Xcel Energy has reported 2023 earnings of $1.77 billion, or $3.21 per share, compared with $1.74 billion, or $3.17 per share in the same period in 2022 and ongoing earnings of $1.85 billion, or $3.35 per share, compared with $1.74 billion, or $3.17 per share in the same period in 2022. Ongoing earnings reflect regulatory outcomes and lower operating and maintenance (O&M) expenses, partially offset by higher depreciation and interest charges.
“2023 was another strong year for Xcel Energy, our customers, our communities, and our investors. This is the 19th consecutive year we have met our earnings guidance, which is critical to maintaining a competitive cost of capital, which benefits our customers and shareholders,” said Bob Frenzel, Chairman, President and CEO of Xcel Energy.
“In Colorado, we advanced our historic Colorado Energy Plan to establish the largest clean energy portfolio ever built in the state and corresponding transmission infrastructure to ensure reliable, low-cost service for customers. We also retired the first of three coal-fired units at the Sherburne County Generating Station in Minnesota, as we make way for the largest solar facility in the Midwest. This is a milestone as we work to exit coal by 2030 and another sign that we’re leading the nation’s clean energy transition.
The quarterly dividend on the company’s common stock has been raised from 52 cents per share to 54.75 cents per share, which is equivalent to an annual rate of $2.19 per share. The dividends are payable April 20, 2024, to shareholders of record on March 15, 2024.
“Today’s dividend increase of 5.3 percent marks the twenty first consecutive year that Xcel Energy has increased its dividend. It signals the strength of our business and our recognition of the importance of dividend growth to our shareholders,” according to Frenze.
“In addition, we have established a long-term dividend payout ratio target of 50-60 percent. Our dividend growth and earnings per share growth objectives remain 5-7 percent annually,” he said.
