Xcel Energy started the new year off by unveiling an ambitious energy efficiency plan that could save the same amount of energy that  a  new coal-fired plant would produce. According to MSNBC, in 2009 Xcel plans to invest $63 million in programs aimed at promoting energy efficiency. The company plans to continue the effort by spending $80 million on the programs in 2010.

According to Xcel Energy spokesman Mark Stutz, the investment should result in 694 MW of energy saved. According to Xcel, these savings will benefit both the utility and its customers. MSNBC quotes Fred Stoffell, Xcel’s Marketing VP:

"The energy efficiency and load management programs we plan to implement in 2009-2010 are expected to result in $450 million of net economic benefits for our customers."