Xcel Energy(US:XEL)2025-04-23 21:35Financial Performance - Xcel Energy reported Q1 2025 GAAP earnings of $483 million, or $0.84 per share, compared to $488 million, or $0.88 per share in Q1 2024[2]. - The company reaffirmed its 2025 ongoing EPS guidance of $3.75 to $3.85[5]. - Total operating revenues for Q1 2025 were $3.906 billion, up from $3.649 billion in Q1 2024, driven by higher electric and natural gas revenues[10]. - Operating expenses increased to $3.229 billion in Q1 2025 from $2.970 billion in Q1 2024, primarily due to higher O&M expenses, depreciation, and interest charges[10]. - The increase in ongoing earnings per share was partially offset by higher O&M expenses and depreciation, which impacted earnings negatively by $0.11 and $0.09 respectively[21]. - Net income for the three months ended March 31, 2025, was $483 million, slightly down from $488 million in the same period of 2024[95]. - Weather-normalized retail electric sales are projected to increase by approximately 3% in 2025, while natural gas sales are expected to rise by about 1%[92]. - Book value per share increased to $34.34 as of March 31, 2025, compared to $32.09 in the same period of 2024[95]. - Cash dividends declared per common share increased to $0.57 for the three months ended March 31, 2025, compared to $0.5475 in the same period of 2024[95]. Revenue and Sales - For the three months ended March 31, 2025, total electric revenues increased by $150 million compared to 2024, driven by higher costs of electric fuel and purchased power recovery, non-fuel riders, and regulatory rate outcomes[27]. - Natural gas revenues increased by $114 million for the same period, primarily due to regulatory rate outcomes and recovery of higher natural gas costs[30]. - Electric residential sales growth varied across regions, with NSP-Minnesota showing a 1.2% increase in customer growth and a 0.1% increase in use per customer[28]. - Capital rider revenue is anticipated to increase by $200 million to $210 million, driven by earnings neutral changes including PTC updates[92]. Expenses and Costs - O&M expenses rose by $81 million in Q1 2025, attributed to higher nuclear generation costs and distribution system maintenance[34]. - Depreciation and amortization expenses increased by $70 million in Q1 2025, largely due to system investments and regulatory updates[35]. Regulatory and Rate Cases - NSP-Minnesota filed for a $491 million (13.2%) revenue increase over two years in its 2024 electric rate case, with interim rates approved at $192 million effective January 1, 2025[41]. - NSP-Minnesota updated its total revenue request to $473 million for the 2024 North Dakota Electric Rate Case, seeking a 19.3% increase over current rates[42]. - NSP-Minnesota filed for a natural gas rate increase of approximately $59 million, or 9.6%, based on a rate base of approximately $1.27 billion[43]. - NSP-Wisconsin is seeking a total electric revenue increase of $94 million (11.8%) in 2026 and an incremental $57 million (7.1%) in 2027, totaling $151 million over two years[52]. - The natural gas revenue increase request from NSP-Wisconsin is $20 million (12.7%) in 2026 and an incremental $4 million (1.5%) in 2027, totaling $24 million (14.2%) over the same period[52]. - The MPUC approved interim rates of approximately $27 million for NSP-Minnesota, subject to refund, effective February 1, 2025[42]. Investments and Future Plans - Xcel Energy achieved a milestone with Minnesota regulators approving a resource plan for nearly 5,000 megawatts of new wind, solar, battery storage, and gas by 2030[3]. - The company is actively investing in system resilience and wildfire mitigation plans in Texas and Colorado[3]. - NSP-Minnesota's 2024 Minnesota Resource Plan includes a proposed 800 MW firm dispatchable resource acquisition[49]. - The estimated total cost for PSCo's Updated Wildfire Mitigation Plan is approximately $1.9 billion, covering the years 2025 to 2027[59]. - SPS expects a projected resource need ranging from approximately 5,300 MW to 10,200 MW by 2030, as outlined in its New Mexico Resource Plan[61]. Debt and Liquidity - Xcel Energy's total debt as of March 31, 2025, was $31.2 billion, representing 61% of total capitalization[37]. - The company plans to issue $1.1 billion in senior unsecured notes and $1 billion in first mortgage bonds in 2025 to support financing activities[39]. - As of April 21, 2025, Xcel Energy had $2.993 billion in available liquidity from committed credit facilities[37]. Insurance and Losses - Xcel Energy recorded total estimated losses of $290 million related to the Smokehouse Creek Fire Complex, with settlements totaling $113 million as of the filing date[75]. - The cumulative estimated probable losses related to the Smokehouse Creek Fire Complex are estimated at $290 million, which is at the lower end of the range of reasonably estimable losses[77]. - Xcel Energy's insurance coverage for potential liabilities related to the Smokehouse Creek Fire is approximately $500 million, which may be exceeded if found liable[78]. - Insurance receivables as of March 31, 2025, were recorded at $285 million, net of recoveries received, compared to $210 million as of December 31, 2024[80].