Xcel Energy Inc. (NYSE: XEL) today reported 2013 second quarter earnings of $197 million, or $0.40 per share, compared with 2012 earnings of $183 million, or $0.38 per share.
Second quarter 2013 earnings were favorably impacted by increased electric and natural gas margins. The increase in electric margin was mainly due to rate increases in Colorado, Wisconsin, South Dakota and Texas, along with interim rate increases, subject to refund, in Minnesota and North Dakota. Natural gas margins were positively impacted by cooler weather compared with the second quarter of last year. These positive drivers were partially offset by higher operating and maintenance expenses and depreciation and amortization, reflecting our continued infrastructure investment in our utility business.
“In addition to a solid quarter financially, we continued to demonstrate our strong operational capabilities,” said Ben Fowke, Chairman, President and Chief Executive Officer. “In June, Minnesota experienced several severe thunderstorms which impacted more than 600,000 of our customers. We coordinated a workforce of 1,100 linemen from 14 states and several hundred support personnel to handle the state’s record electrical outage. As a result, power was restored to 96 percent of our customers within three days. I’m proud of all the workers who labored tirelessly to complete this effort in an orderly, safe and timely fashion.”
“Regarding developments in our Minnesota electric rate case, the Administrative Law Judge’s recommendation provided for approximately $127 million in revenue, well below our request,” stated Fowke. “However, the ALJ also recommended approximately $34 million in additional cost deferrals. The additional deferrals combined with favorable weather and certain other items position Xcel Energy to deliver 2013 earnings within the guidance range of $1.85 to $1.95 per share.”At 10:00 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:||(877) 941-6009|
|International Dial-In:||(480) 629-9722|
|US Dial-In:||(800) 406-7325|
|International Dial-In:||(303) 590-3030|
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