Xcel Energy Third Quarter 2024 Earnings Report
- Third quarter GAAP earnings per share were $1.21 in 2024 compared with $1.19 in 2023.
- Third quarter ongoing earnings per share were $1.25 in 2024 compared with $1.23 in 2023.
- Year-to-date GAAP earnings per share for 2024 were $2.63 compared to $2.47 in 2023.
- Year-to-date ongoing earnings per share for 2024 were $2.69 compared to $2.52 in 2023.
- Xcel Energy reaffirms its 2024 ongoing EPS guidance of $3.50 to $3.60.
- Xcel Energy initiates 2025 ongoing EPS guidance of $3.75 to $3.85.
- Xcel Energy’s long-term annual growth objectives reflects EPS growth of 6 to 8% and dividend growth of 4 to 6%.
MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2024 third quarter GAAP earnings of $682 million, or $1.21 per share, compared with $656 million, or $1.19 per share in the same period in 2023 and ongoing earnings of $707 million, or $1.25 compared with $682 million, or $1.23 per share in the same period in 2023. See Note 6 for reconciliation from GAAP to ongoing earnings.
Third quarter ongoing earnings reflect recovery of increased infrastructure investments, partially offset by increased depreciation and interest charges.
“The U.S. energy industry is on the cusp of its biggest transition in a century,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “The unprecedented energy demand to power new technologies, grow U.S.-based manufacturing and support the electrification of our daily lives requires a fundamental shift in how our industry generates and delivers energy, while ensuring our infrastructure is designed to withstand severe weather events and other risks.”
“Today, Xcel Energy introduced its new five-year, $45 billion investment plan. The plan builds on Xcel Energy’s proactive efforts to meet this historic moment to make our grid cleaner, more efficient and more resilient while safely and affordably meeting the needs of our customers and communities today and for generations to come,” added Frenzel. “As we make these investments, we will continue to work efficiently and cost-effectively across our company to ensure that we are delivering our energy and services at the lowest possible price.”
At 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator’s instructions.
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US Dial-In: |
1 (866) 580-3963 |
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International Dial-In: |
(400) 120-0558 |
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Conference ID: |
7505923 |
The conference call also will be simultaneously broadcast and archived on Xcel Energy’s website at www.xcelenergy.com. To access the presentation, click on Investors under Company. If you are unable to participate in the live event, the call will be available for replay from Nov. 1st through Nov. 4th.
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Replay Numbers |
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US Dial-In: |
1 (866) 583-1035 |
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Access Code: |
7505923# |
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2024 and 2025 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
This information is not given in connection with any sale, offer for sale or offer to buy any security.
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XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in millions, except per share data) |
||||||||||||||||
|
|
|
Three Months Ended Sept. 30 |
|
Nine Months Ended Sept. 30 |
||||||||||||
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Operating revenues |
|
|
|
|
|
|
|
|
||||||||
|
Electric |
|
$ |
3,393 |
|
|
$ |
3,387 |
|
|
$ |
8,737 |
|
|
$ |
8,751 |
|
|
Natural gas |
|
|
239 |
|
|
|
245 |
|
|
|
1,535 |
|
|
|
1,926 |
|
|
Other |
|
|
12 |
|
|
|
30 |
|
|
|
49 |
|
|
|
87 |
|
|
Total operating revenues |
|
|
3,644 |
|
|
|
3,662 |
|
|
|
10,321 |
|
|
|
10,764 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
|
Electric fuel and purchased power |
|
|
1,060 |
|
|
|
1,181 |
|
|
|
2,863 |
|
|
|
3,328 |
|
|
Cost of natural gas sold and transported |
|
|
63 |
|
|
|
70 |
|
|
|
664 |
|
|
|
1,084 |
|
|
Cost of sales — other |
|
|
3 |
|
|
|
14 |
|
|
|
12 |
|
|
|
37 |
|
|
Operating and maintenance expenses |
|
|
655 |
|
|
|
586 |
|
|
|
1,922 |
|
|
|
1,864 |
|
|
Conservation and demand side management expenses |
|
|
112 |
|
|
|
76 |
|
|
|
295 |
|
|
|
215 |
|
|
Depreciation and amortization |
|
|
681 |
|
|
|
618 |
|
|
|
2,042 |
|
|
|
1,807 |
|
|
Taxes (other than income taxes) |
|
|
159 |
|
|
|
168 |
|
|
|
484 |
|
|
|
489 |
|
|
Loss on Comanche Unit 3 litigation |
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
|
Total operating expenses |
|
|
2,733 |
|
|
|
2,747 |
|
|
|
8,282 |
|
|
|
8,858 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating income |
|
|
911 |
|
|
|
915 |
|
|
|
2,039 |
|
|
|
1,906 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other income, net |
|
|
39 |
|
|
|
3 |
|
|
|
75 |
|
|
|
19 |
|
|
Earnings from equity method investments |
|
|
3 |
|
|
|
7 |
|
|
|
19 |
|
|
|
27 |
|
|
Allowance for funds used during construction — equity |
|
|
44 |
|
|
|
26 |
|
|
|
119 |
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest charges and financing costs |
|
|
|
|
|
|
|
|
||||||||
|
Interest charges — includes other financing costs |
|
|
326 |
|
|
|
269 |
|
|
|
936 |
|
|
|
790 |
|
|
Allowance for funds used during construction — debt |
|
|
(21 |
) |
|
|
(14 |
) |
|
|
(51 |
) |
|
|
(36 |
) |
|
Total interest charges and financing costs |
|
|
305 |
|
|
|
255 |
|
|
|
885 |
|
|
|
754 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income before income taxes |
|
|
692 |
|
|
|
696 |
|
|
|
1,367 |
|
|
|
1,261 |
|
|
Income tax expense (benefit) |
|
|
10 |
|
|
|
40 |
|
|
|
(105 |
) |
|
|
(101 |
) |
|
Net income |
|
$ |
682 |
|
|
$ |
656 |
|
|
$ |
1,472 |
|
|
$ |
1,362 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
564 |
|
|
|
552 |
|
|
|
559 |
|
|
|
551 |
|
|
Diluted |
|
|
565 |
|
|
|
552 |
|
|
|
559 |
|
|
|
552 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per average common share: |
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
$ |
1.21 |
|
|
$ |
1.19 |
|
|
$ |
2.63 |
|
|
$ |
2.47 |
|
|
Diluted |
|
|
1.21 |
|
|
|
1.19 |
|
|
|
2.63 |
|
|
|
2.47 |
|
XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Investor Relations Earnings Release (Unaudited)
Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as certain non-GAAP financial measures such as ongoing return on equity (ROE), ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Ongoing ROE
Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.
Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)
GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.
We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted earnings per share, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP.
Note 1. Earnings Per Share Summary
Xcel Energy’s third quarter GAAP earnings were $1.21 per share, compared with $1.19 per share in the same period in 2023 and ongoing earnings were $1.25 per share in 2024, compared with $1.23 per share in 2023. The change in earnings per share was primarily driven by increased recovery of infrastructure investments, partially offset by higher depreciation, interest charges and O&M expenses. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues). See Note 6 for reconciliation from GAAP to ongoing earnings.
Summarized diluted EPS for Xcel Energy:
|
|
|
Three Months Ended Sept. 30 |
|
Nine Months Ended Sept. 30 |
||||||||||||
|
Diluted Earnings (Loss) Per Share |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
NSP-Minnesota |
|
$ |
0.45 |
|
|
$ |
0.47 |
|
|
$ |
1.06 |
|
|
$ |
0.95 |
|
|
PSCo |
|
|
0.45 |
|
|
|
0.41 |
|
|
|
1.06 |
|
|
|
0.97 |
|
|
SPS |
|
|
0.31 |
|
|
|
0.30 |
|
|
|
0.58 |
|
|
|
0.55 |
|
|
NSP-Wisconsin |
|
|
0.07 |
|
|
|
0.06 |
|
|
|
0.19 |
|
|
|
0.18 |
|
|
Earnings from equity method investments — WYCO |
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
Regulated utility (a) |
|
|
1.29 |
|
|
|
1.25 |
|
|
|
2.91 |
|
|
|
2.68 |
|
|
Xcel Energy Inc. and Other |
|
|
(0.08 |
) |
|
|
(0.06 |
) |
|
|
(0.28 |
) |
|
|
(0.22 |
) |
|
GAAP diluted EPS (a) |
|
$ |
1.21 |
|
|
$ |
1.19 |
|
|
|
2.63 |
|
|
|
2.47 |
|
|
Loss on Comanche Unit 3 litigation (b) |
|
|
— |
|
|
$ |
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
|
Sherco Unit 3 2011 outage refunds (b) |
|
|
0.04 |
|
|
$ |
— |
|
|
|
0.06 |
|
|
|
— |
|
|
Ongoing diluted EPS (a) |
|
$ |
1.25 |
|
|
$ |
1.23 |
|
|
|
2.69 |
|
|
|
2.52 |
|
|
(a) |
Amounts may not add due to rounding. |
|
|
(b) |
See Note 6. |
NSP-Minnesota — GAAP earnings decreased $0.02 per share and ongoing earnings increased 0.02 per share for the third quarter. Year-to-date GAAP earnings increased $0.11 per share and ongoing earnings increased $0.17 per share. Year-to-date earnings primarily reflect increased recovery of infrastructure investments (electric and natural gas), partially offset by higher depreciation and interest charges. See Note 6 for reconciliation from GAAP to ongoing earnings.
PSCo — GAAP earnings increased $0.04 per share and ongoing earnings increased $0.01 per share for the third quarter. Year-to-date GAAP earnings increased $0.09 per share and ongoing earnings increased $0.04 per share. Year-to-date ongoing earnings primarily reflect higher recovery of electric infrastructure investments, which was partially offset by increased interest charges, depreciation and O&M expenses. See Note 6 for reconciliation from GAAP to ongoing earnings.
SPS — GAAP and ongoing earnings increased $0.01 per share for the third quarter of 2024 and $0.03 year-to-date. Year-to-date earnings reflect the impact of regulatory rate outcomes and sales growth, partially offset by increased depreciation and O&M expenses.
NSP-Wisconsin — GAAP and ongoing earnings increased $0.01 per share for the third quarter of 2024 and year-to-date. Year-to-date earnings reflect the impact of electric infrastructure investment recoveries, partially offset by higher depreciation and interest expenses.
Xcel Energy Inc. and Other — Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The decline in earnings is largely due to increased interest rates and higher debt levels.
Components significantly contributing to changes in 2024 EPS compared to 2023:
|
Diluted Earnings (Loss) Per Share |
|
Three Months Ended Sept. 30 |
|
Nine Months Ended Sept. 30 |
||||
|
GAAP diluted EPS — 2023 |
|
$ |
1.19 |
|
|
$ |
2.47 |
|
|
|
|
|
|
|
||||
|
Components of change – 2024 vs. 2023 |
|
|
|
|
||||
|
Electric regulatory rate outcomes and riders |
|
|
0.24 |
|
|
|
0.65 |
|
|
Higher AFUDC |
|
|
0.04 |
|
|
|
0.12 |
|
|
Natural gas regulatory rate outcomes and riders |
|
|
0.01 |
|
|
|
0.06 |
|
|
Loss on Comanche Unit 3 litigation (See Note 6) |
|
|
0.05 |
|
|
|
0.05 |
|
|
Higher depreciation and amortization |
|
|
(0.08 |
) |
|
|
(0.31 |
) |
|
Higher interest charges |
|
|
(0.08 |
) |
|
|
(0.20 |
) |
|
Higher O&M expenses |
|
|
(0.09 |
) |
|
|
(0.08 |
) |
|
Sherco Unit 3 2011 outage refunds (See Note 6) |
|
|
(0.04 |
) |
|
|
(0.06 |
) |
|
Other, net |
|
|
(0.03 |
) |
|
|
(0.07 |
) |
|
GAAP diluted EPS — 2024 |
|
|
1.21 |
|
|
|
2.63 |
|
|
Sherco Unit 3 2011 outage refunds (See Note 6) |
|
|
0.04 |
|
|
|
0.06 |
|
|
Ongoing diluted EPS — 2024 |
|
$ |
1.25 |
|
|
$ |
2.69 |
|
Note 2. Regulated Utility Results
Estimated Impact of Temperature Changes on Regulated Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. However, electric sales true-up and gas decoupling mechanism in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.
Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.
Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:
|
|
Three Months Ended Sept. 30 |
|
Nine Months Ended Sept. 30 |
||||||||||||||||||||
|
|
2024 vs. Normal |
|
2023 vs. Normal |
|
2024 vs. 2023 |
|
2024 vs. Normal |
|
2023 vs. Normal |
|
2024 vs. 2023 |
||||||||||||
|
Retail electric |
$ |
0.038 |
|
|
$ |
0.032 |
|
|
$ |
0.006 |
|
|
$ |
0.015 |
|
|
$ |
0.035 |
|
|
$ |
(0.020 |
) |
|
Decoupling and sales true-up |
|
(0.001 |
) |
|
|
0.007 |
|
|
|
(0.008 |
) |
|
|
0.040 |
|
|
|
(0.015 |
) |
|
|
0.055 |
|
|
Electric total |
$ |
0.037 |
|
|
$ |
0.039 |
|
|
$ |
(0.002 |
) |
|
$ |
0.055 |
|
|
$ |
0.020 |
|
|
$ |
0.035 |
|
|
Firm natural gas |
|
(0.002 |
) |
|
|
(0.002 |
) |
|
|
— |
|
|
|
(0.040 |
) |
|
|
0.024 |
|
|
|
(0.064 |
) |
|
Decoupling |
|
(0.001 |
) |
|
|
0.001 |
|
|
|
(0.002 |
) |
|
|
0.017 |
|
|
|
0.001 |
|
|
|
0.016 |
|
|
Natural gas total |
$ |
(0.003 |
) |
|
$ |
(0.001 |
) |
|
$ |
(0.002 |
) |
|
$ |
(0.023 |
) |
|
$ |
0.025 |
|
|
$ |
(0.048 |
) |
|
Total |
$ |
0.034 |
|
|
$ |
0.038 |
|
|
$ |
(0.004 |
) |
|
$ |
0.032 |
|
|
$ |
0.045 |
|
|
$ |
(0.013 |
) |
Sales — Sales growth (decline) for actual and weather-normalized sales in 2024 compared to 2023:
|
|
|
Three Months Ended Sept. 30 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Actual |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
4.1 |
% |
|
(2.7 |
)% |
|
(2.3 |
)% |
|
(1.0 |
)% |
|
— |
% |
|
Electric C&I |
|
1.2 |
|
|
(2.2 |
) |
|
9.4 |
|
|
(0.6 |
) |
|
2.3 |
|
|
Total retail electric sales |
|
2.1 |
|
|
(2.4 |
) |
|
7.0 |
|
|
(0.7 |
) |
|
1.5 |
|
|
Firm natural gas sales |
|
(3.4 |
) |
|
(3.8 |
) |
|
N/A |
|
|
6.6 |
|
|
(3.0 |
) |
|
|
|
Three Months Ended Sept. 30 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Weather-Normalized |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
— |
% |
|
(0.8 |
)% |
|
(0.1 |
)% |
|
(1.3 |
)% |
|
(0.5 |
)% |
|
Electric C&I |
|
(0.4 |
) |
|
(1.6 |
) |
|
9.8 |
|
|
(0.6 |
) |
|
2.2 |
|
|
Total retail electric sales |
|
(0.3 |
) |
|
(1.4 |
) |
|
8.0 |
|
|
(0.8 |
) |
|
1.3 |
|
|
Firm natural gas sales |
|
(2.7 |
) |
|
(3.5 |
) |
|
N/A |
|
|
6.7 |
|
|
(2.4 |
) |
|
|
|
Nine Months Ended Sept. 30 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Actual |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
4.1 |
% |
|
(6.2 |
)% |
|
1.5 |
% |
|
(4.8 |
)% |
|
(1.2 |
)% |
|
Electric C&I |
|
0.3 |
|
|
(3.7 |
) |
|
8.0 |
|
|
(1.9 |
) |
|
1.0 |
|
|
Total retail electric sales |
|
1.6 |
|
|
(4.5 |
) |
|
6.7 |
|
|
(2.7 |
) |
|
0.3 |
|
|
Firm natural gas sales |
|
(8.7 |
) |
|
(12.7 |
) |
|
N/A |
|
|
(11.5 |
) |
|
(10.1 |
) |
|
|
|
Nine Months Ended Sept. 30 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Weather-Normalized |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
0.2 |
% |
|
(0.3 |
)% |
|
(1.1 |
)% |
|
(1.9 |
)% |
|
(0.4 |
)% |
|
Electric C&I |
|
(1.1 |
) |
|
(2.5 |
) |
|
7.9 |
|
|
(1.5 |
) |
|
1.0 |
|
|
Total retail electric sales |
|
(0.7 |
) |
|
(1.8 |
) |
|
6.3 |
|
|
(1.6 |
) |
|
0.6 |
|
|
Firm natural gas sales |
|
1.7 |
|
|
0.4 |
|
|
N/A |
|
|
(2.3 |
) |
|
1.0 |
|
|
|
|
Nine Months Ended Sept. 30 (Leap Year Adjusted) |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Weather-Normalized |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
(0.2 |
)% |
|
(0.7 |
)% |
|
(1.5 |
)% |
|
(2.3 |
)% |
|
(0.7 |
)% |
|
Electric C&I |
|
(1.5 |
) |
|
(2.8 |
) |
|
7.5 |
|
|
(1.9 |
) |
|
0.7 |
|
|
Total retail electric sales |
|
(1.1 |
) |
|
(2.1 |
) |
|
5.9 |
|
|
(2.0 |
) |
|
0.2 |
|
|
Firm natural gas sales |
|
0.8 |
|
|
(0.5 |
) |
|
N/A |
|
|
(3.1 |
) |
|
0.1 |
|
Weather-normalized and leap-year adjusted electric sales growth (decline) — year-to-date
- PSCo — Residential sales declined due to a 1.5% decrease in use per customer, partially offset by customer growth of 1.4%. The C&I sales decline was related to decreased use per customer, primarily in the information sector.
- NSP-Minnesota — Residential sales declined due to a 2.2% decrease in use per customer, partially offset by a 1.5% increase in customers. C&I sales declined due to decreased use per customer, largely in the manufacturing, retail trade and education sectors.
- SPS — Residential sales declined as a result of a 2.2% decrease in use per customer, partially offset by 0.6% customer growth. C&I sales increased due to higher use per customer, primarily driven by the energy sector and cryptocurrency mining.
- NSP-Wisconsin — Residential sales declined due to a 3.2% decrease in use per customer, partially offset by 0.9% increase in customers. C&I sales decline was associated with decreased use per customer, experienced largely in the manufacturing and professional services sectors.
Weather-normalized and leap-year adjusted natural gas sales growth (decline) — year-to-date
- Increase in natural gas sales was driven by residential and C&I customer growth in all jurisdictions and increased residential use per customer in PSCo offset by decreased use per customer in PSCo C&I and other jurisdictions.
Electric Revenues — Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.
|
(Millions of Dollars) |
|
Three Months Ended Sept. 30, 2024 vs. 2023 |
|
Nine Months Ended Sept. 30, 2024 vs. 2023 |
||||
|
Recovery of lower cost of electric fuel and purchased power |
|
$ |
(83 |
) |
|
$ |
(418 |
) |
|
Wholesale generation revenues |
|
|
(45 |
) |
|
|
(76 |
) |
|
Sherco Unit 3 2011 outage refunds (See Note 6) |
|
|
(35 |
) |
|
|
(46 |
) |
|
PTCs flowed back to customers (offset by lower ETR) |
|
|
(23 |
) |
|
|
(35 |
) |
|
Regulatory rate outcomes (MN, CO, TX, NM, & WI) |
|
|
130 |
|
|
|
363 |
|
|
Non-fuel riders |
|
|
43 |
|
|
|
112 |
|
|
Conservation and demand side management (offset in expense) |
|
|
39 |
|
|
|
82 |
|
|
Revenue recognition for the Texas rate case surcharge (a) |
|
|
2 |
|
|
|
39 |
|
|
Estimated impact of weather (net of sales true-up) |
|
|
(2 |
) |
|
|
25 |
|
|
Other, net |
|
|
(20 |
) |
|
|
(60 |
) |
|
Total increase |
|
$ |
6 |
|
|
$ |
(14 |
) |
|
(a) |
Recognition of revenue from the Texas rate case outcome is largely offset by recognition of previously deferred costs. |
Natural Gas Revenues — Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.
|
(Millions of Dollars) |
|
Three Months Ended Sept. 30, 2024 vs. 2023 |
|
Nine Months Ended Sept. 30, 2024 vs. 2023 |
||||
|
Recovery of lower cost of natural gas |
|
$ |
(8 |
) |
|
$ |
(418 |
) |
|
Estimated impact of weather (net of decoupling) |
|
|
(2 |
) |
|
|
(35 |
) |
|
Regulatory rate outcomes (MN, WI & ND) |
|
|
6 |
|
|
|
41 |
|
|
Retail sales growth (net of decoupling) |
|
|
1 |
|
|
|
10 |
|
|
Infrastructure and integrity riders |
|
|
1 |
|
|
|
6 |
|
|
Other, net |
|
|
(4 |
) |
|
|
5 |
|
|
Total decrease |
|
$ |
(6 |
) |
|
$ |
(391 |
) |
Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of natural gas, coal and uranium, as well as seasonality.
Contacts
Paul Johnson, Vice President – Treasury & Investor Relations
(612) 215-4535
Roopesh Aggarwal, Senior Director – Investor Relations
(303) 571-2855
Xcel Energy website address: www.xcelenergy.com
(612) 215-5300
