The company is seeking approval from state regulators to purchase wind energy projects of at least 1,500MW that represents a 30% rise in its total wind production capacity.

Xcel Energy chairman, president and CEO Ben Fowke, said, "These projects will lower customer costs by at least $800 million over their lives and will provide a valuable hedge to rising and volatile fuel prices for well into the future."

The move will enable the company to protect against rising and volatile fuel prices.

Xcel Energy’s wind power projects that require approval from the state regulators three 200MW projects located in Minnesota and North Dakota, three projects with a combined capacity of almost 700MW situated in New Mexico, Oklahoma and Texas.

The remaining one project totaling approximately 200MW, is expected to raise its total capacity to about 2,400MW.

In 2013, a decision may also be taken by the Colorado Public Utilities Commission on whether to approve the company’s another 350MW wind power project.

Once approved, construction work on wind power projects will commence immediately in order to qualify for the federal renewable energy tax credits.

The wind power projects are scheduled to become operational by the beginning of 2016.