Utilities across the country are seizing a fast-expiring green energy subsidy to boost the efficiency of aging wind farms as they set ambitious goals to reduce their carbon emissions. Xcel Energy Inc., a Minneapolis-based utility company serving customers in eight states in the West and Midwest, recently announced plans to invest as much as $1.4 billion to refurbish some of its older wind farms as it pushes to provide carbon-free electricity by 2050. Analysts say the subsidy could be extended, but some companies aren’t leaving anything to chance in an election year. Mr. Fowke said retrofitting such projects can substantially reduce their higher generation costs and extend their useful lives by a decade or longer. “You take a project that is using older technology, outfit it with the new technology, and we’re able to bring down the cost by 20%,” Mr. Fowke said.

Source: Wall Street Journal August 16, 2020 12:00 UTC