Xcel Energy has reported 2023 third quarter GAAP earnings of $656 million, or $1.19 per share, compared with $649 million, or $1.18 per share in the same period in 2022 and ongoing earnings of $682 million, or $1.23 per share, compared with $649 million, or $1.18 per share in the same period in 2022.

Third quarter ongoing earnings results reflect the impact of increased recovery of infrastructure investments, higher sales and demand, lower operating and maintenance (O&M) expenses, partially offset by increased interest charges and depreciation.

“Xcel Energy delivered solid performance during the third quarter,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “As a result, we are narrowing our 2023 ongoing earnings guidance to $3.32 to $3.37 per share and initiating 2024 guidance of $3.50 to $3.60 per share.”

“We made significant progress on our industry-leading clean energy transition plans. In September, we filed a proposed 
plan for the largest clean energy transition effort in Colorado history. The plan includes approximately 6,500 MW of renewable energy and battery storage, and approximately 600 MW of natural gas resources to ensure reliability. With
the benefits of the Inflation Reduction Act, the resources in the plan would have an annual rate impact of approximately 2.3 percent.”

MGE Energy has reported financial results for the third quarter of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year.

The company’s third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022.

MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects.

In the third quarter of 2023, earnings from investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity. Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022.