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Xcel Energy 2018 Year End Earnings Report

  • GAAP 2018 earnings per share were $2.47 compared with $2.25 per share
    in 2017.
  • Ongoing 2018 earnings per share were $2.47 compared with $2.30 per
    share in 2017.
  • Xcel Energy reaffirms 2019 earnings guidance of $2.55 to $2.65 per
    share.

MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2018 GAAP and ongoing
earnings of $1,261 million, or $2.47 per share, compared with GAAP
earnings of $1,148 million or $2.25 per share and ongoing earnings of
$1,171 million or $2.30 per share in 2017.

GAAP and ongoing earnings increased as a result of higher electric and
natural gas revenues primarily due to favorable weather and sales growth
and higher AFUDC. These positive factors were partially offset by
increased O&M, depreciation and interest expenses. GAAP earnings for
2017 include the non-recurring negative impact of the TCJA.

Xcel Energy executed exceptionally well in 2018, achieving our
financial targets and delivering outstanding value to customers and
stakeholders. For the 14th consecutive year, we have met or exceeded our
earnings guidance,” said chairman, president and CEO Ben Fowke. “In
addition, throughout our entire company there is great pride that we
became the first utility in the nation to announce a vision to deliver
100 percent carbon-free energy to our customers by 2050.”

Our clean energy leadership is creating economic development
opportunities for the communities we serve,” Fowke continued. “This is
demonstrated by Google’s recent announcement regarding a new data center
in Becker, Minnesota, which would be powered by our renewable energy.”

Earnings Adjusted for Certain Items (Ongoing Earnings)

A reconciliation of ongoing earnings per share (EPS) to generally
accepted accounting principles (GAAP) EPS follows. Ongoing earnings is a
non-GAAP financial measure. See “Non-GAAP Financial Measures” below for
more information.

   
Three Months Ended Dec. 31 Twelve Months Ended Dec. 31
Diluted Earnings Per Share 2018   2017 2018   2017
GAAP diluted EPS $ 0.42 $ 0.37 $ 2.47 $ 2.25
Estimated impact of the Tax Cut and Jobs Act (TCJA) (a) 0.05 0.05
Ongoing diluted EPS $ 0.42 $ 0.42 $ 2.47 $ 2.30
 
(a)   See Notes 5 and 7.
 

At 9:00 a.m. CST 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: (800) 239-9838
International Dial-In: (323) 794-2551
Conference ID: 5426922
 

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. CST on Jan. 31 through 12:00 p.m. CST on Feb. 3.

     
Replay Numbers
US Dial-In: (888) 203-1112
International Dial-In: (719) 457-0820
Access Code: 5426922
 

Except for the historical statements contained in this release, the
matters discussed herein, are forward-looking statements that are
subject to certain risks, uncertainties and assumptions. Such
forward-looking statements, including our 2019 EPS guidance, long-term
earnings per share and dividend growth rate, as well as assumptions and
other statements are intended to be identified in this document by the
words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “objective,” “outlook,” “plan,” “project,” “possible,”
“potential,” “should,” “will,” “would” and similar expressions. Actual
results may vary materially. Forward-looking statements speak only as of
the date they are made and we expressly disclaim any obligation to
update any forward-looking information. The following factors, in
addition to those discussed in Xcel Energy’s Annual Report on Form 10-K
for the fiscal year ended Dec. 31, 2017 and subsequent securities
filings, could cause actual results to differ materially from management
expectations as suggested by such forward-looking information: changes
in environmental laws and regulations; unusual weather and climate
change, including compliance with any accompanying legislative and
regulatory changes; ability of subsidiaries to recover costs from
customers; actions of credit rating agencies; general economic
conditions, including inflation rates, monetary fluctuations and their
impact on capital expenditures and the ability of Xcel Energy Inc. and
its subsidiaries to obtain financing on favorable terms; availability or
cost of capital; our customers’ and counterparties’ ability to pay their
debts to us; assumptions and costs relating to funding our employee
benefit plans and health care benefits; our subsidiaries’ ability to
make dividend payments; tax laws; operational safety, including our
nuclear generation facilities; successful long-term operational
planning; commodity risks associated with energy markets and production;
costs of potential regulatory penalties; effects of geopolitical events,
including war and acts of terrorism; cyber security threats and data
security breaches; fuel costs; and employee work force factors.

This information is not given in connection with any sale, offer for
sale or offer to buy any security.

 

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(amounts in millions, except per share data)

 
  Three Months Ended Dec. 31   Twelve Months Ended Dec. 31
2018   2017 2018   2017
Operating revenues
Electric $ 2,300 $ 2,256 $ 9,719 $ 9,676
Natural gas 558 520 1,739 1,650
Other 22   20   79   78  
Total operating revenues 2,880 2,796 11,537 11,404
 
Operating expenses
Electric fuel and purchased power 947 906 3,854 3,757
Cost of natural gas sold and transported 305 279 843 823
Cost of sales — other 10 9 35 34
Operating and maintenance expenses 624 582 2,352 2,270
Conservation and demand side management 74 67 290 273
Depreciation and amortization 442 378 1,642 1,479
Taxes (other than income taxes) 139   134   556   545  
Total operating expenses 2,541 2,355 9,572 9,181
 
Operating income 339 441 1,965 2,223
 
Other expense, net (7 ) (6 ) (14 ) (10 )
Equity earnings of unconsolidated subsidiaries 10 7 35 30
Allowance for funds used during construction — equity 30 21 108 75
 
Interest charges and financing costs

Interest charges — includes other financing costs of $7, $6, $25,
and $24, respectively

176 165 700 663

Allowance for funds used during construction — debt

(13 ) (9 ) (48 ) (35 )
Total interest charges and financing costs 163 156 652 628
 
Income before income taxes 209 307 1,442 1,690
Income taxes (6 ) 118   181   542  
Net income $ 215   $ 189   $ 1,261   $ 1,148  
 
Weighted average common shares outstanding:
Basic 515 509 511 509
Diluted 515 509 511 509
 
Earnings per average common share:
Basic $ 0.42 $ 0.37 $ 2.47 $ 2.26
Diluted 0.42 0.37 2.47 2.25
 
 
 

XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Investor
Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy’s operating results, quarterly
financial results are not an appropriate base from which to project
annual results.

Non-GAAP Financial Measures

The following discussion includes financial information prepared in
accordance with generally accepted accounting principles (GAAP), as well
as certain non-GAAP financial measures such as the ongoing return on
equity (ROE), electric margin, natural gas margin, ongoing earnings and
ongoing diluted EPS. Generally, a non-GAAP financial measure is a
measure of a company’s financial performance, financial position or cash
flows that excludes (or includes) amounts that are adjusted from
measures calculated and presented in accordance with GAAP. Xcel Energy’s
management uses non-GAAP measures for financial planning and analysis,
for reporting of results to the Board of Directors, in determining
performance-based compensation, and communicating its earnings outlook
to analysts and investors. Non-GAAP financial measures are intended to
supplement investors’ understanding of our performance and should not be
considered alternatives for financial measures presented in accordance
with GAAP. These measures are discussed in more detail below and may not
be comparable to other companies’ similarly titled non-GAAP financial
measures.

Ongoing ROE
Ongoing ROE is calculated
by dividing the net income or loss of Xcel Energy or each subsidiary,
adjusted for certain nonrecurring items, by each entity’s average
stockholder’s equity. We use these non-GAAP financial measures to
evaluate and provide details of earnings results.

Electric and Natural Gas Margins
Electric
margin is presented as electric revenues less electric fuel and
purchased power expenses. Natural gas margin is presented as natural gas
revenues less the cost of natural gas sold and transported. Expenses
incurred for electric fuel and purchased power and the cost of natural
gas are generally recovered through various regulatory recovery
mechanisms. As a result, changes in these expenses are generally offset
in operating revenues. Management believes electric and natural gas
margins provide the most meaningful basis for evaluating our operations
because they exclude the revenue impact of fluctuations in these
expenses. These margins can be reconciled to operating income, a GAAP
measure, by including other operating revenues, cost of sales – other,
operating and maintenance (O&M) expenses, conservation and demand side
management (DSM) expenses, depreciation and amortization and taxes
(other than income taxes).

Earnings Adjusted for Certain Items (Ongoing
Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects
the potential dilution that could occur if securities or other
agreements to issue common stock (i.e., common stock equivalents) were
settled. The weighted average number of potentially dilutive shares
outstanding used to calculate Xcel Energy Inc.’s diluted EPS is
calculated using the treasury stock method. Ongoing earnings reflect
adjustments to GAAP earnings (net income) for certain items. Ongoing
diluted EPS is calculated by dividing the net income or loss of each
subsidiary, adjusted for certain items, by the weighted average fully
diluted Xcel Energy Inc. common shares outstanding for the period.
Ongoing diluted EPS for each subsidiary is calculated by dividing the
net income or loss of such subsidiary, adjusted for certain items, by
the weighted average fully diluted Xcel Energy Inc. common shares
outstanding for the period.

We use these non-GAAP financial measures to evaluate and provide details
of Xcel Energy’s core earnings and underlying performance. We believe
these measurements are useful to investors to evaluate the actual and
projected financial performance and contribution of our subsidiaries.
For the three and twelve months ended Dec. 31, 2017, Xcel Energy
recognized an estimated one-time, non-cash, income tax expense of
approximately $23 million for net excess deferred tax assets which may
not be recovered from customers or not attributable to regulated
operations, increased valuation allowances, etc. due to the enactment of
the TCJA in December 2017. For the three and twelve months ended Dec.
31, 2018, there were no such adjustments to GAAP earnings and therefore
GAAP earnings equal ongoing earnings. See Note 7 for further information.

Note 1. Earnings Per Share Summary

The following summarizes diluted EPS for Xcel Energy:

 
Three Months Ended Dec. 31
2018   2017
Diluted Earnings (Loss) Per Share

GAAP and
Ongoing Diluted
EPS

GAAP Diluted EPS   Impact of TCJA (a)  

Ongoing Diluted
EPS

Public Service Company of Colorado (PSCo) $ 0.17 $ 0.19 $ (0.03 ) $ 0.16
NSP-Minnesota 0.17 0.15 0.05 0.20
Southwestern Public Service Company (SPS) 0.08 0.06 (0.01 ) 0.05
NSP-Wisconsin 0.04 0.04 0.04
Equity earnings of unconsolidated subsidiaries (a) 0.01   0.05   (0.04 ) 0.01  
Regulated utility $ 0.47 $ 0.49 $ (0.03 ) $ 0.46
Xcel Energy Inc. and other (0.05 ) (0.12 ) 0.07   (0.05 )
Total (b) $ 0.42   $ 0.37   $ 0.05   $ 0.42  
 
  Twelve Months Ended Dec. 31
2018   2017
Diluted Earnings (Loss) Per Share

GAAP and
Ongoing Diluted
EPS

GAAP Diluted EPS

  Impact of TCJA (a)  

Ongoing Diluted
EPS

PSCo $ 1.08 $ 0.97 $ (0.03 ) $ 0.94
NSP-Minnesota 0.96 0.96 0.05 1.01
SPS 0.42 0.31 (0.01 ) 0.30
NSP-Wisconsin 0.19 0.16 0.16
Equity earnings of unconsolidated subsidiaries (a) 0.04   0.07   (0.04 ) 0.03  
Regulated utility (b) $ 2.69 $ 2.47 $ (0.03 ) $ 2.45
Xcel Energy Inc. and other (0.22 ) (0.22 ) 0.07   (0.15 )
Total (b) $ 2.47   $ 2.25   $ 0.05   $ 2.30  
 
(a)   Includes income taxes.
(b) Amounts may not add due to rounding.
 

Differences between GAAP and ongoing earnings are due to the
non-recurring impact of the Tax Cuts and Jobs Act (TCJA) experienced in
2017. See Notes 5 and 7 for additional information. Explanations for
operating company results below exclude the offsetting impacts of the
TCJA on sales, depreciation and amortization expense and income tax.

PSCo — GAAP and ongoing 2018 earnings increased $0.11 and
$0.14 per share, respectively. Increases were driven by higher natural
gas margins largely due to a natural gas rate increase, higher electric
margins reflecting favorable weather and sales growth, and additional
allowance for funds used during construction (AFUDC) associated with the
Rush Creek wind project. These items were partially offset by higher
operating and maintenance (O&M) expenses, interest charges, depreciation
expense and property taxes.

NSP-Minnesota — 2018 GAAP earnings were consistent with
2017, while 2018 ongoing earnings decreased $0.05 per share. The
decrease in ongoing earnings reflects higher depreciation expense and
O&M expenses. These amounts were partially offset by higher electric and
natural gas margins attributable to favorable weather.

SPS — 2018 GAAP and ongoing earnings increased $0.11 and
$0.12 per share, respectively. Increases were primarily due to higher
electric margins reflecting favorable weather and sales growth and a
rate increase in New Mexico, AFUDC related to the Hale County wind
project and lower interest charges. Increases were partially offset by
higher depreciation expense.

NSP-Wisconsin — 2018 GAAP and ongoing earnings increased
$0.03 per share. Increases reflect higher electric and natural gas rates
and the impact of favorable weather and sales growth, which were
partially offset by higher depreciation.

Xcel Energy Inc. and other — Xcel Energy Inc. and other
primarily includes financing costs at the holding company. 2018 GAAP
earnings were consistent with 2017, while 2018 ongoing earnings
decreased $0.07 per share. Decrease was primarily due to higher interest
expense related to additional debt and the change in the federal income
tax rate.

Components significantly contributing to the changes in 2018 EPS
compared with the same period in 2017 are as follows:

Diluted Earnings (Loss) Per Share  

Three Months
Ended Dec. 31

 

Twelve Months
Ended Dec. 31

GAAP diluted EPS — 2017 $ 0.37 $ 2.25
Impact of the TCJA (a) 0.05   0.05  
Ongoing diluted EPS — 2017 $ 0.42 $ 2.30
 
Components of change — 2018 vs. 2017
Higher electric margins (excluding TCJA impacts) (a) 0.10 0.31
Higher natural gas margins (excluding TCJA impacts) (a) 0.03 0.13
Higher AFUDC — equity 0.02 0.07
Higher O&M expenses (0.05 ) (0.10 )
Higher depreciation and amortization (excluding TCJA impacts) (a) (0.04 ) (0.10 )
Higher ETR (excluding TCJA impacts) (a) (0.03 ) (0.07 )
Higher interest charges (0.02 ) (0.04 )

Higher conservation and demand side management (DSM) program
expenses
(offset by higher revenues)

(0.01 ) (0.02 )
Higher taxes (other than income taxes) (0.01 ) (0.01 )
Other, net 0.01    
GAAP and Ongoing diluted EPS — 2018 $ 0.42   $ 2.47  
 
(a) Estimated net impact of the TCJA, including
assumptions regarding future regulatory proceedings:
Income tax — rate change and ARAM (net of deferral) $ 0.18 $ 0.68
Electric margin reductions (net) (0.12 ) (0.46 )
Natural gas margin reductions (net) (0.02 ) (0.06 )
Depreciation and amortization reductions (Colorado prepaid pension) (0.04 ) (0.11 )
Holding company — interest expense   (0.04 )
Total $   $ 0.01  
 

The following summarizes the return on equity (ROE) for Xcel Energy and
its utility subsidiaries at Dec. 31:

ROE — 2018   PSCo   NSP-Minnesota   SPS   NSP-Wisconsin  

Operating
Companies

  Xcel Energy
GAAP and ongoing ROE 9.10 % 8.91 % 9.14 % 10.77 % 9.14 % 10.65 %
 
ROE — 2017   PSCo   NSP-Minnesota   SPS   NSP-Wisconsin  

Operating
Companies

  Xcel Energy
GAAP ROE 8.90 % 9.05 % 7.84 % 9.41 % 8.84 % 10.21 %
Impact of the TCJA (0.24 ) 0.45   (0.30 ) 0.09   0.03   0.21  
Ongoing ROE 8.66 % 9.50 % 7.54 % 9.50 % 8.87 % 10.42 %
 

Note 2. Regulated Utility Results

Estimated Impact of Temperature Changes on Regulated Earnings
Unusually hot summers or cold winters increase electric and natural gas
sales, while mild weather reduces electric and natural gas sales. The
estimated impact of weather on earnings is based on the number of
customers, temperature variances and the amount of natural gas or
electricity historically used per degree of temperature. Weather
deviations from normal levels can affect Xcel Energy’s financial
performance.

Degree-day or Temperature-Humidity Index (THI) data is used to estimate
amounts of energy required to maintain comfortable indoor temperature
levels based on each day’s average temperature and humidity. Heating
degree-days (HDD) is the measure of the variation in the weather based
on the extent to which the average daily temperature falls below 65°
Fahrenheit. Cooling degree-days (CDD) is the measure of the variation in
the weather based on the extent to which the average daily temperature
rises above 65° Fahrenheit. Each degree of temperature above 65°
Fahrenheit is counted as one CDD, and each degree of temperature below
65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid
service territories, a THI is used in place of CDD, which adds a
humidity factor to CDD. HDD, CDD and THI are most likely to impact the
usage of Xcel Energy’s residential and commercial customers. Industrial
customers are less sensitive to weather.

Normal weather conditions are defined as either the 20-year or 30-year
average of actual historical weather conditions. The historical period
of time used in the calculation of normal weather differs by
jurisdiction, based on regulatory practice. To calculate the impact of
weather on demand, a demand factor is applied to the weather impact on
sales. Extreme weather variations, windchill and cloud cover may not be
reflected in weather-normalized estimates.

The percentage increase (decrease) in normal and actual HDD, CDD and THI
is as follows:

  Three Months Ended Dec. 31   Twelve Months Ended Dec. 31
2018 vs.
Normal
  2017 vs.
Normal
  2018 vs.
2017
2018 vs.
Normal
  2017 vs.
Normal
  2018 vs.
2017
HDD 6.4% (4.0)% 9.2% 2.2 % (10.0 )% 12.2 %
CDD N/A N/A N/A 26.7 6.5 20.5
THI N/A N/A N/A 37.3 (11.3 ) 56.9
 

Weather — The following summarizes the estimated impact of
temperature variations on EPS compared with normal weather conditions:

  Three Months Ended Dec. 31   Twelve Months Ended Dec. 31
2018 vs.
Normal
  2017 vs.
Normal
  2018 vs.
2017
2018 vs.
Normal
  2017 vs.
Normal
  2018 vs.
2017
Retail electric $ 0.004 $ (0.004 ) $ 0.008 $ 0.114 $ (0.036 ) $ 0.150
Firm natural gas 0.004   (0.003 ) 0.007   0.007   (0.023 ) 0.030  
Total (excluding decoupling) $ 0.008 $ (0.007 ) $ 0.015 $ 0.121 $ (0.059 ) $ 0.180
Decoupling — Minnesota electric (0.002 ) (0.001 ) (0.001 ) (0.051 ) 0.022   (0.073 )
Total (adjusted for recovery from decoupling) $ 0.006   $ (0.008 ) $ 0.014   $ 0.070   $ (0.037 ) $ 0.107  
 

Sales Growth (Decline) — The tables below summarize Xcel
Energy and its subsidiaries’ sales growth (decline) for actual and
weather-normalized sales in 2018 compared to the same period in 2017:

  Three Months Ended Dec. 31
PSCo   NSP-Minnesota   SPS   NSP-Wisconsin   Xcel Energy
Actual
Electric residential 5.4 % (0.2 )% 10.1 % 0.6 % 3.3 %
Electric commercial and industrial 2.2 (1.2 ) 4.9 0.3 1.4
Total retail electric sales 3.1 (0.9 ) 5.5 0.3 1.9
Firm natural gas sales 13.3 9.7 N/A 5.7 11.7
 
  Three Months Ended Dec. 31
PSCo   NSP-Minnesota   SPS   NSP-Wisconsin   Xcel Energy
Weather-normalized
Electric residential 2.6 % (0.7 )% 6.0 % 0.9 % 1.6 %
Electric commercial and industrial 1.9 (1.3 ) 4.7 0.2 1.3
Total retail electric sales 2.1 (1.1 ) 4.7 0.4 1.3
Firm natural gas sales 2.3 6.0 N/A 3.8 3.5
 
  Twelve Months Ended Dec. 31
PSCo   NSP-Minnesota   SPS   NSP-Wisconsin   Xcel Energy
Actual
Electric residential 3.6 % 5.8 % 8.6 % 5.7 % 5.4 %
Electric commercial and industrial 1.5 1.1 5.4 3.2 2.4
Total retail electric sales 2.2 2.5 5.9 3.9 3.2
Firm natural gas sales 9.3 14.6 N/A 13.1 11.3
 
  Twelve Months Ended Dec. 31
PSCo   NSP-Minnesota   SPS   NSP-Wisconsin   Xcel Energy
Weather-normalized
Electric residential 1.8 % (0.5 )% 2.0 % 0.2 % 0.8 %
Electric commercial and industrial 1.2 (0.4 ) 4.6 2.3 1.5
Total retail electric sales 1.3 (0.4 ) 4.1 1.7 1.3
Firm natural gas sales 2.2 2.7 N/A 3.1 2.4
 

Weather-normalized Electric Sales Growth (Decline)
— Year-To-Date

  • PSCo — Higher residential sales growth reflects customer additions and
    slightly higher use per customer. Commercial and industrial (C&I)
    growth was due to an increase in customers and higher use per
    customer, predominately from the fabricated metal, food products,
    metal mining and oil and gas extraction industries.
  • NSP-Minnesota — Residential sales decrease was a result of lower use
    per customer, partially offset by customer growth. The decline in C&I
    sales was due to an increase in customers offset by lower use per
    customer. Increased sales to large customers in manufacturing and
    energy were offset by declines in services.
  • SPS — Residential sales grew largely due to higher use per customer
    and customer additions. The increase in C&I sales was driven by the
    oil and natural gas industry in the Permian Basin.
  • NSP-Wisconsin — Sales growth was primarily attributable to customer
    additions, partially offset by lower use per customer. C&I growth was
    largely due to higher use per large customer, customer additions and
    increased sales to sand mining and energy industries.

Weather-normalized Natural Gas Sales Growth —
Year-To-Date

  • Higher natural gas sales reflect an increase in the number of
    customers combined with increasing customer use.

Electric Margin — Electric revenues and fuel and purchased
power expenses are impacted by fluctuations in the price of natural gas,
coal and uranium used in the generation of electricity. However, these
price fluctuations have minimal impact on electric margin due to fuel
recovery mechanisms that recover fuel expenses. Electric margin was
reduced by approximately $105 million in 2018 and $130 million in 2017
for PTCs (grossed up for federal income tax) which were returned to
customers. Margin reductions for PTCs are largely offset by income tax
benefits.

The following details the electric revenues and margin before and after
the impact of the TCJA:

  Three Months Ended Dec. 31   Twelve Months Ended Dec. 31
(Millions of Dollars) 2018   2017 2018   2017
Electric revenues before TCJA impact $ 2,382 $ 2,256 $ 10,046 $ 9,676
Electric fuel and purchased power before TCJA impact (951 ) (906 ) (3,867 ) (3,757 )
Electric margin before TCJA impact $ 1,431 $ 1,350 $ 6,179 $ 5,919
TCJA impact (offset as a reduction in income tax) (78 )   (314 )  
Electric margin $ 1,353   $ 1,350   $ 5,865   $ 5,919  
 

Components of the changes in electric margin are as follows:

(Millions of Dollars)   Three Months
Ended Dec. 31
2018 vs. 2017
  Twelve Months
Ended Dec. 31
2018 vs. 2017
Estimated impact of weather (net of Minnesota decoupling) $ 6 $ 63
Retail sales growth (net of Minnesota decoupling and sales true-up) 17 52
Non-fuel riders 27 45
Purchased capacity costs 4 38
Wholesale transmission revenue (net) 12 31
Retail rate increase (Wisconsin, New Mexico and Michigan) 7 20
Other (net) 8   11  
Total increase in electric margin before TCJA impact $ 81 $ 260
TCJA impact (offset as a reduction in income tax) (78 ) (314 )
Total increase (decrease) in electric margin $ 3   $ (54 )
 

Contacts

Paul Johnson, (612) 215-4535
Vice President, Investor Relations

Olga Guteneva, (612) 215-4559
Director of Investor Relations

For news media inquiries only:
Xcel Energy Media Relations, (612)
215-5300
Xcel Energy internet address: www.xcelenergy.com

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