Name: How Market Regulation Prevents Price Spikes Caused by Data Centers
Uploaded: 2026-02-13T19:33:00Z
Duration: 2 min 53 s
Description: “We don't see or experience any of the price volatility that you're seeing in some of the deregulated markets” Bob Frenzel, CEO of Xcel Energy tells Barron’s Andy Serwer.

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“We don't see or experience any of the price volatility that you're seeing in some of the deregulated markets” Bob Frenzel, CEO of Xcel Energy tells Barron’s Andy Serwer.

https://m.wsj.net/video/20260213/94ec7b63-6820-4c8e-99b5-383fb2c28fa8/1/hls/manifest-hd-wifi.m3u8

How Market Regulation Prevents Price Spikes Caused by Data Centers

But Bob, are these new data centers and this demand pushing up prices for retail customers?

I think almost the opposite. If you think about the electric grid that we operate today, it's one big fixed asset. And if you put more units of production through a fixed cost asset, then that brings rates down for every single customer. Now, we do have to build new infrastructure, and one of the premises of our contracts with our new customers is growth pays for growth. So if I have to build a new power plant to serve an exclusive customer like yourself, then I would ask them to pay for that growth. And that's true in what I would say, probably 2/3 of the country. We are an integrated and regulated, fully regulated utility. There are parts of the country at the turn of the century that deregulated some of the parts of their markets. And that deregulated model, while at times through history have been very valuable, are struggling to find, to meet the moment in terms of price transparency and preventing price spikes. We've had some of those price spikes. I do think that policymakers are trying to address those as fast as possible with changes to the way the markets work. But at Xcel Energy, we work in integrated and regulated markets and we don't see or experience any of the price volatility that you're seeing in some of the deregulated markets in the country.

Right, you're in Minnesota. You're in Colorado. You're in Texas, maybe Oklahoma as well. And so where are these data centers that you're talking about servicing?

I think about our business really operating in three regions. The Upper Midwest, Colorado, as you mentioned, and then the Southwest. We serve the Panhandle of Texas and Eastern New Mexico.

Was I wrong about Oklahoma?

You were wrong about Oklahoma.

Sorry about that.

That's okay. Let me correct that, okay, so it's Texas and New Mexico.

Texas and New Mexico.

Okay, got it.

Think Permian and Delaware oil and gas basin. So we're one of the largest providers.

Oh, the Landman area.

We are Landman area.

Oh wow. Okay.

One of the largest oil and gas producing areas of the country. And one of our fastest growing areas outside of data centers is serving the electric, I mean the oil and gas load in the Permian and the Delaware Basin. Those companies still have objectives to have Scope 1 emissions approaching zero, so they're electrifying how they make oil and gas. So think electric jack up rigs, think electric compression, when those things over time used to be diesel driven or natural gas driven. So we have lots of growth in the desert southwest, and we have lots of growth from data centers coming in all three of those regions. We see, for different reasons, interest from both hyperscalers, think Amazon Meta, Microsoft, et cetera, and think data center developers, QTS, Vantage, people who develop data centers for either the hyperscalers or for maybe smaller users of compute power than maybe what a Meta or an Amazon might need.