Commission File
Number |
|
Exact Name of Registrant as Specified in its Charter; State of
Incorporation; Address of Principal Executive Offices; and Telephone Number |
|
IRS Employer
Identification Number |
001-3034
|
|
XCEL ENERGY
|
|
41-0448030
|
|
|
(a Minnesota corporation)
|
|
|
|
|
414 Nicollet Mall
|
|
|
|
|
Minneapolis, Minnesota 55401
|
|
|
|
|
(612) 330-5500
|
|
|
|
|
|
|
|
000-31387
|
|
NORTHERN STATES POWER COMPANY
|
|
41-1967505
|
|
|
(a Minnesota corporation)
|
|
|
|
|
414 Nicollet Mall
|
|
|
|
|
Minneapolis, Minnesota 55401
|
|
|
|
|
(612) 330-5500
|
|
|
|
|
|
|
|
001-03140
|
|
NORTHERN STATES POWER COMPANY
|
|
39-0508315
|
|
|
(a Wisconsin corporation)
|
|
|
|
|
1414 W. Hamilton Avenue
|
|
|
|
|
Eau Claire, Wisconsin 54701
|
|
|
|
|
(715) 737-2625
|
|
|
|
|
|
|
|
001-3280
|
|
PUBLIC SERVICE COMPANY OF COLORADO
|
|
84-0296600
|
|
|
(a Colorado corporation)
|
|
|
|
|
1800 Larimer, Suite 1100
|
|
|
|
|
Denver, Colorado 80202
|
|
|
|
|
(303) 571-7511
|
|
|
|
|
|
|
|
001-03789
|
|
SOUTHWESTERN PUBLIC SERVICE COMPANY
|
|
75-0575400
|
|
|
(a New Mexico corporation)
|
|
|
|
|
Tyler at Sixth
|
|
|
|
|
Amarillo, Texas 79101
|
|
|
|
|
(303) 571-7511
|
|
|
Aug. 1, 2013
|
Xcel Energy Inc.
(a Minnesota corporation) |
|
Northern States Power Company
(a Minnesota corporation) |
|
Northern States Power Company
(a Wisconsin corporation) |
|
Public Service Company of Colorado
(a Colorado corporation) |
|
Southwestern Public Service Company
(a New Mexico corporation) |
|
|
|
/s/ TERESA S. MADDEN
|
|
Teresa S. Madden
|
|
Senior Vice President and Chief Financial Officer
|
414 Nicollet Mall
|
|
|
Minneapolis, MN 55401
|
· | Xcel Energy reaffirms 2013 earnings guidance of $1.85 to $1.95 per share. |
(877) 941-6009
|
|
International Dial-In:
|
(480) 629-9722
|
Conference ID:
|
4628633
|
Replay Numbers
|
|
US Dial-In:
|
(800) 406-7325
|
International Dial-In:
|
(303) 590-3030
|
Access Code:
|
4628633#
|
Paul Johnson, Vice President, Investor Relations and Business Development
|
(612) 215-4535
|
Jack Nielsen, Director, Investor Relations
|
(612) 215-4559
|
|
|
For news media inquiries only, please call Xcel Energy Media Relations
|
(612) 215-5300
|
Xcel Energy internet address: www.xcelenergy.com
|
|
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Operating revenues
|
||||||||||||||||
Electric
|
$
|
2,219,877
|
$
|
2,036,829
|
$
|
4,312,073
|
$
|
3,973,611
|
||||||||
Natural gas
|
341,321
|
221,313
|
1,010,917
|
842,348
|
||||||||||||
Other
|
17,715
|
16,526
|
38,772
|
36,788
|
||||||||||||
Total operating revenues
|
2,578,913
|
2,274,668
|
5,361,762
|
4,852,747
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Electric fuel and purchased power
|
1,011,044
|
854,373
|
1,936,087
|
1,718,353
|
||||||||||||
Cost of natural gas sold and transported
|
188,765
|
89,759
|
628,140
|
507,705
|
||||||||||||
Cost of sales — other
|
7,881
|
5,944
|
16,292
|
13,248
|
||||||||||||
Operating and maintenance expenses
|
562,557
|
534,014
|
1,091,788
|
1,044,698
|
||||||||||||
Conservation and demand side management program expenses
|
60,445
|
58,615
|
124,477
|
122,322
|
||||||||||||
Depreciation and amortization
|
243,934
|
226,641
|
492,640
|
455,313
|
||||||||||||
Taxes (other than income taxes)
|
102,051
|
99,632
|
215,478
|
205,256
|
||||||||||||
Total operating expenses
|
2,176,677
|
1,868,978
|
4,504,902
|
4,066,895
|
||||||||||||
|
||||||||||||||||
Operating income
|
402,236
|
405,690
|
856,860
|
785,852
|
||||||||||||
|
||||||||||||||||
Other income, net
|
413
|
728
|
4,335
|
4,465
|
||||||||||||
Equity earnings of unconsolidated subsidiaries
|
7,529
|
7,502
|
15,106
|
14,660
|
||||||||||||
Allowance for funds used during construction — equity
|
22,109
|
15,194
|
41,863
|
28,644
|
||||||||||||
|
||||||||||||||||
Interest charges and financing costs
|
||||||||||||||||
Interest charges — includes other financing costs of
$12,229, $6,036, $18,038 and $12,116, respectively
|
146,828
|
151,921
|
286,441
|
303,751
|
||||||||||||
Allowance for funds used during construction — debt
|
(10,316
|
)
|
(7,683
|
)
|
(19,074
|
)
|
(14,290
|
)
|
||||||||
Total interest charges and financing costs
|
136,512
|
144,238
|
267,367
|
289,461
|
||||||||||||
|
||||||||||||||||
Income from continuing operations before income taxes
|
295,775
|
284,876
|
650,797
|
544,160
|
||||||||||||
Income taxes
|
98,893
|
101,801
|
217,327
|
177,316
|
||||||||||||
Income from continuing operations
|
196,882
|
183,075
|
433,470
|
366,844
|
||||||||||||
(Loss) income from discontinued operations, net of tax
|
(25
|
)
|
(15
|
)
|
(43
|
)
|
109
|
|||||||||
Net income
|
$
|
196,857
|
$
|
183,060
|
$
|
433,427
|
$
|
366,953
|
||||||||
|
||||||||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
497,747
|
487,717
|
493,786
|
487,538
|
||||||||||||
Diluted
|
498,036
|
488,017
|
494,303
|
488,006
|
||||||||||||
|
||||||||||||||||
Earnings per average common share:
|
||||||||||||||||
Basic
|
$
|
0.40
|
$
|
0.38
|
$
|
0.88
|
$
|
0.75
|
||||||||
Diluted
|
0.40
|
0.38
|
0.88
|
0.75
|
||||||||||||
|
||||||||||||||||
Cash dividends declared per common share
|
$
|
0.28
|
$
|
0.27
|
$
|
0.55
|
$
|
0.53
|
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
Diluted Earnings (Loss) Per Share
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Public Service Company of Colorado (PSCo)
|
$
|
0.20
|
$
|
0.20
|
$
|
0.43
|
$
|
0.39
|
||||||||
NSP-Minnesota
|
0.16
|
0.13
|
0.37
|
0.29
|
||||||||||||
Southwestern Public Service Company (SPS)
|
0.05
|
0.06
|
0.08
|
0.08
|
||||||||||||
NSP-Wisconsin
|
0.02
|
0.01
|
0.06
|
0.04
|
||||||||||||
Equity earnings of unconsolidated subsidiaries
|
0.01
|
0.01
|
0.02
|
0.02
|
||||||||||||
Regulated utility — continuing operations (a)
|
0.44
|
0.41
|
0.96
|
0.82
|
||||||||||||
Xcel Energy Inc. and other costs
|
(0.04
|
)
|
(0.03
|
)
|
(0.08
|
)
|
(0.07
|
)
|
||||||||
GAAP diluted earnings per share
|
$
|
0.40
|
$
|
0.38
|
$
|
0.88
|
$
|
0.75
|
Diluted Earnings (Loss) Per Share
|
Three Months
Ended June 30
|
Six Months
Ended June 30
|
||||||
2012 GAAP diluted earnings per share
|
$
|
0.38
|
$
|
0.75
|
||||
|
||||||||
Components of change — 2013 vs. 2012
|
||||||||
Higher electric margins
|
0.03
|
0.15
|
||||||
Higher natural gas margins
|
0.03
|
0.06
|
||||||
Higher AFUDC - Equity
|
0.01
|
0.03
|
||||||
Lower interest charges
|
0.01
|
0.02
|
||||||
Lower effective tax rate
|
0.01
|
-
|
||||||
Higher taxes (other than income taxes)
|
-
|
(0.01
|
)
|
|||||
Higher operating and maintenance expenses
|
(0.04
|
)
|
(0.06
|
)
|
||||
Higher depreciation and amortization
|
(0.02
|
)
|
(0.05
|
)
|
||||
Dilution from direct stock purchase plan and benefit plans
|
(0.01
|
)
|
(0.01
|
)
|
||||
2013 GAAP diluted earnings per share
|
$
|
0.40
|
$
|
0.88
|
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||||||||||
|
2013 vs.
Normal
|
2012 vs.
Normal
|
2013 vs.
2012
|
2013 vs.
Normal
|
2012 vs.
Normal
|
2013 vs.
2012
|
||||||||||||||||||
HDD
|
22.5
|
%
|
(33.1
|
)%
|
84.4
|
%
|
7.2
|
%
|
(21.4
|
)%
|
35.6
|
%
|
||||||||||||
CDD
|
52.2
|
79.9
|
(16.1
|
)
|
51.8
|
83.2
|
(18.0
|
)
|
||||||||||||||||
THI
|
6.6
|
40.1
|
(28.0
|
)
|
6.5
|
45.7
|
(30.9
|
)
|
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||||||||||
|
2013 vs.
Normal
|
2012 vs.
Normal
|
2013 vs.
2012
|
2013 vs.
Normal
|
2012 vs.
Normal
|
2013 vs.
2012
|
||||||||||||||||||
Retail electric
|
$
|
0.027
|
$
|
0.032
|
$
|
(0.005
|
)
|
$
|
0.031
|
$
|
0.007
|
$
|
0.024
|
|||||||||||
Firm natural gas
|
0.007
|
(0.008
|
)
|
0.015
|
0.016
|
(0.029
|
)
|
0.045
|
||||||||||||||||
Total
|
$
|
0.034
|
$
|
0.024
|
$
|
0.010
|
$
|
0.047
|
$
|
(0.022
|
)
|
$
|
0.069
|
|
Three Months Ended June 30
|
|||||||
|
Actual
|
Weather Normalized
|
||||||
Electric residential
|
0.1
|
%
|
0.3
|
%
|
||||
Electric commercial and industrial
|
(0.9
|
)
|
(0.5
|
)
|
||||
Total retail electric sales
|
(0.6
|
)
|
(0.2
|
)
|
||||
Firm natural gas sales (a)
|
66.0
|
17.2
|
|
Six Months Ended June 30
|
Six Months Ended June 30
(Without Leap Day)
|
||||||||||||||
|
Actual
|
Weather
Normalized
|
Actual
|
Weather
Normalized
|
||||||||||||
Electric residential
|
2.7
|
%
|
0.1
|
%
|
3.3
|
%
|
0.7
|
%
|
||||||||
Electric commercial and industrial
|
(0.4
|
)
|
(0.6
|
)
|
0.1
|
(0.1
|
)
|
|||||||||
Total retail electric sales
|
0.4
|
(0.4
|
)
|
0.9
|
0.1
|
|||||||||||
Firm natural gas sales (a)
|
31.3
|
3.7
|
32.4
|
4.6
|
(a) | As normal weather conditions are typically defined as a 30-year average of actual historical weather conditions, significant weather variations in periods of low demand may result in large percentage changes on small volumes. |
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
(Millions of Dollars)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Electric revenues
|
$
|
2,220
|
$
|
2,037
|
$
|
4,312
|
$
|
3,974
|
||||||||
Electric fuel and purchased power
|
(1,011
|
)
|
(854
|
)
|
(1,936
|
)
|
(1,718
|
)
|
||||||||
Electric margin
|
$
|
1,209
|
$
|
1,183
|
$
|
2,376
|
$
|
2,256
|
(Millions of Dollars)
|
Three Months
Ended June 30
2013 vs. 2012
|
Six Months
Ended June 30
2013 vs. 2012
|
||||||
Retail rate increases (Minnesota interim, Colorado, Wisconsin, South Dakota,
|
||||||||
Texas and North Dakota interim) (a)
|
$
|
56
|
$
|
131
|
||||
Transmission revenue, net of costs
|
10
|
21
|
||||||
PSCo earnings test refund obligation
|
(9
|
)
|
(9
|
)
|
||||
Conservation and demand side management program incentives
|
(9
|
)
|
(8
|
)
|
||||
Firm wholesale
|
(8
|
)
|
(13
|
)
|
||||
Estimated impact of weather
|
(3
|
)
|
19
|
|||||
Other, net
|
(11
|
)
|
(21
|
)
|
||||
Total increase in electric margin
|
$
|
26
|
$
|
120
|
(a) | NSP-Minnesota recognized a reserve for revenue subject to refund of approximately $31 million and $47 million for the three and six month periods ended June 30, 2013, respectively. See Note 4 for additional discussion. |
|
Three Months Ended June 30
|
Six Months Ended June 30
|
||||||||||||||
(Millions of Dollars)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
Natural gas revenues
|
$
|
341
|
$
|
221
|
$
|
1,011
|
$
|
842
|
||||||||
Cost of natural gas sold and transported
|
(189
|
)
|
(90
|
)
|
(628
|
)
|
(508
|
)
|
||||||||
Natural gas margin
|
$
|
152
|
$
|
131
|
$
|
383
|
$
|
334
|
(Millions of Dollars)
|
Three Months
Ended June 30
2013 vs. 2012
|
Six Months
Ended June 30
2013 vs. 2012
|
||||||
Estimated impact of weather
|
$
|
12
|
$
|
34
|
||||
Retail sales growth
|
7
|
6
|
||||||
Conservation and demand side management program revenues (offset by expenses)
|
2
|
5
|
||||||
Other, net
|
-
|
4
|
||||||
Total increase in natural gas margin
|
$
|
21
|
$
|
49
|
(Millions of Dollars)
|
Three Months
Ended June 30
2013 vs. 2012
|
Six Month
Ended June 30
2013 vs. 2012
|
||||||
Other electric and gas distribution expenses
|
$
|
12
|
$
|
13
|
||||
Nuclear plant operations and amortization
|
9
|
18
|
||||||
Transmission costs
|
5
|
9
|
||||||
NSP-Minnesota storm damage restoration
|
4
|
4
|
||||||
Employee benefits
|
(2
|
)
|
7
|
|||||
Other, net
|
1
|
(4
|
)
|
|||||
Total increase in O&M expenses
|
$
|
29
|
$
|
47
|
· | Other electric and gas distribution expenses were primarily driven by increased maintenance activities; |
· | Costs related to nuclear plant operations and amortization increased mainly due to operational initiatives; |
· | Increased transmission costs were related to higher substation maintenance expenditures and reliability costs; |
· | Storm damage restoration was due to power outages experienced during the second quarter of 2013; |
· | Higher year-to-date employee benefits related primarily to increased pension expense. |
(Billions of Dollars)
|
June 30, 2013
|
Percentage
of Total
Capitalization
|
||||||
Current portion of long-term debt
|
$
|
0.3
|
1
|
%
|
||||
Short-term debt
|
0.4
|
2
|
||||||
Long-term debt
|
10.8
|
52
|
||||||
Total debt
|
11.5
|
55
|
||||||
Common equity
|
9.3
|
45
|
||||||
Total capitalization
|
$
|
20.8
|
100
|
%
|
(Millions of Dollars)
|
Credit Facility (a)
|
Drawn (b)
|
Available
|
Cash
|
Liquidity
|
|||||||||||||||
Xcel Energy Inc.
|
$
|
800.0
|
$
|
240.0
|
$
|
560.0
|
$
|
0.4
|
$
|
560.4
|
||||||||||
PSCo
|
700.0
|
4.6
|
695.4
|
0.6
|
696.0
|
|||||||||||||||
NSP-Minnesota
|
500.0
|
101.2
|
398.8
|
0.2
|
399.0
|
|||||||||||||||
SPS
|
300.0
|
134.0
|
166.0
|
0.5
|
166.5
|
|||||||||||||||
NSP-Wisconsin
|
150.0
|
12.0
|
138.0
|
0.5
|
138.5
|
|||||||||||||||
Total
|
$
|
2,450.0
|
$
|
491.8
|
$
|
1,958.2
|
$
|
2.2
|
$
|
1,960.4
|
Company
|
|
Credit Type
|
|
Moody’s
|
|
Standard & Poor’s
|
|
Fitch
|
Xcel Energy Inc.
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
BBB+
|
|
BBB+
|
Xcel Energy Inc.
|
|
Commercial Paper
|
|
P-2
|
|
A-2
|
|
F2
|
NSP-Minnesota
|
|
Senior Unsecured Debt
|
|
A3
|
|
A-
|
|
A
|
NSP-Minnesota
|
|
Senior Secured Debt
|
|
A1
|
|
A
|
|
A+
|
NSP-Minnesota
|
|
Commercial Paper
|
|
P-2
|
|
A-2
|
|
F2
|
NSP-Wisconsin
|
|
Senior Unsecured Debt
|
|
A3
|
|
A-
|
|
A
|
NSP-Wisconsin
|
|
Senior Secured Debt
|
|
A1
|
|
A
|
|
A+
|
NSP-Wisconsin
|
|
Commercial Paper
|
|
P-2
|
|
A-2
|
|
F2
|
PSCo
|
|
Senior Unsecured Debt
|
|
Baa1
|
|
A-
|
|
A-
|
PSCo
|
|
Senior Secured Debt
|
|
A2
|
|
A
|
|
A
|
PSCo
|
|
Commercial Paper
|
|
P-2
|
|
A-2
|
|
F2
|
SPS
|
|
Senior Unsecured Debt
|
|
Baa2
|
|
A-
|
|
BBB+
|
SPS
|
|
Senior Secured Debt
|
|
A3
|
|
A-
|
|
A-
|
SPS
|
|
Commercial Paper
|
|
P-2
|
|
A-2
|
|
F2
|
· | In March, PSCo issued $250 million of 2.50 percent first mortgage bonds due March 15, 2023 and $250 million of 3.95 percent first mortgage bonds due March 15, 2043. |
· | In May, Xcel Energy Inc. issued $450 million of 0.75 percent senior unsecured notes due May 9, 2016. |
· | In May, NSP-Minnesota issued $400 million of 2.60 percent first mortgage bonds due May 15, 2023. |
· | Deferral of depreciation expenses and property taxes related to Sherco Unit 3 for 2012 and 2013 and removal of avoided 2013 O&M expense due to the extended outage at Sherco Unit 3. |
· | Removal of Monticello 2013 license costs from plant in service and deferral of 2013 depreciation expense for the primary Monticello life cycle management (LCM) / extended power uprate (EPU) project until after an MPUC order finding the costs prudent. |
· | Removal of Prairie Island EPU project costs, reflecting the MPUC decision to cancel the project in December 2012. |
· | Adjustments to compensation and benefits recovery including Annual Incentive Plan (AIP) to reflect prior MPUC decisions establishing a limitation at 15 percent of base pay using a four-year average AIP target, pension expense and active healthcare costs. |
· | Adjustment of pension recoveries to reflect amortized recovery of 2008 market losses. |
· | Recovery of coal pile and ash pond remediation costs at the Black Dog plant through a 15 year amortization. |
· | Updated forecast for property taxes. |
· | Updated forecast with 6 months of actual sales, customer and weather data through December 2012, and updated economic assumptions based on a December 2012 economic forecast, proposing a refund if sales are higher than forecast on a weather-normalized basis. |
· | Correction to the original filing and other adjustments. |
(Millions of Dollars)
|
NSP-Minnesota
Request
|
DOC
Recommendation
|
ALJ
Recommendation
|
|||||||||
NSP-Minnesota original request
|
$
|
285
|
$
|
285
|
$
|
285
|
||||||
ROE
|
-
|
(43
|
)
|
(43
|
)
|
|||||||
Sherco Unit 3
|
(35
|
)
|
(40
|
)
|
(38
|
)
|
||||||
Reduced recovery for nuclear plants
|
(11
|
)
|
(9
|
)
|
(14
|
)
|
||||||
Incentive compensation
|
(3
|
)
|
(20
|
)
|
(4
|
)
|
||||||
Sales forecast
|
(1
|
)
|
(26
|
)
|
(26
|
)
|
||||||
Pension
|
(10
|
)
|
(25
|
)
|
(13
|
)
|
||||||
Employee benefits
|
(4
|
)
|
(6
|
)
|
(6
|
)
|
||||||
Black Dog remediation
|
(5
|
)
|
(5
|
)
|
(5
|
)
|
||||||
NSP-Wisconsin wholesale allocation
|
(7
|
)
|
(7
|
)
|
(7
|
)
|
||||||
Other, net
|
-
|
(5
|
)
|
(2
|
)
|
|||||||
Recommended rate increase
|
209
|
99
|
127
|
|||||||||
Preliminary estimated impact of cost deferrals
|
50
|
5
|
34
|
|||||||||
Estimated impact on 2013 pre-tax income
|
$
|
259
|
$
|
104
|
$
|
161
|
(Millions of Dollars)
|
Revenue requirement
adjustments as filed
by the Staff
|
|||
NSP-Minnesota revised request
|
$
|
16.0
|
||
Use of a one month coincident peak demand allocator for certain rate base and operation expenses
|
(20.0
|
)
|
||
ROE
|
(5.2
|
)
|
||
Incentive compensation
|
(0.8
|
)
|
||
Adjustment for various O&M expenses
|
(0.7
|
)
|
||
Calculation of federal income taxes
|
6.3
|
|||
Modified cost of capital and increased capital structure to 53.42 percent
|
1.4
|
|||
Other, net
|
0.9
|
|||
Recommended rate decrease
|
$
|
(2.1
|
)
|
· | Rebuttal Testimony – Aug. 12, 2013 |
· | Technical Hearings – Aug. 27-28, 2013 |
· | Initial Briefs – Sept. 20, 2013 |
· | Reply Briefs/Proposed Findings – October 2013 |
· | Staff and Intervenor Direct Testimony – Oct. 4, 2013 |
· | Rebuttal Testimony – Oct. 18, 2013 |
· | Surrebuttal testimony – Oct. 28, 2013 |
· | Hearing – Oct. 30, 2013 |
· | Initial Brief – Nov. 13, 2013 |
· | Reply Brief – Nov. 20, 2013 |
· | Continued evaluation of generation bids through contested case process managed by ALJ – August-October 2013 |
· | ALJ will report to the MPUC which project should be selected – December 2013 |
· | MPUC to make a final ruling – February-March 2014 |
· | Odell is a 200 MW wind farm located near Mountain Lake, Minn. This is a 20-year PPA with Geronimo Energy. The project is expected to be operational in late 2015. |
· | Courtenay is a 200 MW wind farm located near Jamestown, N.D. This is a 20-year PPA with Geronimo Energy. The project is expected to operational by September 2015. |
· | Pleasant Valley is a 200 MW wind farm to be located near Austin, Minn. It will be developed and constructed by RES Americas, who will transfer ownership to NSP-Minnesota upon construction completion. Pleasant Valley is expected to operational by October 2015. |
(Millions of Dollars)
|
CPUC Staff
|
OCC
|
||||||
PSCo deficiency based on a HTY
|
$
|
28.3
|
$
|
28.3
|
||||
ROE and capital structure adjustments
|
(20.8
|
)
|
(20.0
|
)
|
||||
Move to a 13 month average from year end rate base
|
(5.7
|
)
|
(3.2
|
)
|
||||
Remove pension asset
|
(5.9
|
)
|
-
|
|||||
Remove incentive compensation
|
(3.5
|
)
|
(0.2
|
)
|
||||
Challenge known and measurable
|
-
|
(9.0
|
)
|
|||||
Eliminate depreciation annualization
|
-
|
(1.8
|
)
|
|||||
Revenue adjustments
|
(4.1
|
)
|
(1.4
|
)
|
||||
Resulting tax impacts
|
1.5
|
4.7
|
||||||
Other adjustments
|
(4.2
|
)
|
3.1
|
|||||
Recommendation
|
$
|
(14.4
|
)
|
$
|
0.5
|
· | Delivery of the All-Source evaluation assessment report to CPUC – September 2013 |
· | CPUC evaluation and regulatory approval of wind-based generation proposals – October 2013 |
· | CPUC evaluation and regulatory approval of All-Source generation proposals – December 2013 |
· | Staff/Intervenor Direct Testimony – Aug. 22, 2013 |
· | Rebuttal Testimony – Sept. 9, 2013 |
· | Evidentiary Hearings – Sept. 16-27, 2013 |
· | Rate case outcomes consistent with current expectations. |
· | Normal weather patterns are experienced for the remainder of the year. |
· | Weather-adjusted retail electric utility sales are projected to increase by approximately 0.0 to 0.5 percent. |
· | Weather-adjusted retail firm natural gas sales are projected to increase by approximately 2 percent. |
· | O&M expenses are projected to increase approximately 4 percent to 5 percent over 2012 levels. |
· | Depreciation expense is projected to increase $75 million to $85 million over 2012 levels. |
· | Property taxes are projected to increase approximately $20 million to $25 million over 2012 levels. |
· | Interest expense (net of AFUDC — debt) is projected to decrease $40 million to $45 million from 2012 levels. |
· | AFUDC — equity is projected to increase approximately $20 million to $25 million over 2012 levels. |
· | The effective tax rate is projected to be approximately 33 percent to 35 percent. |
· | Average common stock and equivalents are projected to be approximately 497 million shares. |
|
Three Months Ended June 30
|
|||||||
|
2013
|
2012
|
||||||
Operating revenues:
|
||||||||
Electric and natural gas
|
$
|
2,561,198
|
$
|
2,258,142
|
||||
Other
|
17,715
|
16,526
|
||||||
Total operating revenues
|
2,578,913
|
2,274,668
|
||||||
|
||||||||
Income from continuing operations
|
196,882
|
183,075
|
||||||
Loss from discontinued operations, net of tax
|
(25
|
)
|
(15
|
)
|
||||
Net income
|
$
|
196,857
|
$
|
183,060
|
||||
|
||||||||
Earnings available to common shareholders
|
$
|
196,857
|
$
|
183,060
|
||||
Weighted average diluted common shares outstanding
|
498,036
|
488,017
|
||||||
|
||||||||
Components of Earnings per Share — Diluted
|
||||||||
Regulated utility — continuing operations
|
$
|
0.44
|
$
|
0.41
|
||||
Xcel Energy Inc. and other costs
|
(0.04
|
)
|
(0.03
|
)
|
||||
GAAP diluted earnings per share
|
$
|
0.40
|
$
|
0.38
|
|
Six Months Ended June 30
|
|||||||
|
2013
|
2012
|
||||||
Operating revenues:
|
||||||||
Electric and natural gas
|
$
|
5,322,990
|
$
|
4,815,959
|
||||
Other
|
38,772
|
36,788
|
||||||
Total operating revenues
|
5,361,762
|
4,852,747
|
||||||
|
||||||||
Income from continuing operations
|
433,470
|
366,844
|
||||||
(Loss) income from discontinued operations, net of tax
|
(43
|
)
|
109
|
|||||
Net income
|
$
|
433,427
|
$
|
366,953
|
||||
|
||||||||
Earnings available to common shareholders
|
$
|
433,427
|
$
|
366,953
|
||||
Weighted average diluted common shares outstanding
|
494,303
|
488,006
|
||||||
|
||||||||
Components of Earnings per Share — Diluted
|
||||||||
Regulated utility — continuing operations
|
$
|
0.96
|
$
|
0.82
|
||||
Xcel Energy Inc. and other costs
|
(0.08
|
)
|
(0.07
|
)
|
||||
GAAP diluted earnings per share
|
$
|
0.88
|
$
|
0.75
|
||||
|
||||||||
Book value per share
|
$
|
18.70
|
$
|
17.59
|