By Dave Sebastian
Xcel Energy Inc. said its second-quarter earnings reflected higher electric and natural-gas margins, and profit and operating revenue rose for the period.
On higher electric and natural-gas margins:
"Earnings reflect higher electric and natural-gas margins, which more than offset additional depreciation, operating and maintenance expenses, interest charges and less allowance for funds used during construction."
"Xcel Energy's 2021 second-quarter earnings were $0.58 per share compared to $0.54 per share in 2020, primarily reflecting higher electric and natural-gas margins (driven by capital investment recovery, regulatory outcomes and weather-normalized sales growth as compared to 2020, which was more adversely impacted by Covid-19)."
On the February winter storm:
"In February 2021, the central portion of the United States experienced a major winter storm (Winter Storm Uri). Extreme cold temperatures impacted certain operational assets as well as the availability of renewable generation across the region. The cold weather also affected the country's supply and demand for natural gas. These factors contributed to extremely high market prices for natural gas and electricity."
On the company's 2021 guidance:
"Xcel Energy reaffirms 2021 EPS earnings guidance of $2.90 to $3.00."
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
July 29, 2021 07:38 ET (11:38 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.