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Xcel Construction Plans In Southeastern NM Not Hampered By Oil Prices

xcelenergy.com

Despite a swing in oil prices, a company that provides electricity to customers throughout southeastern New Mexico and West Texas says it's not backing down from plans to invest hundreds of millions of dollars in the region's infrastructure.

Xcel Energy plans to spend more than $630 million on new high-voltage transmission and distribution lines and substations. A quarter of that will be used for projects this year.

The company has already constructed and rebuilt more than 150 miles of distribution lines in and around Hobbs and Carlsbad, where the oil boom increased demand.

While the U.S. oil industry is facing a bust due to dropping prices, Xcel says resources in the Permian Basin could be tapped for decades to come and the grid needs to be ready to meet demand.

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