The following is a summary of the Xcel Energy Inc. (XEL) Q1 2024 Earnings Call Transcript:
Financial Performance:
Xcel Energy reported Q1 2024 earnings of $0.88 per share, up from $0.76 per share in 2023, primarily due to impacts of electric and natural gas rate reviews, and reduced O&M expenses.
The company reaffirmed its 2024 earnings guidance range of $3.50 to $3.60 per share.
Liabilities due to the Smokehouse Creek wildfire amounted to $215 million, offset by insurance receivable.
Higher depreciation and interest charges resulted in a decrease in earnings by $0.05 per share each.
Business Progress:
Xcel Energy is accelerating risk reduction initiatives focusing on wildfire mitigation.
The company has proposed to add 6,400 megawatts of new resources and extend the lifespan of existing nuclear facilities past 2050.
Partnership with Microsoft expected to lead to a new data center, potentially making it one of the largest customers in Minnesota.
Joined the Economic Opportunity Coalition, committing to allocating 15% of U.S based contract spending towards underserved businesses by 2025.
Expects growth in data centers and committed to work with policymakers and regulators for economic development and infrastructural build-outs.
The company is looking forward to filing a wildfire risk mitigation and system resiliency plan for SPS in late Q4 2024.
Planning for the Colorado clean heat plan and exploring various solutions beyond pipeline alternatives.
Looking to extend their resource plan related to cell extensions from 2040 to 2050 and the operation of both Prairie Island units from the early 2030s to the early 2050s.
More details: Xcel Energy IR
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