Xcel Energy is among the U.S. electric utilities most exposed to an increased risk from climate change, notably its power plants in the West and Southwest, according to a new report from one of the nation’s top credit-rating agencies.

Over the next 10 to 20 years, the risks of heat and water “stress” — along with threats from extreme rainfall, flooding and hurricanes — will likely increase in parts of the U.S. due to climate change, said the report by Moody’s Investors Service.

“The consequences of climate change will affect every aspect of an electrical power system, from generation, transmission and distribution to end-user demand,” the report said. Climate-change hazards “will be increasingly reflected in the capital investment programs of utilities.”

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