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
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit No.
|
Description
|
||
Earnings Release of Xcel Energy dated Oct. 25, 2012.
|
Oct. 25, 2012
|
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
|
|
·
|
Ongoing 2012 third quarter earnings per share were $0.78 compared with $0.69 per share in 2011.
|
|
·
|
GAAP (generally accepted accounting principles) 2012 third quarter earnings per share were $0.81 compared with $0.69 per share in 2011.
|
|
·
|
Xcel Energy reaffirms 2012 ongoing earnings guidance of $1.75 to $1.85 per share.
|
|
·
|
Xcel Energy expects 2012 GAAP earnings to be in the upper half of the guidance range.
|
|
·
|
Xcel Energy initiates 2013 ongoing earnings guidance of $1.85 to $1.95 per share.
|
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
Diluted Earnings (Loss) Per Share
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Ongoing(a) diluted earnings per share
|
$ | 0.78 | $ | 0.69 | $ | 1.54 | $ | 1.43 | ||||||||
Prescription drug tax benefit (a)
|
0.03 | - | 0.03 | - | ||||||||||||
GAAP diluted earnings per share
|
$ | 0.81 | $ | 0.69 | $ | 1.57 | $ | 1.43 |
(a)
|
See Note 6.
|
US Dial-In:
|
(866) 225-8754
|
International Dial-In:
|
(480) 629-9818
|
Conference ID:
|
4567530
|
Replay Numbers
|
|
US Dial-In:
|
(800) 406-7325
|
International Dial-In:
|
(303) 590-3030
|
Access Code:
|
4567530 #
|
Paul Johnson, Vice President, Investor Relations and Financial Management
|
(612) 215-4535
|
Jack Nielsen, Director, Investor Relations
|
(612) 215-4559
|
Cindy Hoffman, Senior Investor Relations Analyst
|
(612) 215-4536
|
For news media inquiries only, please call Xcel Energy Media Relations
|
(612) 215-5300
|
Xcel Energy internet address: www.xcelenergy.com
|
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Operating revenues
|
||||||||||||||||
Electric
|
$ | 2,532,709 | $ | 2,619,424 | $ | 6,506,320 | $ | 6,777,793 | ||||||||
Natural gas
|
174,513 | 194,930 | 1,016,861 | 1,251,817 | ||||||||||||
Other
|
17,119 | 17,244 | 53,907 | 56,750 | ||||||||||||
Total operating revenues
|
2,724,341 | 2,831,598 | 7,577,088 | 8,086,360 | ||||||||||||
Operating expenses
|
||||||||||||||||
Electric fuel and purchased power
|
1,006,830 | 1,150,252 | 2,725,183 | 3,071,493 | ||||||||||||
Cost of natural gas sold and transported
|
49,739 | 87,107 | 557,444 | 793,539 | ||||||||||||
Cost of sales — other
|
7,251 | 7,154 | 20,499 | 22,100 | ||||||||||||
Operating and maintenance expenses
|
531,480 | 532,962 | 1,576,178 | 1,575,159 | ||||||||||||
Conservation and demand side management program expenses
|
68,920 | 71,280 | 191,242 | 212,075 | ||||||||||||
Depreciation and amortization
|
239,051 | 242,329 | 694,364 | 696,316 | ||||||||||||
Taxes (other than income taxes)
|
100,636 | 89,018 | 305,892 | 278,077 | ||||||||||||
Total operating expenses
|
2,003,907 | 2,180,102 | 6,070,802 | 6,648,759 | ||||||||||||
Operating income
|
720,434 | 651,496 | 1,506,286 | 1,437,601 | ||||||||||||
Other income, net
|
488 | 2,550 | 4,953 | 8,295 | ||||||||||||
Equity earnings of unconsolidated subsidiaries
|
7,490 | 7,423 | 22,150 | 22,813 | ||||||||||||
Allowance for funds used during construction — equity
|
15,860 | 11,840 | 44,504 | 38,690 | ||||||||||||
Interest charges and financing costs
|
||||||||||||||||
Interest charges — includes other financing costs of $6,010, $6,279, $18,126 and $17,724, respectively
|
153,719 | 148,011 | 457,470 | 438,703 | ||||||||||||
Allowance for funds used during construction — debt
|
(10,439 | ) | (6,301 | ) | (24,729 | ) | (21,575 | ) | ||||||||
Total interest charges and financing costs
|
143,280 | 141,710 | 432,741 | 417,128 | ||||||||||||
Income from continuing operations before income taxes
|
600,992 | 531,599 | 1,145,152 | 1,090,271 | ||||||||||||
Income taxes
|
202,845 | 193,304 | 380,161 | 389,838 | ||||||||||||
Income from continuing operations
|
398,147 | 338,295 | 764,991 | 700,433 | ||||||||||||
(Loss) income from discontinued operations, net of tax
|
(41 | ) | 37 | 68 | 230 | |||||||||||
Net income
|
398,106 | 338,332 | 765,059 | 700,663 | ||||||||||||
Dividend requirements on preferred stock
|
- | 1,414 | - | 3,534 | ||||||||||||
Premium on redemption of preferred stock
|
- | 3,260 | - | 3,260 | ||||||||||||
Earnings available to common shareholders
|
$ | 398,106 | $ | 333,658 | $ | 765,059 | $ | 693,869 | ||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
488,084 | 485,344 | 487,722 | 484,640 | ||||||||||||
Diluted
|
488,578 | 485,894 | 488,198 | 485,152 | ||||||||||||
Earnings per average common share:
|
||||||||||||||||
Basic
|
$ | 0.82 | $ | 0.69 | $ | 1.57 | $ | 1.43 | ||||||||
Diluted
|
0.81 | 0.69 | 1.57 | 1.43 | ||||||||||||
Cash dividends declared per common share
|
$ | 0.27 | $ | 0.26 | $ | 0.80 | $ | 0.77 |
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
Diluted Earnings (Loss) Per Share
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Public Service Company of Colorado (PSCo)
|
$ | 0.36 | $ | 0.29 | $ | 0.75 | $ | 0.63 | ||||||||
NSP-Minnesota
|
0.28 | 0.29 | 0.57 | 0.62 | ||||||||||||
Southwestern Public Service Company (SPS)
|
0.12 | 0.10 | 0.20 | 0.17 | ||||||||||||
NSP-Wisconsin
|
0.04 | 0.04 | 0.09 | 0.09 | ||||||||||||
Equity earnings of unconsolidated subsidiaries
|
0.01 | 0.01 | 0.03 | 0.03 | ||||||||||||
Regulated utility — continuing operations (a)
|
0.81 | 0.73 | 1.64 | 1.54 | ||||||||||||
Xcel Energy Inc. and other costs
|
(0.03 | ) | (0.04 | ) | (0.10 | ) | (0.11 | ) | ||||||||
Ongoing(a) diluted earnings per share
|
0.78 | 0.69 | 1.54 | 1.43 | ||||||||||||
Prescription drug tax benefit (b)
|
0.03 | - | 0.03 | - | ||||||||||||
GAAP diluted earnings per share
|
$ | 0.81 | $ | 0.69 | $ | 1.57 | $ | 1.43 |
(a)
|
See Note 2.
|
(b)
|
See Note 6.
|
Diluted Earnings (Loss) Per Share
|
Three Months
Ended Sept. 30
|
Nine Months
Ended Sept. 30 |
||||||
2011 GAAP and ongoing(a) diluted earnings per share
|
$ | 0.69 | $ | 1.43 | ||||
Components of change — 2012 vs. 2011
|
||||||||
Higher electric margins
|
0.07 | 0.09 | ||||||
Higher natural gas margins
|
0.02 | - | ||||||
Higher AFUDC - Equity
|
0.01 | 0.01 | ||||||
Higher interest charges
|
(0.01 | ) | (0.02 | ) | ||||
Higher taxes (other than income taxes)
|
(0.01 | ) | (0.04 | ) | ||||
Lower conservation and DSM expenses (generally offset in revenues)
|
- | 0.03 | ||||||
Lower effective tax rate
|
- | 0.03 | ||||||
Other, net (including interest and premium on redemption of preferred stock)
|
0.01 | 0.01 | ||||||
2012 ongoing(a) diluted earnings per share
|
0.78 | 1.54 | ||||||
Prescription drug tax benefit (a)
|
0.03 | 0.03 | ||||||
2012 GAAP diluted earnings per share
|
$ | 0.81 | $ | 1.57 |
(a)
|
See Note 6.
|
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||||||||||
2012 vs.
Normal
|
2011 vs.
Normal
|
2012 vs.
2011
|
2012 vs.
Normal
|
2011 vs.
Normal
|
2012 vs.
2011
|
|||||||||||||||||||
HDD
|
(23.3 | ) % | (11.9 | ) % | (13.0 | ) % | (21.4 | ) % | 3.8 | % | (23.9 | ) % | ||||||||||||
CDD
|
33.1 | 38.6 | (4.2 | ) | 46.9 | 37.2 | 7.0 | |||||||||||||||||
THI
|
34.3 | 50.4 | (8.9 | ) | 37.2 | 36.0 | 2.4 |
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||||||||||
2012 vs.
Normal
|
2011 vs.
Normal
|
2012 vs.
2011
|
2012 vs.
Normal
|
2011 vs.
Normal
|
2012 vs.
2011
|
|||||||||||||||||||
Retail electric
|
$ | 0.076 | $ | 0.075 | $ | 0.001 | $ | 0.083 | $ | 0.086 | $ | (0.003 | ) | |||||||||||
Firm natural gas
|
(0.001 | ) | 0.000 | (0.001 | ) | (0.030 | ) | 0.008 | (0.038 | ) | ||||||||||||||
Total
|
$ | 0.075 | $ | 0.075 | $ | 0.000 | $ | 0.053 | $ | 0.094 | $ | (0.041 | ) |
Three Months Ended Sept. 30
|
||||||||
Actual
|
Weather
Normalized
|
|||||||
Electric residential
|
(1.2 | ) % | (0.1 | ) % | ||||
Electric commercial and industrial
|
(0.9 | ) | (0.7 | ) | ||||
Total retail electric sales
|
(1.0 | ) | (0.6 | ) | ||||
Firm natural gas sales
|
(1.3 | ) | 0.3 |
Nine Months Ended Sept. 30
|
Nine Months Ended Sept. 30
(Without Leap Day) |
|||||||||||||||
Actual
|
Weather
Normalized
|
Actual
|
Weather
Normalized
|
|||||||||||||
Electric residential
|
(1.4 | ) % | (0.1 | ) % | (1.8 | ) % | (0.5 | ) % | ||||||||
Electric commercial and industrial
|
0.2 | 0.1 | (0.1 | ) | (0.2 | ) | ||||||||||
Total retail electric sales
|
(0.3 | ) | 0.0 | (0.6 | ) | (0.3 | ) | |||||||||
Firm natural gas sales
|
(15.8 | ) | 0.0 | (16.4 | ) | (0.8 | ) |
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
(Millions of Dollars)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Electric revenues
|
$ | 2,533 | $ | 2,619 | $ | 6,506 | $ | 6,778 | ||||||||
Electric fuel and purchased power
|
(1,007 | ) | (1,150 | ) | (2,725 | ) | (3,071 | ) | ||||||||
Electric margin
|
$ | 1,526 | $ | 1,469 | $ | 3,781 | $ | 3,707 |
(Millions of Dollars)
|
Three Months
Ended Sept. 30
2012 vs. 2011
|
Nine Months
Ended Sept. 30
2012 vs. 2011
|
||||||
Retail rate increases (Colorado, Texas, New Mexico, Wisconsin, South Dakota,
|
||||||||
North Dakota, Michigan and Minnesota) (a)
|
$ | 46 | $ | 76 | ||||
Conservation and DSM incentive
|
13 | 18 | ||||||
Transmission revenue, net of costs
|
11 | 20 | ||||||
Firm wholesale (b)
|
(13 | ) | (36 | ) | ||||
Conservation and DSM revenue (offset by expenses)
|
- | (7 | ) | |||||
Estimated impact of weather
|
- | (3 | ) | |||||
Other, net
|
- | 6 | ||||||
Total increase in electric margin
|
$ | 57 | $ | 74 |
(a)
|
NSP-Minnesota reduced depreciation expense and revenues by approximately $8 million in the third quarter of 2012 and $24 million for the nine months ended Sept. 30, 2012 to reflect the settlements in the 2011 Minnesota and South Dakota electric rate cases.
|
(b)
|
Decrease is primarily due to the expiration of a long-term wholesale power sales agreement with Black Hills Corp. effective Jan. 1, 2012.
|
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
(Millions of Dollars)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Natural gas revenues
|
$ | 175 | $ | 195 | $ | 1,017 | $ | 1,252 | ||||||||
Cost of natural gas sold and transported
|
(50 | ) | (87 | ) | (557 | ) | (794 | ) | ||||||||
Natural gas margin
|
$ | 125 | $ | 108 | $ | 460 | $ | 458 |
(Millions of Dollars)
|
Three Months
Ended Sept. 30
2012 vs. 2011
|
Nine Months
Ended Sept. 30
2012 vs. 2011
|
||||||
Pipeline system integrity adjustment rider (Colorado) offset by expense
|
$ | 11 | $ | 22 | ||||
Retail rate increase (Colorado, Wisconsin)
|
7 | 16 | ||||||
Return on gas in storage
|
2 | 6 | ||||||
Conservation and DSM revenue (offset by expenses)
|
(1 | ) | (13 | ) | ||||
Estimated impact of weather
|
- | (28 | ) | |||||
Other, net
|
(2 | ) | (1 | ) | ||||
Total increase in natural gas margin
|
$ | 17 | $ | 2 |
Percentage
|
||||||||
of Total
|
||||||||
(Billions of Dollars)
|
Sept. 30, 2012
|
Capitalization
|
||||||
Current portion of long-term debt
|
$ | 0.9 | 4 | % | ||||
Short-term debt
|
0.3 | 2 | ||||||
Long-term debt
|
10.1 | 50 | ||||||
Total debt
|
11.3 | 56 | ||||||
Common equity
|
8.8 | 44 | ||||||
Total capitalization
|
$ | 20.1 | 100 | % |
(Millions of Dollars)
|
Facility
|
Drawn(a)
|
Available
|
Cash
|
Liquidity
|
Maturity
|
|||||||||||||||
Xcel Energy Inc.
|
$ | 800.0 | $ | 216.0 | $ | 584.0 | $ | 0.1 | $ | 584.1 |
July 2017
|
||||||||||
PSCo
|
700.0 | 4.0 | 696.0 | 0.3 | 696.3 |
July 2017
|
|||||||||||||||
NSP-Minnesota
|
500.0 | 66.7 | 433.3 | 0.5 | 433.8 |
July 2017
|
|||||||||||||||
SPS
|
300.0 | - | 300.0 | 0.8 | 300.8 |
July 2017
|
|||||||||||||||
NSP-Wisconsin
|
150.0 | 10.0 | 140.0 | 0.2 | 140.2 |
July 2017
|
|||||||||||||||
Total
|
$ | 2,450.0 | $ | 296.7 | $ | 2,153.3 | $ | 1.9 | $ | 2,155.2 |
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
|
F1
|
||||
NSP-Wisconsin
|
Senior Unsecured Debt
|
A3
|
A-
|
A
|
||||
NSP-Wisconsin
|
Senior Secured Debt
|
A1
|
A
|
A+
|
||||
NSP-Wisconsin
|
Commercial Paper
|
P-2
|
A-2
|
F1
|
||||
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
|
(Millions of Dollars)
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||
By Subsidiary
|
||||||||||||||||||||
NSP-Minnesota
|
$ | 1,440 | $ | 1,160 | $ | 950 | $ | 970 | $ | 1,130 | ||||||||||
PSCo
|
1,075 | 1,000 | 850 | 800 | 840 | |||||||||||||||
SPS
|
490 | 400 | 305 | 300 | 345 | |||||||||||||||
NSP-Wisconsin
|
180 | 240 | 245 | 230 | 235 | |||||||||||||||
WYCO
|
15 | - | - | - | - | |||||||||||||||
Total capital expenditures
|
$ | 3,200 | $ | 2,800 | $ | 2,350 | $ | 2,300 | $ | 2,550 |
By Function
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||
Electric generation
|
$ | 1,070 | $ | 735 | $ | 590 | $ | 510 | $ | 620 | ||||||||||
Electric transmission
|
1,010 | 870 | 650 | 635 | 770 | |||||||||||||||
Electric distribution
|
515 | 525 | 525 | 535 | 545 | |||||||||||||||
Natural gas
|
355 | 365 | 335 | 325 | 320 | |||||||||||||||
Nuclear fuel
|
95 | 155 | 100 | 140 | 145 | |||||||||||||||
Other
|
155 | 150 | 150 | 155 | 150 | |||||||||||||||
Total capital expenditures
|
$ | 3,200 | $ | 2,800 | $ | 2,350 | $ | 2,300 | $ | 2,550 |
By Project
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||
Other capital expenditures
|
$ | 1,710 | $ | 1,610 | $ | 1,555 | $ | 1,600 | $ | 1,755 | ||||||||||
CapX2020 transmission project
|
350 | 295 | 140 | - | - | |||||||||||||||
PSCo Clean Air-Clean Jobs Act (CACJA)
|
345 | 235 | 90 | 15 | - | |||||||||||||||
Nuclear capacity increases and life extension
|
315 | 75 | 100 | 95 | 100 | |||||||||||||||
Other major transmission projects
|
245 | 260 | 175 | 320 | 415 | |||||||||||||||
Natural gas pipeline replacement
|
140 | 170 | 190 | 130 | 135 | |||||||||||||||
Nuclear fuel
|
95 | 155 | 100 | 140 | 145 | |||||||||||||||
Total capital expenditures
|
$ | 3,200 | $ | 2,800 | $ | 2,350 | $ | 2,300 | $ | 2,550 |
|
·
|
In June, SPS issued $100 million of 30-year first mortgage bonds with a coupon of 4.50 percent.
|
|
·
|
In August, NSP-Minnesota issued $300 million of 10-year first mortgage bonds with a coupon of 2.15 percent, and $500 million of 30-year first mortgage bonds with a coupon of 3.40 percent.
|
|
·
|
In September, PSCo issued $300 million of 10-year first mortgage bonds with a coupon of 2.25 percent, and $500 million of 30-year first mortgage bonds with a coupon of 3.60 percent.
|
|
·
|
In October, NSP-Wisconsin issued $100 million of 30-year first mortgage bonds with a coupon of 3.70 percent.
|
|
·
|
Constructive outcomes in all remaining rate case and regulatory proceedings.
|
|
·
|
Normal weather patterns are experienced for the remainder of the year.
|
|
·
|
Weather-adjusted retail electric utility sales are projected to be relatively flat.
|
|
·
|
Weather-adjusted retail firm natural gas sales are projected to decline by approximately 1 percent.
|
|
·
|
Rider revenue recovery for certain projects have been rolled into base rates, therefore the change is no longer meaningful.
|
|
·
|
O&M expenses are projected to increase approximately 2 percent over 2011 levels.
|
|
·
|
Depreciation and amortization expense is projected to increase $40 million to $45 million over 2011 levels.
|
|
·
|
Property taxes are projected to increase $25 million to $30 million over 2011 levels.
|
|
·
|
Interest expense (net of AFUDC — debt) is projected to increase approximately $0 to $10 million.
|
|
·
|
AFUDC — equity is projected to increase approximately $15 million to $20 million over 2011 levels.
|
|
·
|
The effective tax rate is projected to be approximately 34 percent to 35 percent.
|
|
·
|
Average common stock and equivalents are projected to be approximately 488 million shares.
|
|
·
|
Constructive outcomes in all rate case and regulatory proceedings.
|
|
·
|
Normal weather patterns are experienced for the year.
|
|
·
|
Weather-adjusted retail electric utility sales are projected to grow approximately 0.5 percent.
|
|
·
|
Weather-adjusted retail firm natural gas sales are projected to decline by approximately 1 percent.
|
|
·
|
Rider revenue recovery for certain projects have been rolled into base rates, therefore the change is no longer meaningful.
|
|
·
|
O&M expenses are projected to increase approximately 4 percent to 5 percent over 2012 projected levels.
|
|
·
|
Depreciation expense is projected to increase $70 million to $80 million over 2012 projected levels.
|
|
·
|
Property taxes are projected to increase approximately $35 million over projected 2012 levels.
|
|
·
|
Interest expense (net of AFUDC — debt) is projected to decrease $30 million to $35 million from 2012 projected levels.
|
|
·
|
AFUDC — equity is projected to increase approximately $15 million to $20 million over 2012 projected levels.
|
|
·
|
The effective tax rate is projected to be approximately 34 percent to 36 percent.
|
|
·
|
Average common stock and equivalents are projected to be approximately 490 million to 500 million shares.
|
Three Months Ended Sept. 30
|
Nine Months Ended Sept. 30
|
|||||||||||||||
(Thousands of Dollars)
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Ongoing earnings
|
$ | 381,203 | $ | 338,295 | $ | 748,047 | $ | 700,433 | ||||||||
Prescription drug tax benefit
|
16,944 | - | 16,944 | - | ||||||||||||
Total continuing operations
|
398,147 | 338,295 | 764,991 | 700,433 | ||||||||||||
(Loss) income from discontinued operations
|
(41 | ) | 37 | 68 | 230 | |||||||||||
GAAP earnings
|
$ | 398,106 | $ | 338,332 | $ | 765,059 | $ | 700,663 |
Three Months Ended Sept. 30
|
||||||||
2012
|
2011
|
|||||||
Operating revenues:
|
||||||||
Electric and natural gas revenues
|
$ | 2,707,222 | $ | 2,814,354 | ||||
Other
|
17,119 | 17,244 | ||||||
Total operating revenues
|
2,724,341 | 2,831,598 | ||||||
Income from continuing operations
|
398,147 | 338,295 | ||||||
(Loss) income from discontinued operations
|
(41 | ) | 37 | |||||
Net income
|
$ | 398,106 | $ | 338,332 | ||||
Earnings available to common shareholders
|
$ | 398,106 | $ | 333,658 | ||||
Weighted average diluted common shares outstanding
|
488,578 | 485,894 | ||||||
Components of Earnings per Share — Diluted
|
||||||||
Regulated utility — continuing operations
|
$ | 0.81 | $ | 0.73 | ||||
Xcel Energy Inc. and other costs
|
(0.03 | ) | (0.04 | ) | ||||
Ongoing(a) diluted earnings per share
|
0.78 | 0.69 | ||||||
Prescription drug tax benefit (a)
|
0.03 | - | ||||||
GAAP diluted earnings per share
|
$ | 0.81 | $ | 0.69 |
Nine Months Ended Sept. 30
|
||||||||
2012
|
2011
|
|||||||
Operating revenues:
|
||||||||
Electric and natural gas revenues
|
$ | 7,523,181 | $ | 8,029,610 | ||||
Other
|
53,907 | 56,750 | ||||||
Total operating revenues
|
7,577,088 | 8,086,360 | ||||||
Income from continuing operations
|
764,991 | 700,433 | ||||||
Income from discontinued operations
|
68 | 230 | ||||||
Net income
|
$ | 765,059 | $ | 700,663 | ||||
Earnings available to common shareholders
|
$ | 765,059 | $ | 693,869 | ||||
Weighted average diluted common shares outstanding
|
488,198 | 485,152 | ||||||
Components of Earnings per Share — Diluted
|
||||||||
Regulated utility — continuing operations
|
$ | 1.64 | $ | 1.54 | ||||
Xcel Energy Inc. and other costs
|
(0.10 | ) | (0.11 | ) | ||||
Ongoing(a) diluted earnings per share
|
1.54 | 1.43 | ||||||
Prescription drug tax benefit (a)
|
0.03 | - | ||||||
GAAP diluted earnings per share
|
1.57 | 1.43 | ||||||
Book value per share
|
$ | 18.15 | $ | 17.39 |
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