By Stephen Nakrosis

Xcel Energy Inc. said Wednesday it hopes to power 1.5 million electric vehicles in areas it serves by 2030, which would make up about 20% of the vehicles on the road in those areas.

As part of its initiative, the company said, it intends to electrify all sedans it operates by 2023, electrify all light-duty vehicles by 2030 and have 30% of its medium- and heavy-duty vehicles electrified by 2030.

Xcel said it is "already launching and developing partnerships, programs and services to reduce barriers to EV adoption while making EV charging easier and more affordable," and added, "The major plans the company has proposed in Colorado, Minnesota, New Mexico and Wisconsin aim to support residential charging, increase access to electric transportation for all customers, speed fleet electrification, and expand public charging options."

The company said initiatives under way include a pilot subscription plan in Minnesota that lets customers charge up at nights for a flat monthly price, residential and business programs in Wisconsin to lower the cost of charging equipment and encourage charging during off-peak hours, and pilots and programs in Colorado and Minnesota to help reduce the upfront costs of installing public charging infrastructure.

The company said it proposed investing $300 million to accelerate adoption of EVs in areas it serves.

"Electric vehicles are the next frontier in the clean energy transition, and we are committed to making charging EVs easy, convenient and affordable for customers," said Ben Fowke, the company's chairman and chief executive. "By accelerating EV adoption in the coming years, we can drive major reductions in carbon emissions while helping our customers save money and making the most of our clean energy investments. We have substantial plans in place in the states we serve, and we can expand on this with partnership and support from policymakers, regulators, customers, automakers and our communities." 



  --Write to Stephen Nakrosis at stephen.nakrosis@wsj.com