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MINNEAPOLIS, Nov 4, 2009 (GlobeNewswire via COMTEX) --
Wireless Ronin Technologies, Inc. (Nasdaq:RNIN), a Minneapolis-based digital signage provider, announced today that it has completed the installation of a RoninCast digital menu board network at St. Paul's Xcel Energy Center.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6801
"We are very pleased with the final installation at Xcel Energy Center," said James (Jim) Granger, president and CEO of Wireless Ronin Technologies. "The system brings the concessions areas to a new level by incorporating dynamic technology that reflects the exciting stadium experience through vivid visuals and imagery."
89 RoninCast digital menu board displays are installed throughout the facility's concession areas including the main concourse, Treasure Island Resort and Casino Club Level and the upper concourse for the 2009-10 event season. Wireless Ronin's Minneapolis Network Operations Center hosts the RoninCast network. Xcel Energy Center's food service partner, Levy Restaurants, manages updates depending on the time of day or event taking place.
"Wireless Ronin delivered on our goal to bring a new cutting-edge look to our food service areas," said Jack Larson, vice president and general manager for Xcel Energy Center. "We are already enjoying the flexibility the system provides by remotely managing content updates and customizing the messaging for specific sports or entertainment events."
Xcel Energy Center's objective in implementing the system was not only to maintain their reputation of being one of the best arenas in the country by creating a high-tech environment for sports fans, but to also provide greater efficiency and flexibility for Levy to manage content from an off-site location.
About the Minnesota Wild
The Minnesota Wild recently completed its eighth NHL season after bringing hockey at its highest-level back to Minnesota for the 2000-01 campaign. The Wild claimed its first-ever Northwest Division title in 2007-08, has sold out every home game in franchise history, and set an NHL record for attendance by an expansion team and created a buzz across "The State of Hockey" with its run to the 2003 Western Conference Finals. For more information, visit www.wild.com.
Xcel Energy Center
Regarded as one of the finest arenas in the world, Xcel Energy Center is home to the NHL's Minnesota Wild, the NLL's Minnesota Swarm and a multitude of premier sports and entertainment events annually. The one-of-a-kind, multi-purpose facility is located in the heart of downtown Saint Paul, owned by the City of Saint Paul and managed by the Saint Paul Arena Company, an affiliate of Minnesota Sports & Entertainment. For more information, visit www.xcelenergycenter.com.
About Wireless Ronin Technologies
Wireless Ronin Technologies (www.wirelessronin.com) is the developer of RoninCast(R), a complete software solution designed to address the evolving digital signage marketplace. Wireless Ronin provides clients with a complete, turnkey digital signage system which allows the ability to manage a digital signage network from one central location. The RoninCast(R) digital signage software suite allows for customized distribution with network management, playlist creation and scheduling, and database integration. Wireless Ronin offers an array of services to support RoninCast(R) software including consulting, creative development, project management, installation, and training. The company's common stock trades on the NASDAQ Global Market under the symbol "RNIN."
(Photo: http://www.primezone.com/newsroom/prs/?pkgid=)
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Wireless Ronin Technologies, Inc.
CONTACT: Wireless Ronin Technologies Holly Heitkamp, Marketing Specialist (952) 564 - 3560 hheitkamp@wirelessronin.com Xcel Energy Center Kathy O'Connor, Director, Public & Media Relations (651) 265 - 4819 koconnor@xcelenergycenter.com
Tags: ceo consulting energy entertainment environment expansion food hockey market minnesota nasdaq nhl president restaurants software sports technology training wireless
Companies: Wireless Ronin Technologies Inc (RNIN), Wireless Ronin Technologies Inc (RNIN)
ASHLAND, Wis., Nov 02, 2009 (BUSINESS WIRE) --
The Public Service Commission of Wisconsin (PSCW) has unanimously approved Xcel Energy's application to install biomass gasification technology at its Bay Front Power Plant in Ashland, Wis. When completed, the project will convert the plant's remaining coal-fired unit to biomass gasification technology, allowing it to use 100 percent biomass in all three boilers and making it the largest biomass plant in the Midwest. Currently, two of the three operating units at Bay Front use biomass as their primary fuel to generate electricity.
The project, estimated at $58.1 million, will require additional biomass receiving and handling facilities at the plant, an external gasifier, minor modifications to the plant's remaining coal-fired boiler and an enhanced air quality control system. The total generation output of the plant is not expected to change significantly as a result of the project.
"We appreciate the PSCW's fair and thorough review of the application and believe that their decision recognizes the benefits of this project to provide environmentally-responsible, cost-effective energy to our customers and communities," said Mike Swenson, president and CEO, Northern States Power Company-Wisconsin, an Xcel Energy. "The Bay Front project demonstrates our continuing commitment to the environment and a clean energy future. We're helping our customers and communities practice sustainability while increasing local economic development."
Through its purchases of wood residues and related services, the Bay Front Power Plant has a $20 million annual economic impact on a six-county region around Ashland. That economic impact will increase as the plant purchases more wood residues from area contractors.
The Bay Front Power Plant was originally constructed and began operation in 1916. In 1960, it operated five boilers and six turbines. Since then, two of the boilers, and three of the turbines, have been retired. The three remaining boilers feed into a combined steam header system that can support three turbine-generator sets.
In 2008, Xcel Energy installed NOx (nitrogen oxides) emission control equipment on the two boilers that primarily burn wood, allowing both to continue to operate into the foreseeable future. When evaluating various alternatives for the remaining boiler, which primarily burns coal, it was determined that expanding Bay Front as a biomass resource was preferred over incurring significant increases in coal costs, and also environmental compliance costs relating to the Clean Air Interstate Rule and regulations on mercury emissions.
In addition to reducing carbon dioxide emissions by switching from coal to biomass in the remaining unit, the project will drastically reduce other air emissions, including nitrogen oxides by more than 60 percent and sulfur dioxides and particulate matter by more than 80 percent.
The primary source of biomass at Bay Front is expected to be the lower quality, unused materials that are currently left in area forests following traditional harvests, such as treetops, logging slash, damaged trees, underutilized species, and the cull and mortality classed trees. Initial investigations conducted by Xcel Energy show more than ample supplies of this lower quality biomass within the area.
"We will require our contractors to use the sustainable harvesting guidelines as developed by the Wisconsin Council on Forestry and implemented by the Wisconsin Department of Natural Resources (WDNR)," Swenson said. "We will also continue to work closely with the WDNR and other local organizations to ensure the highest environmental standards are followed now and in the future when harvesting biomass in the region."
Engineering, design and construction work is expected to begin in 2010 and the unit could be operational in late 2012.
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Holding company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
SOURCE: Xcel Energy
Xcel Energy Media Relations 715-737-2565 www.xcelenergy.com
Tags: ceo coal construction contractors electricity energy engineering forestry local natural gas nyse plant power plant president products regulations species technology wisconsin
Companies: XCEL Energy, Inc. (XEL)
MINNEAPOLIS, Oct 29, 2009 (BUSINESS WIRE) --
Xcel Energy Inc. (NYSE: XEL) today reported third quarter 2009 earnings of $221 million, or $0.48 per diluted share, compared with $223 million, or $0.51 per diluted share, in 2008.
The decrease in third quarter 2009 earnings was primarily due to lower sales resulting from cooler temperatures in the third quarter of 2009, higher operating and maintenance expense and an increase in the effective tax rate. Partially offsetting these factors was an increase in electric margins as a result of several constructive rate case outcomes including those in Minnesota, Colorado, Texas, New Mexico and Wisconsin.
"Lower sales resulting from unseasonably cool temperatures, as well as an increase in our overall effective tax rate reduced our earnings this quarter compared to last year," said Richard C. Kelly, chairman and chief executive officer. "Throughout the year, we have acted to offset the impact of lower sales, due to both unfavorable temperatures and economic conditions, through various cost management initiatives. Based on current projections, we expect 2009 earnings to be near the mid-point of our guidance range of $1.45 to $1.55 per share."
At 10 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator's instructions.
US Dial-In: (877) 941-8610 International Dial-In: (480) 629-9819 Conference ID: 4166774
The conference call also will be simultaneously broadcast and archived on Xcel Energy's website at www.xcelenergy.com. To access the presentation, click on Investor Information. If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. CDT on Oct. 29 through 11:59 p.m. CDT on Oct. 30.
Replay Numbers US Dial-In: (800) 406-7325 International Dial-In: (303) 590-3030 Access Code: 4166774#
Except for the historical statements contained in this release, the matters discussed herein, including our 2009 full year EPS guidance and assumptions, are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "intend," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should" and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including the availability of credit and its impact on capital expenditures and the ability of Xcel Energy and its subsidiaries to obtain financing on favorable terms; business conditions in the energy industry; actions of credit rating agencies; competitive factors, including the extent and timing of the entry of additional competition in the markets served by Xcel Energy and its subsidiaries; unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an impact on asset operation or ownership; structures that affect the speed and degree to which competition enters the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements, investigations and claims; actions of accounting regulatory bodies; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors in Item 1A and Exhibit 99.01 of Xcel Energy's Annual Report on Form 10-K for the year ended Dec. 31, 2008 and of Xcel Energy's Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.
This information is not given in connection with any sale, offer for sale or offer to buy any security.
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(amounts in thousands, except per share data)
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
2009 2008 2009 2008
Operating revenues
Electric $ 2,128,955 $ 2,576,467 $ 5,749,207 $ 6,704,164
Natural gas 169,601 258,961 1,224,161 1,736,701
Other 16,006 16,252 52,819 54,718
Total operating revenues 2,314,562 2,851,680 7,026,187 8,495,583
Operating expenses
Electric fuel and purchased power 982,103 1,513,935 2,703,952 3,871,437
Cost of natural gas sold and transported 71,638 155,804 809,791 1,298,731
Cost of sales -- other 4,915 4,528 14,268 14,095
Other operating and maintenance expenses 466,465 422,560 1,410,760 1,340,362
Conservation and demand side management program expenses 47,157 27,483 133,793 92,278
Depreciation and amortization 198,222 209,131 609,285 622,512
Taxes (other than income taxes) 78,914 70,245 229,025 218,220
Total operating expenses 1,849,414 2,403,686 5,910,874 7,457,635
Operating income 465,148 447,994 1,115,313 1,037,948
Other income (expense), net (977 ) 9,736 4,394 27,270
Allowance for funds used during construction -- equity 18,618 16,319 55,565 45,478
Interest charges and financing costs
Interest charges -- includes other financing costs of $5,103, 139,347 139,777 420,447 405,671
$5,162, $15,255 and $15,294, respectively
Allowance for funds used during construction -- debt (9,598 ) (9,625 ) (29,671 ) (28,748 )
Total interest charges and financing costs 129,749 130,152 390,776 376,923
Income from continuing operations before income taxes and 353,040 343,897 784,496 733,773
equity earnings
Income taxes 135,610 121,551 280,581 252,765
Equity earnings of unconsolidated subsidiaries 4,363 349 10,760 1,154
Income from continuing operations 221,793 222,695 514,675 482,162
Income (loss) from discontinued operations, net of tax (965 ) 94 (2,673 ) (684 )
Net income 220,828 222,789 512,002 481,478
Dividend requirements on preferred stock 1,060 1,060 3,180 3,180
Earnings available to common shareholders $ 219,768 $ 221,729 $ 508,822 $ 478,298
Weighted average common shares outstanding:
Basic 456,769 434,131 456,095 431,511
Diluted 457,453 439,397 456,729 436,716
Earnings per average common share:
Basic $ 0.48 $ 0.51 $ 1.12 $ 1.11
Diluted 0.48 0.51 1.11 1.10
Cash dividends declared per common share 0.25 0.24 0.73 0.71
XCEL ENERGY INC. AND SUBSIDIARIES Notes to Investor Relations Earnings Release (Unaudited)
Due to the seasonality of Xcel Energy's operating results, quarterly financial results are not an appropriate base from which to project annual results.
Note 1. Earnings per Share Summary
The following table summarizes the diluted earnings per share for Xcel Energy:
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, Diluted earnings (loss) per share 2009 2008 2009 2008 Public Service Company of Colorado (PSCo) $ 0.20 $ 0.20 $ 0.51 $ 0.56 NSP-Minnesota 0.20 0.25 0.48 0.51 NSP-Wisconsin 0.03 0.03 0.08 0.07 Southwestern Public Service Company (SPS) 0.08 0.05 0.14 0.06 Equity earnings of unconsolidated subsidiaries (WYCO) 0.01 0.01 0.02 0.01 Regulated utility -- continuing operations (Note 2) 0.52 0.54 1.23 1.21 Holding company and other costs (0.04 ) (0.03 ) (0.11 ) (0.11 ) Ongoing(a) diluted earnings per share 0.48 0.51 1.12 1.10 PSR Investments Inc. (PSRI) - - (0.01 ) - GAAP diluted earnings per share $ 0.48 $ 0.51 $ 1.11 $ 1.10
(a) Ongoing earnings exclude the impact related to the Corporate Owned
Life Insurance (COLI) program. During 2007, Xcel Energy resolved a
dispute with the IRS regarding its COLI program. The 2009 and 2008
earnings were not materially affected by the termination of the COLI
program and the 2009 impact is primarily related to legal costs
associated with company claims against the insurance provider and
broker of the COLI policies.
PSCo -- Earnings at PSCo were flat for the third quarter and decreased by five cents per share for the nine months ending Sept. 30, 2009, largely due to the negative impact of weather and rising costs. The decrease was partially offset by new electric rates that went into effect in July 2009. In May 2009, the Colorado Public Utilities Commission (CPUC) approved an annual electric rate increase of $112 million.
NSP-Minnesota -- Earnings at NSP-Minnesota decreased by five cents per share for the third quarter and by three cents per share for the nine months ending Sept. 30, 2009. The decrease is mainly due to the negative impact of weather, an increase in the effective tax rate and timing of nuclear outage expenses. The decrease was partially offset by an electric rate increase that went into effect in January 2009.
NSP-Wisconsin -- Earnings at NSP-Wisconsin were flat for the third quarter and increased by one cent per share for the nine months ending Sept. 30, 2009, largely due to improved fuel recovery and new rates which were effective in January 2009.
SPS -- Earnings at SPS increased by three cents per share for the third quarter and by eight cents per share for the nine months ending Sept. 30, 2009. The increase was primarily due to electric rate increases in Texas (effective in February 2009) and New Mexico (effective in July 2009) and the 2008 resolution of certain fuel cost allocation issues, which were partially offset by higher purchased capacity costs.
WYCO -- Equity earnings of unconsolidated subsidiaries were flat for the third quarter and increased by one cent per share for the nine months ending Sept. 30, 2009, due to our investment in WYCO, which owns a natural gas pipeline in Colorado that began operations in late 2008 as well as a storage facility that commenced operations in July 2009.
The following table summarizes significant components contributing to the changes in the 2009 diluted earnings per share compared with the same periods in 2008, which are discussed in more detail later in the release.
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
2008 GAAP and ongoing(a) diluted $ 0.51 $ 1.10
earnings per share
Components of change -- 2009 vs. 2008
Higher electric margins 0.12 0.30
Lower depreciation and amortization expenses 0.02 0.02
Higher allowance for funds used during construction -- equity 0.01 0.02
Higher operating and maintenance expenses (0.06 ) (0.10 )
Higher conservation and DSM expenses (generally offset in revenues) (0.03 ) (0.06 )
Lower other income (expense), net (0.02 ) (0.03 )
Dilution from DRIP, benefit plan and the 2008 common equity issuance (0.02 ) (0.05 )
Higher taxes, other than income taxes (0.01 ) (0.02 )
Lower natural gas margins (0.01 ) (0.03 )
Higher interest expenses - (0.02 )
Other, including higher effective tax rate (0.03 ) (0.01 )
2009 GAAP diluted earnings per share 0.48 1.12
PSR Investments Inc. (PSRI) - (0.01 )
2009 ongoing(a) diluted earnings per $ 0.48 $ 1.11
share
(a) Ongoing earnings exclude the impact related to the COLI program.
During 2007, Xcel Energy resolved a dispute with the IRS regarding
its COLI program. The 2009 and 2008 earnings were not materially
affected by the termination of the COLI program and the 2009 impact
is primarily related to legal costs associated with company claims
against the insurance provider and broker of the COLI policies.
Note 2. Regulated Utility Results -- Continuing Operations
Estimated Impact of Temperature Changes on Regulated Earnings -- The following table summarizes the estimated impact on earnings per share of temperature variations compared with sales under normal weather conditions.
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
2009 vs. 2008 vs. 2009 vs. 2009 vs. 2008 vs. 2009 vs.
Normal Normal 2008 Normal Normal 2008
Retail electric $ (0.05 ) $ (0.01 ) $ (0.04 ) $ (0.05 ) $ (0.01 ) $ (0.04 )
Firm natural gas - - - (0.01 ) 0.01 (0.02 )
Total $ (0.05 ) $ (0.01 ) $ (0.04 ) $ (0.06 ) $ - $ (0.06 )
Sales -- The following table summarizes Xcel Energy's sales increases and decreases for actual and weather-normalized sales for 2009 compared with the same periods in 2008, excluding the impact of the 2008 leap year.
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
Actual Normalized Actual Normalized
Electric residential (3.6 ) % 2.8 % (2.3 ) % 0.5 %
Electric commercial and industrial (3.9 ) (2.2 ) (3.3 ) (2.6 )
Total retail electric sales (3.8 ) (0.8 ) (3.0 ) (1.7 )
Firm natural gas sales (3.4 ) (2.0 ) (7.0 ) 0.7
Electric -- Electric revenues and fuel and purchased power expenses are largely impacted by the fluctuation of natural gas prices used in the generation of electricity, but has little impact on electric margin. The following tables detail the electric revenues and margin:
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (Millions of Dollars) 2009 2008 2009 2008 Electric revenues $ 2,129 $ 2,576 $ 5,749 $ 6,704 Electric fuel and purchased power (982 ) (1,514 ) (2,704 ) (3,871 ) Electric margin $ 1,147 $ 1,062 $ 3,045 $ 2,833
The following table summarizes the components of the changes in electric margin:
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
(Millions of Dollars) 2009 vs. 2008 2009 vs. 2008
Retail rate increases (Colorado, Minnesota, Texas, New Mexico and $ 98 $ 190
Wisconsin)
Conservation and DSM revenues (generally offset by expenses) 20 53
2008 refund of nuclear refueling outage revenues due to change in 14 15
recovery method
Non-fuel riders 4 18
Metropolitan Emissions Reduction Project (MERP) rider 3 13
NSP-Wisconsin fuel recovery 3 10
Firm wholesale 2 10
Estimated impact of weather (26 ) (24 )
NSP-Minnesota rate case provision for refund (largely offset in (25 ) (30 )
depreciation expense)
Purchased capacity costs (11 ) (44 )
Sales mix and demand revenues (5 ) 10
Retail sales decline (excluding weather impact) - (17 )
SPS 2008 fuel cost allocation regulatory accruals - 12
Other, net 8 (4 )
Total increase in electric margin $ 85 $ 212
Xcel Energy has experienced a decline in megawatt hours (MwH) sales, which we believe is driven by overall economic conditions and to a lesser degree, increased conservation efforts. Our most significant declines have occurred in commercial and industrial sales, which are directly related to the economic downturn. The declines in MwH sales to the commercial and industrial customer class are partially offset by demand fees, which mitigate to a certain degree the impact of the lower MwH sales.
Natural Gas -- The cost of natural gas tends to vary with changing sales requirements and the cost of natural gas purchases. However, due to purchased natural gas cost recovery mechanisms for sales to retail customers, fluctuations in the cost of natural gas have little effect on natural gas margin. The following tables detail natural gas revenues and margin:
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (Millions of Dollars) 2009 2008 2009 2008 Natural gas revenues $ 170 $ 259 $ 1,224 $ 1,737 Cost of natural gas sold and transported (72 ) (156 ) (810 ) (1,299 ) Natural gas margin $ 98 $ 103 $ 414 $ 438
The following table summarizes the components of the changes in natural gas margin:
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
(Millions of Dollars) 2009 vs. 2008 2009 vs. 2008
Sales mix $ (2 ) $ (4 )
Transportation margin (2 ) (2 )
Estimated impact of weather (1 ) (13 )
Conservation and DSM revenues (generally offset by expenses) 1 2
Other, net (1 ) (7 )
Total decrease in natural gas margin $ (5 ) $ (24 )
Other Operating and Maintenance (O&M) Expenses -- O&M expenses increased by approximately $43.9 million, or 10.4 percent, for the third quarter and approximately $70.4 million, or 5.3 percent for the first nine months of 2009, compared with 2008. The following table summarizes the changes in other O&M expenses:
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
(Millions of Dollars) 2009 vs. 2008 2009 vs. 2008
Nuclear outage costs, net of deferral $ 27 $ 26
Higher employee benefit costs 15 40
Higher nuclear plant operation costs 4 20
Higher plant generation costs 3 5
Lower consulting costs (7 ) (19 )
Other, net 2 (2 )
Total increase in other operating and maintenance expenses $ 44 $ 70
-- The increase in nuclear outage costs is due to the timing of outages in conjunction with the commissions' approval of the change in the nuclear refueling outage recovery method from the direct expense method to the deferral and amortization method in the third quarter of 2008.
-- Higher employee benefits costs are primarily attributable to increased pension costs, in part, related to market losses on retirement benefit plan assets as well as higher employee medical plan costs.
-- The increase in nuclear plant operation costs is driven primarily by an increase in security costs and regulatory fees, resulting from new Nuclear Regulatory Commission requirements.
-- Lower consulting costs are primarily the result of cost management initiatives implemented in early 2009.
Conservation and Demand Side Management (DSM) Program Expenses -- Conservation and DSM program expenses increased approximately $19.7 million for the third quarter of 2009, and by $41.5 million for the first nine months of 2009, compared with the same periods in 2008. The higher expense is attributable to the expansion of programs and regulatory commitments. Conservation and DSM program expenses are generally recovered through riders in our major jurisdictions or through base rates with tracker mechanisms.
Depreciation and Amortization -- Depreciation and amortization expenses decreased by approximately $10.9 million, or 5.2 percent, for the third quarter of 2009, and by $13.2 million, or 2.1 percent, for the first nine months of 2009, compared with the same periods in 2008. In September 2009, as a result of the Minnesota Public Utilities Commission (MPUC) decision in the Minnesota electric rate case, NSP-Minnesota began recognizing a 10-year life extension of the Prairie Island nuclear plant for purposes of determining depreciation, effective Jan. 1, 2009. In addition, in June 2009, the MPUC extended the recovery period of decommissioning expense by 10 years for the Prairie Island and the Monticello nuclear plants. These decreases were partially offset by normal system expansion.
Taxes (Other Than Income Taxes) -- Taxes (other than income taxes) increased by approximately $8.7 million, or 12.3 percent, for the third quarter of 2009, and by $10.8 million, or 5.0 percent, for the first nine months of 2009, compared with the same periods in 2008. The increase is primarily due to increased property taxes.
Other Income (Expense), Net -- Other income (expense), net, decreased $10.7 million during the third quarter of 2009 and $22.9 million for the first nine months of 2009, compared with the same periods in 2008. The net decline is mainly due to changes in our non-qualified benefit plan liabilities related to market activity, lower interest on under recovered deferred fuel balances and a decrease in interest received from WYCO for construction deposits.
Allowance for Funds Used During Construction, Equity and Debt (AFDC) -- AFDC increased by approximately $2.3 million, or 8.8 percent, for the third quarter of 2009, and by $11.0 million, or 14.8 percent, for the first nine months of 2009, compared with the same periods in 2008. The increase was due primarily to the construction of Comanche Unit 3, a power facility located in Colorado which is expected to be completed in the fourth quarter of 2009, as well as other construction projects.
Interest Charges -- Interest charges decreased by approximately $0.4 million, or 0.3 percent, for the third quarter of 2009 and increased by $14.8 million, or 3.6 percent, for the first nine months of 2009, compared with the same periods in 2008. The lower interest expense in the third quarter was largely due to a maturing bond at NSP-Minnesota that was repaid by issuing lower-cost short-term debt. This short-term debt is expected to be refinanced with long-term debt later in the year. The year-to-date increase was primarily the result of increased debt levels to fund new capital investments.
Income Taxes -- Income tax expense for continuing operations increased by $14.1 million for the third quarter of 2009, compared with 2008. The effective tax rate for continuing operations was 38.4 percent for the third quarter of 2009, compared with 35.3 percent for the same period in 2008. Income tax expense for continuing operations increased by $27.8 million for the first nine months of 2009, compared with the first nine months of 2008. The effective tax rate for continuing operations was 35.8 percent for the first nine months of 2009, compared with 34.4 percent for the same period in 2008.
The higher effective tax rates were primarily due to the recognition of additional state unitary tax expense and the establishment of a valuation allowance against certain state tax credit carryovers that are now expected to expire, which was partially offset by wind energy production tax credits. Excluding these expense items, the effective tax rate for the third quarter and first nine months of 2009 would have been 36.4 percent and 34.8 percent, respectively. We expect the effective tax rate for 2009 continuing operations to be approximately 34 percent to 36 percent.
Equity Earnings of Unconsolidated Subsidiaries -- Equity earnings of unconsolidated subsidiaries increased by $4.0 million for the third quarter of 2009, and by $9.6 million for the first nine months of 2009, compared with the same periods in 2008. The increase is primarily due to higher earnings from the equity investment in WYCO as a result of the High Plains natural gas pipeline, located in Colorado, commencing operations in late 2008 as well as a storage facility that commenced operations in July 2009.
Note 3. Xcel Energy Capital Structure and Financing
Following is the capital structure of Xcel Energy at Sept. 30, 2009:
Percentage
Balance at of Total
(Billions of Dollars) Sept. 30, 2009 Capitalization
Current portion of long-term debt $ 0.2 1 %
Short-term debt 0.5 3
Long-term debt 7.9 50
Total debt 8.6 54
Preferred equity 0.1 1
Common equity 7.2 45
Total equity 7.3 46
Total capitalization $ 15.9 100 %
Financing Plans -- Xcel Energy issues debt securities to refinance retiring maturities, reduce short-term debt, fund construction programs and for other general corporate purposes.
NSP-Minnesota plans to issue $300 million of first mortgage bonds in November. The proceeds will be used to repay short-term debt, which was used to fund the payment of a $250 million unsecured note that matured on Aug. 1, 2009, and for general corporate purposes.
Financing plans are subject to change, depending on capital expenditures, internal cash generation, market conditions and other factors.
Xcel Energy and Utility Subsidiary Credit Facilities -- As of Oct. 21, 2009, Xcel Energy had the following credit facilities available to meet its liquidity needs:
(Millions of Dollars) Facility Drawn(a) Available Cash Liquidity Maturity NSP-Minnesota $ 482.2 $ 170.8 $ 311.4 $ 0.2 $ 311.6 December 2011 PSCo 675.1 4.6 670.5 13.1 683.6 December 2011 SPS 247.9 10.0 237.9 3.6 241.5 December 2011 Xcel Energy - Holding Company 771.6 371.1 400.5 1.7 402.2 December 2011 NSP-Wisconsin(b) - - - 21.8 21.8 Total $ 2,176.8 $ 556.5 $ 1,620.3 $ 40.4 $ 1,660.7
(a) Includes direct borrowings, outstanding commercial paper and letters
of credit.
(b) NSP-Wisconsin does not have a separate credit facility; however, it
has a short-term borrowing agreement with NSP-Minnesota.
Note 5. Rates and Regulation
NSP-Minnesota Electric Rate Case -- In November 2008, NSP-Minnesota filed a request with the MPUC to increase Minnesota electric rates by $156 million annually. This request was later modified to $136 million.
In September( )2009, the MPUC voted to approve a rate increase of approximately $91.4 million. As part of its decision, the MPUC approved a 10-year life extension of the Prairie Island nuclear plant for purposes of determining depreciation and decommissioning expenses, effective Jan. 1, 2009. This decision reduced NSP-Minnesota's overall revenue deficiency by approximately $40 million, while at the same time reducing expense accruals by a corresponding amount. A summary of the key terms is listed below:
Revised Request Approved
Rate increase $136 million $91 million
Return on equity (ROE) 11.0% 10.88%
Equity ratio 52.5% 52.5%
Electric rate base $4.1 billion $4.1 billion
Depreciation life extension for Prairie Island nuclear plant 0 years 10 years
As of Sept. 30, 2009, NSP-Minnesota accrued a customer refund of approximately $30.2 million to reflect the difference between interim rates that were implemented Jan. 2, 2009 and the amount approved by the MPUC. The written order was issued Oct. 23, 2009.
NSP-Minnesota - South Dakota Electric Rate Case -- In June 2009, NSP-Minnesota filed to increase South Dakota electric rates by $18.6 million, or 12.7 percent. The request is based on a requested ROE of 11.25 percent, an electric rate base of $282 million, an equity ratio of 51.63 percent and a 2008 historic test year, adjusted for known and measurable changes in rate base and O&M expense. The proposed increase includes approximately $2.9 million in rider revenues; therefore, the requested increase, net of current riders, is approximately $15.7 million or 10.7 percent. Rates are expected to be effective in January 2010, based on statutory requirements in South Dakota. The procedural schedule is as follows:
-- Staff and Intervenor Testimony -- Nov. 20, 2009;
-- Testimony -- Dec. 4. 2009;
-- Hearings -- Dec. 9 -- 11, 2009.
NSP-Wisconsin - Electric and Gas Rate Case -- In June 2009, NSP-Wisconsin filed an electric and gas rate case in Wisconsin seeking an increase in retail electric rates of $30.4 million, or 5.7 percent, and proposed no change in natural gas rates. The request is based on an ROE of 10.75 percent, an equity ratio of 53.12 percent, an electric rate base of $644 million, a gas rate base of $81 million and a 2010 forecasted test year. The request is comprised of a traditional base rate increase of $45.1 million offset by projected fuel decreases of $14.7 million.
On Oct. 21, 2009, Public Service Commission of Wisconsin (PSCW) staff and intervenors filed testimony. The PSCW staff recommended an increase of $14.5 million for 2010 based on a 10.75 percent ROE and a 51.63 percent equity ratio. The staff has proposed to apply the 2009 fuel over recovery against the increase such that there would be no change in rates for 2010. A summary of the adjusted request is listed below:
PSCW Millions of dollars Request Adjusted Request Base non-fuel $45.1 $36.8 Fuel (14.7 ) (15.8 ) Prairie Island decommissioning -- (6.5 ) Rate increase $30.4 $14.5
The base non-fuel adjustments include: (1) an adjustment to the equity ratio from 53.12 percent to 51.63 percent on a regulatory basis; (2) a reduction to rate base to account for appropriated retained earnings associated with certain hydro licenses; (3) reduced interchange agreement fixed charge billings and (4) a disallowance of certain employee compensation expenses. In addition, the PSCW staff adjustments to the proposed increase include a $6.5 million reduction for Prairie Island nuclear plant decommissioning expense as a result of the 10-year life extension approved by the MPUC.
The Wisconsin Industrial Energy Group (WIEG) was the only intervenor to file direct testimony. WIEG objects to NSP-Wisconsin's class cost of service study and proposed rate design, and recommends changes that would benefit its members.
A decision is expected by the end of 2009 with new rates in effect in January 2010. The procedural schedule is as follows:
-- Rebuttal Testimony -- Nov. 6, 2009;
-- Surrebuttal Testimony -- Nov. 10, 2009;
-- Technical & Public Hearing -- Nov. 11, 2009.
PSCo - 2010 Electric Rate Case -- In May 2009, PSCo filed a request to increase electric rates in Colorado by $180.2 million, or 6.8 percent. The rate filing is based on a 2010 forecast test year, 11.25 percent ROE, rate base of $4.4 billion, and an equity ratio of 58.05 percent. Intervenors have filed testimony with the following current recommendations:
-- The CPUC staff has recommended an increase of $70.5 million, based on an adjusted 2008 historic test year (adjusted for Comanche Unit 3 and Fort St. Vrain) and a 9.84 percent ROE. The main adjustments are related to ROE, elimination of incentive pay, and deferral of recovery of dismantling costs.
-- The Colorado Office of Consumer Counsel (OCC) has recommended an increase of $33.2 million, based on an adjusted 2008 historic test year (adjusted for Comanche Unit 3 and Fort St. Vrain) and a 9.75 percent ROE. The main adjustments are related to ROE, a lower equity ratio of 53 percent, a cash working capital cost reduction, unbilled revenue, elimination of incentive pay, lower pension and benefit costs, and no recovery of future Innovative Clean Technology expense. The OCC recommended an increase of $87.8 million if a forward test year is accepted.
-- Colorado Energy Consumers recommended an increase of up to $95.4 million, an adjusted 2008 historic test year and an ROE of 10.0 percent. The recommendation should be reduced to reflect adjustments by other intervenors.
-- CF&I Steel, LP and Climax Molybdenum Co. recommended an increase of up to $98.4 million and an adjusted 2008 historic test year. The recommendation should be reduced to reflect adjustments by other intervenors.
In October 2009, PSCo filed rebuttal testimony and revised their request rate increase to $177.4 million and affirmed its requested ROE of 11.25 percent. The procedural schedule is as follows.
-- Hearings Oct. 26 -- Nov. 6, 2009;
-- Statements of Position Nov. 16, 2009.
PSCo expects a decision before year end with new rates effective in January 2010.
Note 6. Xcel Energy Earnings Guidance
Based on current projections, we expect 2009 earnings to be near the mid-point of our guidance range of $1.45 to $1.55 per share. Key assumptions are detailed below:
-- Normal weather patterns are experienced for the remainder of the year.
-- Reasonable regulatory outcomes are achieved in various rate cases and other regulatory decisions which may occur during the year.
-- Various riders, associated with MERP, Minnesota and Colorado transmission and Minnesota renewable energy, are expected to increase revenue by approximately $50 million to $60 million over 2008 levels.
-- Weather adjusted electric retail sales decline by approximately 2 percent.
-- Weather adjusted retail firm natural gas sales decline by approximately 1 percent.
-- Capacity costs are projected to increase approximately $45 million over 2008 levels. Capacity costs at PSCo are recovered under the purchased capacity cost adjustment.
-- Operating and maintenance expenses are projected to increase $140 million over 2008 levels. In 2008, nuclear outage expense decreased due to a change in recovery method related to costs associated with refueling outages and there was no accrual in 2008 for the annual performance based incentive plan. The increase reflects the following: -- Nuclear (including outage amortization) -- $55 million
-- Pension and medical -- $35 million
-- Other -- $50 million (including $35 million of incentive compensation)
-- Depreciation and amortization expense is projected to decline by approximately $10 million compared with 2008 levels. This reflects the recent MPUC decision to extend the depreciation life of the Prairie Island nuclear plant by 10 years.
-- Interest expense increases approximately $15 million to $20 million over 2008 levels.
-- Allowance for funds used during construction -- equity is projected to increase by $10 million to $15 million over 2008 levels.
-- An effective tax rate for continuing operations of approximately 34 percent to 36 percent.
-- Average common stock and equivalents of approximately 457 million shares.
Note 7. Non-GAAP Reconciliation
The following table provides a reconciliation of ongoing earnings to GAAP earnings:
Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (Thousands of Dollars) 2009 2008 2009 2008 Ongoing(a) earnings $ 222,131 $ 223,275 $ 516,970 $ 482,535 PSRI (338 ) (580 ) (2,295 ) (373 ) Total continuing operations 221,793 222,695 514,675 482,162 Income (loss) from discontinued operations (965 ) 94 (2,673 ) (684 ) GAAP earnings $ 220,828 $ 222,789 $ 512,002 $ 481,478
(a) Ongoing earnings exclude the impact related to the COLI program.
During 2007, Xcel Energy resolved a dispute with the IRS regarding
its COLI program. The 2009 and 2008 earnings were not materially
affected by the termination of the COLI program and the 2009 impact
is primarily related to legal costs associated with company claims
against the insurance provider and broker of the COLI policies.
XCEL ENERGY INC. AND SUBSIDIARIES UNAUDITED EARNINGS RELEASE SUMMARY All amounts in thousands, except earnings per share Three Months Ended Sept. 30, 2009 2008 Operating revenues: Electric and natural gas revenues $ 2,298,556 $ 2,835,428 Other 16,006 16,252 Total operating revenues 2,314,562 2,851,680 Income from continuing operations 221,793 222,695 Income from discontinued operations (965 ) 94 Net income 220,828 222,789 Earnings available to common shareholders 219,768 221,729 Weighted average diluted common shares outstanding 457,453 439,397 Components of Earnings per Share -- Diluted Regulated utility -- continuing operations 0.52 0.54 Holding company and other costs (0.04 ) (0.03 ) Ongoing(a) diluted earnings per share 0.48 0.51 PSRI - - GAAP diluted earnings per share $ 0.48 $ 0.51 Nine Months Ended Sept. 30, 2009 2008 Operating revenues: Electric and natural gas revenues $ 6,973,368 $ 8,440,865 Other 52,819 54,718 Total operating revenues 7,026,187 8,495,583 Income from continuing operations 514,675 482,162 Income from discontinued operations (2,673 ) (684 ) Net income 512,002 481,478 Earnings available to common shareholders 508,822 478,298 Weighted average diluted common shares outstanding 456,729 436,716 Components of Earnings per Share -- Diluted Regulated utility -- continuing operations 1.23 1.21 Holding company and other costs (0.11 ) (0.11 ) Ongoing(a) diluted earnings per share 1.12 1.10 PSRI (0.01 ) - GAAP diluted earnings per share $ 1.11 $ 1.10 Book value per share $ 15.76 $ 15.27
(a) Ongoing earnings exclude the impact related to the COLI program.
During 2007, Xcel Energy resolved a dispute with the IRS regarding
its COLI program. The 2009 and 2008 earnings were not materially
affected by the termination of the COLI program and the 2009 impact
is primarily related to legal costs associated with company claims
against the insurance provider and broker of the COLI policies.
SOURCE: Xcel Energy Inc.
Xcel Energy Inc. Paul Johnson, 612-215-4535 Managing Director, Investor Relations and Assistant Treasurer or Jack Nielsen, 612-215-4559 Director, Investor Relations or Cindy Hoffman, 612-215-4536 Senior Investor Relations Analyst or News media inquiries only: Xcel Energy media relations, 612-215-5300 Xcel Energy Internet address: www.xcelenergy.com
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Companies: XCEL Energy, Inc. (XEL)
MINNEAPOLIS, Oct 28, 2009 (BUSINESS WIRE) --
Xcel Energy today announced that Kim Williams, Christopher J. Policinski and Benjamin G.S. Fowke III have been elected to the company's board of directors to terms effective from Dec. 1 to the company's 2010 annual shareholders meeting.
Williams, of Newbury, Mass., was a partner at Wellington Management Corp. from 1995 until her retirement in 2005. Previously she was senior vice president, partner, and associate director of Global Industry Research. She was named to the board's audit and finance committees.
Policinski is president and CEO of Land O'Lakes Inc., Minneapolis. He was named to the board's committees on governance, compensation and nominating and on nuclear, environmental and safety.
Fowke, previously Xcel Energy's chief financial officer, was named president and chief operating officer of the company in August 2009.
"We are very pleased and fortunate to add these individuals to our board," said Dick Kelly, chairman and CEO of Xcel Energy. "They bring a wealth of experience and strong credentials to a job that is critical to our shareholders."
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company that provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies in eight Western and Midwestern states. Company headquarters are located in Minneapolis. More information is available at xcelenergy.com.
SOURCE: Xcel Energy
Xcel Energy Media Relations, 612-215-5300 www.xcelenergy.com
Tags: ceo electricity energy finance natural gas nuclear nyse president products research retirement
Companies: XCEL Energy, Inc. (XEL)
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Electric and natural gas utility in ten Midwestern and western states. Corporate headquarters are in Minneapolis.
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