Xcel Energy, Crestone Peak Resources and Project Canary Form Certified Low-Emission Intensity Natural Gas Partnership Program

MINNEAPOLIS & DENVER, May 11, 2021 – Xcel Energy (NASDAQ: XEL) announced today that it will purchase certified low-emission intensity natural gas produced by Crestone Peak Resources for use in its Colorado operations. The partnership between Colorado’s largest energy provider and a leading energy producer in Colorado comes amid growing interest in using environment, social and governance (ESG) information to drive more sustainable natural gas production, transportation and use.

Xcel Energy was the first major U.S. power producer to announce its vision to deliver 100% carbon-free electricity by 2050 and is now deploying a leading strategy to reduce methane and carbon dioxide emissions throughout its natural gas supply chain.

  • Partnership with Colorado’s largest energy provider demonstrates growing demand for the certified responsibly sourced gas (RSG) market
  • Verified and monitored environmental best practices and commitment to clean energy
  • Offers energy supply chain and consumers better choices, proven by independent, third-party measurement and certification sources, Project Canary being a premier provider of these services

“We are committed to reducing methane emissions from our own operations and using our buying power to encourage our suppliers to reduce their emissions as well,” said Alice Jackson, president, Xcel Energy – Colorado. “That is why we’re pleased to work with Crestone Peak Resources and Project Canary on a pilot project that clearly demonstrates to customers our dedication to delivering them a cleaner energy product.”

To meet RSG requirements, Denver-based Crestone Peak Resources will utilize Project Canary’s independent, real-time methane emissions monitors and TrustWell™ certification process. Crestone Peak Resources is the first Colorado producer to utilize the TrustWell certification on 100 percent of current production volumes. Given their shared focus on environmental protection, sustainability, and responsibility, it is fitting that these three companies have come together in this project to help build the market for RSG in Colorado and beyond. The actions they are taking today will deliver long-term benefits for consumers, energy producers, and the environment.

“This partnership with Xcel Energy allows us to further advance our commitment to safely and responsibly producing energy for Colorado consumers,” said David Stewart, Crestone Peak Resources vice president of environment, health, safety and regulatory. “As the first Colorado energy producer to deploy real-time, continuous air quality monitoring on the majority of our well sites, Crestone understands the importance and value of demonstrating our commitment to responsible, sustainable energy production.”

Project Canary, a Denver-based Public Benefit Corp, is the recognized leader for methane leak monitoring and detection. They are accelerating the pace to a cleaner energy future with their TrustWell certification program and continuous monitoring technology. Project Canary recently received a Series A investment from Energy Impact Partners (EIP), a leading venture investor in the electric and gas utility sector. Xcel Energy is a partner and investor in EIP.

“Energy markets and stakeholders alike are increasingly demanding responsibly sourced natural gas that is certified by a trusted, independent source,” said Project Canary co-founder and CEO Chris Romer. “Coloradans understand the important role natural gas plays in our resilient energy mix and they also expect the highest environmental standards. With our best-in-class innovative technology and independent certification process, Project Canary is rapidly growing and we’re proud to be a key component of Xcel Energy and Crestone Peak Resources’s data-driven, low carbon programs.”

A fourth company – a European multinational energy utility engaged in both domestic and international energy markets – is also involved in the partnership as the marketer of Crestone Peak Resources’ RSG production.

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