News

Xcel Energy is seeking proposals for a major expansion of its Texas-New Mexico power generating system as older power plants are retired in the coming years and electricity demand is forecast to increase to meet the needs of a growing regional economy.

“We have served this region for more than 100 years, and we have a strong history of investing in power generating resources to sustain the growth of our communities and key industries at key points in their development,” according to Adrian J. Rodriguez, president, Xcel Energy Texas–New Mexico. “We are excited to have another historic opportunity to realize an energy future that is cost-efficient, diverse and balanced with an aim of serving our customers economically for years to come.”

Alliant Energy has broken ground on two solar projects in Janesville, both east of the Rock Haven assisted living facility. One is a 2.25-megawatt community solar garden, and the other is a 1.4-MW customer-hosted project for Rock County.

The Alliant Energy® Community Solar program allows the company’s electric customers to subscribe and benefit from solar power without installing solar panels on their property. Subscribers receive monthly credits on their electric bills for every solar block purchased.

Approximately thirty percent of the community solar garden’s 9,000 blocks remain available.

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.

The Board of Directors of Xcel Energy has declared a quarterly dividend on its common stock of 54.75 cents per share. The dividends are payable October 20, 2024, to shareholders of record on September 13, 2024.

Alliant Energy has announced that John Larsen, current Executive Chairman and Chairman of the Board, has submitted his intention to retire from his executive position with the company on or before January 1, 2025. Larsen will continue as Chairman of the Board.

"On behalf of the Alliant Energy board of directors, I want to thank John for his outstanding leadership. His track record in delivering long-term value to customers, communities and shareowners is in no small part due to his strong foundation of service over the past 36 years,” according to Carol Sanders, lead independent director of the board. “John’s many accomplishments include leading the company through its expansive renewable investment in wind and solar and more recently, establishing the company’s Purpose – serving customers and building stronger communities – which remains foundational to the company strategy. We are pleased he is remaining in his capacity as Board Chairman of Alliant Energy, where we will continue to benefit from his wisdom and experience."

Xcel Energy is seeking proposals for a major expansion of its Texas-New Mexico power generating system as older power plants are retired in the coming years and electricity demand is forecast to increase to meet the needs of a growing regional economy.

“We have served this region for more than 100 years, and we have a strong history of investing in power generating resources to sustain the growth of our communities and key industries at key points in their development,” according to Adrian J. Rodriguez, President, Xcel Energy Texas–New Mexico. “We are excited to have another historic opportunity to realize an energy future that is cost-efficient, diverse and balanced with an aim of serving our customers economically for years to come.”

For the first time, a fusion device at the University of Wisconsin in Madison has generated plasma, inching one step closer toward using nuclear fusion as a a new source of carbon-free energy.

The university’s physicists and engineers have been building and testing the device at a lab in Stoughton for the last four years, which is referred to as the Wisconsin HTS Axisymmetric Mirror or WHAM. The magnetic mirror device became operational on July 15.

Researchers worldwide have been working for decades to harness energy from nuclear fusion reactions that power the sun and the stars. That reaction relies on heated plasma, which is a gas of hot ions and free-moving electrons.

Cary Forest, a UW-Madison physics professor, said generating plasma is an exciting step.

Until now, nuclear power has come from fission reactors that split atoms. Fusion reactors would join atoms together. Unlike current nuclear plants, Forest said fusion would not produce radioactive waste, adding it’s also safer.

All five of Wisconsin’s major electric utilities are on pace to hit their carbon reduction goals by the end of the decade, according to a new draft report from the state’s utility regulator. 

Every two years, the Public Service Commission of Wisconsin prepares the Strategic Energy Assessment, a report compiling information on electricity demand, the state’s energy mix, affordability and environmental impact. The new draft report is based on data utilities provided to state regulators in fall 2023 as well as historical data.

Two years ago, the draft Strategic Energy Assessment projected four of the five major electric providers would fall short of their goals. But the regulator’s new draft said all major electric utilities are expected to meet their 2030 goals through coal plant retirements, moving to cleaner fuels and adding renewable energy resources.

For Wisconsin Public Service, We Energies, Xcel Energy and Madison Gas and Electric, hitting their goals means reducing carbon dioxide emissions by 80 percent from 2005 levels by 2030. Alliant Energy, meanwhile, has a goal of a 50 percent reduction in emissions by 2030.

All five major utilities hope to achieve a 100 percent reduction in emissions from 2005 levels by 2050.

The Board of Directors of WEC Energy Group has declared a quarterly cash dividend of 83.50 cents per share on the company's common stock. The dividend is payable September 1, 2024, to stockholders of record on August 14, 2024. This marks the 328th consecutive quarter — dating back to 1942 — that the company will have paid a dividend to its stockholders.