Minneapolis-based utility provider Xcel Energy reported a 2019 net income of $1.372 billion, up from $1.261 billion in the prior year.
In a year-end earnings release, the company attributed the increase to “higher electric margins.” Three years ago, the Minnesota Public Utilities Commission approved Xcel’s request for a 1.69 percent increase in electricity rate, starting in January 2019. Xcel has filed for a similar rate increase in Colorado, another big market for the utility.
Xcel provides utility services in Minnesota, Colorado, Michigan, New Mexico, the Dakotas, Texas, and Wisconsin.
Meanwhile, the company’s total operating revenue fell to $11.529 billion compared to $11.537 billion in 2018. Revenue from electric service also declined to $9.575 billion from $9.719 billion, while natural gas revenue ticked up to $1.868 billion.
“We delivered strong financial results again in 2019, with earnings at the upper end of our guidance range,” said Xcel chairman, president, and CEO Ben Fowke in a prepared statement.
On a per share basis, Xcel reported net earnings of $2.64, which beat Wall Street expectations.