Xcel Energy Second Quarter 2024 Earnings Report

Xcel Energy has reported 2024 second quarter GAAP and ongoing earnings of $302 million, or $0.54 per share, compared with $288 million, or $0.52 per share in the same period in 2023.

Second quarter ongoing earnings reflect recovery of increased infrastructure investments and warmer than normal weather, partially offset by increased depreciation, interest charges and O&M expenses.

“Xcel Energy continues to meet the growing demand for energy from our customers while driving forward the clean energy transition and adapting to changing regulatory and environmental conditions,” said Bob Frenzel, Chairman, President and CEO of Xcel Energy. “We are reaffirming our earnings guidance of $3.50 - $3.60 per share.”

“We continue to advance proposals to enhance the resiliency and sustainability of our system for the safety and benefit of our customers. In Colorado, we filed an updated Wildfire Mitigation Plan that builds upon our existing investments,” Frenzel said. “We also supported legislation that will help the state achieve a smoother clean energy transition by enhancing the distribution system planning process in Colorado. And in Minnesota, we collaborated with stakeholders to achieve a settlement in our natural gas rate case that supports improvements while keeping our residential customers’ natural gas rates below the national average.”

WEC Energy Group Reports Second Quarter Results

WEC Energy Group has reported net income of $211.3 million, or 67 cents per share, for the second quarter of 2024 — down from $289.7 million, or 92 cents per share, in last year's second quarter. For the first six months of 2024, the company recorded net income of $833.6 million, or $2.64 per share — up from $797.2 million, or $2.52 per share, in the corresponding period a year ago. Consolidated revenues totaled $4.5 billion, down $265.9 million from the first half of 2023.

"Despite the warmest winter on record, we're delivering solid results, and we're firmly on track for a strong 2024," according to Scott Lauber, President and CEO. "We're focused on the fundamentals of our business — financial discipline, customer satisfaction and operating efficiency."

Retail deliveries of electricity — excluding the iron ore mine in Michigan's Upper Peninsula — were up by 0.5 percent in the second quarter of 2024, compared to the second quarter last year. Electricity consumption by small commercial and industrial customers was 0.3 percent higher. Electricity use by large commercial and industrial customers — excluding the iron ore mine — declined by 0.1 percent. Residential electricity use rose by 1.4 percent.

On a weather-normal basis, retail deliveries of electricity during the second quarter of this year – excluding the iron ore mine — decreased by 0.3 percent. The company is reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share. This assumes normal weather for the remainder of the year.

MGE Energy Reports Second Quarter 2024 Earnings

MGE Energy's earnings for the second quarter of 2024 were $23.8 million, or $0.66 per share, compared to $28.7 million, or $0.79 per share, for the same period in the prior year.

In the second quarter of 2024, electric net income decreased $6.0 million compared to the second quarter of 2023. Second quarter results were partially driven by higher fuel costs during 2024 compared to the 2024 fuel cost plan approved by the PSCW.

Weather also was a driver of lower electric and gas sales for the quarter. Electric residential sales decreased approximately four percent and gas retail sales decreased approximately ten percent compared to the same period in the prior year.