Xcel getting even fatter off Colorado ratepayers

January 28, 2011 by Amy
Filed under: New Energy Economy 

Xcel Energy just announced its 2010 earnings and the Minnesota based energy company did very well this year:

We had another very successful year in 2010, said Richard C. Kelly, chairman and chief executive officer. We delivered earnings in the upper half of our guidance range. This represents the sixth consecutive year in which we have met or exceeded our earnings guidance.

What’s left out of that statement is the big thank you to Colorado ratepayers who delivered the majority of earnings. As we reported last month, Colorado’s 1.36 million ratepayers represent 25.7 percent of Xcel’s total customers, but through the third quarter of 2010, Colorado accounted for 51 percent of Xcel’s earnings per share. After four quarters, Colorado now contributes even more.

Twelve Months Ending December 31
Earnings (Loss) Per Share 2010 2009 %increase %earnings per share
Public Service Co of CO (PSCo) $0.86 $0.72 19.5 53.1
NSP-Minnesota $0.60 $0.64 -6.7 37.0
Southwestern Public Service CO (SPS) $0.17 $0.15 13.3 10.5
NSP-Wisconsin $0.09 $0.10 -10 5.6
Earnings of unconsolidated subsidiaries $0.04 $0.03 33.6 2.5
Holding company and other costs ($0.14) ($0.14) -8.6
Earnings per share $1.62 $1.48 9.5

No other subsidiary comes even close to delivering the profits that Colorado does. As we’ve said before, Xcel Energy’s profits are determined by the governments of the states in which it operates. If Xcel does well, it’s because of favorable treatment. As we have shown, Xcel and former Governor Bill Ritter have been chummy for a while.

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Comments

5 Comments on Xcel getting even fatter off Colorado ratepayers

  1. Tweets that mention Xcel getting even fatter off Colorado ratepayers | Energy Policy Center -- Topsy.com on Sat, 29th Jan 2011 10:49 pm

    2. [...] This post was mentioned on Twitter by Joseph Neville, weevils atts. weevils atts said: Xcel getting even fatter off Colorado ratepayers http://bit.ly/fsvddB [...]

  2. Laurie on Sat, 29th Jan 2011 10:56 pm

    3. The Colorado Public Utilities Commission used to “require utilities to apply the least cost principle when planning new facilities or buying fuel”. Not any more. The chairman of PUC Ron Binz wants YOU to subsidize wind and solar power. He was helped along by that piece of legislative genius last year, HB 1365, which picked gas as a winner over coal. Senator Renfroe has an excellent bill SB11-058 to lower the cost of your electricity by putting that “least cost principle” into law so that the PUC can’t have their way with it. Dem President Brandon Schaffer 303-866-5291 has sent this bill which will help the poor, unemployed and cold to the kill committee, State Affairs. Please come and testify as to the hardship that these high electricity rates are causing you. If you can’t afford the gas money to come and testify because you need it to pay your electricity bill, call or email the Dem members of this committee who will surely kill this bill: Heath 303-866-4872, Bacon 303-866-4841, and Boyd 303-866-4857. Yep, they’re the same ones who said you don’t need to prove citizenship to vote in Colorado. I quoted from this article by Peter Blake in Face the State: http://facethestate.com/peter-blake/19913-hedging-against-run-electricity-rates

  3. Laurie on Sat, 29th Jan 2011 11:00 pm

    4. Senator Renfroe’s bill SB11-058 to rein in the PUC and Excel is being heard Monday the 31st at 1:30 in Senate Committee Room 353 (3rd floor of the Capitol).

  4. Leslie on Mon, 31st Jan 2011 2:52 pm

    5. We just got a $200 bill for a home we were not living in last month. The only electrical
    use was a small space heater in the garage for a pet. All electric base board heaters
    were set at 60. I think I need to call to investigate what seems to be some kind of
    over billing.

  5. What’s wrong with “least cost” for CO ratepayers? | Energy Policy Center on Wed, 23rd Feb 2011 8:43 am

    6. [...] Renfroe also reported that Xcel Energy electricity customers have seen their rates rise a whopping 21 percent over the last few years and are expected to continue to do so.  Furthermore, Colorado has higher rates than all neighboring states except New Mexico. And coincidentally, Xcel is enjoying huge profits. [...]