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  • GAAP 2020 second quarter earnings per share were $0.54 compared with $0.46 per share in 2019.
  • Xcel Energy reaffirms 2020 EPS earnings guidance of $2.73 to $2.83 per share, which assumes the continued implementation of contingency plans will be sufficient to offset the negative impacts of the COVID-19 pandemic under our base case scenario. For additional information, see Notes 5 and 6.

MINNEAPOLIS–(BUSINESS WIRE)–Xcel Energy Inc. (NASDAQ: XEL) today reported 2020 second quarter GAAP and ongoing earnings of $287 million, or $0.54 per share, compared with $238 million, or $0.46 per share in the same period in 2019.

“Despite lower sales due to COVID-19, Xcel Energy achieved strong second quarter results primarily due to the positive impact of weather and cost management efforts. We are on track with our financial plan and are reaffirming our 2020 earnings guidance of $2.73 to $2.83 per share. However, we’ll continue to monitor and manage through the economic uncertainty of this pandemic,” said Ben Fowke, chairman and CEO of Xcel Energy.

“At the same time we are delivering for our shareholders, we continue to deliver for our customers and communities. Across our service territory, we are working with key stakeholders and communities to find ways to help support economic recovery efforts. In Minnesota, we recently proposed a plan to spend nearly $3 billion in energy investments to help boost job growth and economic activity in the state,” continued Fowke. “Those proposed projects alone would create an estimated 5,000 jobs and add more wind and solar to our system in our home state. In addition, we continue to work with our customers and commissions to support those that are struggling with bills in these challenging times.”

At 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator’s instructions.

US Dial-In:

(888) 224-1121

International Dial-In:

(400) 120-9101

Conference ID:

8266089

The conference call also will be simultaneously broadcast and archived on Xcel Energy’s website at www.xcelenergy.com. To access the presentation, click on Investor Relations. If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. CDT on July 30 through 12:00 p.m. CDT on August 2.

Replay Numbers

 

US Dial-In:

(888) 203-1112

International Dial-In:

(719) 457-0820

Access Code:

8266089

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 the 2020 earnings per share (EPS) guidance, long-term EPS and dividend growth rate objectives, future sales, future bad debt expense, and future operating performance, 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, 2019 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs, changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.

This information is not given in connection with any sale, offer for sale or offer to buy any security.

XCEL ENERGY INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(amounts in millions, except per share data)

 

 

 

Three Months Ended June 30

 

Six Months Ended June 30

 

 

2020

 

2019

 

2020

 

2019

Operating revenues

 

 

 

 

 

 

 

 

Electric

 

$

2,286 

 

 

$

2,249 

 

 

$

4,489 

 

 

$

4,574 

 

Natural gas

 

280 

 

 

308 

 

 

863 

 

 

1,102 

 

Other

 

20 

 

 

20 

 

 

45 

 

 

42 

 

Total operating revenues

 

2,586 

 

 

2,577 

 

 

5,397 

 

 

5,718 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Electric fuel and purchased power

 

833 

 

 

813 

 

 

1,630 

 

 

1,727 

 

Cost of natural gas sold and transported

 

86 

 

 

112 

 

 

371 

 

 

591 

 

Cost of sales — other

 

 

 

10 

 

 

17 

 

 

19 

 

Operating and maintenance expenses

 

550 

 

 

586 

 

 

1,129 

 

 

1,184 

 

Conservation and demand side management expenses

 

68 

 

 

65 

 

 

142 

 

 

137 

 

Depreciation and amortization

 

473 

 

 

439 

 

 

936 

 

 

872 

 

Taxes (other than income taxes)

 

146 

 

 

142 

 

 

295 

 

 

292 

 

Total operating expenses

 

2,164 

 

 

2,167 

 

 

4,520 

 

 

4,822 

 

 

 

 

 

 

 

 

 

 

Operating income

 

422 

 

 

410 

 

 

877 

 

 

896 

 

 

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

 

 

 

(7)

 

 

 

Equity earnings of unconsolidated subsidiaries

 

 

 

 

 

17 

 

 

19 

 

Allowance for funds used during construction — equity

 

37 

 

 

20 

 

 

61 

 

 

40 

 

 

 

 

 

 

 

 

 

 

Interest charges and financing costs

 

 

 

 

 

 

 

 

Interest charges — includes other financing costs of

$7, $6, $14 and $13, respectively

 

208 

 

 

189 

 

 

407 

 

 

379 

 

Allowance for funds used during construction — debt

 

(12)

 

 

(10)

 

 

(22)

 

 

(20)

 

Total interest charges and financing costs

 

196 

 

 

179 

 

 

385 

 

 

359 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

274 

 

 

262 

 

 

563 

 

 

602 

 

Income tax (benefit) expense

 

(13)

 

 

24 

 

 

(19)

 

 

49 

 

Net income

 

$

287 

 

 

$

238 

 

 

$

582 

 

 

$

553 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

527

 

516

 

526

 

515

Diluted

 

527

 

518

 

527

 

517

 

 

 

 

 

 

 

 

 

Earnings per average common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.54 

 

 

$

0.46 

 

 

$

1.10 

 

 

$

1.07 

 

Diluted

 

0.54 

 

 

0.46 

 

 

1.10 

 

 

1.07 

 

XCEL ENERGY INC. AND SUBSIDIARIES

Notes to Investor Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as certain non-GAAP financial measures such as ongoing return on equity (ROE), electric margin, natural gas margin, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are adjusted from measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation, and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Ongoing ROE

Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.

Electric and Natural Gas Margins

Electric margin is presented as electric revenues less electric fuel and purchased power expenses. Natural gas margin is presented as natural gas revenues less the cost of natural gas sold and transported. Expenses incurred for electric fuel and purchased power and the cost of natural gas are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues. Management believes electric and natural gas margins provide the most meaningful basis for evaluating our operations because they exclude the revenue impact of fluctuations in these expenses. These margins can be reconciled to operating income, a GAAP measure, by including other operating revenues, cost of sales – other, operating and maintenance (O&M) expenses, conservation and demand side management (DSM) expenses, depreciation and amortization and taxes (other than income taxes).

Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS is calculated by dividing the net income or loss of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss of such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. For the three and six months ended June 30, 2020 and 2019, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings for these periods.

Note 1. Earnings Per Share Summary

Xcel Energy’s 2020 second quarter earnings were $0.54 per share compared to $0.46 per share in 2019, largely reflecting lower O&M, lower income taxes and favorable weather, which offset declining sales due to the impacts of COVID-19. Second quarter sales results exceeded our base case scenario assumptions, however, there continues to be substantial uncertainty related to the impact of the COVID-19 pandemic on the remainder of the year.

All companies were negatively impacted by the pandemic starting in March 2020 and continuing into the second quarter. See Note 5 for further information regarding COVID-19, including impact on monthly weather-adjusted electric sales in the second quarter.

Summarized diluted EPS for Xcel Energy:

 

 

Three Months Ended June 30

 

Six Months Ended June 30

Diluted Earnings (Loss) Per Share

 

2020

 

2019

 

2020

 

2019

Public Service Company of Colorado (PSCo)

 

$

0.21

 

 

$

0.20

 

 

$

0.45

 

 

$

0.47

 

NSP-Minnesota

 

0.22

 

 

0.19

 

 

0.43

 

 

0.41

 

Southwestern Public Service Company (SPS)

 

0.14

 

 

0.11

 

 

0.22

 

 

0.22

 

NSP-Wisconsin

 

0.02

 

 

0.02

 

 

0.09

 

 

0.06

 

Equity earnings of unconsolidated subsidiaries

 

0.01

 

 

0.01

 

 

0.02

 

 

0.02

 

Regulated utility (a)

 

0.60

 

 

0.53

 

 

1.20

 

 

1.18

 

Xcel Energy Inc. and Other

 

(0.07)

 

 

(0.06)

 

 

(0.10)

 

 

(0.11)

 

Total (a)

 

$

0.54

 

 

$

0.46

 

 

$

1.10

 

 

$

1.07

 

(a)

 

Amounts may not add due to rounding.

PSCo — Earnings increased $0.01 per share for the second quarter of 2020 and decreased $0.02 per share year-to date. The decrease in year-to-date earnings was driven by lower sales and demand revenue primarily due to COVID-19, higher depreciation, interest charges and lower natural gas margins due to unfavorable weather, partially offset by higher AFUDC, an increase in electric margins (regulatory outcomes offset lower sales due to COVID-19) and lower O&M.

NSP-Minnesota — Earnings increased $0.03 per share for the second quarter of 2020 and $0.02 year-to-date. The increase in year-to-date earnings primarily reflects lower O&M and income taxes, partially offset by lower electric margins (reflecting lower sales from COVID-19) and natural gas margins as well as higher depreciation. Lower electric margins were due primarily to increased production tax credits (PTCs) flowed back to customers (offset in income tax) and decreased sales, partially offset by non-fuel riders.

SPS — Earnings increased $0.03 per share for the second quarter of 2020 and were flat year-to-date. Year-to-date earnings were driven by lower O&M and income taxes, offset by lower electric margin and increased depreciation. Lower electric margins were attributable to lower sales from COVID-19, increased PTCs flowed back to customers (offset in income tax) and a 2019 NMPRC revised order eliminating a $10 million retroactive refund of tax reform benefits, partially offset by an increase in wholesale transmission revenue.

NSP-Wisconsin — Earnings were flat for the second quarter of 2020 and increased $0.03 per share year-to-date. The increase in year-to-date earnings was driven by lower O&M and income taxes, as well as higher electric margin (due primarily to regulatory outcomes which offset lower sales from COVID-19), partially offset by lower natural gas margins due to unfavorable weather and increased depreciation.

Xcel Energy Inc. and Other — Primarily includes financing costs at the holding company.

Components significantly contributing to changes in 2020 EPS compared with the same period in 2019:

Diluted Earnings (Loss) Per Share

 

Three Months

Ended June 30

 

Six Months Ended

June 30

GAAP and ongoing diluted EPS — 2019

 

$

0.46 

 

 

$

1.07 

 

 

 

 

 

 

Components of change — 2020 vs. 2019:

 

 

 

 

Lower Effective Tax Rate (ETR) (a)

 

0.07 

 

 

0.10 

 

Lower O&M

 

0.05 

 

 

0.08 

 

Higher AFUDC

 

0.03

 

0.04

Higher electric margins (b)

 

0.02 

 

 

0.02 

 

Higher depreciation and amortization

 

(0.05)

 

 

(0.09)

 

Higher interest charges

 

(0.03)

 

 

(0.04)

 

Lower natural gas margins

 

— 

 

 

(0.03)

 

Lower other income (expense), net

 

— 

 

 

(0.02)

 

Other (net)

 

(0.01)

 

 

(0.03)

 

GAAP and ongoing diluted EPS — 2020

 

$

0.54 

 

 

$

1.10 

 

(a)

 

Includes production tax credits (PTCs) and tax reform regulatory amounts, which are primarily offset in electric margin.

(b)

 

The period-over-period change in electric margin was negatively impacted by reductions in sales and demand. See table below:

   

Diluted Earnings (Loss) Per Share

 

Three Months

Ended June 30

 

Six Months Ended

June 30

   

Electric margin (excluding reductions in sales and demand)

 

$

0.09

 

 

$

0.09

 

   

Reductions in sales and demand (a)

 

(0.07)

 

 

(0.07)

 

   

Higher electric margins

 

$

0.02

 

 

$

0.02

 

 

(a) Sales decline excludes weather impact, net of decoupling/sales true-up and decrease in demand revenue is net of sales true-up.

Note 2. Regulated Utility Results

Estimated Impact of Temperature Changes on Regulated Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance.

Degree-day or Temperature-Humidity Index (THI) data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. Heating degree-days (HDD) is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. Cooling degree-days (CDD) is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit. Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather.

Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.

Percentage increase (decrease) in normal and actual HDD, CDD and THI:

 

 

Three Months Ended June 30

 

Six Months Ended June 30

 

 

2020 vs.
Normal

 

2019 vs.
Normal

 

2020 vs.
2019

 

2020 vs.
Normal

 

2019 vs.
Normal

 

2020 vs.
2019

HDD

 

2.2

%

 

16.9

%

 

(11.8)

%

 

(4.1)

%

 

12.8

%

 

(14.4)

%

CDD

 

22.4

 

 

(45.2)

 

 

191.2

 

 

22.5

 

 

(45.5)

 

 

139.9

 

THI

 

15.0

 

 

(26.7)

 

 

63.6

 

 

14.7

 

 

(26.9)

 

 

63.6

 

Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:

 

 

Three Months Ended June 30

 

Six Months Ended June 30

 

 

2020 vs.
Normal

 

2019 vs.
Normal

 

2020 vs.
2019

 

2020 vs.
Normal

 

2019 vs.
Normal

 

2020 vs.
2019

Retail electric

 

$

0.028

 

 

$

(0.024)

 

 

$

0.052

 

 

$

0.017

 

 

$

(0.005)

 

 

$

0.022

 

Decoupling and sales true-up

 

(0.014)

 

 

0.006

 

 

(0.020)

 

 

(0.009)

 

 

0.001

 

(0.010)

 

Electric total

 

$

0.014

 

 

$

(0.018)

 

 

$

0.032

 

 

$

0.008

 

 

$

(0.004)

 

 

$

0.012

 

Firm natural gas

 

0.001

 

 

0.004

 

 

(0.003)

 

 

(0.006)

 

 

0.022

 

 

(0.028)

 

Total

 

$

0.015

 

 

$

(0.014)

 

 

$

0.029

 

 

$

0.002

 

 

$

0.018

 

 

$

(0.016)

 

Sales Growth (Decline) — Sales growth (decline) for actual and weather-normalized sales in 2020 compared to the same period in 2019:

 

 

Three Months Ended June 30

 

 

PSCo

 

NSP-Minnesota

 

SPS

 

NSP-Wisconsin

 

Xcel Energy

Actual (a)

 

 

 

 

 

 

 

 

 

 

 

Electric residential

 

13.5 

%

 

10.2 

%

 

13.4 

%

 

10.8 

%

 

11.9 

%

Electric commercial and industrial

 

(8.3)

 

 

(13.2)

 

 

(7.5)

 

 

(12.3)

 

 

(10.2)

 

Total retail electric sales

 

(1.7)

 

 

(6.6)

 

 

(4.4)

 

 

(6.5)

 

 

(4.5)

 

Firm natural gas sales

 

(13.0)

 

 

0.4 

 

 

N/A

 

(3.8)

 

 

(8.5)

 

 

 

Three Months Ended June 30

 

 

PSCo (b)

 

NSP-Minnesota

 

SPS

 

NSP-Wisconsin

 

Xcel Energy

Weather-normalized (a)

 

 

 

 

 

 

 

 

 

 

 

Electric residential

 

6.1 

%

 

5.7 

%

 

3.3 

%

 

4.9 

%

 

5.4 

%

Electric commercial and industrial

 

(10.4)

 

 

(14.2)

 

 

(8.6)

 

 

(13.3)

 

 

(11.5)

 

Total retail electric sales

 

(5.4)

 

 

(8.5)

 

 

(6.9)

 

 

(8.6)

 

 

(7.1)

 

Firm natural gas sales

 

(7.4)

 

 

2.7 

 

 

N/A

 

3.1 

 

 

(3.9)

 

 

 

Six Months Ended June 30

 

 

PSCo

 

NSP-Minnesota

 

SPS

 

NSP-Wisconsin

 

Xcel Energy

Actual (a)

 

 

 

 

 

 

 

 

 

 

 

Electric residential

 

5.7 

%

 

2.1 

%

 

5.4 

%

 

1.0 

%

 

3.8 

%

Electric commercial and industrial

 

(4.0)

 

 

(8.5)

 

 

(2.2)

 

 

(6.4)

 

 

(5.4)

 

Total retail electric sales

 

(1.0)

 

 

(5.4)

 

 

(1.1)

 

 

(4.3)

 

 

(2.9)

 

Firm natural gas sales

 

(8.2)

 

 

(10.4)

 

 

N/A

 

(12.0)

 

 

(9.1)

 

Six Months Ended June 30

PSCo (b)

 

NSP-Minnesota

 

SPS

 

NSP-Wisconsin

 

Xcel Energy

Weather-normalized (a)    
Electric residential

3.4

%

2.7

%

1.9

%

3.0

%

2.9

%

Electric commercial and industrial

(5.0)

(8.7)

(2.7)

 

(6.5)

(5.8)

 
Total retail electric sales

(2.4)

(5.3)

(2.1)

 

(3.8)

(3.5)

 
Firm natural gas sales

(1.4)

2.6

N/A

3.3

0.2

 

Six Months Ended June 30 (Leap Year Adjusted)

PSCo (b)

 

NSP-Minnesota

 

SPS

 

NSP-Wisconsin

 

Xcel Energy

Weather-normalized (Leap Year Adjusted) (a)    
Electric residential

2.8

%

2.2

%

1.3

%

2.4

%

2.3

%

Electric commercial and industrial

(5.5)

(9.2)

(3.3)

 

(7.1)

(6.4)

 
Total retail electric sales

(3.0)

(5.8)

(2.7)

 

(4.4)

(4.1)

 
Firm natural gas sales

(2.2)

1.7

N/A

2.3

(0.7)

 

(a)

 

Higher residential sales and lower C&I sales were primarily attributable to COVID-19.

(b)

 

Colorado Public Utilities Commission (CPUC) approved a historical 10-year weather normalization approach for retail electric, effective March 1, 2020.

Weather-normalized and leap-year adjusted electric sales growth (decline) — year-to-date (excluding leap day)

  • PSCo — Residential sales rose based on higher use per customer from stay-at-home mandates and an increased number of customers. The commercial and industrial (C&I) decline was due to lower use offsetting an increase in the number of C&I customers. The decline in C&I sales was primarily due to the shutdown of the economy from COVID-19, decreases in the manufacturing and service industries, partially offset by an increase in the energy sector.
  • NSP-Minnesota — Residential sales growth reflects higher use per customer from stay-at-home mandates and increased customer additions. The drop in C&I sales was as a result of customer growth offset by lower use per customer. Decreased sales to C&I customers were due to the shutdown of the economy from COVID-19 and declines in the energy, manufacturing and services sectors.
  • SPS — Residential sales increased due to customer growth and higher use per customer from stay-at-home mandates. The decline in C&I sales was due to shutdowns of the economy from COVID-19, declines in oil and natural gas extraction due to lower commodity prices and lower manufacturing, agriculture & food and services.
  • NSP-Wisconsin — Residential sales growth was attributable to higher use per customer from stay-at-home mandates and customer additions. The decline in C&I was largely due to the shutdown of the economy from COVID-19 and decreased sales to the manufacturing sector.

Weather-normalized and leap-year adjusted natural gas sales growth (decline) — year-to-date (excluding leap day)

  • Natural gas sales reflect an increase in number of customers combined with lower customer use due to the shutdown of the economy from COVID-19.

Electric Margin — Electric revenues and fuel and purchased power expenses are impacted by fluctuations in the price of natural gas, coal and uranium used in the generation of electricity. However, these price fluctuations have minimal impact on electric margin due to fuel recovery mechanisms that recover fuel expenses. In addition, electric customers receive a credit for PTCs generated in a particular period.

Electric revenues and margin:

 

 

Three Months Ended June 30

 

Six Months Ended June 30

(Millions of Dollars)

 

2020

 

2019

 

2020

 

2019

Electric revenues

 

$

2,286

 

 

$

2,249

 

 

$

4,489

 

 

$

4,574

 

Electric fuel and purchased power

 

(833)

 

 

(813)

 

 

(1,630)

 

 

(1,727)

 

Electric margin

 

$

1,453

 

 

$

1,436

 

 

$

2,859

 

 

$

2,847

 

Contacts

Paul Johnson, Vice President, Investor Relations (612) 215-4535

For news media inquiries only, please call Xcel Energy Media Relations (612) 215-5300

Xcel Energy website address: www.xcelenergy.com

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