Xcel Energy Inc Stock Price, News & Analysis

Xcel Energy's Executive Chairman, Ben Fowke, met with President Biden at the National Renewable Energy Lab in Colorado. Fowke emphasized Xcel’s leadership in achieving a 100% carbon-free electricity goal by 2050, having already reduced carbon emissions by 51%. The company aims for an 80% reduction by 2030, with over 65% of its energy generated from wind and solar. Collaboration with the federal government and state leaders is crucial for developing policies supporting a clean energy future. Xcel acknowledges the need for reliable, carbon-free generating resources available 24/7.

Xcel Energy (XEL) has launched new electric vehicle (EV) charging programs in Colorado, enhancing accessibility and affordability for customers. The initiatives aim to support the state's goal of having 940,000 EVs on the road by 2030 and contribute to the company’s vision of powering 1.5 million EVs by the same year. The new residential programs offer low-cost charger installations, annual rewards, and rebates for home upgrades, while commercial solutions provide infrastructure support for businesses and communities. The plan includes deploying around 20,000 charging plugs over three years.

OriginClear Inc (OCLN) has secured a $1.8 million purchase order from a major U.S. power utility under a Master Services Agreement with its subsidiary, Progressive Water Treatment (PWT). The total expected revenue under the MSA is $5 million, dependent on future orders. This contract marks a significant return to large power plant contracts for PWT, which previously held notable projects with the utility. Additionally, OriginClear’s Modular Water Systems division recorded nearly $900,000 in orders in June, indicating strong demand.

Xcel Energy has appointed Bob Frenzel as the new president and CEO, succeeding Ben Fowke, who will serve as executive chairman of the Board of Directors. Frenzel, who joined Xcel in 2016 and has served as CFO and COO, aims to focus on strategic priorities like enhancing customer experience and leading the clean energy transition. Tim O’Connor will now take on the role of executive vice president and COO, overseeing various operations. Fowke’s tenure saw significant strides in carbon emissions reduction and the expansion of renewable energy initiatives.

The Board of Directors of Xcel Energy declared a quarterly dividend of 45.75 cents per share, payable on October 20, 2021, to shareholders of record on September 15, 2021. Xcel Energy operates in 8 states, serving 3.7 million electricity and 2.1 million natural gas customers. This dividend reflects the company's ongoing commitment to returning value to shareholders. For more information, visit www.xcelenergy.com.

NuScale Power has signed a memorandum of understanding (MOU) with Xcel Energy to explore the feasibility of Xcel Energy serving as a plant operator for NuScale's advanced small modular reactors. This partnership aims to leverage Xcel's expertise in nuclear operational management to support carbon-free energy generation. The MOU sets a framework for future agreements but does not constitute a formal operating contract. Both companies recognize the growing demand for reliable, carbon-free energy, and this collaboration could enhance NuScale's commercialization efforts for its innovative reactor technology.

Xcel Energy has been recognized as the largest clean energy provider in the U.S. for wind, solar, and battery storage by the American Clean Power Association. The company boasts over 11,205 megawatts of clean power on its system as of the end of 2020, exceeding its nearest competitor by 43 megawatts. Xcel aims to deliver 100% carbon-free electricity by 2050 and targets an 80% reduction in carbon emissions by 2030. The recent completion of a massive wind expansion positions Xcel as a leader in renewable energy solutions.

Xcel Energy reported a strong performance in the second quarter of 2021, with GAAP earnings of $311 million or $0.58 per share, up from $287 million or $0.54 per share in 2020. This growth was driven by higher electric and natural gas margins despite increased expenses. The company reaffirmed its 2021 guidance and highlighted progress in rate case settlements across multiple states. Additionally, Xcel is on track to achieve 80% carbon-free electricity by 2030 and aims for 100% by 2050, with new renewable projects approved, including a significant solar facility in Wisconsin.