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 Inc. (NASDAQ: XEL) reported 2022 diluted earnings per share (EPS) of $3.17, up from $2.96 in 2021, representing a 11.6% increase year-over-year. Total GAAP earnings reached $1.74 billion, attributed to capital investment recovery and regulatory outcomes, though offset by rising depreciation and operational expenses. The company reaffirmed its 2023 EPS guidance of $3.30 to $3.40 per share. CEO Bob Frenzel highlighted the company's commitment to clean energy, noting regulatory approvals for renewable energy expansion and the retirement of coal plants, bolstered by the Inflation Reduction Act's tax provisions.
Xcel Energy (NASDAQ: XEL) will hold a conference call on January 26, 2023, to discuss its fourth quarter and year-end 2022 financial results. The earnings report will be available before the market opens on the same day. The call starts at 9:00 a.m. Central Time, and participants should dial in 10 minutes early with the conference password. A webcast will also be available on their website and archived for later access until January 30.
Quanta Services (NYSE: PWR) has been chosen by Xcel Energy for the Colorado's Power Pathway project, which aims to enhance Colorado's electric transmission infrastructure. This multi-year initiative, expected to run through 2027, involves constructing around 610 miles of 345 kV transmission lines, four new substations, and expanding four existing ones. The project will support approximately 5,500 megawatts of renewable energy resources. Revenue from this project will be reflected in Quanta's backlog for Q4 2022.
The Board of Directors of Xcel Energy (NASDAQ: XEL) has announced a quarterly dividend of 48.75 cents per share, payable on January 20, 2023, to shareholders of record as of December 29, 2022. Xcel Energy operates in 8 states, serving approximately 3.7 million electricity and 2.1 million natural gas customers. The company is committed to providing a broad range of energy services.
Xcel Energy has proposed advancing the retirement of the Tolk Generating Station's coal operations in Texas to 2028, over four years earlier than planned, a step towards a complete exit from coal by 2030. This move aligns with the company's goal to achieve 100% carbon-free electricity by 2050, aiming for an 80% reduction in carbon emissions by 2030. The earlier retirement is projected to save customers in Texas and New Mexico more than $70 million. Xcel Energy's commitment reflects its strategy of transitioning to affordable clean energy while ensuring service reliability.
Xcel Energy has signed a 20-year agreement with Anterix for the use of its 900 MHz spectrum across eight states, enhancing its grid modernization efforts for 3.7 million electricity and 2.1 million natural gas customers. The collaboration supports a private LTE network aimed at improving energy delivery and reliability. Xcel, now part of the Utility Strategic Advisory Board, will also assist with technology trials and participate in the Anterix Active Ecosystem. This move positions Xcel Energy as a key player in the utility broadband sector.
Xcel Energy reported a strong third quarter in 2022 with GAAP diluted earnings per share of $1.18, up from $1.13 in 2021. Year-to-date EPS increased to $2.48 from $2.38 the previous year.
The company narrowed its 2022 EPS guidance to $3.14 to $3.19 and initiated 2023 guidance at $3.30 to $3.40. These results reflect benefits from capital investments and regulatory outcomes, despite increased operational costs. Additionally, the Inflation Reduction Act is expected to significantly lower costs for upcoming renewable projects.
Xcel Energy (NASDAQ: XEL) will hold a conference call on October 27, 2022, at 9:00 a.m. Central Time to discuss its third quarter financial results. Earnings will be released before market opening. Participants are asked to dial in at least 5 minutes ahead. The call will be accessible via US dial-in at 866-580-3963 and international at 400-120-0558, with a conference password of 0230649. A replay will be available from October 27 through October 31.
Bloom Energy (NYSE: BE) announced plans to install an electrolyzer at Xcel Energy's (NASDAQ: XEL) Prairie Island Nuclear Generating Plant in Minnesota. This initiative aims to enhance clean hydrogen production efficiency by utilizing nuclear infrastructure, promising a reduction in hydrogen production costs and support for the growing hydrogen economy. The 240 kW electrolyzer, based on Bloom's solid oxide platform, is expected to begin construction in late 2023 with power-on anticipated in early 2024, potentially transforming the dynamics of zero-carbon energy production.
Xcel Energy (NASDAQ: XEL) partners with Ambri to utilize its Liquid Metal™ battery technology at Solar Technology Acceleration Center in Aurora, Colorado. This initiative aims to bolster Xcel's commitment to a carbon-free future and enhance its renewable energy capabilities. With an objective to reduce carbon emissions by 80% by 2030 and achieve net-zero energy by 2050, this collaboration supports Xcel's strategic goals and further cements its leadership in clean energy solutions.
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