Xcel Energy Inc. reported 2017 second quarter GAAP and ongoing earnings of $227 million, or $0.45 per share, compared with $197 million, or $0.39 per share, in the same period in 2016.
Earnings for the second quarter of 2017 increased due to higher electric and natural gas margins to recover infrastructure investments, along with a lower effective tax rate and lower operating and maintenance expenses, partially offset by higher depreciation.
"Second quarter results were in line with our plan and positions us to deliver earnings within our guidance range," said Ben Fowke, chairman, president and CEO of Xcel Energy. "At the same time, we have accomplished key milestones in the regulatory arena that will bring tremendous value to our customers and shareholders over the longer term."
The Minnesota Public Utilities Commission recently approved Xcel Energy's plans for seven new wind farms in the Upper Midwest, part of the largest wind energy expansion in the country, and the Colorado Public Utilities Commission approved the settlement regarding the company's proposal to deploy new and innovative technologies on the distribution grid.
"These initiatives are key components of our plans to keep energy costs low, improve reliability, reduce carbon emissions by more than 60 percent by 2030, and enable new ways for customers to manage their own energy use," Fowke said. "We look forward to executing on these plans and realizing their value," concluded Fowke.