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MINNEAPOLIS--(BUSINESS WIRE)--

Xcel Energy has up to $23 million available to invest in new ways to produce electricity from renewable sources, and the company is currently accepting proposals for grants from its Renewable Development Fund. Funding for renewable energy projects will be available for various-sized projects in two categories: Energy Production, and Research and Development.

Xcel Energy today released the fund's third request-for-proposals (RFP). Anyone seeking a grant has until July 12, 2007, to apply. The RFP is electronically available at www.xcelenergy.com/rdf. Alternatively, a paper copy is available by request made to Renewable Development Fund, Xcel Energy, 414 Nicollet Mall, 7th Floor, Minneapolis, MN 55401.

For more information on the application process, a pre-bid meeting is scheduled for 9 a.m.June 5, 2007, at 414 Nicollet Mall, Minneapolis. Potential applicants who have questions about the RFP and selection process may also call (800) 354-3060. A renewable development fund advisory board, comprised of two representatives of Xcel Energy, two representatives of environmental organizations, one representative of the Prairie Island Indian Community, an industrial/commercial representative, and a residential representative, will evaluate and select proposals to support with resources from the fund.

The Renewable Development Fund money comes from Xcel Energy customers after expenditures from the fund are approved by the Minnesota Public Utilities Commission (MPUC). Each year the company must set aside $16 million for the fund in accordance with state statute. Owners of energy production projects sell the energy to Xcel Energy or use the energy themselves within Xcel Energy'sMinnesota service territory.

In response to the second cycle in 2003, more than 200 renewable energy project proposals were submitted. Twenty-nine projects were approved to receive a total of $37 million in funding. The projects explored a broad spectrum of environmentally friendly technologies, including energy production and research projects involving wind, hydro, solar and biomass renewable energy sources.

Selected proposals will be announced in October 2007, and all projects chosen are subject to approval by the MPUC.

Xcel Energy (NYSE:XEL) is a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states and transmission facilities in 10 states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.8 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

Source: Xcel Energy