Xcel Energy Inc. reported 2018 second quarter GAAP and ongoing earnings of $265 million, or $0.52 per share, compared with $227 million, or $0.45 per share in the same period in 2017.
GAAP and ongoing earnings were higher as a result of increased electric and natural gas margins (excluding the impact of the Tax Cuts and Jobs Act) which reflects favorable weather compared to last year and sales growth, and increased allowance for funds used during construction, partially offset by higher operating and maintenance expenses, as well as depreciation and interest expenses.
"Xcel Energy achieved strong quarterly and year-to-date results and is well-positioned to deliver earnings within our revised guidance range for the year," said Ben Fowke, chairman, president and CEO of Xcel Energy.
"We made outstanding progress with our industry-leading reductions in carbon emissions while delivering exceptional value to customers and stakeholders. In June, we filed our Colorado Energy Plan which, if approved, will add 1,100MW of wind, 700MW of solar and 275MW of large-scale battery storage, as we retire one-third of our remaining coal generation in the state. We’ve also achieved key regulatory milestones and now have approvals for our new wind projects in Texas, New Mexico and South Dakota," concluded Fowke.