XCEL ENERGY SECOND QUARTER 2019 EARNINGS REPORT

Xcel Energy has reported 2019 second quarter GAAP and ongoing earnings of $238 million, or $0.46 per share, compared with $265 million or $0.52 per share in the same period in 2018.

Earnings reflect higher electric and natural gas margins primarily due to non-fuel riders and regulatory rate outcomes, more than offset by 5 cents per share of unfavorable weather, increased depreciation, interest and operating and maintenance expenses.

“Despite the milder than normal weather in the second quarter, Xcel Energy’s year-to-date earnings are on track, and we are well-positioned to deliver earnings within our guidance range for the year,” said Ben Fowke, chairman, president and CEO of Xcel Energy.

“I am pleased that we have filed our Upper Midwest Resource Plan, which is another significant step forward in our industry leading drive to reduce carbon emissions while ensuring reliability and affordability,” said Fowke. “This plan achieves an 80% reduction in carbon emissions in the region by 2030, through the early retirement of the remaining coal units in the Upper Midwest, by substantially growing the amount of renewables on our system and adding new firm peaking resources to ensure continued reliability. This plan is a key stepping stone toward the company achieving its vision to provide customers 100% carbon-free electricity by 2050.”
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