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.
Xcel Energy – Colorado has unveiled its Clean Energy Plan, targeting an 85% reduction in carbon dioxide emissions by 2030, surpassing state requirements. The initiative aims to double renewable energy and battery storage, ensuring that 80% of electricity comes from renewable sources while maintaining affordability. Key elements include adding 5,500 MW of renewable generation, reducing coal operations, and enhancing grid reliability. The plan anticipates minimal impact on customer bills, with increases aligning with inflation. Xcel will present this plan to the Colorado Public Utilities Commission next month.
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Xcel Energy has achieved a significant milestone in its commitment to 100% carbon-free electricity by 2050, marking the second consecutive year of major progress. In 2020, the company reduced carbon emissions by approximately six million tons, a 12% decline from 2019, equivalent to removing nearly 1.2 million cars from the road. Since 2005, Xcel has cut emissions by 51%, outpacing the electric power sector's overall reduction. The growth in wind energy capacity, with over 2,200 megawatts added in 2020, plays a crucial role in these reductions while providing $430 million in fuel savings for customers.
Xcel Energy Inc. (NASDAQ: XEL) announced a quarterly dividend increase from 43 cents to 45.75 cents per share, marking a 6.4% hike and a projected annual rate of $1.83 per share. This dividend will be payable on April 20, 2021, to shareholders of record by March 15, 2021. The increase aligns with Xcel's goal of a 5-7% annual dividend growth, reflecting the company's confidence in its long-term business strategy and commitment to delivering strong returns to shareholders.
Xcel Energy has achieved a major milestone by reaching 10,000 megawatts of wind energy capacity online, driven by 10 new wind projects across the Upper Midwest, Colorado, Texas, and New Mexico. By year-end, over 31% of the company's energy capacity is expected to be from wind. Xcel Energy's ambitious goal includes reducing carbon emissions by 80% by 2030 and reaching 100% carbon-free energy by 2050. The projects generated thousands of construction jobs and provided economic benefits to local communities.
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Xcel Energy reported 2020 earnings of $1.47 billion, or $2.79 per share, up from $1.37 billion or $2.64 per share in 2019. The company highlighted key milestones amid COVID-19 challenges, including a $750 million wind farm repowering plan in Minnesota aimed at significant customer savings and job creation. The approval of an electric vehicle plan in Colorado was also announced. Additionally, Xcel committed nearly $20 million to community support and detailed plans to retire coal plants, targeting 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050.
Xcel Energy has announced plans to implement a 900 MHz private wireless broadband network using Anterix's spectrum, intended to enhance response times for electric outages and support smart meters. The network, deployed by Motorola Solutions, will be operational at two sites in Minneapolis and aims to bolster grid security and communication. This initiative follows recent FCC actions allowing infrastructure providers to establish private networks, ultimately benefiting customers through improved service and advanced technology integration.
Xcel Energy has announced a plan to redeem all outstanding 2.40% Senior Notes due March 15, 2021, totaling $400 million, on February 16, 2021. The redemption price will include the principal amount and any accrued interest. This announcement serves as a notice of intent rather than a formal redemption notice, with details to be provided by the trustee, Wells Fargo Bank. Forward-looking statements in the PR indicate that actual execution may be subject to various economic and industry risks.
Xcel Energy (NASDAQ: XEL) will host a conference call on January 28, 2021, at 9:00 a.m. Central Time to discuss its fourth quarter and year-end financial results for 2020. Earnings will be released before the market opens. Participants must dial in 5-10 minutes prior to the call, using US dial-in number 888-394-8218 or the international number 400-120-8590, with conference ID 6174235. The call will also be broadcasted live on the company's website, with a replay available until January 31, 2021.