Welcome to our dedicated page for Xcel Energy news (Ticker: XEL), a resource for investors and traders seeking the latest updates and insights on Xcel Energy stock.
Xcel Energy Inc. reports developments for a regulated electric and natural gas utility serving customers across eight Western and Midwestern states. News commonly covers GAAP and ongoing earnings, dividend declarations, recovery of infrastructure investments, electric sales trends, operating expenses and financing-related updates.
The company’s recurring updates also address clean-energy and grid projects, large-load customer service, generation and transmission planning, and technology and security modernization. Xcel Energy operates through regulated utility companies that include Northern States Power, Public Service Company of Colorado and Southwestern Public Service Company, with business activity tied to electricity delivery, natural gas service, renewable energy resources and state utility regulation.
Luke Litteken, SVP of Xcel Energy, has been appointed as the 2023 Chair of the Southern Gas Association Board of Directors. With over 30 years in the natural gas industry, Litteken aims to enhance energy infrastructure, focusing on affordable clean energy and workforce diversity. He emphasizes the importance of technical training and innovation, especially concerning emerging fuels like RNG and hydrogen. The SGA's Executive Committee will also include members from various leading energy companies. This development marks a significant leadership transition within the natural gas sector, promoting safety and innovation.
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Form Energy has formed a partnership with Xcel Energy to deploy its 100-hour iron-air battery systems at retiring coal plant sites in Minnesota and Colorado. The two 10 MW / 1,000 MWh storage systems are designed to enhance Xcel Energy's ability to integrate low-cost renewable energy as part of its transition to a sustainable energy future. Expected to be operational by 2025, both projects will require regulatory approvals. The collaboration aims to improve grid reliability, support a significant reduction in carbon emissions by 2030, and bolster the integration of wind energy amidst weather variability.
Xcel Energy Inc. (NASDAQ: XEL) reported 2022 diluted earnings per share (EPS) of $3.17, up from $2.96 in 2021, representing a 11.6% increase year-over-year. Total GAAP earnings reached $1.74 billion, attributed to capital investment recovery and regulatory outcomes, though offset by rising depreciation and operational expenses. The company reaffirmed its 2023 EPS guidance of $3.30 to $3.40 per share. CEO Bob Frenzel highlighted the company's commitment to clean energy, noting regulatory approvals for renewable energy expansion and the retirement of coal plants, bolstered by the Inflation Reduction Act's tax provisions.
Xcel Energy (NASDAQ: XEL) will hold a conference call on January 26, 2023, to discuss its fourth quarter and year-end 2022 financial results. The earnings report will be available before the market opens on the same day. The call starts at 9:00 a.m. Central Time, and participants should dial in 10 minutes early with the conference password. A webcast will also be available on their website and archived for later access until January 30.
Quanta Services (NYSE: PWR) has been chosen by Xcel Energy for the Colorado's Power Pathway project, which aims to enhance Colorado's electric transmission infrastructure. This multi-year initiative, expected to run through 2027, involves constructing around 610 miles of 345 kV transmission lines, four new substations, and expanding four existing ones. The project will support approximately 5,500 megawatts of renewable energy resources. Revenue from this project will be reflected in Quanta's backlog for Q4 2022.
The Board of Directors of Xcel Energy (NASDAQ: XEL) has announced a quarterly dividend of 48.75 cents per share, payable on January 20, 2023, to shareholders of record as of December 29, 2022. Xcel Energy operates in 8 states, serving approximately 3.7 million electricity and 2.1 million natural gas customers. The company is committed to providing a broad range of energy services.
Xcel Energy has proposed advancing the retirement of the Tolk Generating Station's coal operations in Texas to 2028, over four years earlier than planned, a step towards a complete exit from coal by 2030. This move aligns with the company's goal to achieve 100% carbon-free electricity by 2050, aiming for an 80% reduction in carbon emissions by 2030. The earlier retirement is projected to save customers in Texas and New Mexico more than $70 million. Xcel Energy's commitment reflects its strategy of transitioning to affordable clean energy while ensuring service reliability.
Xcel Energy has signed a 20-year agreement with Anterix for the use of its 900 MHz spectrum across eight states, enhancing its grid modernization efforts for 3.7 million electricity and 2.1 million natural gas customers. The collaboration supports a private LTE network aimed at improving energy delivery and reliability. Xcel, now part of the Utility Strategic Advisory Board, will also assist with technology trials and participate in the Anterix Active Ecosystem. This move positions Xcel Energy as a key player in the utility broadband sector.
Xcel Energy reported a strong third quarter in 2022 with GAAP diluted earnings per share of $1.18, up from $1.13 in 2021. Year-to-date EPS increased to $2.48 from $2.38 the previous year.
The company narrowed its 2022 EPS guidance to $3.14 to $3.19 and initiated 2023 guidance at $3.30 to $3.40. These results reflect benefits from capital investments and regulatory outcomes, despite increased operational costs. Additionally, the Inflation Reduction Act is expected to significantly lower costs for upcoming renewable projects.