Xcel Energy First Quarter 2022 Earnings Report
- First quarter GAAP diluted earnings per share were $0.70 in 2022 compared with $0.67 in 2021.
- Xcel Energy reaffirms 2022 EPS earnings guidance range of $3.10 to $3.20.
MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2022 first quarter GAAP and ongoing earnings of $380 million, or $0.70 per share, compared with $362 million, or $0.67 per share in the same period in 2021.
Earnings reflect capital investment recovery and other regulatory outcomes, partially offset by higher depreciation, interest expense and operating and maintenance (O&M) expenses.
“Xcel Energy achieved solid first quarter results, and we have reaffirmed our 2022 earnings guidance,” said Bob Frenzel, chairman, president and CEO. “We reached constructive regulatory outcomes on several key matters, including approval of our Upper Midwest Resource Plan, the Colorado Power Pathway transmission project and an electric rate case in Colorado.
The Upper Midwest Resource Plan adds approximately 5,800 megawatts of wind and solar energy to our system, extends the life of our carbon-free Monticello nuclear plant to 2040 and retires our coal fleet in the region by 2030. The Colorado Power Pathway project is a $1.7 billion investment that will enable approximately 5,500 MW of new renewables, including access to some of the richest wind resources in the region.”
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: |
(800) 289-0720 |
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International Dial-In: |
(400) 120-9264 |
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Conference ID: |
7267038 |
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 12:00 p.m. CDT on April 28 through 12:00 p.m. CDT on May 1.
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Replay Numbers |
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US Dial-In: |
(888) 203-1112 |
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International Dial-In: |
(719) 457-0820 |
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Access Code: |
7267038 |
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 2022 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, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, 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, 2021 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: uncertainty around the impacts and duration of the COVID-19 pandemic, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; 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 work force and third-party contractor factors; violations of our Codes of Conduct; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including 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; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; and regulatory changes and/or limitations related to the use of natural gas as an energy source.
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) |
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|
|
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Three Months Ended March 31 |
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|
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2022 |
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2021 |
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Operating revenues |
|
|
|
|
||||
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Electric |
|
$ |
2,633 |
|
|
$ |
2,870 |
|
|
Natural gas |
|
|
1,090 |
|
|
|
647 |
|
|
Other |
|
|
28 |
|
|
|
24 |
|
|
Total operating revenues |
|
|
3,751 |
|
|
|
3,541 |
|
|
|
|
|
|
|
||||
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Operating expenses |
|
|
|
|
||||
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Electric fuel and purchased power |
|
|
1,094 |
|
|
|
1,386 |
|
|
Cost of natural gas sold and transported |
|
|
710 |
|
|
|
299 |
|
|
Cost of sales — other |
|
|
10 |
|
|
|
8 |
|
|
Operating and maintenance expenses |
|
|
602 |
|
|
|
584 |
|
|
Conservation and demand side management expenses |
|
|
92 |
|
|
|
73 |
|
|
Depreciation and amortization |
|
|
562 |
|
|
|
521 |
|
|
Taxes (other than income taxes) |
|
|
171 |
|
|
|
163 |
|
|
Total operating expenses |
|
|
3,241 |
|
|
|
3,034 |
|
|
|
|
|
|
|
||||
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Operating income |
|
|
510 |
|
|
|
507 |
|
|
|
|
|
|
|
||||
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Other income, net |
|
|
1 |
|
|
|
5 |
|
|
Earnings from equity method investments |
|
|
15 |
|
|
|
14 |
|
|
Allowance for funds used during construction — equity |
|
|
13 |
|
|
|
14 |
|
|
|
|
|
|
|
||||
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Interest charges and financing costs |
|
|
|
|
||||
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Interest charges — includes other financing costs of $8 and $7, respectively |
|
|
214 |
|
|
|
205 |
|
|
Allowance for funds used during construction — debt |
|
|
(5 |
) |
|
|
(5 |
) |
|
Total interest charges and financing costs |
|
|
209 |
|
|
|
200 |
|
|
|
|
|
|
|
||||
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Income before income taxes |
|
|
330 |
|
|
|
340 |
|
|
Income tax benefit |
|
|
(50 |
) |
|
|
(22 |
) |
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Net income |
|
$ |
380 |
|
|
$ |
362 |
|
|
|
|
|
|
|
||||
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Weighted average common shares outstanding: |
|
|
|
|
||||
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Basic |
|
|
545 |
|
|
|
538 |
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Diluted |
|
|
545 |
|
|
|
539 |
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|
|
|
|
|
|
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Earnings per average common share: |
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|
|
|
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Basic |
|
$ |
0.70 |
|
|
$ |
0.67 |
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Diluted |
|
|
0.70 |
|
|
|
0.67 |
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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. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. For the three months ended March 31, 2022 and 2021, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings for these periods.
Note 1. Earnings Per Share Summary
Xcel Energy’s first quarter diluted earnings were $0.70 per share in 2022, compared with $0.67 per share in 2021. The increase was driven by regulatory recovery of capital investment, partially offset by higher depreciation, interest expense and O&M expenses. Costs for natural gas sold and transported significantly increased in 2022 primarily due to market price fluctuations. However, fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in revenues are offset by the related variation in costs).
Summarized diluted EPS for Xcel Energy:
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Three Months Ended March 31 |
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Diluted Earnings (Loss) Per Share |
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2022 |
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2021 |
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PSCo |
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$ |
0.32 |
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$ |
0.31 |
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NSP-Minnesota |
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|
0.23 |
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|
0.24 |
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SPS |
|
|
0.10 |
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|
|
0.11 |
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NSP-Wisconsin |
|
|
0.09 |
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|
|
0.06 |
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Earnings from equity method investments — WYCO |
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|
0.01 |
|
|
|
0.01 |
|
|
Regulated utility (a) |
|
|
0.75 |
|
|
|
0.73 |
|
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Xcel Energy Inc. and Other |
|
|
(0.05 |
) |
|
|
(0.06 |
) |
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Total (a) |
|
$ |
0.70 |
|
|
$ |
0.67 |
|
|
(a) |
Amounts may not add due to rounding. |
PSCo — Earnings increased $0.01 per share for the first quarter of 2022, reflecting regulatory recovery of capital investment and higher demand revenues, partially offset by increased depreciation, O&M expenses and incremental power costs from the Comanche Unit 3 outage (see Note 4).
NSP-Minnesota — Earnings decreased $0.01 per share for the first quarter of 2022, as regulatory recovery of capital investment was offset by increased depreciation and O&M expenses.
SPS — Earnings decreased $0.01 per share for the first quarter of 2022, primarily due to taxes (other than income taxes) and impacts associated with Winter Storm Uri, partially offset by favorable sales.
NSP-Wisconsin — Earnings increased $0.03 per share for the first quarter of 2022, reflecting the impact of regulatory rate outcomes and higher sales attributable to weather, partially offset by higher O&M expenses.
Xcel Energy Inc. and Other — Primarily includes financing costs at the holding company and earnings from Energy Impact Partners (EIP) funds equity method investments.
Components significantly contributing to changes in 2022 EPS compared to 2021:
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Diluted Earnings (Loss) Per Share |
|
Three Months Ended March 31 |
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GAAP and ongoing diluted EPS — 2021 |
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$ |
0.67 |
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|
|
|
|
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Components of change – 2022 vs. 2021 |
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Higher electric revenues, net of electric fuel and purchased power |
|
|
0.08 |
|
|
Lower effective tax rate (ETR) (a) |
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|
0.05 |
|
|
Higher natural gas revenues, net of cost of natural gas sold and transported |
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|
0.04 |
|
|
Higher depreciation and amortization |
|
|
(0.06 |
) |
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Higher O&M expenses |
|
|
(0.02 |
) |
|
Higher taxes (other than income taxes) |
|
|
(0.01 |
) |
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Higher interest charges |
|
|
(0.01 |
) |
|
Other, net |
|
|
(0.04 |
) |
|
GAAP and ongoing diluted EPS — 2022 |
|
$ |
0.70 |
|
|
(a) |
|
Includes production tax credits (PTCs) and plant regulatory amounts, which are primarily offset as a reduction to electric revenues. |
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, decoupling mechanisms in Colorado and proposed sales true-up mechanisms in Minnesota predominately mitigate the positive and adverse impacts of weather for the electric utility.
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:
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|
Three Months Ended March 31 |
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|
|
2022 vs. Normal |
|
2021 vs. Normal |
|
2022 vs. 2021 |
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|
Retail electric |
$ |
0.020 |
|
|
$ |
— |
|
$ |
0.020 |
|
|
Decoupling and sales true-up |
|
(0.010 |
) |
|
|
0.002 |
|
|
(0.012 |
) |
|
Electric total |
$ |
0.010 |
|
|
$ |
0.002 |
|
$ |
0.008 |
|
|
Firm natural gas |
|
0.016 |
|
|
|
0.003 |
|
|
0.013 |
|
|
Total |
$ |
0.026 |
|
|
$ |
0.005 |
|
$ |
0.021 |
|
Sales — Sales growth (decline) for actual and weather-normalized sales in 2022 compared to 2021:
|
|
|
Three Months Ended March 31 |
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|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
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Actual |
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|
|
|
|
|
|
|
|
|
|||||
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Electric residential |
|
(1.4 |
) % |
|
4.7 |
% |
|
0.3 |
% |
|
6.2 |
% |
|
1.9 |
% |
|
Electric C&I |
|
2.7 |
|
|
6.6 |
|
|
10.2 |
|
|
4.7 |
|
|
6.2 |
|
|
Total retail electric sales |
|
1.2 |
|
|
5.9 |
|
|
8.0 |
|
|
5.2 |
|
|
4.8 |
|
|
Firm natural gas sales |
|
(1.5 |
) |
|
20.6 |
|
|
N/A |
|
|
22.1 |
|
|
6.7 |
|
|
|
|
Three Months Ended March 31 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Weather-Normalized |
|
|
|
|
|
|
|
|
|
|
|||||
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Electric residential |
|
(1.5 |
) % |
|
0.4 |
% |
|
(0.1 |
) % |
|
0.8 |
% |
|
(0.3 |
) % |
|
Electric C&I |
|
2.7 |
|
|
5.9 |
|
|
10.1 |
|
|
4.1 |
|
|
5.9 |
|
|
Total retail electric sales |
|
1.2 |
|
|
4.0 |
|
|
7.8 |
|
|
3.0 |
|
|
3.9 |
|
|
Firm natural gas sales |
|
(1.2 |
) |
|
5.3 |
|
|
N/A |
|
|
7.3 |
|
|
1.5 |
|
Weather-normalized electric sales growth (decline)
Weather-adjusted sales results for each of our utility subsidiaries in 2022 reflect generally improving economies as the adverse effects of COVID-19 lessen. The recovery reflects increased sales in the C&I sector due to increased economic activity. Individuals returning to work have led to declines in use per customer and overall residential sales.
- PSCo — Residential sales declined based on decreased use per customer, partially offset by a 1.2% increase in customers. The growth in C&I sales was due to a 1.3% increase in customers and higher use per customer, primarily the real estate and leasing, food services, energy and construction sectors.
- NSP-Minnesota — Residential sales growth reflects a 1.2% increase in customers, partially offset by decreased use per customer. The growth in C&I sales was primarily due to higher use per customer, particularly in the manufacturing, real estate and leasing, and food service sectors.
- SPS — Residential sales declined due to a lower use per customer, partially offset by a 1.0% increase in customers. C&I sales increased due to higher use per customer, primarily driven by the energy sector.
- NSP-Wisconsin — Residential sales growth was attributable to a 0.7% increase in customers. The growth in C&I sales was due to a 0.4% increase in customers and higher use per customer, primarily led by increases in the manufacturing, accommodation and food services and health care sectors.
Weather-normalized natural gas sales growth (decline)
- Natural gas sales reflect a higher customer use, primarily in NSP-Minnesota and NSP-Wisconsin, as well as a 1.2% increase in residential customers and a 0.5% increase in C&I customers.
Electric Margin — Electric margin is presented as electric revenues less electric fuel and purchased power expenses. Expenses incurred for electric fuel and purchased power are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues. See Note 4 for additional discussion.
Electric revenues and fuel and purchased power expenses are impacted by fluctuations in the price of natural gas, coal and uranium. However, these price fluctuations generally have minimal earnings impact due to fuel recovery mechanisms that recover fuel expenses. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes. Electric revenues, fuel and purchased power and margin:
|
|
|
Three Months Ended March 31 |
||||||
|
(Millions of Dollars) |
|
2022 |
|
2021 |
||||
|
Electric revenues |
|
$ |
2,633 |
|
|
$ |
2,870 |
|
|
Electric fuel and purchased power |
|
|
(1,094 |
) |
|
|
(1,386 |
) |
|
Electric margin |
|
$ |
1,539 |
|
|
$ |
1,484 |
|
Change:
|
(Millions of Dollars) |
|
Three Months Ended March 31, 2022 vs. 2021 |
||
|
Regulatory rate outcomes (Minnesota, Colorado, Wisconsin, Texas and New Mexico) |
|
$ |
63 |
|
|
Non-fuel riders |
|
|
36 |
|
|
Sales and demand (a) |
|
|
22 |
|
|
Conservation and demand side management (offset in expense) |
|
|
14 |
|
|
Estimated impact of weather (net of decoupling/sales true-up) |
|
|
6 |
|
|
PTCs flowed back to customers (offset by lower ETR) |
|
|
(53 |
) |
|
Proprietary commodity trading, net of sharing (b) |
|
|
(25 |
) |
|
Comanche Unit 3 outage (c) |
|
|
(9 |
) |
|
Other (net) |
|
|
1 |
|
|
Total increase |
|
$ |
55 |
|
|
(a) |
|
Sales excludes weather impact, net of decoupling in Colorado and proposed sales true-up mechanism in Minnesota. |
|
(b) |
|
Includes $27 million of net gains recognized in the first quarter of 2021, driven by market changes associated with Winter Storm Uri. |
|
(c) |
|
See Note 4 for further information. |
Natural Gas Margin — Natural gas margin is presented as natural gas revenues less the cost of natural gas sold and transported. Expenses incurred for the cost of natural gas sold are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues.
Natural gas expense varies with changing sales and the cost of natural gas. However, fluctuations in the cost of natural gas generally have minimal earnings impact due to cost recovery mechanisms. Natural gas revenues, cost of natural gas sold and transported and margin:
|
|
|
Three Months Ended March 31 |
||||||
|
(Millions of Dollars) |
|
2022 |
|
2021 |
||||
|
Natural gas revenues |
|
$ |
1,090 |
|
|
$ |
647 |
|
|
Cost of natural gas sold and transported |
|
|
(710 |
) |
|
|
(299 |
) |
|
Natural gas margin |
|
$ |
380 |
|
|
$ |
348 |
|
Change:
|
(Millions of Dollars) |
|
Three Months Ended March 31, 2022 vs. 2021 |
||
|
Regulatory rate outcomes (Minnesota, Wisconsin, North Dakota) |
|
$ |
17 |
|
|
Estimated impact of weather |
|
|
10 |
|
|
Gas sales and transport (excluding weather impact) |
|
|
7 |
|
|
Other (net) |
|
|
(2 |
) |
|
Total increase |
|
$ |
32 |
|
O&M Expenses — O&M expenses increased $18 million for the first quarter, due to additional investments in technology and customer programs, higher insurance premiums and additional bad debt expenses (primarily attributable to higher billings and/or increased commodity prices), partially offset by a reduction in employee benefit costs.
Depreciation and Amortization — Depreciation and amortization increased $41 million for the first quarter. The increase was primarily driven by several wind farms going into service and normal system expansion.
Interest Charges — Interest charges increased $9 million for the first quarter, largely due to increased long-term debt levels to fund capital investments and the unrecovered/deferred balances related to Winter Storm Uri.
Income Taxes — Effective income tax rate:
|
|
|
Three Months Ended March 31 |
|||||||
|
|
|
2022 |
|
2021 |
|
2022 vs 2021 |
|||
|
Federal statutory rate |
|
21.0 |
% |
|
21.0 |
% |
|
— |
% |
|
State tax (net of federal tax effect) |
|
4.9 |
|
|
4.9 |
|
|
— |
|
|
(Decreases) increases: |
|
|
|
|
|
|
|||
|
Wind PTCs (a) |
|
(34.4 |
) |
|
(24.6 |
) |
|
(9.8 |
) |
|
Plant regulatory differences (b) |
|
(4.8 |
) |
|
(6.1 |
) |
|
1.3 |
|
|
Other tax credits, net operating loss & tax credits allowances |
|
(1.5 |
) |
|
(1.1 |
) |
|
(0.4 |
) |
|
Other (net) |
|
(0.4 |
) |
|
(0.6 |
) |
|
0.2 |
|
|
Effective income tax rate |
|
(15.2 |
) % |
|
(6.5 |
) % |
|
(8.7 |
) % |
|
(a) |
|
Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income. |
|
(b) |
|
Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions. |
Income tax benefit increased $28 million for the first quarter, primarily driven by an increase in wind PTCs.
In April 2022, the IRS published inflation factors used to determine the PTC rate. As a result, the 2022 PTC rate on the sale of electricity produced from wind is 2.7 cents per kilowatt hour, compared to 2.5 cents for 2021.
Note 3. Capital Structure, Liquidity, Financing and Credit Ratings
Xcel Energy’s capital structure:
|
(Millions of Dollars) |
|
March 31, 2022 |
|
Percentage of Total Capitalization |
|
Dec. 31, 2021 |
|
Percentage of Total Capitalization |
||||
|
Current portion of long-term debt |
|
$ |
851 |
|
2 |
% |
|
$ |
601 |
|
1 |
% |
|
Short-term debt |
|
|
996 |
|
3 |
|
|
|
1,005 |
|
3 |
|
|
Long-term debt |
|
|
21,534 |
|
55 |
|
|
|
21,779 |
|
56 |
|
|
Total debt |
|
|
23,381 |
|
60 |
|
|
|
23,385 |
|
60 |
|
|
Common equity |
|
|
15,732 |
|
40 |
|
|
|
15,612 |
|
40 |
|
|
Total capitalization |
|
$ |
39,113 |
|
100 |
% |
|
$ |
38,997 |
|
100 |
% |
Liquidity — As of April 25, 2022, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available to meet liquidity needs:
|
(Millions of Dollars) |
|
Credit Facility (a) |
|
Drawn (b) |
|
Available |
|
Cash |
|
Liquidity |
|||||
|
Xcel Energy Inc. |
|
$ |
1,250 |
|
$ |
641 |
|
$ |
609 |
|
$ |
1 |
|
$ |
610 |
|
PSCo |
|
|
700 |
|
|
133 |
|
|
567 |
|
|
3 |
|
|
570 |
|
NSP-Minnesota |
|
|
500 |
|
|
11 |
|
|
489 |
|
|
3 |
|
|
492 |
|
SPS |
|
|
500 |
|
|
256 |
|
|
244 |
|
|
2 |
|
|
246 |
|
NSP-Wisconsin |
|
|
150 |
|
|
50 |
|
|
100 |
|
|
1 |
|
|
101 |
|
Total |
|
$ |
3,100 |
|
$ |
1,091 |
|
$ |
2,009 |
|
$ |
10 |
|
$ |
2,019 |
|
(a) |
|
Expires June 2024. |
|
(b) |
|
Includes outstanding commercial paper and letters of credit. |
Bilateral Credit Agreement — In April 2022, NSP-Minnesota extended an uncommitted bilateral credit agreement of $75 million (limited in use to support letters of credit for one-year). NSP-Minnesota had $45 million of outstanding letters of credit as of March 31, 2022.
Credit Ratings — Access to the capital markets at reasonable terms is partially dependent on credit ratings.
Contacts
Paul Johnson, Vice President – Treasurer & Investor Relations, (612) 215-4535
For news media inquiries only, please call Xcel Energy Media Relations, (612) 215-5300
Xcel Energy website address: www.xcelenergy.com
