Companies are racking up hefty bills as they invest in new facilities and products to meet their goals for environmental and social responsibility
against an activist investor. Credit downgrades can increase companies’ borrowing costs and hurt their stock prices.Xcel, a Minneapolis-based utility which currently operates 14 coal plants, plans to retire 12 of those and convert two to run on natural gas by 2040. It also plans to increase its wind and solar power by 2030.
The plans, which are being reviewed by state commissions in Minnesota and Colorado, are tied to Xcel’s goal to cut carbon emissions by 80% over the next decade. The planned spending on renewable energy is in addition to the $5 billion a year that the company typically spends on capital projects, Mr. Van Abel said.CenterPoint, a Houston-based utility company, plans to phase out two of its three coal facilities in Indiana by 2023 as it looks to reduce emissions, according to CFO Jason Wells.
Auto makers also are boosting spending on less polluting technologies. General Motors late last year said it intends to allocate
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