% annually, supporting an expected 9.6% annual earnings per share growth through 2028. Trading at a forward PE of 19.3, Xcel is considered a quality utility stock with potential 20% upside by 2027 and 11% annual returns through 2031. Risks include reduced wildfire insurance coverage in 2026 and possible regulatory challenges on rate hikes in Colorado and Minnesota.