Xcel Energy First Quarter 2019 Earnings Report
April 25, 2019
-
GAAP 2019 first quarter earnings per share were $0.61 compared with
$0.57 per share in 2018. - Xcel Energy reaffirms 2019 earnings guidance of $2.55 to $2.65.
MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2019 first quarter GAAP
and ongoing earnings of $315 million, or $0.61 per share, compared with
$291 million, or $0.57 per share in the same period in 2018.
Earnings reflect higher electric and natural gas margins due to
regulatory rate outcomes and favorable weather which were partially
offset by higher depreciation, operating and maintenance and interest
expenses.
“We are off to a good start with strong first quarter earnings and are
on track to deliver earnings within our 2019 guidance range,” said Ben
Fowke, chairman, president and CEO of Xcel Energy.
“In addition, we are making strides toward our ambitious vision to
deliver 100% carbon-free electricity to customers by 2050 and have
already reduced carbon emissions to our customers by 38% since 2005,”
said Fowke. “Our wind energy expansion is key to achieving those clean
energy targets, and we have marked another milestone with approval to
build the Cheyenne Ridge Wind farm in Colorado. The 500-megawatt project
is part of our steel-for-fuel strategy that will help us continue to
keep bills low, build on our clean energy leadership and provide
economic benefits for the region.”
At 9:00 a.m. CDT 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: | (720) 452-9217 | |
| International Dial-In: | (888) 221-3881 | |
| Conference ID: | 5739981 | |
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 1:00 p.m. CDT on April 25 through 11:00 p.m. CDT on April 28.
| Replay Numbers | ||
| US Dial-In: | (888) 203-1112 | |
| International Dial-In: | (719) 457-0820 | |
| Access Code: | 5739981 | |
Except for the historical statements contained in this report, the
matters discussed herein are forward-looking statements that are subject
to certain risks, uncertainties and assumptions. Such forward-looking
statements, including the 2019 EPS guidance, long-term EPS 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, 2018 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; climate change and other weather, natural disaster and
resource depletion, including compliance with any accompanying
legislative and regulatory changes; ability of subsidiaries to recover
costs from customers; reductions in our credit ratings and the cost of
maintaining certain contractual relationships; 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;
rising energy prices; 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 and third party contractor 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 March 31 | ||||||||||
| 2019 | 2018 | |||||||||
| Operating revenues | ||||||||||
| Electric | $ | 2,325 | $ | 2,270 | ||||||
| Natural gas | 794 | 662 | ||||||||
| Other | 22 | 19 | ||||||||
| Total operating revenues | 3,141 | 2,951 | ||||||||
| Operating expenses | ||||||||||
| Electric fuel and purchased power | 914 | 932 | ||||||||
| Cost of natural gas sold and transported | 479 | 375 | ||||||||
| Cost of sales — other | 10 | 8 | ||||||||
| Operating and maintenance expenses | 597 | 557 | ||||||||
| Conservation and demand side management expenses | 72 | 71 | ||||||||
| Depreciation and amortization | 433 | 383 | ||||||||
| Taxes (other than income taxes) | 150 | 145 | ||||||||
| Total operating expenses | 2,655 | 2,471 | ||||||||
| Operating income | 486 | 480 | ||||||||
| Other income | 4 | 1 | ||||||||
| Equity earnings of unconsolidated subsidiaries | 9 | 6 | ||||||||
| Allowance for funds used during construction — equity | 20 | 23 | ||||||||
| Interest charges and financing costs | ||||||||||
|
Interest charges — includes other financing costs of $6 and $6, |
189 | 171 | ||||||||
| Allowance for funds used during construction — debt | (10 | ) | (11 | ) | ||||||
| Total interest charges and financing costs | 179 | 160 | ||||||||
| Income before income taxes | 340 | 350 | ||||||||
| Income taxes | 25 | 59 | ||||||||
| Net income | $ | 315 | $ | 291 | ||||||
| Weighted average common shares outstanding: | ||||||||||
| Basic | 515 | 509 | ||||||||
| Diluted | 516 | 509 | ||||||||
| Earnings per average common share: | ||||||||||
| Basic | $ | 0.61 | $ | 0.57 | ||||||
| Diluted | 0.61 | 0.57 | ||||||||
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 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.
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,
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 months ended March 31, 2019 and 2018, there were no such
adjustments to GAAP earnings and therefore GAAP earnings equal ongoing
earnings for these periods.
Note 1. Earnings Per Share Summary
The following summarizes diluted EPS for Xcel Energy:
| Three Months Ended March 31 | ||||||||||
| Diluted Earnings (Loss) Per Share | 2019 | 2018 | ||||||||
| Public Service Company of Colorado (PSCo) | $ | 0.27 | $ | 0.26 | ||||||
| NSP-Minnesota | 0.22 | 0.22 | ||||||||
| Southwestern Public Service Company (SPS) | 0.10 | 0.07 | ||||||||
| NSP-Wisconsin | 0.05 | 0.06 | ||||||||
| Equity earnings of unconsolidated subsidiaries | 0.01 | 0.01 | ||||||||
| Regulated utility | 0.65 | 0.62 | ||||||||
| Xcel Energy Inc. and other | (0.04 | ) | (0.05 | ) | ||||||
| Total | $ | 0.61 | $ | 0.57 | ||||||
PSCo — First quarter 2019 earnings increased $0.01 per
share, reflecting higher electric and natural gas margins primarily due
to favorable weather. Higher margins were partially offset by increased
depreciation expense, O&M expenses, interest charges and decreased
allowance for funds used during construction (AFUDC). Changes in
depreciation expense and AFUDC are primarily driven by the Rush Creek
wind project (placed in-service in late 2018). Depreciation was also
impacted by additional amortization of the prepaid pension asset
resulting from a tax reform settlement.
NSP-Minnesota — First quarter 2019 earnings were
consistent with 2018. Higher electric margins were driven by a step rate
increase in Minnesota, impacts of tax reform regulatory outcomes in both
North and South Dakota (approximately $5 million) and favorable weather,
offset by increased O&M expenses and depreciation expense.
SPS — First quarter 2019 earnings increased by $0.03 per
share. Higher electric margins reflecting a regulatory settlement which
included impacts on tax reform in New Mexico (approximately $10
million), sales growth and higher AFUDC (related to the Hale County wind
project) were partially offset by higher O&M expenses, depreciation
expense and interest expense.
NSP-Wisconsin — First quarter 2019 earnings decreased by
$0.01 per share, largely due to higher O&M expenses.
Xcel Energy Inc. and other — Xcel Energy Inc. and other
primarily includes financing costs at the holding company.
Components significantly contributing to the changes in 2019 EPS
compared with the same period in 2018:
| Three Months | |||||
| Diluted Earnings (Loss) Per Share | Ended March 31 | ||||
| GAAP and ongoing diluted EPS — 2018 |
$ |
0.57 | |||
| Components of change — 2019 vs. 2018 | |||||
| Higher electric margins | 0.11 | ||||
| Lower ETR (a) | 0.06 | ||||
| Higher natural gas margins | 0.04 | ||||
| Higher depreciation and amortization | (0.07 | ) | |||
| Higher O&M expenses | (0.06 | ) | |||
| Higher interest charges | (0.03 | ) | |||
| Higher taxes (other than income taxes) | (0.01 | ) | |||
| Other (net) | — | ||||
| GAAP and ongoing diluted EPS — 2019 | $ | 0.61 | |||
(a) Includes flow back of PTCs to customers, which are offset
in revenue.
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.
There was no impact on sales for the first quarter of 2019 due to THI or
CDD. Percentage change in normal and actual HDD:
| Three Months Ended March 31 | ||||||||||||
| 2019 vs. | 2018 vs. | 2019 vs. | ||||||||||
| Normal | Normal | 2018 | ||||||||||
| HDD | 10.5 | % | 0.3 | % | 8.8 | % | ||||||
Weather — Estimated impact of temperature variations on
EPS compared with normal weather conditions:
| Three Months Ended March 31 | |||||||||||||||
| 2019 vs. | 2018 vs. | 2019 vs. | |||||||||||||
| Normal | Normal | 2018 | |||||||||||||
| Retail electric | $ | 0.018 | $ | 0.003 | $ | 0.015 | |||||||||
| Firm natural gas | 0.017 | 0.003 | 0.014 | ||||||||||||
| Total (excluding decoupling) | $ | 0.035 | $ | 0.006 | $ | 0.029 | |||||||||
| Decoupling – Minnesota | (0.005 | ) | (0.002 | ) | (0.003 | ) | |||||||||
| Total (adjusted for decoupling) | $ | 0.030 | $ | 0.004 | $ | 0.026 | |||||||||
Sales Growth (Decline) — Sales growth (decline) for actual
and weather-normalized sales in 2019 compared to the same period in 2018:
| Three Months Ended March 31 | ||||||||||||||||||||
| PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||
| Actual | ||||||||||||||||||||
| Electric residential | 2.9 | % | 2.6 | % | 5.0 | % | 2.3 | % | 3.0 | % | ||||||||||
| Electric commercial and industrial | 0.6 | (1.1 | ) | 4.3 | (2.3 | ) | 0.6 | |||||||||||||
| Total retail electric sales | 1.4 | — | 4.3 | (0.9 | ) | 1.3 | ||||||||||||||
| Firm natural gas sales | 16.3 | 7.8 | N/A | 2.5 | 12.4 | |||||||||||||||
| Three Months Ended March 31 | ||||||||||||||||||||
| PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||
| Weather-normalized | ||||||||||||||||||||
| Electric residential | 0.3 | % | 0.3 | % | 3.5 | % | 0.3 | % | 0.7 | % | ||||||||||
| Electric commercial and industrial | 0.1 | (1.4 | ) | 4.6 | (2.5 | ) | 0.5 | |||||||||||||
| Total retail electric sales | 0.2 | (0.9 | ) | 4.4 | (1.7 | ) | 0.5 | |||||||||||||
| Firm natural gas sales | 4.4 | — | N/A | (2.4 | ) | 2.5 | ||||||||||||||
Weather-normalized Electric Sales Growth (Decline)
-
PSCo — Higher residential sales growth reflects customer additions,
partially offset by lower 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 and metal mining
industries. -
NSP-Minnesota — Higher residential sales growth reflects customer
additions, partially offset by lower use per customer. The decline in
C&I sales was due to an increase in customers offset by lower use per
customer. Decreased sales to C&I customers were led by the
manufacturing and services sectors. -
SPS — Residential sales grew largely due to higher use per customer
and customer additions. The increase in C&I sales was due to higher
use per customer, and was driven by the oil and natural gas industry
in the Permian Basin. -
NSP-Wisconsin — Residential sales growth was primarily attributable to
customer additions, partially offset by lower use per customer. The
decline in C&I sales was due to lower use per customer, partially
offset by customer additions. The decrease was also driven by declines
in the food services and mining sectors.
Weather-normalized Natural Gas Sales Growth
-
Natural gas sales reflect an increase in the number of customers
combined with higher 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. In addition, electric
customers receive a credit for production tax credits (PTCs) that are
generated in a particular period.
Electric revenues and margin:
| Three Months Ended March 31 | ||||||||||
| (Millions of Dollars) | 2019 | 2018 | ||||||||
| Electric revenues | $ | 2,325 | $ | 2,270 | ||||||
| Electric fuel and purchased power | (914 | ) | (932 | ) | ||||||
| Electric margin | $ | 1,411 | $ | 1,338 | ||||||
Changes in electric margin:
| Three Months | |||||
| Ended March 31, | |||||
| (Millions of Dollars) | 2019 vs. 2018 | ||||
| Non-fuel riders | $ | 36 | |||
|
Regulatory rate outcomes (Minnesota, New Mexico, North and South Dakota) |
28 | ||||
| Estimated impact of weather (net of Minnesota decoupling) | 9 | ||||
| Wholesale transmission revenue (net) | 7 | ||||
| Lower purchased capacity costs | 6 | ||||
|
Implementation of lease accounting standard (offset in interest expense and amortization) |
5 | ||||
| Timing of tax reform regulatory decisions (offset in income tax) | (13 | ) | |||
| Other (net) | (5 | ) | |||
| Total increase in electric margin | $ | 73 | |||
Natural Gas Margin — Natural gas expense varies with
changing sales and the cost of natural gas. However, fluctuations in the
cost of natural gas has minimal impact on natural gas margin due to
natural gas cost recovery mechanisms.
Natural gas revenues and margin:
| Three Months Ended March 31 | ||||||||||
| (Millions of Dollars) | 2019 | 2018 | ||||||||
| Natural gas revenues | $ | 794 | $ | 662 | ||||||
| Cost of natural gas sold and transported | (479 | ) | (375 | ) | ||||||
| Natural gas margin | $ | 315 | $ | 287 | ||||||
Changes in natural gas margin:
| Three Months | |||||
| Ended March 31, | |||||
| (Millions of Dollars) | 2019 vs. 2018 | ||||
| Retail rate increase (Colorado) | $ | 12 | |||
| Estimated impact of weather | 11 | ||||
| Infrastructure and integrity riders | 5 | ||||
| Transport sales | 3 | ||||
| Retail sales growth | 2 | ||||
| Conservation revenue (offset by expenses) | (2 | ) | |||
| Other (net) | (3 | ) | |||
| Total increase in natural gas margin | $ | 28 | |||
O&M Expenses — O&M expenses increased $40 million, or
7.2%, for the first quarter of 2019. Significant changes are summarized
below:
| Three Months | ||||
| Ended March 31, | ||||
| (Millions of Dollars) | 2019 vs. 2018 | |||
| Distribution | $ | 19 | ||
| Plant generation | 8 | |||
| Business systems | 4 | |||
| Other (net) | 9 | |||
| Total increase in O&M expenses | $ | 40 | ||
- Distribution expenses were higher due to storms, labor and overtime;
-
Plant generation amounts increased due to the in-servicing of the Rush
Creek wind project and the timing of planned maintenance and
overhauls; and -
Business systems costs were higher due to increased service delivery
and network costs.
Depreciation and Amortization — Depreciation and
amortization increased $50 million, or 13.1%, for the first quarter of
2019. Increase was primarily driven by the Rush Creek wind project being
placed in-service (recovered in riders) and other capital investments
and additional amortization of a prepaid pension asset in Colorado
related to tax reform settlements.
Taxes (Other than Income Taxes) — Taxes (other than income
taxes) increased $5 million, or 3.4%, for the first quarter of 2019.
Increase was primarily due to higher property taxes in Colorado and
Minnesota (net of deferred amounts).
AFUDC, Equity and Debt — AFUDC decreased $4 million for
the first quarter of 2019. The decrease was primarily due to the Rush
Creek wind project being placed in-service in 2018, partially offset by
the Hale wind project and other capital investments.
Interest Charges — Interest charges increased $18 million,
or 10.5%, for the first quarter of 2019. The increase was related to
higher debt levels to fund capital investments, partially offset by
refinancings at lower interest rates.
Income Taxes — Income tax expense decreased $34 million
for the first quarter of 2019 compared with the same period in 2018.
Decrease was primarily driven by an increase in plant-related regulatory
differences and an increase in wind PTCs and a reversal of a federal
valuation allowance. Wind PTCs flow back to customers (recorded as a
reduction to revenue) and do not have a material impact on net income.
The following table reconciles the difference between the statutory tax
rate and the effective tax rate:
| Three Months Ended March 31 | ||||||||||||
| 2019 | 2018 | 2019 vs 2018 | ||||||||||
| Federal statutory rate | 21.0 | % | 21.0 | % | — | % | ||||||
| State tax (net of federal tax effect) | 5.0 | 4.9 | 0.1 | |||||||||
| Decreases: | ||||||||||||
| Wind PTCs | (8.6 | ) | (6.0 | ) | (2.6 | ) | ||||||
| Regulatory differences (a) | (5.7 | ) | (1.4 | ) | (4.3 | ) | ||||||
| Other tax credits and allowances (net) | (2.7 | ) | (1.4 | ) | (1.3 | ) | ||||||
| Other (net) | (1.6 | ) | (0.2 | ) | (1.4 | ) | ||||||
| Effective income tax rate | 7.4 | % | 16.9 | % | (9.5 | )% | ||||||
| (a) |
Amounts represent differences between regulatory and income tax requirements. Regulatory treatment may result in the recognition or deferral of income tax expense (e.g., AFUDC – Equity, certain deferred taxes, etc.). Xcel Energy utilizes the average rate assumption method (ARAM) to flow back excess deferred taxes related to tax reform. Quarter-over-quarter change primarily relates to deferral of ARAM benefits in 2018, which occurred as a result of pending regulatory decisions. Treatment of most tax reform items, including ARAM, was established prior to the first quarter of 2019, resulting in a reduction in deferred amounts. Income tax benefits associated with ARAM are largely offset by decreased margins (revenue reductions) and additional prepaid pension asset amortization expense. |
|
Note 3. Xcel Energy Capital Structure,
Financing and Credit Ratings
Following is the capital structure of Xcel Energy:
|
|
|
|||||||||||||||
|
Percentage of Total |
Percentage of Total |
|||||||||||||||
| (Millions of Dollars) | March 31, 2019 | Capitalization | Dec. 31, 2018 | Capitalization | ||||||||||||
| Current portion of long-term debt | $ | 2 | — | % | $ | 406 | 1 | % | ||||||||
| Short-term debt | 1,252 | 4 | 1,038 | 4 | ||||||||||||
| Long-term debt | 16,118 | 54 | 15,803 | 54 | ||||||||||||
| Total debt | 17,372 | 58 | 17,247 | 59 | ||||||||||||
| Common equity | 12,329 | 42 | 12,222 | 41 | ||||||||||||
| Total capitalization | $ | 29,701 | 100 | % | $ | 29,469 | 100 | % | ||||||||
Credit Facilities — As of April 22,
2019, Xcel Energy Inc. and its utility subsidiaries had the following
committed credit facilities available to meet liquidity needs:
| (Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||
| Xcel Energy Inc. | $ | 1,000 | $ | 322 | $ | 678 | $ | 1 | $ | 679 | ||||||||||
| PSCo | 700 | 199 | 501 | 1 | 502 | |||||||||||||||
| NSP-Minnesota | 500 | 39 | 461 | — | 461 | |||||||||||||||
| SPS | 400 | 150 | 250 | 1 | 251 | |||||||||||||||
| NSP-Wisconsin | 150 | 23 | 127 | 1 | 128 | |||||||||||||||
| Total | $ | 2,750 | $ | 733 | $ | 2,017 | $ | 4 | $ | 2,021 | ||||||||||
| (a) | Credit facilities expire in June 2021. | |
| (b) | Includes outstanding commercial paper and letters of credit. | |
Term Loan Agreement — In December 2018, Xcel Energy Inc.
renewed its $500 million 364-Day Term Loan Agreement with $250 million
outstanding. In February 2019, Xcel Energy borrowed the remaining
amount. No additional capacity remains as loans borrowed and repaid may
not be redrawn.
As of March 31, 2019, Xcel Energy Inc.’s term loan borrowings were as
follows:
| (Millions of Dollars) | Limit | Amount Used | Available | |||||||||
| Xcel Energy Inc. | $ | 500 | $ | 500 | $ | — | ||||||
Contacts
Paul Johnson, (612) 215-4535
Vice President, Investor Relations
For news media inquiries only:
Xcel Energy Media Relations, (612)
215-5300
Xcel Energy internet address: www.xcelenergy.com