Welcome to our dedicated page for Xcel Energy news (Ticker: XEL), a resource for investors and traders seeking the latest updates and insights on Xcel Energy stock.
Xcel Energy, Inc. (symbol: XEL) is a leading electric and natural gas energy provider, serving 3.8 million electricity customers and 2.1 million natural gas customers across eight states: Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company offers a comprehensive portfolio of energy-related products and services tailored to meet the diverse needs of its customer base.
Xcel Energy's operations are supported by a dedicated workforce of over 12,000 employees, who are committed to ensuring safe, reliable, and affordable energy delivery. The company is navigating the dynamic and ever-evolving utility industry by focusing on customer-centric approaches, forward-thinking strategies, and productivity enhancements.
One of Xcel Energy’s significant commitments is to renewable energy. As one of the largest renewable energy owners and suppliers in the United States, more than half of the company's electricity sales come from carbon-free energy sources. This positions Xcel Energy as a key player in the transition to cleaner energy, with substantial investments in wind, solar, and other renewable technologies.
Xcel Energy operates through several subsidiaries, including Northern States Power, which serves customers in Minnesota, North Dakota, South Dakota, Wisconsin, and Michigan; Public Service Company of Colorado; and Southwestern Public Service Company, which caters to customers in Texas and New Mexico. These subsidiaries ensure localized service and management, catering to the unique needs of each region.
In terms of financial health, Xcel Energy maintains a robust financial condition, with ongoing projects aimed at modernizing the grid and enhancing energy efficiency. The company has also established partnerships with various stakeholders to drive innovation and sustainability in its operations.
Looking ahead, Xcel Energy faces a considerable workforce transition, with nearly 50% of its current employees eligible for retirement in the next five years. This presents both a challenge and an opportunity for new talent to join the company, particularly those passionate about renewable energy and community engagement. New employees have the chance to directly influence the company’s energy future.
Xcel Energy remains steadfast in its mission to deliver safe, reliable, and sustainable energy. Through continuous improvement and a commitment to innovation, the company is well-positioned to meet the evolving energy needs of its customers and contribute to a cleaner energy landscape.
Xcel Energy reported progress in achieving its carbon reduction goals while maintaining low customer bills amid challenges from COVID-19 and economic downturns. The company aims for 100% carbon-free electricity by 2050, achieving a 51% reduction since 2005. Key initiatives include reducing water consumption by 70% by 2030 and supporting 1.5 million electric vehicles. Since 2013, customer bills have increased below inflation, and Xcel committed $643 million to diverse suppliers in 2020, enhancing its focus on social equity.
Xcel Energy Inc. (NASDAQ: XEL) has declared a quarterly dividend of 45.75 cents per share, payable on July 20, 2021 to shareholders on record as of June 15, 2021. The company serves approximately 3.7 million electricity and 2.1 million natural gas customers across eight states in the U.S. Xcel Energy emphasizes its focus on providing reliable energy solutions while addressing potential risks as outlined in its Annual Report on Form 10-K.
Xcel Energy announced that Ben Fowke will retire as CEO on Aug. 18, 2021, but will stay on as executive chairman of the Board. Bob Frenzel, who has been with the company since 2016 and currently serves as president and COO, has been appointed as the new CEO and president. Frenzel is recognized for his operational and financial expertise and is tasked with continuing the company's strategic priorities and stakeholder engagement.
Xcel Energy (NASDAQ: XEL) will hold its 2021 Annual Meeting of Shareholders virtually on May 19, 2021, at 11:00 a.m. CT. Shareholders recorded by March 22, 2021, can attend online at www.virtualshareholdermeeting.com/XEL2021 and vote via www.proxyvote.com. Technical support will be available for access issues. For those without internet, a toll-free number will allow participation in the proceedings. Further details can be found in Xcel Energy's 2021 Notice of Annual Meeting and Proxy Statement.
Xcel Energy reported a robust performance for Q1 2021, achieving GAAP earnings of $362 million or $0.67 per share, up from $295 million or $0.56 per share in Q1 2020. This growth was primarily driven by increased electric and natural gas margins, despite higher depreciation and interest expenses. The company reaffirmed its annual earnings guidance and marked a significant milestone with a 51% reduction in carbon emissions since 2005. Their proposed Colorado Clean Energy Plan aims to enhance renewable energy by 5,000 megawatts and targets an 85% reduction in carbon emissions by 2030.
OPAL Fuels and NextEra Energy Marketing have announced plans to construct Minnesota's first landfill renewable natural gas (RNG) production facility. This facility will replace an existing power generation site at the Pine Bend Landfill and is projected to produce over 6 million gas gallon equivalents of RNG annually. The project aims to reduce carbon emissions significantly, equivalent to taking 435,000 cars off the road each year. Construction will create about 50-60 jobs, with completion expected in Q1 2022.
Xcel Energy (NASDAQ: XEL) will hold a conference call on April 29, 2021, at 9:00 a.m. Central Time to discuss its first quarter 2021 financial results. Earnings will be released before the market opens. Participants are encouraged to dial in 5-10 minutes prior to the start time using ID 7731118. The call will be available for live broadcast and archived on Xcel Energy's website. A replay will be accessible from 12:00 p.m. on April 29 until 12:00 p.m. on May 2, 2021.
Xcel Energy – Colorado has unveiled its Clean Energy Plan, targeting an 85% reduction in carbon dioxide emissions by 2030, surpassing state requirements. The initiative aims to double renewable energy and battery storage, ensuring that 80% of electricity comes from renewable sources while maintaining affordability. Key elements include adding 5,500 MW of renewable generation, reducing coal operations, and enhancing grid reliability. The plan anticipates minimal impact on customer bills, with increases aligning with inflation. Xcel will present this plan to the Colorado Public Utilities Commission next month.
Xcel Energy has achieved a significant milestone in its commitment to 100% carbon-free electricity by 2050, marking the second consecutive year of major progress. In 2020, the company reduced carbon emissions by approximately six million tons, a 12% decline from 2019, equivalent to removing nearly 1.2 million cars from the road. Since 2005, Xcel has cut emissions by 51%, outpacing the electric power sector's overall reduction. The growth in wind energy capacity, with over 2,200 megawatts added in 2020, plays a crucial role in these reductions while providing $430 million in fuel savings for customers.
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