{"success":true,"data":{"pressRelease":{"id":"48220","rtpr_id":"nBwch5xMka","ticker":"XEL","exchange":"NASDAQ","all_tickers":["XEL"],"title":"PowerOn Midwest Economic Impact Report Highlights Billions in Benefits for Minnesota","author":"Business Wire","published_at":"2026-05-28T13:30:00.198Z","article_body":"PowerOn Midwest Economic Impact Report Highlights Billions in Benefits for\nMinnesota\n\nA new report projects major job creation, economic growth and long-term tax\nrevenue as region prepares for rising energy demand.\n\nPowerOn Midwest\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.poweronmidwest.com%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=PowerOn+Midwest&index=1&md5=9aff6cfd80f08442e60bc0bafb8bfa76)\nwill generate billions in economic activity, support thousands of jobs and\nstrengthen local tax bases across Minnesota and South Dakota as electricity\ndemand accelerates in the coming decade, according to a new economic study\nreleased today.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260528964266/en/\n(https://www.businesswire.com/news/home/20260528964266/en/)\n\nPowerOn Midwest, a series of new electric transmission projects anchored by a\n765 kV backbone transmission line, will help ensure the region has the energy\ntransmission capacity needed to maintain reliability while meeting rising\nelectric demand, attracting new employers and investment, and supporting\nlong-term economic competitiveness.\n\nAdditional transmission capacity is needed to deliver electricity throughout\nthe region as electric demand increases, aging power plants retire, and new\ngenerating plants connect to the grid. The projects are being developed by\nGreat River Energy, ITC Midwest and Xcel Energy, and will connect eastern\nSouth Dakota, Minnesota and the broader region, enhancing grid reliability in\nthe Upper Midwest.\n\nTransmission line projects will support thousands of jobs, deliver billions in\neconomic impact\n\nAcross Minnesota, the project is expected to deliver substantial economic\nbenefits, with communities along the transmission corridor experiencing the\ngreatest economic impact. In the construction phase alone, Minnesota\ncommunities are expected to see:\n\n\n * Jobs: 4,870 supported statewide (2,553 in project counties during\nconstruction)\n\n * Payroll: Over $482 million in new spending statewide ($259 million in project\ncounties)\n\n * Economic Activity: Over $2 billion statewide ($914 million in project\ncounties)\n\n * Property Tax Revenue: $1.2 billion over 35 years in project counties\n\nThe project will enable more than 12,000 megawatts of new wind, solar, storage\nand natural gas generation in Minnesota. This expanded capacity will support a\ndiverse energy mix, unlock existing generation that is currently constrained\nby transmission limitations and help attract private investment in the\nregion’s growing energy sector. Additional economic activity – more than\n$5 billion – would result from the new energy generation enabled by the\nprojects.\n\n“As electricity demand grows and the energy system continues to evolve,\ninvestments like PowerOn Midwest will ensure the region has the reliable,\naffordable and increasingly carbon-free power needed to support economic\ngrowth, attract investment and remain competitive,” said the utilities in a\njoint statement.\n\nRegional utilities across the Upper Midwest are working together to turn the\nproject into reality. These utilities submitted a Certificate of Need\napplication to the Minnesota Public Utilities Commission on February 3, 2026,\nwhich is a key step toward construction. The project team also expects to file\na facility permit application with the South Dakota Public Utilities\nCommission in September.\n\n“PowerOn Midwest will bring the most efficient, scalable and future-ready\ntransmission infrastructure our region has ever seen,” said the utilities.\n\"This project is about building a grid that can meet tomorrow’s needs —\none that is more reliable, more resilient and better positioned to serve\nhomes, farms and businesses for decades to come.”\n\nEconomic impact estimates were developed using IMPLAN, a widely used economic\nmodeling tool that analyzes project spending and local data from the U.S.\nTreasury and other federal, state and local sources.\n\nLearn more at PowerOnMidwest.com/library\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.poweronmidwest.com%2Flibrary%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=PowerOnMidwest.com%2Flibrary&index=2&md5=90871747ba4fe857d6a2524c4b44e954)\n.\n\nAbout us\n\nGreat River Energy, Maple Grove, Minnesota, is a not-for-profit wholesale\nelectric power cooperative which provides electricity to approximately 1.7\nmillion people through its member-owner cooperatives and customers. Through\nits member-owners, the cooperative serves two-thirds of Minnesota\ngeographically and parts of Wisconsin. Great River Energy has more than 5,100\nmiles of high-voltage transmission lines. Learn more at greatriverenergy.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fgreatriverenergy.com%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=greatriverenergy.com&index=3&md5=ba6f858a96e2a144f4ec41f9e2f79d79)\n.\n\nITC Midwest LLC is a wholly-owned subsidiary of ITC Holdings Corp., the\nnation’s largest independent electricity transmission company. ITC Midwest\noperates more than 6,600 circuit miles of transmission lines in Iowa,\nMinnesota, Illinois, Missouri and Wisconsin. ITC Midwest is headquartered in\nCedar Rapids, Iowa, and maintains regional operating facilities in Dubuque,\nIowa City and Perry, Iowa; and Albert Lea and Lakefield, Minnesota. For\nfurther information visit itcmidwest.com. ITC is a subsidiary of Fortis Inc.,\na leader in the North American regulated electric and gas utility industry.\nFor further information visit fortisinc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ffortisinc.com&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=fortisinc.com&index=4&md5=a2493632096ddcca143e9ee544291945)\n.\n\nXcel Energy (NASDAQ: XEL) is a leading energy provider, dedicated to serving\nmillions of customers with excellence. We make energy work better for\ncustomers, helping them thrive every day. That means always raising the bar\n— delivering better service and providing more reliable, resilient and\nsustainable energy. We are committed to leading the clean energy transition,\nmeeting our customers’ need for more, cleaner power, while keeping bills as\nlow as possible. Because the people we serve depend on us to power their\nlives. Headquartered in Minneapolis, we work every day to generate and\ndistribute electricity and gas to customers across eight states: Minnesota,\nColorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and\nTexas. For more information, visit xcelenergy.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fxcelenergy.com&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=xcelenergy.com&index=5&md5=247a4ff81214fe4b0a6b7dc5ab539fc2)\nor follow us on X and Facebook.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260528964266/en/\n(https://www.businesswire.com/news/home/20260528964266/en/)\n\nMedia contacts \n\nLori Buffington, Great River Energy | lbuffington@grenergy.com\n(mailto:lbuffington@grenergy.com) | 763-486-9266\n\nRod Pritchard, ITC Midwest | rpritchard@itctransco.com\n(mailto:rpritchard@itctransco.com) | 319-297-6840\n\nXcel Energy media relations | mediainquiries@xcelenergy.com\n(mailto:mediainquiries@xcelenergy.com) | 612-215-5300\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwch5xMka","title":"PowerOn Midwest Economic Impact Report Highlights Billions in Benefits for Minnesota","author":"Business Wire","ticker":"XEL","created":"2026-05-28T13:30:00.198Z","tickers":["XEL"],"exchange":"NASDAQ","article_body":"PowerOn Midwest Economic Impact Report Highlights Billions in Benefits for\nMinnesota\n\nA new report projects major job creation, economic growth and long-term tax\nrevenue as region prepares for rising energy demand.\n\nPowerOn Midwest\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.poweronmidwest.com%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=PowerOn+Midwest&index=1&md5=9aff6cfd80f08442e60bc0bafb8bfa76)\nwill generate billions in economic activity, support thousands of jobs and\nstrengthen local tax bases across Minnesota and South Dakota as electricity\ndemand accelerates in the coming decade, according to a new economic study\nreleased today.\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260528964266/en/\n(https://www.businesswire.com/news/home/20260528964266/en/)\n\nPowerOn Midwest, a series of new electric transmission projects anchored by a\n765 kV backbone transmission line, will help ensure the region has the energy\ntransmission capacity needed to maintain reliability while meeting rising\nelectric demand, attracting new employers and investment, and supporting\nlong-term economic competitiveness.\n\nAdditional transmission capacity is needed to deliver electricity throughout\nthe region as electric demand increases, aging power plants retire, and new\ngenerating plants connect to the grid. The projects are being developed by\nGreat River Energy, ITC Midwest and Xcel Energy, and will connect eastern\nSouth Dakota, Minnesota and the broader region, enhancing grid reliability in\nthe Upper Midwest.\n\nTransmission line projects will support thousands of jobs, deliver billions in\neconomic impact\n\nAcross Minnesota, the project is expected to deliver substantial economic\nbenefits, with communities along the transmission corridor experiencing the\ngreatest economic impact. In the construction phase alone, Minnesota\ncommunities are expected to see:\n\n\n * Jobs: 4,870 supported statewide (2,553 in project counties during\nconstruction)\n\n * Payroll: Over $482 million in new spending statewide ($259 million in project\ncounties)\n\n * Economic Activity: Over $2 billion statewide ($914 million in project\ncounties)\n\n * Property Tax Revenue: $1.2 billion over 35 years in project counties\n\nThe project will enable more than 12,000 megawatts of new wind, solar, storage\nand natural gas generation in Minnesota. This expanded capacity will support a\ndiverse energy mix, unlock existing generation that is currently constrained\nby transmission limitations and help attract private investment in the\nregion’s growing energy sector. Additional economic activity – more than\n$5 billion – would result from the new energy generation enabled by the\nprojects.\n\n“As electricity demand grows and the energy system continues to evolve,\ninvestments like PowerOn Midwest will ensure the region has the reliable,\naffordable and increasingly carbon-free power needed to support economic\ngrowth, attract investment and remain competitive,” said the utilities in a\njoint statement.\n\nRegional utilities across the Upper Midwest are working together to turn the\nproject into reality. These utilities submitted a Certificate of Need\napplication to the Minnesota Public Utilities Commission on February 3, 2026,\nwhich is a key step toward construction. The project team also expects to file\na facility permit application with the South Dakota Public Utilities\nCommission in September.\n\n“PowerOn Midwest will bring the most efficient, scalable and future-ready\ntransmission infrastructure our region has ever seen,” said the utilities.\n\"This project is about building a grid that can meet tomorrow’s needs —\none that is more reliable, more resilient and better positioned to serve\nhomes, farms and businesses for decades to come.”\n\nEconomic impact estimates were developed using IMPLAN, a widely used economic\nmodeling tool that analyzes project spending and local data from the U.S.\nTreasury and other federal, state and local sources.\n\nLearn more at PowerOnMidwest.com/library\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.poweronmidwest.com%2Flibrary%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=PowerOnMidwest.com%2Flibrary&index=2&md5=90871747ba4fe857d6a2524c4b44e954)\n.\n\nAbout us\n\nGreat River Energy, Maple Grove, Minnesota, is a not-for-profit wholesale\nelectric power cooperative which provides electricity to approximately 1.7\nmillion people through its member-owner cooperatives and customers. Through\nits member-owners, the cooperative serves two-thirds of Minnesota\ngeographically and parts of Wisconsin. Great River Energy has more than 5,100\nmiles of high-voltage transmission lines. Learn more at greatriverenergy.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fgreatriverenergy.com%2F&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=greatriverenergy.com&index=3&md5=ba6f858a96e2a144f4ec41f9e2f79d79)\n.\n\nITC Midwest LLC is a wholly-owned subsidiary of ITC Holdings Corp., the\nnation’s largest independent electricity transmission company. ITC Midwest\noperates more than 6,600 circuit miles of transmission lines in Iowa,\nMinnesota, Illinois, Missouri and Wisconsin. ITC Midwest is headquartered in\nCedar Rapids, Iowa, and maintains regional operating facilities in Dubuque,\nIowa City and Perry, Iowa; and Albert Lea and Lakefield, Minnesota. For\nfurther information visit itcmidwest.com. ITC is a subsidiary of Fortis Inc.,\na leader in the North American regulated electric and gas utility industry.\nFor further information visit fortisinc.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Ffortisinc.com&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=fortisinc.com&index=4&md5=a2493632096ddcca143e9ee544291945)\n.\n\nXcel Energy (NASDAQ: XEL) is a leading energy provider, dedicated to serving\nmillions of customers with excellence. We make energy work better for\ncustomers, helping them thrive every day. That means always raising the bar\n— delivering better service and providing more reliable, resilient and\nsustainable energy. We are committed to leading the clean energy transition,\nmeeting our customers’ need for more, cleaner power, while keeping bills as\nlow as possible. Because the people we serve depend on us to power their\nlives. Headquartered in Minneapolis, we work every day to generate and\ndistribute electricity and gas to customers across eight states: Minnesota,\nColorado, Wisconsin, Michigan, North Dakota, South Dakota, New Mexico and\nTexas. For more information, visit xcelenergy.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fxcelenergy.com&esheet=54543007&newsitemid=20260528964266&lan=en-US&anchor=xcelenergy.com&index=5&md5=247a4ff81214fe4b0a6b7dc5ab539fc2)\nor follow us on X and Facebook.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260528964266/en/\n(https://www.businesswire.com/news/home/20260528964266/en/)\n\nMedia contacts \n\nLori Buffington, Great River Energy | lbuffington@grenergy.com\n(mailto:lbuffington@grenergy.com) | 763-486-9266\n\nRod Pritchard, ITC Midwest | rpritchard@itctransco.com\n(mailto:rpritchard@itctransco.com) | 319-297-6840\n\nXcel Energy media relations | mediainquiries@xcelenergy.com\n(mailto:mediainquiries@xcelenergy.com) | 612-215-5300\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-05-28T13:30:00.243571344Z","server_sent_at_ms":1779975000243},"received_at":"2026-05-28T13:30:00.377Z","source_url":"https://www.businesswire.com/news/home/20260528964266/en/"},"analysis":{"id":"37653","press_release_id":"48220","analysis_json":{"industry":{"label":"Electric Utilities","sector":"Utilities"},"redFlags":[],"eventType":"operations_update","narrative":"Xcel Energy, Great River Energy, and ITC Midwest released an economic impact report for the PowerOn Midwest transmission project, projecting billions in benefits for Minnesota.\n\nThe study estimates the project will support 4,870 jobs and generate over $2 billion in economic activity in Minnesota during construction, plus $1.2 billion in property tax revenue over 35 years.\n\nThe project aims to enable 12,000 megawatts of new generation capacity. A Certificate of Need application was filed with the Minnesota Public Utilities Commission in February 2026.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Xcel partners highlight long-term economic benefits of major transmission build-out in Minnesota."},"keyFigures":{"customDimensions":{"payroll_mn":"$482 million","jobs_supported_mn":4870,"economic_activity_mn":"$2 billion","property_tax_revenue":"$1.2 billion","new_generation_capacity":"12,000 megawatts","economic_activity_generation":"$5 billion"}},"quotedText":"investments like PowerOn Midwest will ensure the region has the reliable, affordable and increasingly carbon-free power needed to support economic growth, attract investment and remain competitive","namedEntities":{"people":[{"name":"Lori Buffington","role":"Great River Energy Media Contact"},{"name":"Rod Pritchard","role":"ITC Midwest Media Contact"}],"products":["PowerOn Midwest"],"companies":[{"name":"Xcel Energy","ticker":"XEL","relationship":"developer"},{"name":"Great River Energy","relationship":"developer"},{"name":"ITC Midwest","relationship":"developer"},{"name":"ITC Holdings Corp.","relationship":"parent of ITC Midwest"},{"name":"Fortis Inc.","relationship":"parent of ITC Holdings"},{"name":"Minnesota Public Utilities Commission","relationship":"regulator"},{"name":"South Dakota Public Utilities Commission","relationship":"regulator"}],"dollarAmounts":[{"amount":"$482 million","context":"new payroll spending in Minnesota"},{"amount":"$259 million","context":"payroll in project counties"},{"amount":"$2 billion","context":"economic activity in Minnesota"},{"amount":"$914 million","context":"economic activity in project counties"},{"amount":"$1.2 billion","context":"property tax revenue over 35 years"},{"amount":"$5 billion","context":"economic activity from new generation"}]},"materialImpact":{"score":2,"reasoning":"The release highlights positive economic impact projections for a major transmission project in which Xcel Energy is a developer. While it signals long-term grid investment and regulatory progress (Certificate of Need filed), it is a pre-construction update with no immediate financial impact or binary regulatory decision."},"tickerRelevance":{"others":[{"ticker":"FTS","relevance":"partner (parent of ITC Midwest)"}],"primary":"XEL"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"low","sectorWeight":"high","householdBrandBoost":"low","marketCapAdjustment":"neutral"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Xcel Energy, Great River Energy, and ITC Midwest released an economic impact report for the PowerOn Midwest transmission project, projecting billions in benefits for Minnesota.\n\nThe study estimates the project will support 4,870 jobs and generate over $2 billion in economic activity in Minnesota during construction, plus $1.2 billion in property tax revenue over 35 years.\n\nThe project aims to enable 12,000 megawatts of new generation capacity. A Certificate of Need application was filed with the Minnesota Public Utilities Commission in February 2026.","key_figures":{"customDimensions":{"payroll_mn":"$482 million","jobs_supported_mn":4870,"economic_activity_mn":"$2 billion","property_tax_revenue":"$1.2 billion","new_generation_capacity":"12,000 megawatts","economic_activity_generation":"$5 billion"}},"named_entities":{"people":[{"name":"Lori Buffington","role":"Great River Energy Media Contact"},{"name":"Rod Pritchard","role":"ITC Midwest Media Contact"}],"products":["PowerOn Midwest"],"companies":[{"name":"Xcel Energy","ticker":"XEL","relationship":"developer"},{"name":"Great River Energy","relationship":"developer"},{"name":"ITC Midwest","relationship":"developer"},{"name":"ITC Holdings Corp.","relationship":"parent of ITC Midwest"},{"name":"Fortis Inc.","relationship":"parent of ITC Holdings"},{"name":"Minnesota Public Utilities Commission","relationship":"regulator"},{"name":"South Dakota Public Utilities Commission","relationship":"regulator"}],"dollarAmounts":[{"amount":"$482 million","context":"new payroll spending in Minnesota"},{"amount":"$259 million","context":"payroll in project counties"},{"amount":"$2 billion","context":"economic activity in Minnesota"},{"amount":"$914 million","context":"economic activity in project counties"},{"amount":"$1.2 billion","context":"property tax revenue over 35 years"},{"amount":"$5 billion","context":"economic activity from new generation"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-28T13:31:31.444Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"large-cap","eventGravity":"low","sectorWeight":"high","householdBrandBoost":"low","marketCapAdjustment":"neutral"}},"durationMs":45900,"modelName":"george-droid-qwen-72b"}}