Xcel Energy rolls out $60 billion capital spending plan

Core Insights - Xcel Energy reported a quarterly earnings of $524 million for Q3 2025, reflecting a 23% decrease from 2024 due to higher depreciation, interest charges, and operational expenses, although partially offset by improved recovery from infrastructure investments [1] Financial Performance - Quarterly earnings of $524 million, down 23% from 2024 [1] - Excluded a $290 million charge from the Marshall Wildfire settlement from quarterly earnings metrics [6] Growth Strategy - Xcel Energy has a five-year capital spending plan totaling $60 billion, which includes a recent $15 billion addition [3][5] - The capital plan will support 7.5 MW of new renewable generation, 3 MW of new gas generation, 1.9 MW of energy storage, and 1,500 miles of high-voltage transmission [5] - The company anticipates retail sales growth of 5% through 2030, driven primarily by a 3 GW pipeline of contracted data center projects [3][4] Market Demand - New data center load is expected to account for approximately 60% of Xcel's anticipated retail sales growth through 2030 [8] - The electrification of the oil and gas sector contributes an additional 30% to the company's growth, while residential load growth and electrification represent about 10% [8] Regional Insights - The subsidiary Southwestern Public Service Company expects the fastest growth, with retail sales projected to rise 8% through 2030 [9] - Other regions, including Northern States Power Minnesota, Northern States Power Wisconsin, and Public Service Company of Colorado, anticipate a 4% sales growth through 2030 [9]