Xcel Energy to exit coal operations at Tolk Generating Station in Texas earlier than planned

Xcel Energy Inc. XEL, -0.40% said Monday that it will retire coal operations at its Tolk Generating Station in Texas in 2028, more than four years earlier than expected. The Minneapolis-based electricity generation and transmission company said it expects the retiring of coal at Tolk earlier than planned will save customers in Texas and New Mexico more than $70 million. The company said it is committed to transitioning employees at Tolk to new roles. Along with the accelerated retirements of other coal plants, Xcel said it will stop using coal by the end of 2030. The stock, which fell 0.8% in afternoon trading, has lost 11.4% over the past three months, while the SPDR Utilities Select Sector ETF XLU, -0.93% has shed 9.8% and the S&P 500 SPX, -0.75% has given up 6.3%.