Xcel to invest $557M in New Mexico, West Texas

Published on NewsOK Modified: May 13, 2014 at 3:30 pm •  Published: May 13, 2014
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Xcel spokesman Wes Reeves tells the Hobbs News Sun (http://bit.ly/19NMSEn ) that local customers may see some small hikes in their electricity bills over the next several years.

"The area customers won't pay the total amount for these investments," he said. "Over time, the recovery of our share of the costs will come out of customers' rates. ... yes, these investments do cost money, but they are there to serve the economy, but we believe they will stimulate the economy even further."

Xcel plans to handle its expanded infrastructure by adding more employees in New Mexico and by partnering with community leaders.

The Carlsbad Department of Development is among Xcel's partners. John Waters, the organization's executive director, said if there is no infrastructure to power the growing economy, business could go elsewhere.