2019 AUG 14 (NewsRx) -- By a News Reporter-Staff News Editor at Climate Change Daily News -- Xcel Energy Inc. (NASDAQ: XEL) reported 2019 second quarter GAAP and ongoing earnings of $238 million, or $0.46 per share, compared with $265 million, or $0.52 per share in the same period in 2018.
Earnings reflect higher electric and natural gas margins primarily due to non-fuel riders and regulatory rate outcomes, more than offset by 5 cents per share of unfavorable weather, increased depreciation, interest and operating and maintenance expenses.
“Despite the milder than normal weather in the second quarter, Xcel Energy’s year-to-date earnings are on track and we are well-positioned to deliver earnings within our guidance range for the year,” said Ben Fowke, chairman, president and CEO of Xcel Energy.
“I am pleased that we have filed our Upper Midwest Resource Plan, which is another significant step forward in our industry leading drive to reduce carbon emissions while ensuring reliability and affordability,” said Fowke. “This plan achieves an 80% reduction in carbon emissions in the region by 2030, through the early retirement of the remaining coal units in the Upper Midwest, by substantially growing the amount of renewables on our system and adding new firm peaking resources to ensure continued reliability. This plan is a key stepping stone toward the company achieving its vision to provide customers 100% carbon-free electricity by 2050.”
At 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial- in 5 to 10 minutes prior to the start and follow the operator’s instructions.
US Dial-In: (720) 543-0302
International Dial-In: (888) 599-8686
Conference ID: 8121013
The conference call also will be simultaneously broadcast and archived on Xcel Energy’s website at www.xcelenergy.com. To access the presentation, click on Investor Relations. If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. CDT on Aug. 1 through 12:00 p.m. CDT on Aug. 4.
US Dial-In: (719) 457-0820
International Dial-In: (888) 203-1112
Access Code: 8121013
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