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 is making significant strides in its clean energy and sustainability goals, as highlighted during Climate Week NYC, Clean Energy Week, and Drive Electric Week. The company has reduced carbon emissions by 54% from 2005 levels, aiming for 100% carbon-free electricity by 2050. Xcel Energy's energy mix is now more than 50% carbon-free, surpassing the national average of 41%.
Key achievements include:
- Reducing 46.3 million short tons of CO2e by 2023
- Cutting sulfur dioxide emissions by 83% and nitrogen oxides by 85%
- Saving 1,300 gigawatt hours of electricity through demand-side management programs
- Helping customers complete about 7 million energy efficiency projects in 2023
- Producing 40% of energy from renewable sources and 10% from nuclear
- Planning to fully exit coal generation by the end of 2030
Xcel Energy is also advancing electric vehicle adoption, with over 143,000 EVs in its service area, a 50% increase from 2022. The company aims to enable zero-carbon transportation across its service area by 2050.
Xcel Energy has appointed Todd Wehner as the company's new treasurer and vice president. Wehner, who previously served as assistant treasurer at CMS Energy, brings extensive experience in treasury, utility operations, and capital markets. In his new role, he will manage Xcel Energy's funding for capital investments, cash functions, insurance processes, and investment activities.
Wehner's appointment is expected to benefit customers by ensuring cost-effective capital raising for grid and energy investments. His background includes roles at Morgan Stanley and Barclays, focusing on global utilities and chemicals industries. Wehner, whose father was a career lineworker, views his new position as an opportunity to contribute to Xcel Energy's clean energy transition efforts across multiple operating companies and states.
Xcel Energy (NASDAQ: XEL) reported second quarter 2024 GAAP and ongoing earnings of $302 million, or $0.54 per share, compared to $288 million, or $0.52 per share, in Q2 2023. The company reaffirmed its 2024 EPS guidance of $3.50 to $3.60 per share. Earnings growth was attributed to increased infrastructure investments and warmer weather, partially offset by higher depreciation, interest charges, and O&M expenses.
CEO Bob Frenzel highlighted Xcel Energy's progress in meeting growing energy demand while advancing clean energy initiatives. The company filed an updated Wildfire Mitigation Plan in Colorado and supported legislation to enhance distribution system planning. In Minnesota, Xcel Energy reached a settlement in its natural gas rate case, maintaining residential rates below the national average.
Xcel Energy Inc. (NASDAQ: XEL) has announced a quarterly dividend of 54.75 cents per share on its common stock. The dividend will be payable on October 20, 2024, to shareholders of record as of September 13, 2024. Xcel Energy is a major U.S. utility company operating in 8 Western and Midwestern states, serving 3.8 million electricity customers and 2.2 million natural gas customers through its regulated operating companies. The company, headquartered in Minneapolis, provides a comprehensive portfolio of energy-related products and services.
Xcel Energy (NASDAQ: XEL) will release its second quarter 2024 financial results on August 1, 2024, before the market opens. On the same day, at 9:00 a.m. Central Time, the company will host a conference call to review these results. Investors and analysts are encouraged to participate by dialing in at least 10 minutes before the call. US participants can dial 1-866-580-3963, while international participants can use 400-120-0558. The conference password for both is 2632580.
For those unable to join the live call, the event will be webcast and archived on the Xcel Energy website under the 'Investors' section. A replay will also be available until August 5, 2024, by dialing 1-866-583-1035 and using the password 2632580#.
Xcel Energy has made significant strides in reducing carbon emissions, achieving a 54% reduction from 2005 levels in its electricity supply. The company's 19th annual Sustainability Report highlights its goal to provide 100% carbon-free electricity by 2050 and an 80% reduction in carbon emissions by 2030. In 2023, carbon-free energy constituted 50% of Xcel's energy mix, surpassing the national average of 41%. Additionally, the company cut sulfur dioxide and nitrogen oxides emissions by 83% and 85%, respectively.
Xcel Energy has excelled in service reliability, with 98% of customers having power restored within 24 hours during major storms. The company also offers some of the lowest residential electric bills in the U.S., 28% below the national average. New wind and solar projects have saved customers $4 billion from 2017 to 2023.
The report also highlights job creation, with 1,400 new jobs and $2.3 billion in capital investment in 2023. Xcel Energy spent $3.6 billion with local businesses and $1.3 billion with small and diverse suppliers. The company has also invested in community programs, including $187 million in assistance for energy bills and $15.3 million in charitable donations.
The Board of Directors of Xcel Energy (NASDAQ: XEL) has declared a quarterly dividend of 54.75 cents per share on its common stock.
The dividend will be payable on July 20, 2024, to shareholders of record as of June 14, 2024.
Xcel Energy operates in 8 Western and Midwestern states, serving 3.8 million electricity customers and 2.2 million natural gas customers through its regulated operating companies.
Xcel Energy's headquarters are in Minneapolis.
Xcel Energy has appointed Rob Berntsen as the new executive vice president and chief legal and compliance officer, succeeding Amanda Rome, who held the position on an interim basis.
Berntsen brings two decades of experience in the energy sector, having previously served in senior roles at BHE Renewables and MidAmerican Energy.
He will oversee Xcel Energy’s legal, compliance, corporate secretary, and securities teams, as the company continues its transition to a clean energy economy.
Berntsen has a strong legal background, with a juris doctor degree from the University of Iowa and a Bachelor of Science from Georgetown University. He also served as a captain in the Judge Advocate General Corps of the U.S. Army.
Fermata Energy and Xcel Energy have partnered with the City of Boulder, Colorado CarShare, and Boulder Housing Partners to launch a Vehicle-to-Everything (V2X) bidirectional charging pilot project. Located at Boulder Housing Partners’ 30 Pearl development and Molly's Spirits Lakeside facility, this project aims to convert parked electric vehicles (EVs) into mobile power units.
Using Fermata's intelligent charging platform, the project will feature four FE-20 chargers and two Nissan LEAFs to demonstrate V2X and Vehicle-to-Building (V2B) technology. This initiative aims to enhance grid resilience, reduce electric bills, and support local communities. Since December 2020, Fermata Energy's V2B technology has been utilized at the North Boulder Recreation Center, generating energy cost savings.
Fermata Energy also initiated a Vehicle-to-Grid (V2G) pilot for affordable housing in Boston. This collaboration highlights practical applications of V2X technology within Xcel Energy's service territory, promoting a sustainable and resilient energy grid.
Xcel Energy (NASDAQ: XEL) will hold its 2024 Annual Meeting of Shareholders virtually on May 22, 2024, at 11:00 a.m. central time. Shareholders who were on record as of March 25, 2024, are eligible to participate. They can attend the meeting online via www.virtualshareholdermeeting.com/XEL2024 and vote during the meeting using the control number on their proxy card or Notice of Internet Availability of Proxy Materials. Voting is also possible prior to the meeting at www.proxyvote.com. The virtual meeting site will offer technical support for any access issues. Additional details are available in the 2024 Notice of Annual Meeting of Shareholders and Proxy Statement, filed with the SEC on April 9, 2024, accessible on the Xcel Energy website.
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