Xcel Energy Files Q3 2024 10-Q

TL;DR

Xcel Energy's Q3 2024 10-Q is in. Get the latest numbers.

AI Summary

Xcel Energy Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance and operational updates. Specific financial figures and operational metrics for the periods ending September 30, 2024, and September 30, 2023, are presented.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Xcel Energy, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• Nine Months Ended 9/30/2024 — Year-to-Date Period (Cumulative financial results)

Key Players & Entities

• Xcel Energy Inc. (company) — Filer of the 10-Q
• September 30, 2024 (date) — End of reporting period
• September 30, 2023 (date) — Comparative reporting period

FAQ

Key Financial Figures

• $2.50 — ange on which registered Common Stock, $2.50 par value XEL Nasdaq Stock Market LLC

Filing Documents

• xel-20240930.htm (10-Q) — 2277KB
• xcelex3101q32024.htm (EX-31.01) — 10KB
• xcelex3102q32024.htm (EX-31.02) — 10KB
• xcelex3201q32024.htm (EX-32.01) — 8KB
• xel-20240930_g1.jpg (GRAPHIC) — 8KB
• 0000072903-24-000199.txt ( ) — 11293KB
• xel-20240930.xsd (EX-101.SCH) — 57KB
• xel-20240930_cal.xml (EX-101.CAL) — 80KB
• xel-20240930_def.xml (EX-101.DEF) — 330KB
• xel-20240930_lab.xml (EX-101.LAB) — 754KB
• xel-20240930_pre.xml (EX-101.PRE) — 560KB
• xel-20240930_htm.xml (XML) — 2319KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

— Financial Statements (unaudited)

Item 1 — Financial Statements (unaudited) 5 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Cash Flows 7 Consolidated Balance Sheets 8 Consolidated Statements of Common Stockholders' Equity 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 24

— Quantitative and Qualitative Disclosures A bout Market Risk

Item 3 — Quantitative and Qualitative Disclosures A bout Market Risk 36

— Controls and Procedures

Item 4 — Controls and Procedures 36

OTHER INFORMATION

PART II OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 36

— Risk Factors

Item 1A — Risk Factors 37

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 37

— Other Information

Item 5 — Other Information 37

— Exhibits

Item 6 — Exhibits 37

SIGNATURES

SIGNATURES 38 This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety. 2 Definitions of Abbreviations Xcel Energy Inc.'s Subsidiaries and Affiliates (current and former) e prime e prime inc. NSP-Minnesota Northern States Power Company, a Minnesota corporation NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota NSP-Wisconsin Northern States Power Company, a Wisconsin corporation PSCo Public Service Company of Colorado SPS Southwestern Public Service Company Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS WYCO WYCO Development, LLC Xcel Energy Xcel Energy Inc. and its subsidiaries Federal and State Regulatory Agencies CPUC Colorado Public Utilities Commission DOC Minnesota Department of Commerce EPA United States Environmental Protection Agency FASB Financial Accounting Standards Board FERC Federal Energy Regulatory Commission MPUC Minnesota Public Utilities Commission NDPSC North Dakota Public Service Commission NMPRC New Mexico Public Regulation Commission NRC Nuclear Regulatory Commission PSCW Public Service Commission of Wisconsin PUCT Public Utility Commission of Texas SEC Securities and Exchange Commission Other AFUDC Allowance for funds used during construction ALJ Administrative Law Judge ASU Accounting standards update ATM At-the-market C&I Commercial and Industrial CCR Coal combustion residuals CCR Rule Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste CDD Cooling degree-days CEO Chief executive officer CERCLA Comprehensive Environmental Response, Compensation, and Liability Act CFO Chief financial officer CO 2 Carbon dioxide CORE CORE Electric Cooperative CPCN Certificate of Public Convenience and Necess

Forward-Looking Statements

Forward-Looking Statements 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 those relating to 2024 and 2025 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, 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, 2023 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party cont

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS

ITEM 1 — FINANCIAL STATEMENTS XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) ( amounts in millions, except per share data) Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2024 2023 2024 2023 Operating revenues Electric $ 3,393 $ 3,387 $ 8,737 $ 8,751 Natural gas 239 245 1,535 1,926 Other 12 30 49 87 Total operating revenues 3,644 3,662 10,321 10,764 Operating expenses Electric fuel and purchased power 1,060 1,181 2,863 3,328 Cost of natural gas sold and transported 63 70 664 1,084 Cost of sales — other 3 14 12 37 Operating and maintenance expenses 655 586 1,922 1,864 Conservation and demand side management expenses 112 76 295 215 Depreciation and amortization 681 618 2,042 1,807 Taxes (other than income taxes) 159 168 484 489 Loss on Comanche Unit 3 litigation — 34 — 34 Total operating expenses 2,733 2,747 8,282 8,858 Operating income 911 915 2,039 1,906 Other income, net 39 3 75 19 Earnings from equity method investments 3 7 19 27 Allowance for funds used during construction — equity 44 26 119 63 Interest charges and financing costs Interest charges — includes other financing costs 326 269 936 790 Allowance for funds used during construction — debt ( 21 ) ( 14 ) ( 51 ) ( 36 ) Total interest charges and financing costs 305 255 885 754 Income before income taxes 692 696 1,367 1,261 Income tax expense (benefit) 10 40 ( 105 ) ( 101 ) Net income $ 682 $ 656 $ 1,472 $ 1,362 Weighted average common shares outstanding: Basic 564 552 559 551 Diluted 565 552 559 552 Earnings per average common share: Basic $ 1.21 $ 1.19 $ 2.63 $ 2.47 Diluted 1.21 1.19 2.63 2.47 See Notes to Consolidated Financial Statements 5 Table of Contents XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (amounts in millions) Three Months Ended Sept. 30 Nine Months Ended Sept. 30 2024 2023 2024 2023 Net income $ 682 $ 656 $ 1,472 $ 1,362 Other comprehensive inc

Notes to Consolidated Financial Statements (UNAUDITED)

Notes to Consolidated Financial Statements (UNAUDITED) In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of Sept. 30, 2024 and Dec. 31, 2023; the results of Xcel Energy's operations, including the components of net income, comprehensive income and changes in stockholders' equity for the three and nine months ended Sept. 30, 2024 and 2023; and Xcel Energy's cash flows for the nine months ended Sept. 30, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2024, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023, filed with the SEC on Feb. 21, 2024. Due to the seasonality of Xcel Energy's electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. 1. Summary of Significant Accounting Policies The significant accounting policies set forth in Note 1 to the consolidated

View Full Filing

View this 10-Q filing on SEC EDGAR