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.

Xcel Energy has 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,” according to 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.
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