Xcel Energy Powers Ahead in 2024: Delivering on Reliability, Resiliency, and Sustainability Goals
Xcel Energy's latest conference call has revealed a strong year-end performance for the company. Despite navigating considerable headwinds in 2024, Xcel Energy delivered on its promises of solid operational and financial progress, posting ongoing earnings of $3.50 per share. This achievement marks the 20th consecutive year that the company has met or exceeded its guidance range, a testament to its commitment to delivering reliable energy to customers.
At the heart of Xcel Energy's success lies its focus on smart capital investments, which have improved reliability, resiliency, and sustainability for its customers. The company's $7.5 billion investment in infrastructure across eight states has driven growth in areas such as advanced technology for a smarter grid, long-haul and regional transmission to support customer needs, and carbon-free generation to pursue a cleaner energy future.
One of the notable highlights from 2024 was the start of commercial operations at Phase 1 of Xcel Energy's Sherco solar project. This milestone marks an important step towards achieving the company's sustainability goals, with two additional phases planned for completion in 2025 and 2026. Once complete, the Sherco facility will be the largest solar facility in the Upper Midwest, showcasing Xcel Energy's commitment to renewable energy.
Additionally, the conversion of the Harrington coal plant to natural gas is nearing completion, demonstrating Xcel Energy's efforts to reduce its carbon footprint. The company's forward-looking approach and investment in cleaner energy sources position it well for future growth and customer satisfaction.
Xcel Energy's ability to navigate headwinds and deliver results within its guidance range is a testament to the company's operational improvements and strategic decisions. With a long-term performance track record that rivals the best in the industry, Xcel Energy remains confident in its ability to meet its 2025 guidance range of $3.75 to $3.85 per share.
As the company looks ahead to the next decade, it expects to invest significantly in infrastructure to deliver reliable, resilient, and cleaner energy for customers while serving significant forecasted growth. With a five-year base capital plan that delivers rate base growth exceeding 9% and long-term EPS growth in the upper half of its guidance range, Xcel Energy is poised for continued success.
