Xcel Energy has reported 2023 second quarter GAAP and ongoing earnings of $288 million, or $0.52 per share, compared with $328 million, or $0.60 per share, in the same period in 2022.
Earnings reflect the impact of unfavorable weather, higher operating and maintenance (O&M) expenses and interest charges, without expected increases in regulatory recovery to offset these drivers including the outcome of the Minnesota Electric Rate Case.
“While second quarter earnings were lower than last year due to unfavorable weather and other drivers, we are taking actions to offset the impacts and are reaffirming our 2023 earnings guidance,” according to Bob Frenzel, Chairman, President and CEO of Xcel Energy.
“While we move forward with these actions, I’m proud of the progress we continue to make in leading the nation’s clean energy transition,” Frenzel said. “As we reported in our annual Corporate Sustainability Report, more than half of the electricity we provide to our customers comes from carbon-free resources. This quarter, we also broke ground on the Sherco solar project and the Colorado Power Pathway transmission project, which is already spurring unprecedented opportunities for new renewable energy and economic development on the Colorado Eastern Plains.”
