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Xcel Energy (NASDAQ: XEL) Signs ESA to Deliver 86–200 MW to Fermi AI Site

Dec. 5, 2025 press release announced a signed Electric Service Agreement between Fermi America and Southwestern Public Service Company, committing SPS to supply up to 200 megawatts to Project Matador Campus.
The staged supply arrangement responds to Fermi's need to power its next-generation private grid for AI, with SPS delivering 86 MW starting January 2026 and increasing to support Project Matador Campus.
Power will flow to the campus over SPS’s 115‑kilovolt transmission lines, and the Project Matador campus integrates combined‑cycle natural gas, a new nuclear complex, solar power, and battery energy storage.
Company officials say the deal secures reliable, cost‑effective capacity for AI operations, with Larry Kellerman calling it an example of Fermi transforming intent into execution and Adrian Rodriguez highlighting growing Texas Panhandle energy needs.
Fermi’s strategy to pioneer private electric grids for hyperscaler AI aligns with Xcel Energy’s multi‑state footprint and clean‑energy goals, as stated by the companies.

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Fermi America Executes Electric Service Agreement with Southwestern Public Service Company, a Subsidiary of Xcel Energy, Securing Up to 200 MW of Power

AMARILLO, Texas, Dec. 5, 2025 /PRNewswire/ -- Fermi America™ (Nasdaq & LSE: FRMI) today announced a signed, definitive Electric Service Agreement (ESA) with Southwestern Public Service Company (SPS), a subsidiary of Xcel Energy, to provide up to 200 megawatts (MW)…

23 hours ago·Denton, United States

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