Xcel Energy First Quarter 2023 Earnings Report
- First quarter GAAP diluted earnings per share were $0.76 in 2023 compared with $0.70 in 2022.
- Xcel Energy reaffirms 2023 EPS guidance of $3.30 to $3.40.
MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2023 first quarter GAAP and ongoing earnings of $418 million, or $0.76 per share, compared with $380 million, or $0.70 per share in the same period in 2022.
Earnings reflect recovery of electric and natural gas infrastructure investment and other regulatory outcomes, partially offset by higher depreciation, operating and maintenance (O&M) expenses and interest charges.
“We delivered solid first-quarter results and continue to make significant progress on leading the clean energy transition. We are in the process of evaluating thousands of MWs of renewables for our system as we work through the RFPs across all our service territories. In addition, we recently submitted two applications to secure grants from the Department of Energy to develop hydrogen hubs in Colorado and the Midwest,” said Bob Frenzel chairman, president and CEO of Xcel Energy.
“Energy affordability for customers remains a top priority for Xcel Energy, and customers have faced hardships during the recent period of high natural gas commodity costs. In an effort to support them, we have lowered the natural gas recovery charge in Colorado four times, or 58% during the winter, to ensure customers get immediate relief as natural gas commodity prices decline nationally. In addition, Xcel Energy took steps this quarter to continue to support low income customers burdened by high energy costs. We are also working with stakeholders to evaluate structural changes in how we purchase natural gas to help reduce costs and protect customers from future natural price volatility,” Frenzel added.
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.
|
US Dial-In: |
(866) 580-3963 |
|
International Dial-In: |
(400) 120-0558 |
|
Conference ID: |
5018521 |
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 April 27th through May 1st.
|
Replay Numbers |
|
|
US Dial-In: |
1 (866) 583-1035 |
|
Access Code: |
5018521# |
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 2023 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, 2022 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 work force 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; cyber security 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; 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.
|
XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (amounts in millions, except per share data) |
||||||||
|
|
|
Three Months Ended March 31 |
||||||
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Operating revenues |
|
|
|
|
||||
|
Electric |
|
$ |
2,763 |
|
|
$ |
2,633 |
|
|
Natural gas |
|
|
1,288 |
|
|
|
1,090 |
|
|
Other |
|
|
29 |
|
|
|
28 |
|
|
Total operating revenues |
|
|
4,080 |
|
|
|
3,751 |
|
|
|
|
|
|
|
||||
|
Operating expenses |
|
|
|
|
||||
|
Electric fuel and purchased power |
|
|
1,117 |
|
|
|
1,094 |
|
|
Cost of natural gas sold and transported |
|
|
844 |
|
|
|
710 |
|
|
Cost of sales — other |
|
|
12 |
|
|
|
10 |
|
|
Operating and maintenance expenses |
|
|
650 |
|
|
|
602 |
|
|
Conservation and demand side management expenses |
|
|
76 |
|
|
|
92 |
|
|
Depreciation and amortization |
|
|
624 |
|
|
|
562 |
|
|
Taxes (other than income taxes) |
|
|
184 |
|
|
|
171 |
|
|
Total operating expenses |
|
|
3,507 |
|
|
|
3,241 |
|
|
|
|
|
|
|
||||
|
Operating income |
|
|
573 |
|
|
|
510 |
|
|
|
|
|
|
|
||||
|
Other income, net |
|
|
5 |
|
|
|
1 |
|
|
Earnings from equity method investments |
|
|
11 |
|
|
|
15 |
|
|
Allowance for funds used during construction — equity |
|
|
19 |
|
|
|
13 |
|
|
|
|
|
|
|
||||
|
Interest charges and financing costs |
|
|
|
|
||||
|
Interest charges — includes other financing costs of $8 and $8, respectively |
|
|
253 |
|
|
|
214 |
|
|
Allowance for funds used during construction — debt |
|
|
(10 |
) |
|
|
(5 |
) |
|
Total interest charges and financing costs |
|
|
243 |
|
|
|
209 |
|
|
|
|
|
|
|
||||
|
Income before income taxes |
|
|
365 |
|
|
|
330 |
|
|
Income tax benefit |
|
|
(53 |
) |
|
|
(50 |
) |
|
Net income |
|
$ |
418 |
|
|
$ |
380 |
|
|
|
|
|
|
|
||||
|
Weighted average common shares outstanding: |
|
|
|
|
||||
|
Basic |
|
|
551 |
|
|
|
545 |
|
|
Diluted |
|
|
551 |
|
|
|
545 |
|
|
|
|
|
|
|
||||
|
Earnings per average common share: |
|
|
|
|
||||
|
Basic |
|
$ |
0.76 |
|
|
$ |
0.70 |
|
|
Diluted |
|
|
0.76 |
|
|
|
0.70 |
|
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, 2023 and 2022, 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 $0.76 per share in 2023, compared with $0.70 per share in 2022. The increase was driven by recovery of electric and natural gas infrastructure investment, partially offset by higher depreciation, O&M expenses and interest charges. 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). Summarized diluted EPS for Xcel Energy:
|
|
|
Three Months Ended March 31 |
||||||
|
Diluted Earnings (Loss) Per Share |
|
|
2023 |
|
|
|
2022 |
|
|
PSCo |
|
$ |
0.39 |
|
|
$ |
0.32 |
|
|
NSP-Minnesota |
|
|
0.25 |
|
|
|
0.23 |
|
|
SPS |
|
|
0.10 |
|
|
|
0.10 |
|
|
NSP-Wisconsin |
|
|
0.08 |
|
|
|
0.09 |
|
|
Earnings from equity method investments — WYCO |
|
|
0.01 |
|
|
|
0.01 |
|
|
Regulated utility (a) |
|
|
0.83 |
|
|
|
0.75 |
|
|
Xcel Energy Inc. and Other |
|
|
(0.07 |
) |
|
|
(0.05 |
) |
|
Total (a) |
|
$ |
0.76 |
|
|
$ |
0.70 |
|
|
(a) |
Amounts may not add due to rounding. |
PSCo — Earnings increased $0.07 per share for the first quarter of 2023. The higher earnings primarily reflect the timing of recovery of electric and natural gas infrastructure investment and the impact of colder than normal weather, partially offset by increased depreciation, O&M expenses and interest charges. Incremental investment recovery was implemented for electric operations in April 2022 and natural gas operations in November 2022, resulting in higher revenues in the first quarter of 2023 compared to 2022. The year-over-year impact of these higher revenues is not expected to continue throughout the rest of the year. Earnings are not a result of higher natural gas prices as PSCo does not profit on fuel or power costs purchased for its customers.
NSP-Minnesota — Earnings increased $0.02 per share for the first quarter of 2023. The increase is primarily due to recovery of electric infrastructure investment, partially offset by increased O&M expenses and depreciation.
SPS — Earnings were flat for the first quarter of 2023. Recovery of electric infrastructure investment and strong sales growth were offset by higher depreciation and O&M expenses.
NSP-Wisconsin — Earnings decreased $0.01 per share for the first quarter of 2023. Recovery of electric and natural gas infrastructure investment were more than offset by impacts of warmer winter weather, higher depreciation and 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. Earnings decreased $0.02 per share for the first quarter, largely attributable to higher interest charges.
Components significantly contributing to changes in 2023 EPS compared to 2022:
|
Diluted Earnings (Loss) Per Share |
|
Three Months Ended March 31 |
||
|
GAAP and ongoing diluted EPS — 2022 |
|
$ |
0.70 |
|
|
|
|
|
||
|
Components of change – 2023 vs. 2022 |
|
|
||
|
Higher electric revenues, net of electric fuel and purchased power |
|
|
0.15 |
|
|
Higher natural gas revenues, net of cost of natural gas sold and transported |
|
|
0.09 |
|
|
Lower effective tax rate (ETR) (a) |
|
|
0.02 |
|
|
Higher depreciation and amortization |
|
|
(0.08 |
) |
|
Higher O&M expenses |
|
|
(0.06 |
) |
|
Higher interest charges |
|
|
(0.05 |
) |
|
Higher taxes (other than income taxes) |
|
|
(0.02 |
) |
|
Other, net |
|
|
0.01 |
|
|
GAAP and ongoing diluted EPS — 2023 |
|
$ |
0.76 |
|
| (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 decoupling mechanisms in Minnesota predominately mitigate the positive and adverse impacts of weather for the electric utility in those jurisdictions.
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 March 31 |
||||||||||
|
|
2023 vs. Normal |
|
2022 vs. Normal |
|
2023 vs. 2022 |
||||||
|
Retail electric |
$ |
0.002 |
|
|
$ |
0.020 |
|
|
$ |
(0.018 |
) |
|
Decoupling |
|
(0.006 |
) |
|
|
(0.010 |
) |
|
|
0.004 |
|
|
Electric total |
$ |
(0.004 |
) |
|
$ |
0.010 |
|
|
$ |
(0.014 |
) |
|
Firm natural gas |
|
0.029 |
|
|
|
0.016 |
|
|
|
0.013 |
|
|
Total |
$ |
0.025 |
|
|
$ |
0.026 |
|
|
$ |
(0.001 |
) |
Sales — Sales growth (decline) for actual and weather-normalized sales in 2023 compared to 2022:
|
|
Three Months Ended March 31 |
||||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Actual |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
0.6 |
% |
|
(4.2 |
) % |
|
(2.7 |
) % |
|
(6.4 |
) % |
|
(2.4 |
) % |
|
Electric C&I |
|
(1.2 |
) |
|
(1.8 |
) |
|
7.3 |
|
|
— |
|
|
1.0 |
|
|
Total retail electric sales |
|
(0.6 |
) |
|
(2.6 |
) |
|
5.3 |
|
|
(2.0 |
) |
|
— |
|
|
Firm natural gas sales |
|
5.8 |
|
|
(10.1 |
) |
|
N/A |
|
|
(14.3 |
) |
|
(1.1 |
) |
|
|
|
Three Months Ended March 31 |
|||||||||||||
|
|
|
PSCo |
|
NSP-Minnesota |
|
SPS |
|
NSP-Wisconsin |
|
Xcel Energy |
|||||
|
Weather-Normalized |
|
|
|
|
|
|
|
|
|
|
|||||
|
Electric residential |
|
(0.9 |
) % |
|
(1.2 |
) % |
|
3.1 |
% |
|
(0.9 |
) % |
|
(0.4 |
) % |
|
Electric C&I |
|
(1.4 |
) |
|
(1.3 |
) |
|
7.2 |
|
|
0.6 |
|
|
1.1 |
|
|
Total retail electric sales |
|
(1.3 |
) |
|
(1.3 |
) |
|
6.3 |
|
|
0.2 |
|
|
0.6 |
|
|
Firm natural gas sales |
|
(0.1 |
) |
|
(1.4 |
) |
|
N/A |
|
|
(2.1 |
) |
|
(0.7 |
) |
Weather-normalized electric sales growth (decline) — year-to-date
- PSCo — Residential sales declined due to decreased use per customer, partially offset by a 1.3% increase in customers. The C&I sales decline was attributable to decreased use per customer, primarily due to a two-month outage at a large manufacturing sector customer.
- NSP-Minnesota — Residential sales declined due to decreased use per customer, partially offset by a 1.0% increase in customers. The C&I sales decline was attributable to lower use per customer, primarily driven by declines in the educational, transportation and warehousing and retail trade sectors.
- SPS — Residential sales growth was primarily attributable to increased use per customer, in addition to a 0.8% increase in customers. C&I sales increased due to higher use per customer, primarily driven by the energy sector.
- NSP-Wisconsin — Residential sales declined due to decreased use per customer, primarily offset by a 0.7% increase in customers. C&I sales growth was primarily associated with customer growth, experienced primarily in the transportation and professional services sectors.
Weather-normalized natural gas sales growth (decline) — year-to-date
- Natural gas sales reflect a lower use per residential customer in all jurisdictions, partially offset by an increase in C&I use per customer in PSCo. In addition, residential and C&I customer growth was 1.2% and 0.7%, respectively.
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.
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. 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) |
|
|
2023 |
|
|
|
2022 |
|
|
Electric revenues |
|
$ |
2,763 |
|
|
$ |
2,633 |
|
|
Electric fuel and purchased power |
|
|
(1,117 |
) |
|
|
(1,094 |
) |
|
Electric margin |
|
$ |
1,646 |
|
|
$ |
1,539 |
|
|
(Millions of Dollars) |
|
Three Months Ended March 31, 2023 vs. 2022 |
||
|
Regulatory rate outcomes (Minnesota, Colorado, Texas, New Mexico, South Dakota and Wisconsin) |
|
$ |
88 |
|
|
Sales and demand (a) |
|
|
18 |
|
|
Wholesale transmission (net) |
|
|
17 |
|
|
Non-fuel riders |
|
|
15 |
|
|
Conservation and demand side management (offset in expense) |
|
|
(17 |
) |
|
PTCs flowed back to customers (offset by a lower ETR) |
|
|
(12 |
) |
|
Estimated impact of weather, net of decoupling |
|
|
(10 |
) |
|
Other (net) |
|
|
8 |
|
|
Total increase |
|
$ |
107 |
|
| (a) |
Sales excludes weather impact, net of decoupling in Colorado and proposed decoupling in Minnesota. |
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) |
|
|
2023 |
|
|
|
2022 |
|
|
Natural gas revenues |
|
$ |
1,288 |
|
|
$ |
1,090 |
|
|
Cost of natural gas sold and transported |
|
|
(844 |
) |
|
|
(710 |
) |
|
Natural gas margin |
|
$ |
444 |
|
|
$ |
380 |
|
|
(Millions of Dollars) |
|
Three Months Ended March 31, 2023 vs. 2022 |
|
|
Regulatory rate outcomes (Colorado and Wisconsin) |
|
$ |
47 |
|
Estimated impact of weather |
|
|
9 |
|
Infrastructure and integrity riders |
|
|
4 |
|
Other (net) |
|
|
4 |
|
Total increase |
|
$ |
64 |
O&M Expenses — O&M expenses increased $48 million for the first quarter. Increase was primarily due to timing of regulatory recovery mechanisms, generation outages and emergent work; higher bad debt expenses; the impact of inflationary pressures, including labor increases, and investments in electric vehicle programs and other customer products.
Depreciation and Amortization — Depreciation and amortization increased $62 million for the first quarter, primarily driven by system expansion and the implementation of new depreciation rates in Colorado and Minnesota.
Interest Charges — Interest charges increased $39 million for the first quarter, largely due to higher interest rates and increased long-term debt levels to fund capital investments.
Income Taxes — Effective income tax rate:
|
|
|
Three Months Ended March 31 |
|||||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 vs. 2022 |
|
|
Federal statutory rate |
|
21.0 |
% |
|
21.0 |
% |
|
— |
% |
|
State tax (net of federal tax effect) |
|
4.8 |
|
|
4.9 |
|
|
(0.1 |
) |
|
(Decreases) increases: |
|
|
|
|
|
|
|||
|
Wind PTCs (a) |
|
(33.1 |
) |
|
(34.4 |
) |
|
1.3 |
|
|
Plant regulatory differences (b) |
|
(5.5 |
) |
|
(4.8 |
) |
|
(0.7 |
) |
|
Other tax credits, net operating loss & tax credits allowances |
|
(1.6 |
) |
|
(1.5 |
) |
|
(0.1 |
) |
|
Other (net) |
|
(0.1 |
) |
|
(0.4 |
) |
|
0.3 |
|
|
Effective income tax rate |
|
(14.5 |
) % |
|
(15.2 |
) % |
|
0.7 |
% |
|
(a) |
Wind PTCs are credited to customers (reduction to revenue) and do not materially impact earnings. |
|
(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. |
Note 3. Capital Structure, Liquidity, Financing and Credit Ratings
Xcel Energy’s capital structure:
|
(Millions of Dollars) |
|
March 31, 2023 |
|
Percentage of Total Capitalization |
|
Dec. 31, 2022 |
|
Percentage of Total Capitalization |
||||
|
Current portion of long-term debt |
|
$ |
901 |
|
2 |
% |
|
$ |
1,151 |
|
3 |
% |
|
Short-term debt |
|
|
1,079 |
|
3 |
|
|
|
813 |
|
2 |
|
|
Long-term debt |
|
|
22,818 |
|
55 |
|
|
|
22,813 |
|
55 |
|
|
Total debt |
|
|
24,798 |
|
60 |
|
|
|
24,777 |
|
60 |
|
|
Common equity |
|
|
16,818 |
|
40 |
|
|
|
16,675 |
|
40 |
|
|
Total capitalization |
|
$ |
41,616 |
|
100 |
% |
|
$ |
41,452 |
|
100 |
% |
Liquidity — As of April 24, 2023, 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. |
|
$ |
1,500 |
|
$ |
367 |
|
$ |
1,133 |
|
$ |
1 |
|
$ |
1,134 |
|
PSCo |
|
|
700 |
|
|
27 |
|
|
673 |
|
|
155 |
|
|
828 |
|
NSP-Minnesota |
|
|
700 |
|
|
92 |
|
|
608 |
|
|
4 |
|
|
612 |
|
SPS |
|
|
500 |
|
|
55 |
|
|
445 |
|
|
2 |
|
|
447 |
|
NSP-Wisconsin |
|
|
150 |
|
|
30 |
|
|
120 |
|
|
1 |
|
|
121 |
|
Total |
|
$ |
3,550 |
|
$ |
571 |
|
$ |
2,979 |
|
$ |
163 |
|
$ |
3,142 |
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
