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- **EPS Growth Target**: 9% average through 2030, driven by $60 billion 5-year capital plan (11% rate base growth).
- **Wildfire Resolution**: $360 million committed to wildfire claims, with $500 million insurance coverage.
- **Renewables Push**: 4.5 GW of renewable procurements to capture 2030 tax credits, complemented by 3 GW of natural gas generation for reliability.
- **Affordability Focus**: Lowest residential electric bills in 15 states, with bills 14%–20% lower than 2014 levels (inflation-adjusted).
- **AI Innovation**: AI tools for wildfire risk modeling, drone-based grid inspections, and customer bill savings ($6 billion since 2014).

**【CEO Summary Section】**
- Delivered solid third-quarter 2025 earnings of $1.24 per share, excluding a non-recurring $290 million wildfire-related charge.
- Invested $3 billion year-to-date in resilient energy infrastructure, including $7.5 billion in zero-carbon generation and $2 billion in energy storage.
- Accelerated wildfire risk reduction efforts, including AI-driven situational awareness and advanced meteorology tools.
- Reaffirmed 21-year streak of meeting earnings guidance, with a 2025 ongoing EPS range of $3.75–$3.85.

**【CFO Financial Commentary】**
- Third-quarter 2025 ongoing EPS of $1.24, up 1.6% year-over-year, driven by regulatory outcomes and sales growth.
- O&M expenses expected to increase 5% in 2025, primarily due to health and benefit costs.
- Updated 5-year capital plan of $60 billion (11% annualized rate base growth), with $23 billion in debt and $7 billion in equity.
- 2026 EPS guidance of $4.04–$4.16 (8% midpoint growth from 2025), with a long-term EPS growth target of 6–8%.

**【Q&A Highlights】**
- **Capital Allocation**: CFO emphasized balancing debt and equity (60/40) to maintain credit metrics, with $360 million committed to wildfire claims and $500 million in insurance coverage.
- **Transmission & Renewables**: CEO highlighted strategic geographic advantage for low-cost, reliable energy, with 4.5 GW of renewable procurements to capture 2030 tax credits.
- **Regulatory Engagement**: Management noted proactive regulatory filings (e.g., Minnesota natural gas rate case) to align infrastructure investments with customer needs.
- **Supply Chain**: CFO highlighted secure turbine and transformer orders, leveraging scale to mitigate supply chain risks.

Xcel Energy Inc. (XEL) Q3 2025 Earnings Call Transcript

- **Record Q2 Earnings**: EPS of $0.75 (vs. $0.54 in Q2 2024), driven by $0.24 EPS from higher revenue and $0.07 from AFUDC.
- **$15B Incremental Investment**: New capital plan includes 5,200 MW of generation/storage in Texas/New Mexico and 2,800 MW of wind in Minnesota.
- **Wildfire Mitigation**: $1.9B Colorado and $500M Texas wildfire plans approved; $176M of $290M Smokehouse Creek claims settled.
- **Data Center Growth**: 1.1 GW contracted/under construction, with 2.5 GW target by 2030 and 7+ GW pipeline.
- **Legal Update**: Marshall Fire trial set for September 2025; $290M liability estimate unchanged.
- **2025 Guidance**: Reaffirmed EPS of $3.75-$3.85, with confidence in 6-8% long-term growth.

**【Management Opening Remarks】**
- Roopesh Aggarwal introduced the call, highlighting Q2 2025 results, updated 2025 assumptions, and regulatory updates. He emphasized the availability of accompanying slides and noted forward-looking statements and non-GAAP metrics.

**【CEO Commentary】**
- **Q2 2025 Performance**: Reported EPS of $0.75, up from $0.54 in Q2 2024. Key drivers included higher revenue from rate case outcomes and sales growth, with $0.24 EPS contribution from increased earnings and $0.07 from higher AFUDC.
- **Capital Investment**: Announced an additional $15 billion in incremental capital investment to meet customer demand, driven by generation and transmission projects in Texas, New Mexico, and the Upper Midwest. This includes 5,200 MW of generation/storage in Texas/New Mexico and 2,800 MW of wind in Minnesota.
- **Regulatory and Policy Updates**: Highlighted progress on wildfire mitigation plans in Colorado and Texas, with $1.9 billion and $500 million investments respectively. Discussed federal legislation impacts, including tax credits and permitting reforms.
- **Wildfire Claims**: Reaffirmed liability estimate of $290 million for Smokehouse Creek wildfires, with $176 million settled to date. Marshall Fire trial set for September 2025.

**【CFO Financial Commentary】**
- **Financial Results**: GAAP EPS of $0.75 (vs. $0.54 in Q2 2024), driven by higher revenue (+$0.24 EPS) and AFUDC (+$0.07). Offsets included higher interest charges (-$0.04), depreciation (-$0.03), and O&M expenses (-$0.02).
- **Rate Case Activity**: Filed electric rate case in South Dakota seeking a $44 million increase. Evaluating cases in New Mexico, Minnesota, and Colorado.
- **Data Center Progress**: 1.1 GW under construction/contracted, with 2.5 GW target by 2030. 7+ GW pipeline in development.
- **Wildfire Claims Update**: $123 million paid to date, with 187/253 Smokehouse Creek claims resolved.
- **2025 Guidance**: Reaffirmed EPS range of $3.75-$3.85, with confidence in long-term 6-8% growth target.

**【Q&A Highlights】**
- **CapEx and Regulatory Timing**: $15 billion incremental investment expected over 5-7 years, with regulatory approvals pending for key projects. Texas/New Mexico generation filings due in August 2025, with decisions in 2026.
- **Gas Turbine Procurement**: 19 turbine reservations secured to support reliability, with 9 allocated to Texas/New Mexico projects.
- **Data Center Growth**: 7+ GW pipeline includes hyperscale and developer customers across all regions. ESA negotiations progressing, with 2.5 GW target by 2030.
- **Legal Risks**: Marshall Fire trial expected to conclude by late November 2025. Open to settlement but confident in defense of equipment not causing second ignition.
- **Equity Strategy**: Plan to issue 40% equity for incremental capital, using ATM and mandatory converts. 2025 ATM issuance of $1 billion to date.


Xcel Energy Inc. (XEL) Q2 2025 Earnings Call Transcript

- **Q1 Earnings Beat**: $0.84 EPS vs. $0.88 YoY, driven by infrastructure investment and wildfire risk reduction.
- **3% Sales Growth Guidance**: Electric sales expected to rise 3% in 2025, fueled by oil/gas, residential, and data center demand.
- **Wildfire Claims Management**: Liability updated to $290M (low end), with $79M paid Q1 and 151/225 claims resolved.
- **Tariff Mitigation**: 2-3% capital plan exposure, 40-45% domestically sourced. Battery storage supply chain expected to evolve.
- **Data Center Expansion**: 8,900 MW pipeline, targeting 3 contracts by Q4 2025 across Colorado, Minnesota, and Wisconsin.
- **Texas and Colorado Resiliency**: $1.9B wildfire plan settled in Colorado, $500M Texas resiliency plan approved.


**【CEO Summary Section】**
- Xcel Energy delivered Q1 2025 earnings of $0.84 per share, with $2.3 billion invested in infrastructure and accelerated wildfire risk reduction efforts.
- Projected need for 15,000-29,000 MW of new generation by 2031, with 5,000 MW approved in Minnesota and 5,000-10,000 MW RFP in Texas.
- Advocating for tech-neutral tax credits and tariff mitigation, with 40-45% of capital expenditures domestically sourced.
- Total tariff exposure on $45 billion 2025-2029 capital plan estimated at 2-3%.
- Electric sales growth of 3% expected for 2025, driven by oil/gas, residential, EV, and data center demand.

**【CFO Financial Commentary】**
- Q1 2025 EPS: $0.84 vs. $0.88 YoY, with O&M expenses up $81 million due to nuclear outage costs, insurance, and benefits.
- Electric sales growth: 2% YoY (weather-adjusted), targeting 3% full-year growth.
- 2025 EPS guidance reaffirmed: $3.75-$3.85.
- Wildfire claims liability updated to $290 million (low end), with $79 million paid Q1.
- Texas and Colorado resiliency plans settled, with securitization to manage customer impact.

**【Q&A Key Highlights】**
- **Tariff Impact**: 2-3% of base capital plan exposed, with 40-45% domestically sourced. Battery storage exposure significant in long-term plans.
- **Data Center Pipeline**: 8,900 MW pipeline, targeting 3 contracts by Q4 2025 (Colorado, Minnesota, Wisconsin). Texas AQ studies for thousands of MW.
- **Wildfire Claims**: 151/225 claims resolved, $113M settlements ($79M paid). Marshall Fire trial set for September 2025.
- **Texas Legislation**: Support for wildfire liability defense and pole inspection programs. No material impact on capital plans.
- **Nuclear Policy**: Colorado recognizes nuclear as clean energy. Texas supportive of nuclear supply chain.
- **Sales Growth**: Oil/gas demand up 9% YoY in SPS. C&I sales cautious amid tariff uncertainty, but reaffirmed 3% growth guidance.


Xcel Energy (XEL)-24 Apr 25-2025 Q1 Earnings call transcript

- **Record Capital Discipline**: 2024 earnings within guidance for 20th year; 2025 EPS growth reaffirmed at 7%.
- **$45B Growth Pipeline**: 9%+ rate base growth via Sherco solar, Harrington conversion, and 675-mile transmission loop.
- **Customer Bill Leadership**: 28% below national average for electric, with 80% carbon reduction by 2030.
- **Wildfire Risk Mitigation**: $73M claims resolved, 42 AI cameras deployed, and 600 miles of vegetation management completed.
- **Data Center Momentum**: 8.9 GW pipeline to support 5% sales growth, with 3 projects energizing in 2025.

**【CEO Opening Remarks】**
- Xcel Energy delivered ongoing earnings of $3.50 per share in 2024, within guidance for the 20th consecutive year.
- 2025 guidance reaffirmed at $3.75-$3.85 per share, reflecting 7% growth from 2024 midpoint.
- 5-year capital plan of $45 billion targets 9%+ rate base growth and EPS growth in the upper half of 6%-8% range.
- Key projects include Sherco solar expansion (710 MW by 2026), Harrington coal-to-gas conversion, and Colorado Power Pathway transmission loop.
- Customer bills remain 28% (electric) and 12% (natural gas) below national average, with 80% carbon reduction target by 2030.

**【CFO Financial Review】**
- 2024 ongoing EPS: $3.50 (GAAP: $3.44), excluding $0.06 per share nonrecurring charge.
- Drivers: $0.12 per share from rate case outcomes, offset by $0.40 per share higher depreciation/amortization.
- 2025 capital plan includes $1.4 billion forward equity issuance to support $45 billion investments.
- Wildfire claims progress: 113/199 claims resolved, $35 million paid of $73 million committed, liability estimate unchanged at $215 million.

**【Q&A Highlights】**
- **Wildfire Mitigation**: Colorado and Texas resiliency plans filed; 2025 wildfire mitigation costs offset by rate case recoveries.
- **Data Center Growth**: 8.9 GW pipeline expected to fulfill 2025 sales forecast; 3 projects energizing this year, others under negotiation.
- **Regulatory Environment**: Optimistic on permitting for transmission and generation projects; no federal policy changes expected to impact 2025 capital plan.
- **Gas-fired Generation**: New CT builds planned for peaking capacity, with focus on low-carbon fuel readiness.
- **Labor Constraints**: Actively partnering with unions and training programs to meet workforce needs for $45B capital plan.


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