Q4 2024 Xcel Energy Inc Earnings Call Transcript
Key Points
- Xcel Energy Inc (XEL) delivered ongoing earnings of $3.50 per share for 2024, within their guidance range for the 20th consecutive year.
- The company invested over $7.5 billion in infrastructure to support energy needs, focusing on advanced technology, transmission, and carbon-free generation.
- Xcel Energy Inc (XEL) achieved a 97% availability in their wind fleet, marking their best performance in five years.
- The Sherco Solar Project's first phase began commercial operations, with future phases set to make it the largest solar facility in the upper Midwest.
- The company has maintained residential electric and natural gas bills below the national average, with historical growth rates well below inflation.
- Xcel Energy Inc (XEL) recorded a charge of $0.06 per share due to a disallowance of replacement power costs from a 2011 outage.
- Higher depreciation and amortization decreased earnings by $0.40 per share, reflecting capital investment programs.
- Higher interest charges, net of AFUDC debt, decreased earnings by $0.24 per share due to increased debt levels and higher interest rates.
- O&M expenses increased by $96 million in 2024, driven by investments in wildfire mitigation and increased costs from generation maintenance.
- The company faced challenges with regulatory lag, particularly in the SPS region, affecting growth despite increased customer load.
Hello, and welcome to Xcel Energy's 2024 year-end earnings conference call. My name is Melissa, and I will be your coordinator for today's event. Please note, this conference is being recorded. (Operator Instructions) I'll now turn the call over to Roopesh Aggarwal, Vice President, Investor Relations. Please go ahead.
Good morning and welcome to Xcel Energy's 2024 fourth quarter earnings call. Joining me today are Bob Frenzel, President, Chairman, Chief Executive Officer; and Brian Van Abel, Executive Vice President, and Chief Financial Officer. In addition, we have other members of the management team in the room to answer questions if needed.
This morning, we will review our 2024 full-year results and highlights, provide updated 2025 assumptions, and share recent business and regulatory updates. Slides that accompany today's call are available on our website.
Some comments during today's call may contain forward-looking information. Significant factors that could cause
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