July 31, 2014 - Xcel Energy Inc. today reported 2014 second quarter GAAP earnings of $195 million, or $0.39 per share, compared with $197 million, or $0.40 per share, in the same period in 2013.
Electric and gas margins rose in the second quarter of 2014 primarily driven by new rates in various jurisdictions. This positive factor, along with lower interest expense, was more than offset by higher operating and maintenance expenses, property taxes, and depreciation and amortization expense as well as less favorable weather.
"Our second quarter financial results were in line with our projections and we are pleased with our performance through the first six months," stated Chairman, President and Chief Executive Officer Ben Fowke. "Notably, we are encouraged to see the continuation of better-than-expected weather-normalized sales growth. In addition, our year-to-date operating and maintenance expenses are consistent with our plan and we are on track to meet our guidance of a 2 to 3 percent annual increase over 2013 levels.
"During the second quarter, we filed rate cases in Colorado, Wisconsin and South Dakota and continued settlement discussions in Texas. We also received initial recommendations from the intervenors for the Minnesota electric rate case and the Minnesota Department of Commerce regarding the Monticello prudence review. We believe our request in Minnesota is warranted and the costs associated with Monticello uprate and life extension project were prudent. We will continue to provide support for our positions and expect to reach constructive outcomes in each of these regulatory proceedings.
"We are reaffirming our 2014 ongoing earnings guidance of $1.90 to $2.05 per share, which is based on several key assumptions, including constructive outcomes of our regulatory proceedings," said Fowke.