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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended Sept. 30, 2022
or
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-3034
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Xcel Energy Inc. |
(Exact Name of Registrant as Specified in its Charter) |
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Minnesota | | | | 41-0448030 |
(State or Other Jurisdiction of Incorporation or Organization) | |
| | (I.R.S. Employer Identification No.) |
| | | | |
414 Nicollet Mall | Minneapolis | Minnesota | | | | 55401 |
(Address of Principal Executive Offices) | | | | (Zip Code) |
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(612) | 330-5500 |
(Registrant’s Telephone Number, Including Area Code) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $2.50 par value | | XEL | | Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | | Accelerated filer | ☐ | |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ | |
| | | Emerging growth company | ☐ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | |
Class | | Outstanding at Oct. 25, 2022 |
Common Stock, $2.50 par value | | 547,248,496 shares |
TABLE OF CONTENTS
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PART I | FINANCIAL INFORMATION | |
Item 1 — | | |
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Item 2 — | | |
Item 3 — | | |
Item 4 — | | |
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PART II | OTHER INFORMATION | |
Item 1 — | | |
Item 1A — | | |
Item 2 — | | |
Item 6 — | | |
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This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.
Definitions of Abbreviations
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Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) |
e prime | e prime inc. |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Company |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
WYCO | WYCO Development, LLC |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
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Federal and State Regulatory Agencies |
CPUC | Colorado Public Utilities Commission |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
DOC | Minnesota Department of Commerce |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
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MPUC | Minnesota Public Utilities Commission |
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NDPSC | North Dakota Public Service Commission |
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NRC | Nuclear Regulatory Commission |
OAG | Minnesota Office of Attorney General |
PUCT | Public Utility Commission of Texas |
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SEC | Securities and Exchange Commission |
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Electric, Purchased Gas and Resource Adjustment Clauses |
GCA | Gas cost adjustment |
GUIC | Gas utility infrastructure cost rider |
RES | Renewable energy standard |
TCR | Transmission cost recovery adjustment |
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Other |
AFUDC | Allowance for funds used during construction |
ALJ | Administrative Law Judge |
AMT | Alternative minimum tax |
ATM | At-the-market |
C&I | Commercial and Industrial |
CCR | Coal combustion residuals |
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste |
CDD | Cooling degree-days |
CEO | Chief executive officer |
CERCLA | Comprehensive Environmental Response, Compensation, and Liability Act |
CFO | Chief financial officer |
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CORE | CORE Electric Cooperative |
CPCN | Certificate of Public Convenience and Necessity |
CSPV | Crystalline Silicon Photovoltaic |
CUB | Citizens Utility Board |
DRIP | Dividend Reinvestment and Stock Purchase Program |
EPS | Earnings per share |
ETR | Effective tax rate |
FTR | Financial transmission right |
GAAP | United States generally accepted accounting principles |
GE | General Electric Company |
HDD | Heating degree-days |
IPP | Independent power producing entity |
IRA | Inflation Reduction Act |
ITC | Investment Tax Credit |
JSC | Just Solar Coalition |
LLC | Limited liability company |
LP&L | Lubbock Power and Light |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
NAV | Net asset value |
NOPR | Notice of Proposed Rulemaking |
NOx | Nitrogen Oxides |
O&M | Operating and maintenance |
OATT | Open Access Transmission Tariff |
PFAS | Per- and PolyFluroroAlkyl Substances |
PIM | Performance Incentive Mechanism |
PPA | Power purchase agreement |
PTC | Production tax credit |
ROE | Return on equity |
RTO | Regional Transmission Organization |
SMMPA | Southern Minnesota Municipal Power Agency |
SPP | Southwest Power Pool, Inc. |
THI | Temperature-humidity index |
TOs | Transmission owners |
UCA | Colorado Office of the Utility Consumer Advocate |
VaR | Value at Risk |
WACC | Weighted average cost of capital |
XLI | Xcel Large Industrial Customers |
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Forward-Looking Statements |
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 those relating to 2022 and 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, 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, 2021 and subsequent filings with the SEC, 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, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; operational safety, including our nuclear generation facilities and other utility operations; 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; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or 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; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters, including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
PART I — FINANCIAL INFORMATION
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ITEM 1 — FINANCIAL STATEMENTS |
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
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| Three Months Ended Sept. 30 | | Nine Months Ended Sept. 30 |
| 2022 | | 2021 | | 2022 | | 2021 |
Operating revenues | | | | | | | |
Electric | $ | 3,699 | | | $ | 3,176 | | | $ | 9,255 | | | $ | 8,643 | |
Natural gas | 357 | | | 268 | | | 1,923 | | | 1,364 | |
Other | 26 | | | 23 | | | 79 | | | 69 | |
Total operating revenues | 4,082 | | | 3,467 | | | 11,257 | | | 10,076 | |
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Operating expenses | | | | | | | |
Electric fuel and purchased power | 1,497 | | | 1,210 | | | 3,772 | | | 3,643 | |
Cost of natural gas sold and transported | 173 | | | 86 | | | 1,134 | | | 603 | |
Cost of sales — other | 11 | | | 11 | | | 32 | | | 28 | |
O&M expenses | 611 | | | 568 | | | 1,827 | | | 1,752 | |
Conservation and demand side management expenses | 86 | | | 78 | | | 259 | | | 222 | |
Depreciation and amortization | 607 | | | 537 | | | 1,807 | | | 1,586 | |
Taxes (other than income taxes) | 173 | | | 152 | | | 523 | | | 472 | |
Total operating expenses | 3,158 | | | 2,642 | | | 9,354 | | | 8,306 | |
| | | | | | | |
Operating income | 924 | | | 825 | | | 1,903 | | | 1,770 | |
| | | | | | | |
Other (expense) income, net | (15) | | | (3) | | | (20) | | | 5 | |
Earnings from equity method investments | 1 | | | 13 | | | 27 | | | 47 | |
Allowance for funds used during construction — equity | 20 | | | 21 | | | 53 | | | 53 | |
| | | | | | | |
Interest charges and financing costs | | | | | | | |
Interest charges — includes other financing costs of $8, $7, $24 and $22, respectively | 244 | | | 211 | | | 705 | | | 628 | |
Allowance for funds used during construction — debt | (7) | | | (7) | | | (19) | | | (18) | |
Total interest charges and financing costs | 237 | | | 204 | | | 686 | | | 610 | |
| | | | | | | |
Income before income taxes | 693 | | | 652 | | | 1,277 | | | 1,265 | |
Income tax expense (benefit) | 44 | | | 43 | | | (80) | | | (17) | |
Net income | $ | 649 | | | $ | 609 | | | $ | 1,357 | | | $ | 1,282 | |
| | | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 548 | | | 539 | | | 546 | | | 539 | |
Diluted | 548 | | | 539 | | | 546 | | | 539 | |
| | | | | | | |
Earnings per average common share: | | | | | | | |
Basic | $ | 1.19 | | | $ | 1.13 | | | $ | 2.48 | | | $ | 2.38 | |
Diluted | 1.18 | | | 1.13 | | | 2.48 | | | 2.38 | |
| | | | | | | |
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended Sept. 30 | | Nine Months Ended Sept. 30 |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income | $ | 649 | | | $ | 609 | | | $ | 1,357 | | | $ | 1,282 | |
Other comprehensive income | | | | | | | |
Pension and retiree medical benefits: | | | | | | | |
Net pension and retiree medical losses arising during the period, net of tax of $4, $—, $4 and $—, respectively | 10 | | | — | | | 11 | | | — | |
Reclassifications of loss to net income, net of tax of $—, $1, $1 and $2, respectively | 1 | | | 4 | | | 2 | | | 5 | |
Derivative instruments: | | | | | | | |
Net fair value increase, net of tax of $—, $1, $6 and $1, respectively | — | | | 3 | | | 15 | | | 4 | |
Reclassification of losses to net income, net of tax of $—, $—, $1 and $1, respectively | 1 | | | 2 | | | 4 | | | 6 | |
| | | | | | | |
Total other comprehensive income | 12 | | | 9 | | | 32 | | | 15 | |
Total comprehensive income | $ | 661 | | | $ | 618 | | | $ | 1,389 | | | $ | 1,297 | |
| | | | | | | |
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
| | | | | | | | | | | |
| Nine Months Ended Sept. 30 |
| 2022 | | 2021 |
Operating activities | | | |
Net income | $ | 1,357 | | | $ | 1,282 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | |
Depreciation and amortization | 1,821 | | | 1,597 | |
Nuclear fuel amortization | 91 | | | 86 | |
Deferred income taxes | (85) | | | (9) | |
Allowance for equity funds used during construction | (53) | | | (53) | |
Earnings from equity method investments | (27) | | | (47) | |
Dividends from equity method investments | 30 | | | 31 | |
Provision for bad debts | 41 | | | 53 | |
Share-based compensation expense | 19 | | | 20 | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (221) | | | (152) | |
Accrued unbilled revenues | 69 | | | 58 | |
Inventories | (272) | | | (82) | |
Other current assets | 13 | | | 8 | |
Accounts payable | 152 | | | 61 | |
Net regulatory assets and liabilities | 239 | | | (997) | |
Other current liabilities | 51 | | | (22) | |
Pension and other employee benefit obligations | (59) | | | (131) | |
Other, net | 1 | | | (124) | |
Net cash provided by operating activities | 3,167 | | | 1,579 | |
| | | |
Investing activities | | | |
Capital/construction expenditures | (3,325) | | | (3,032) | |
Purchase of investment securities | (1,055) | | | (540) | |
Proceeds from the sale of investment securities | 1,029 | | | 531 | |
Other, net | 30 | | | (24) | |
Net cash used in investing activities | (3,321) | | | (3,065) | |
| | | |
Financing activities | | | |
(Repayments of) proceeds from short-term borrowings, net | (847) | | | 1,163 | |
Proceeds from issuances of long-term debt | 2,164 | | | 1,920 | |
Repayments of long-term debt, including reacquisition premiums | (600) | | | (399) | |
Proceeds from issuance of common stock | 156 | | | 13 | |
Dividends paid | (754) | | | (698) | |
Other, net | (14) | | | (11) | |
Net cash provided by financing activities | 105 | | | 1,988 | |
| | | |
Net change in cash, cash equivalents and restricted cash | (49) | | | 502 | |
Cash, cash equivalents and restricted cash at beginning of period | 166 | | | 129 | |
Cash, cash equivalents and restricted cash at end of period | $ | 117 | | | $ | 631 | |
| | | |
Supplemental disclosure of cash flow information: | | | |
Cash paid for interest (net of amounts capitalized) | $ | (628) | | | $ | (592) | |
Cash paid for income taxes, net | (16) | | | (6) | |
| | | |
Supplemental disclosure of non-cash investing and financing transactions: | | | |
Accrued property, plant and equipment additions | $ | 393 | | | $ | 476 | |
Inventory transfers to property, plant and equipment | 34 | | | 87 | |
Operating lease right-of-use assets | 17 | | | 4 | |
Allowance for equity funds used during construction | 53 | | | 53 | |
Issuance of common stock for reinvested dividends and/or equity awards | 40 | | | 26 | |
| | | |
| | | |
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
| | | | | | | | | | | |
| Sept. 30, 2022 | | Dec. 31, 2021 |
Assets | | | |
Current assets | | | |
Cash and cash equivalents | $ | 117 | | | $ | 166 | |
Accounts receivable, net | 1,196 | | | 1,018 | |
Accrued unbilled revenues | 793 | | | 862 | |
Inventories | 870 | | | 631 | |
Regulatory assets | 1,275 | | | 1,106 | |
Derivative instruments | 456 | | | 123 | |
Prepaid taxes | 54 | | | 44 | |
Prepayments and other | 329 | | | 289 | |
Total current assets | 5,090 | | | 4,239 | |
| | | |
Property, plant and equipment, net | 47,287 | | | 45,457 | |
| | | |
Other assets | | | |
Nuclear decommissioning fund and other investments | 3,083 | | | 3,628 | |
Regulatory assets | 2,850 | | | 2,738 | |
Derivative instruments | 90 | | | 67 | |
Operating lease right-of-use assets | 1,155 | | | 1,291 | |
Other | 420 | | | 431 | |
Total other assets | 7,598 | | | 8,155 | |
Total assets | $ | 59,975 | | | $ | 57,851 | |
| | | |
Liabilities and Equity | | | |
Current liabilities | | | |
Current portion of long-term debt | $ | 651 | | | $ | 601 | |
Short-term debt | 158 | | | 1,005 | |
Accounts payable | 1,586 | | | 1,409 | |
Regulatory liabilities | 596 | | | 271 | |
Taxes accrued | 545 | | | 569 | |
Accrued interest | 244 | | | 209 | |
Dividends payable | 267 | | | 249 | |
Derivative instruments | 100 | | | 69 | |
Operating lease liabilities | 211 | | | 205 | |
Other | 545 | | | 459 | |
Total current liabilities | 4,903 | | | 5,046 | |
| | | |
Deferred credits and other liabilities | | | |
Deferred income taxes | 4,762 | | | 4,894 | |
Deferred investment tax credits | 50 | | | 53 | |
Regulatory liabilities | 5,567 | | | 5,405 | |
Asset retirement obligations | 3,296 | | | 3,151 | |
Derivative instruments | 114 | | | 105 | |
Customer advances | 187 | | | 196 | |
Pension and employee benefit obligations | 255 | | | 306 | |
Operating lease liabilities | 997 | | | 1,146 | |
Other | 151 | | | 158 | |
Total deferred credits and other liabilities | 15,379 | | | 15,414 | |
| | | |
Commitments and contingencies | | | |
Capitalization | | | |
Long-term debt | 23,309 | | | 21,779 | |
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 547,006,076 and 544,025,269 shares outstanding at Sept. 30, 2022 and Dec. 31, 2021, respectively | 1,368 | | | 1,360 | |
Additional paid in capital | 7,979 | | | 7,803 | |
Retained earnings | 7,128 | | | 6,572 | |
Accumulated other comprehensive loss | (91) | | | (123) | |
Total common stockholders’ equity | 16,384 | | | 15,612 | |
Total liabilities and equity | $ | 59,975 | | | $ | 57,851 | |
| | | |
See Notes to Consolidated Financial Statements |
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock Issued | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Common Stockholders' Equity |
| Shares | | Par Value | | Additional Paid In Capital | | | |
Three Months Ended Sept. 30, 2022 and 2021 | | | | | | | | | | | |
Balance at June 30, 2021 | 538,305,927 | | | $ | 1,346 | | | $ | 7,435 | | | $ | 6,146 | | | $ | (135) | | | $ | 14,792 | |
Net income | | | | | | | 609 | | | | | 609 | |
Other comprehensive income | | | | | | | | | 9 | | | 9 | |
Dividends declared on common stock ($0.4575 per share) | | | | | | | (247) | | | | | (247) | |
Issuances of common stock | 153,025 | | | — | | | 10 | | | | | | | 10 | |
| | | | | | | | | | | |
Share-based compensation | | | | | (2) | | | | | | | (2) | |
Balance at Sept. 30, 2021 | 538,458,952 | | | $ | 1,346 | | | $ | 7,443 | | | $ | 6,508 | | | $ | (126) | | | $ | 15,171 | |
| | | | | | | | | | | |
Balance at June 30, 2022 | 546,807,793 | | | $ | 1,367 | | | $ | 7,960 | | | $ | 6,747 | | | $ | (103) | | | $ | 15,971 | |
Net income | | | | | | | 649 | | | | | 649 | |
Other comprehensive income | | | | | | | | | 12 | | | 12 | |
Dividends declared on common stock ($0.4875 per share) | | | | | | | (267) | | | | | (267) | |
Issuances of common stock | 198,283 | | | 1 | | | 13 | | | | | | | 14 | |
| | | | | | | | | | | |
Share-based compensation | | | | | 6 | | | (1) | | |