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Xcel Energy Third Quarter 2013 Earnings Report

Stocks in this article: XEL

On Sept. 3, 2013, the MPUC issued an order approving a rate increase of approximately $103 million, or 3.8 percent, based on a 9.83 percent ROE and 52.56 percent equity ratio. In addition, the MPUC authorized approximately $20 million in deferrals, as well as a $24 million reduction in revenue and depreciation expense.

The table below reconciles NSP-Minnesota’s original request to the final MPUC order:


Administrative Law


Judge (ALJ)

(Millions of Dollars) NSP-Minnesota Request Recommendation MPUC Order
NSP-Minnesota original request $ 285 $ 285 $ 285
ROE (43 ) (43 )
Sherco Unit 3 (35 ) (38 ) (34 )
Reduced recovery for nuclear plants (11 ) (14 ) (15 )
Incentive compensation (3 ) (4 ) (4 )
Sales forecast (1 ) (26 ) (26 )
Pension (10 ) (13 ) (13 )
Employee benefits (4 ) (6 ) (6 )
Black Dog remediation (5 ) (5 ) (5 )
Estimated impact of the theoretical depreciation reserve (24 )
NSP-Wisconsin wholesale allocation (7 ) (7 ) (7 )
Other, net   (2 ) (5 )
Recommended rate increase 209 127 103
Estimated impact of cost deferrals 50 34 20
Estimated impact of the theoretical depreciation reserve     24  
Impact on pre-tax income $ 259   $ 161   $ 147  

NSP-Minnesota filed its final rate implementation and interim rate refund compliance filing on Sept. 19, 2013, requesting final rates be implemented Dec. 1, 2013, with interim rate refunds of approximately $132.2 million, including interest, to begin by January 2014. The Office of the Attorney General requested the MPUC to reconsider its Sept. 3, 2013 order with respect to the calculation of AFUDC. NSP-Minnesota has filed a response opposing the motion. Both items are pending MPUC action.

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