Xcel is seeking approval for two new wind farms that would serve customers in eastern New Mexico and West Texas.
Company officials say if regulators approve the wind farms planned for Roosevelt County in New Mexico and Texas' Hale County, wind-generated electricity would end up meeting about 40 percent of the region's annual needs by 2021.
Xcel spokesman Wes Reeves says the company also is seeking to finalize a contract to buy additional wind energy from two facilities being built in Texas.
The company says as more wind power is added to the portfolio, that helps displace the higher cost of generating electricity at older fossil fuel plants. Xcel is estimating that customers could save $2.8 billion over the next three decades as energy production costs are reduced.
Xcel is anticipating regulatory approval next year.