Xcel Energy 2023 Earnings Guidance — Xcel Energy’s 2023 GAAP and ongoing earnings guidance is a range of $3.30 to $3.40 per share.(a)
Key assumptions as compared with 2022 levels unless noted:
- Constructive outcomes in all rate case and regulatory proceedings.
- Normal weather patterns for the remainder of the year.
- Weather-normalized retail electric sales are projected to increase ~1%.
- Weather-normalized retail firm natural gas sales are projected to be relatively flat.
- Capital rider revenue is projected to increase $70 million to $80 million (net of PTCs). The change from the previous estimate is largely due to a change in the projected levels of PTCs, which are offset in the ETR and largely earnings neutral.
- O&M expenses are projected to decline ~2%.
- Depreciation expense is projected to increase approximately $130 million to $140 million.
- Property taxes are projected to increase approximately $30 million to $40 million.
- Interest expense (net of AFUDC – debt) is projected to increase $100 million to $110 million.
- AFUDC – equity is projected to increase $0 million to $10 million.
- ETR is projected to be ~(7%) to (9%). The change from the previous estimate is largely due to a change in the projected levels of PTCs, which are offset in the capital riders and fuel mechanisms and are largely earnings neutral.
