Utility aims for zero carbon emission from electric power
DENVER (AP) — A utility serving 3.6 million electricity customers in eight states said Tuesday it will try to eliminate all its carbon emissions from electrical generation by 2050.
Xcel Energy CEO Ben Fowke acknowledged that not all the technologies the company needs to meet that goal are available yet on a commercial scale, but he said he is encouraged by advances in clean energy technology.
"If we put our minds to it," Fowke said, "we will find the best solution to get us there."
Boosted by favorable weather, Xcel Energy’s profits rose 21 percent during its first quarter, handily beating stock analysts’ estimates.
The Minneapolis-based power company posted first quarter net earnings of $291 million or 57 cents per share, up from $239 million or 47 cents per share a year ago. Stock analysts on average were forecasting profits of 51 cents per share.
The company’s revenue clocked in at $2.95 billion, up a tad from a year ago, but just short of analysts’ expectations.
Xcel Energys fourth-quarter profits fell about 7 percent from a year ago and it sales were flat.
The Minneapolis-based utility Wednesday posted net income of $189 million, or 37 cents per share. However, adjusting for a one-time tax expense in the fourth quarter, the company posted earnings of 43 cents per share.
Thats a penny below the consensus of analysts polled by Zacks.
Xcel, other utility companies combating heightened possibility of cyberattacks
Electricity isnt exactly a growth business, so Xcel Energys employee head count doesnt budge much from year to year. One department is an exception: cybersecurity.
Xcel employs more than 100 highly trained security analysts, compared with a handful just two years ago. Threats from hackers are intensifying and, with them, the specter of blackouts.
The news has been increasingly bleak for U.S. nuclear power, replete with failed projects and proposed bailouts of unprofitable reactors.
In Minnesota, though, nuclear power is still a bedrock of the states electricity production, and it looks like it will stay that way until the 2030s.
For Xcel Energy, nuclear energy is critical to meeting its carbon reduction goals, particularly as it slowly jettisons its greenhouse-gas belching coal generators.
Xcel Energys third-quarter profit rose 7 percent as the company beat stock analysts expectations.
The Minneapolis-based utility Thursday posted earnings of $492 million, or 97 cents a share, up from $458 million, or 90 cents a share, for the same time a year ago. The Zacks consensus earnings forecast was 92 cents a share.
The increase was driven by electricity rate increases including in Minnesota combined with reduced operating and maintenance expenses and other factors.
- BusinessWireXcel Energy Named a World’s Most Admired Company for Fifth Consecutive YearJanuary 28, 2019
- BusinessWireXcel Energy Recognized among World’s Best Employers by Forbes MagazineOctober 24, 2018
- BusinessWireXcel Energy is the First U.S. Utility to Operate Drones beyond Line of Sight for Ongoing InspectionsSeptember 12, 2018
- BusinessWireXcel Energy Board Elects New Board MemberAugust 21, 2018
- BusinessWireBen Fowke, Kevin Warren Join Securian Financial Board of DirectorsJune 28, 2018