Xcel Energy has reported 2022 third quarter GAAP and ongoing earnings of $649 million, or $1.18 per share, compared with $609 million, or $1.13 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 had a strong third quarter – both operationally and financially – which has allowed us to narrow our 2022 earnings guidance to $3.14 to $3.19 per share,” said Bob Frenzel, Chairman, President and CEO of Xcel Energy.
“This quarter also saw the passage of the groundbreaking Inflation Reduction Act, whose clean energy provisions will provide significant customer benefit, reduce the cost of the clean energy transition and improve our liquidity through tax credit transferability. As a result of the legislation, the cost of our recently approved 460-MW Sherco Solar project will be reduced by more than 30%. It will also lower the cost of 10,000 MWs of renewables that were approved as part of our Minnesota and Colorado resource plans and further enhance Xcel Energy’s and the region’s competitive advantage due to strong wind and solar resources in our states.”
