To better compete in the rapidly changing transmission development environment, Xcel Energy has created three transmission companies (Transcos). The Transcos provide added financial flexibility and room to create partnerships as we look at transmission development needs and opportunities inside and adjacent to our operating territories. Because transmission projects subject to competitive bidding are based regionally, creating several transmission companies was the best way for Xcel Energy to continue building transmission lines to serve our customers.
Xcel Energy is a proven, best-value transmission provider with experience in developing transmission projects in numerous jurisdictions at a competitive price. With more than 20,000 miles of existing transmission, more than 1,200 substations across 10 states, and many projects under construction and development we have clearly demonstrated we have the internal resources, experience and capability to develop, implement, construct, own and operate transmission line projects.
Our extensive track record of working with land owners and local, state and federal agencies for permitting and easements speaks for itself, and our proven public outreach and stakeholder engagement strategies are second-to-none. Through our roughly $1 billion purchases in materials and services annually, we have developed long-term agreements with key suppliers and contractors in the industry and we use these agreements to maintain low project costs.
Our subsidiaries will leverage the full strength of our experience and capabilities to design, finance, permit, construct, own, operate and maintain transmission lines.
We created XETD to focus on the development and ownership of transmission facilities in the Midcontinent Independent Transmission System Operator (MISO) region, primarily through competitive bidding.
MISO approved our non-transmission owner membership application in April of 2014, followed by the Transmission Qualified Developer Application.
We created XEST to focus on the development and ownership of transmission facilities in the Southwest Power Pool (SPP) region, primarily through competitive bidding.
In June of 2014, we submitted a Qualified RFP Participant Application to SPP.
We created XEWT to focus on the development and ownership of transmission facilities in the WestConnect region, primarily through competitive bidding.
In January 2015, we submitted an application to become a member of the WestConnect Planning Region. A Federal Energy Regulatory Commission (FERC) formula rate filing has not yet been submitted for XEWT since the WestConnect regional transmission planning process is still in its formative stages.
Our ability to build and deliver transmission projects can help ensure our customers receive the reliable service you want and need at a competitive price. Xcel Energy is a proven transmission provider with experience in developing transmission projects in numerous jurisdictions and at competitive prices.
Director, Transmission Investment Development