Community Commitment
October 14, 2024
Supplier diversity program drives economic growth, inclusivity
Xcel Energy invested over $1 billion with certified small, diverse suppliers in 2023
Xcel Energy serves approximately 1,600 cities and counties across eight Western and Midwestern states. Within these communities, we partner with thousands of small and diverse suppliers who drive spending, job creation and economic improvement.
By cultivating relationships with suppliers that reflect our communities, we can offer the best products and services to our customers and continue to deliver the safe, clean, reliable, low-cost energy they expect. These partnerships also help ensure our products and services continue to evolve and meet the needs of customers as we work toward a clean energy future.
By cultivating relationships with suppliers that reflect our communities, we can offer the best products and services to our customers and continue to deliver the safe, clean, reliable, low-cost energy they expect. These partnerships also help ensure our products and services continue to evolve and meet the needs of customers as we work toward a clean energy future.
We invested over $1 billion with 5,400 certified small, diverse suppliers in 2023
In 2023, we partnered with 5,400 certified small businesses and certified diverse suppliers (companies owned by minorities, LGBTQ+, disabled individuals, disadvantaged individuals, women, service-disabled veterans and veterans) through our supplier diversity program, leading to over $1.9 billion in contributions to the U.S. economy and supporting over 9,700 jobs. Over the past five years, we’ve spent over $5.7 billion with small and diverse suppliers, including $1.3 billion in 2023, representing approximately 20% of total spending for the year on materials and services.
Our commitment to supplier diversity doesn’t stop there. We are dedicated to taking our program to the next level. We have increased our supplier diversity goal to 25% of our spending on materials and services by 2025.
We were also the first energy company to join the Economic Opportunity Coalition, a public-private partnership with the U.S. Department of Treasury, pledging 15% of our spend across clean energy, transmission and distribution to disadvantaged businesses. This commitment will accelerate inclusive economic growth and create a multiplier effect that generates new jobs across the country, including in underserved communities.
Xcel Energy’s suppliers are trusted partners who play a crucial role in our clean energy vision to provide 100% carbon-free electricity to customers by 2050. Supplier diversity also aligns with our company’s values and commitment to diversity, equity and inclusion.
By working with small and diverse suppliers, we can help drive the innovation essential to building a sustainable future for all. Learn more in our 2023 Supplier Diversity Economic Impact Report.
Our Supplier Diversity Program provides equitable opportunities within the sourcing processes for diverse suppliers. It recognizes the following categories of businesses: disabled-owned, HUBZone, LGBTQ-owned, minority-owned, service-disabled veteran-owned, small, small disadvantaged, veteran-owned, women-owned. If you are a certified diverse business interested in working with Xcel Energy, contact supplierdiversity@xcelenergy.com.