This document summarizes the regulatory strategies and initiatives of a utility across several states. It outlines the regulatory structures in Minnesota, Wisconsin, Colorado, Texas, and North Dakota and discusses upcoming electric rate cases. Key points include requesting rate increases to fund infrastructure investments while maintaining competitive customer rates, recovery of fuel costs through riders and clauses, and an experienced regulatory affairs team to navigate the various state regulatory processes.
DTE Energy reported 2000 earnings of $468 million, down slightly from 1999. Earnings were impacted by one-time charges of $0.15 per share for a residential rate reduction and $0.12 per share for merger costs. Excluding these, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed earnings of $0.59 per share, up 22% over 1999 due to new projects. While results were mixed due to weather and plant issues, cost controls and growth in commercial sales helped offset impacts.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
- Integrys Energy Group reported lower income available for common shareholders of $25.6 million for Q4 2008 compared to $85.1 million for Q4 2007, due to non-cash accounting losses at its Integrys Energy Services segment.
- The losses were driven by a $89.1 million decrease in non-cash activity related to fair value adjustments on derivatives and inventory valuation at Integrys Energy Services as energy prices declined.
- Excluding the non-cash effects, Integrys Energy Services had strong economic performance evidenced by growth in its forward book value despite lower retail volume growth.
- Earnings at the natural gas segment improved due to a rate increase and colder weather, while
- The document summarizes Vectren Corporation's 2009 1st quarter earnings conference call.
- Vectren reported 1st quarter 2009 earnings of $72.8 million, or $0.90 per share, compared to $64.0 million, or $0.84 per share in 2008.
- Earnings were driven by strong utility performance despite lower customer usage from economic conditions, and increased nonutility earnings from energy marketing, coal mining, and infrastructure services.
This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's regulated utility subsidiaries, rate base and returns, reconciliation of regulatory and GAAP financial reporting, assumptions for 2006 earnings guidance, and projected capital expenditures and potential earnings from major projects. Key details include projected 2006 O&M and interest expense increases, earnings assumptions, coal supply contracts through 2008, and senior debt credit ratings of BBB- to A3.
DTE Energy reported 2000 earnings of $468 million, down slightly from 1999. Earnings were impacted by one-time charges of $0.15 per share for a residential rate reduction and $0.12 per share for merger costs. Excluding these, earnings rose 6.3% to $3.54 per share. Non-regulated businesses contributed earnings of $0.59 per share, up 22% over 1999 due to new projects. While results were mixed due to weather and plant issues, cost controls and growth in commercial sales helped offset impacts.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
- Integrys Energy Group reported lower income available for common shareholders of $25.6 million for Q4 2008 compared to $85.1 million for Q4 2007, due to non-cash accounting losses at its Integrys Energy Services segment.
- The losses were driven by a $89.1 million decrease in non-cash activity related to fair value adjustments on derivatives and inventory valuation at Integrys Energy Services as energy prices declined.
- Excluding the non-cash effects, Integrys Energy Services had strong economic performance evidenced by growth in its forward book value despite lower retail volume growth.
- Earnings at the natural gas segment improved due to a rate increase and colder weather, while
- The document summarizes Vectren Corporation's 2009 1st quarter earnings conference call.
- Vectren reported 1st quarter 2009 earnings of $72.8 million, or $0.90 per share, compared to $64.0 million, or $0.84 per share in 2008.
- Earnings were driven by strong utility performance despite lower customer usage from economic conditions, and increased nonutility earnings from energy marketing, coal mining, and infrastructure services.
This document provides an overview of Xcel Energy's operations and financial projections. It discusses Xcel's regulated utility subsidiaries, rate base and returns, reconciliation of regulatory and GAAP financial reporting, assumptions for 2006 earnings guidance, and projected capital expenditures and potential earnings from major projects. Key details include projected 2006 O&M and interest expense increases, earnings assumptions, coal supply contracts through 2008, and senior debt credit ratings of BBB- to A3.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors in May 2007. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights its leadership in renewable energy and environmental initiatives, and projects sustainable earnings growth of 5-7% through continued capital investment. Regulatory mechanisms allow for recovery of major capital expenditures and fuel costs.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides details from Ameren's Q2 2008 earnings call, including a reconciliation of 2007 and 2008 GAAP and core earnings per share, guidance for 2008 core and GAAP EPS, expected segment contributions, and the company's regulatory calendar. Key points include a 2008 core EPS guidance range of $2.80-$3.20 and an estimated $1.20-$1.30 contribution from the Missouri Regulated segment. The document also outlines the schedule for rate cases in Missouri and Illinois.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
Press Release 1 Q04 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its results for the first quarter of 2004. Key highlights include:
1) Gross additions of 177,368 lines, a 45.7% increase year-over-year.
2) Net additions of 90,298 lines, a 75.8% increase year-over-year, bringing total lines to 2.3 million.
3) Consolidated net revenue increased 4.8% to R$250.8 million. EBITDA increased 6.2% to R$107.9 million.
4) Net income increased 42.4% to R$47 million.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. It provides capital expenditure forecasts through 2009 totaling $6.8 billion. It also discusses drivers of value creation like increasing rate base and regulatory return on equity. The document highlights Xcel Energy's environmental initiatives and renewable energy sources. It concludes by outlining Xcel's guidance for 2005 EPS and dividend policy.
SemGroup Energy Partners, L.P. filed its annual report (Form 10-K) with the SEC for the fiscal year ending December 31, 2008. The report provides information on the company's business operations, legal proceedings, risk factors, financial statements, and other disclosures required by the SEC for public companies. SemGroup Energy Partners operates in 23 states providing crude oil and liquid asphalt services including terminalling, storage, gathering, processing and transportation.
This document is an SEC filing (Form 10-Q) by Xcel Energy Inc. for the quarter ended June 30, 2002. It includes Xcel Energy's consolidated statements of income for the three and six month periods ended June 30, 2002 and 2001. For the quarter, Xcel Energy reported operating income of $345.6 million, net income of $87.3 million, and earnings per share of $0.23. For the six months, Xcel Energy reported operating income of $673 million, net income of $190.8 million, and earnings per share of $0.52. The filing provides key financial details for investors on Xcel Energy's performance in the most recent quarter.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
This annual report summarizes Yum! Brands' financial and operational performance in 2004. Key highlights include:
- Record operating profit of $1.2 billion and cash flow of $1.1 billion from strong international expansion, particularly in China, and momentum at Taco Bell and Pizza Hut in the US.
- China operations generated over $1 billion in revenue and $200 million in profits, up over 20%, establishing dominant positions for KFC and Pizza Hut in China.
- International division outside China grew profits 10-15% through expanding existing markets and developing new ones like India and France.
- Taco Bell and Pizza Hut had strong US same-store sales growth while KFC
The document provides an overview of Panhandle Oil & Gas Inc. including its business model, assets, financials, and the macroeconomic outlook for oil and natural gas prices. Panhandle owns mineral rights that it can elect to receive royalties or working interests from. It has a large amount of low-cost mineral acreage but lacks control over operations to monetize assets. The company is well positioned to weather a downturn due to its strong balance sheet and ability to acquire additional assets. However, its revenue is entirely dependent on energy prices which are facing oversupply issues and weak demand internationally.
This document is the 1999 annual report for Tricon Global Restaurants, Inc. (Tricon), which owns KFC, Pizza Hut, and Taco Bell. Some key highlights from 1999 include 4% combined same-store sales growth in the US, over $1.5 billion in cash flow generated, and a 24% return on assets employed. Looking ahead, Tricon expects continued same-store sales growth, systemwide sales growth of 6%, and ongoing operating earnings per share growth of 23-27% in 2000.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights their leadership in renewable energy and environmental initiatives, and provides projections showing expected sustainable earnings growth through 2020 driven by continued capital investments. Regulatory mechanisms across their jurisdictions allow for recovery of fuel and purchased power costs as well as major capital investments.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
This document provides a summary from Ben Fowke, Vice President and CFO of Xcel Energy, given at the AGA Financial Forum on April 29 - May 1, 2007. It outlines Xcel Energy's strategy of focusing on regulated utility operations to drive sustainable 5-7% EPS growth and 2-4% annual dividend growth. It also highlights Xcel Energy's environmental leadership in wind and other renewable energy, and discusses regulatory matters and major capital projects.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors in May 2007. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights its leadership in renewable energy and environmental initiatives, and projects sustainable earnings growth of 5-7% through continued capital investment. Regulatory mechanisms allow for recovery of major capital expenditures and fuel costs.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
This document provides details from Ameren's Q2 2008 earnings call, including a reconciliation of 2007 and 2008 GAAP and core earnings per share, guidance for 2008 core and GAAP EPS, expected segment contributions, and the company's regulatory calendar. Key points include a 2008 core EPS guidance range of $2.80-$3.20 and an estimated $1.20-$1.30 contribution from the Missouri Regulated segment. The document also outlines the schedule for rate cases in Missouri and Illinois.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
Press Release 1 Q04 Tele Nordeste Celular EnTIM RI
Tele Nordeste Celular Participações S.A. announced its results for the first quarter of 2004. Key highlights include:
1) Gross additions of 177,368 lines, a 45.7% increase year-over-year.
2) Net additions of 90,298 lines, a 75.8% increase year-over-year, bringing total lines to 2.3 million.
3) Consolidated net revenue increased 4.8% to R$250.8 million. EBITDA increased 6.2% to R$107.9 million.
4) Net income increased 42.4% to R$47 million.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
This document summarizes Dick Kelly's presentation at the Merrill Lynch Global Power & Gas Leaders Conference on September 28, 2005. It outlines Xcel Energy's strategy of investing in utility assets to earn their allowed return on equity. It provides capital expenditure forecasts through 2009 totaling $6.8 billion. It also discusses drivers of value creation like increasing rate base and regulatory return on equity. The document highlights Xcel Energy's environmental initiatives and renewable energy sources. It concludes by outlining Xcel's guidance for 2005 EPS and dividend policy.
SemGroup Energy Partners, L.P. filed its annual report (Form 10-K) with the SEC for the fiscal year ending December 31, 2008. The report provides information on the company's business operations, legal proceedings, risk factors, financial statements, and other disclosures required by the SEC for public companies. SemGroup Energy Partners operates in 23 states providing crude oil and liquid asphalt services including terminalling, storage, gathering, processing and transportation.
This document is an SEC filing (Form 10-Q) by Xcel Energy Inc. for the quarter ended June 30, 2002. It includes Xcel Energy's consolidated statements of income for the three and six month periods ended June 30, 2002 and 2001. For the quarter, Xcel Energy reported operating income of $345.6 million, net income of $87.3 million, and earnings per share of $0.23. For the six months, Xcel Energy reported operating income of $673 million, net income of $190.8 million, and earnings per share of $0.52. The filing provides key financial details for investors on Xcel Energy's performance in the most recent quarter.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
This annual report summarizes Yum! Brands' financial and operational performance in 2004. Key highlights include:
- Record operating profit of $1.2 billion and cash flow of $1.1 billion from strong international expansion, particularly in China, and momentum at Taco Bell and Pizza Hut in the US.
- China operations generated over $1 billion in revenue and $200 million in profits, up over 20%, establishing dominant positions for KFC and Pizza Hut in China.
- International division outside China grew profits 10-15% through expanding existing markets and developing new ones like India and France.
- Taco Bell and Pizza Hut had strong US same-store sales growth while KFC
The document provides an overview of Panhandle Oil & Gas Inc. including its business model, assets, financials, and the macroeconomic outlook for oil and natural gas prices. Panhandle owns mineral rights that it can elect to receive royalties or working interests from. It has a large amount of low-cost mineral acreage but lacks control over operations to monetize assets. The company is well positioned to weather a downturn due to its strong balance sheet and ability to acquire additional assets. However, its revenue is entirely dependent on energy prices which are facing oversupply issues and weak demand internationally.
This document is the 1999 annual report for Tricon Global Restaurants, Inc. (Tricon), which owns KFC, Pizza Hut, and Taco Bell. Some key highlights from 1999 include 4% combined same-store sales growth in the US, over $1.5 billion in cash flow generated, and a 24% return on assets employed. Looking ahead, Tricon expects continued same-store sales growth, systemwide sales growth of 6%, and ongoing operating earnings per share growth of 23-27% in 2000.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes Xcel Energy's strategy to implement capital investments and increase returns. It outlines a $5.7 billion capital expenditure plan from 2006-2009 focused on rate base assets. This includes investments in coal plant refurbishments and a new coal plant. It discusses regulatory filings and rate cases to increase returns, including a pending Minnesota rate case. The strategy aims to deliver attractive total returns through dividend growth and EPS growth of 5-7% annually while maintaining investment grade credit ratings.
This document summarizes information from a presentation given by Xcel Energy to Canadian investors. It outlines Xcel Energy's strategy of focusing on fully regulated utility operations, highlights their leadership in renewable energy and environmental initiatives, and provides projections showing expected sustainable earnings growth through 2020 driven by continued capital investments. Regulatory mechanisms across their jurisdictions allow for recovery of fuel and purchased power costs as well as major capital investments.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
Xcel Energy is implementing a strategy to increase shareholder value through investing in rate base assets and increasing its earned return on equity. It plans to invest $5.7 billion in capital projects over 2006-2009, which is expected to increase its average rate base by 4.5% annually. It is also pursuing rate cases to increase allowed returns. Key upcoming cases include Colorado Electric in 2007 and Minnesota Gas in late 2006. Xcel Energy expects EPS growth of 5-7% annually through 2009 by executing this strategy while maintaining its credit ratings and dividend growth.
This document provides a summary from Ben Fowke, Vice President and CFO of Xcel Energy, given at the AGA Financial Forum on April 29 - May 1, 2007. It outlines Xcel Energy's strategy of focusing on regulated utility operations to drive sustainable 5-7% EPS growth and 2-4% annual dividend growth. It also highlights Xcel Energy's environmental leadership in wind and other renewable energy, and discusses regulatory matters and major capital projects.
This document provides a summary of Xcel Energy's strategy for sustainable growth through 2022. It outlines Xcel's plans to invest heavily in renewable energy and transmission projects to meet renewable portfolio standards, as well as large coal and nuclear projects. It also discusses Xcel's regulatory strategy of obtaining forward cost recovery for these major investments and notes Xcel's expectation of 5-7% annual earnings growth through 2022.
This document summarizes a presentation given by Xcel Energy at a Bank of America conference on sustainable growth. The key points are:
1) Xcel Energy expects sustainable EPS growth of 5-7% annually and annual dividend growth of 2-4% through investments in fully regulated utility operations and meeting environmental standards.
2) It has a large capital investment plan to invest in renewable energy, transmission infrastructure, and environmental projects through at least 2011.
3) Xcel Energy is a leader in wind and solar energy and is well-positioned to benefit from renewable portfolio standards passed in its key states in 2007.
This document summarizes a presentation given by Xcel Energy at a Bank of America conference on sustainable growth. It outlines Xcel Energy's strategy of investing in regulated utility operations to meet customer needs and provide environmental leadership. This is expected to drive sustainable earnings per share growth of 5-7% and dividend growth of 2-4% annually. Xcel Energy has significant planned capital investments in areas like wind generation, transmission infrastructure and environmental projects.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations and environmental leadership. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental upgrades. This is expected to drive earnings per share growth of 5-7% annually and annual dividend growth of 2-4%. Regulatory mechanisms allow for recovery of major capital investments.
This document discusses Xcel Energy's strategy for sustainable growth through investments in regulated utility operations. It outlines Xcel's plans to invest in renewable energy, transmission infrastructure, and environmental projects. Xcel expects this capital investment to drive 5-7% annual EPS growth and 2-4% annual dividend growth. The company operates under constructive regulation and has recovery mechanisms that allow passing costs through to customers.
xcel energy 4_10MinneapolisInvestorMtgSECApril2007finance26
This document summarizes a presentation given by Xcel Energy to investors. It outlines Xcel's strategy of investing in regulated utility infrastructure to drive sustainable earnings growth of 5-7% annually. It highlights Xcel's leadership in renewable energy and environmental initiatives. The presentation also reviews Xcel's constructive regulatory relationships and mechanisms to recover costs and earn fair returns on investments.
xcel energy 4_10MinneapolisInvestorMtgSECApril2007finance26
This document summarizes a presentation given by Xcel Energy to investors. It outlines Xcel's strategy of investing in regulated utility infrastructure to drive sustainable earnings growth of 5-7% annually. It highlights Xcel's leadership in renewable energy and environmental initiatives. The presentation also reviews Xcel's constructive regulatory relationships and mechanisms to recover costs and earn fair returns on investments.
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007finance26
This document summarizes a presentation made by Xcel Energy to investors in March 2007. It outlines Xcel's strategy of sustainable growth through significant capital investments in regulated utility infrastructure and renewable energy. This will allow them to achieve earnings per share growth of 5-7% annually and dividend growth of 2-4% per year. Key capital investment opportunities include renewable projects, environmental initiatives, and transmission upgrades. Xcel has received constructive regulation allowing forward recovery for many major investments.
xcel energy 3_19_2007MidwestInvMtgsSECMarch2007finance26
This document summarizes a presentation made by Xcel Energy to investors in March 2007. It discusses Xcel's strategy of investing in regulated utility operations to drive sustainable earnings growth of 5-7% through initiatives like renewable energy, transmission expansion, and environmental upgrades. It also outlines Xcel's constructive regulatory relationships and cost recovery mechanisms across its eight-state service territory.
This document provides an overview and guidance from Ameren, a Midwest electric and gas utility, at their April 10, 2007 Midwest Utilities Conference. It discusses Ameren's regulated operations in Missouri and Illinois, non-rate-regulated generation business, key investment highlights, 2007 earnings guidance of $3.15-3.60 per share excluding certain storm costs, 2007 capital expenditures of $1.327 billion, and environmental compliance strategy and costs through 2016. It also addresses regulatory and legislative issues impacting Ameren's Illinois utilities and provides an outlook for 2008.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest approximately $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest over $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
Xcel Energy is an electric and gas utility company operating in several Midwestern and Western states, with plans to invest over $1 billion per year through 2011 to upgrade its infrastructure and generation facilities. The company aims to grow earnings per share by 5-7% annually through 2009 by increasing its regulated rate base and return on equity through rate cases. Xcel Energy also discusses various regulatory proceedings and cost recovery mechanisms across its jurisdictions.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
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xcel energy Regulation
1. Executing
The Regulatory Plan
Financial
Performance
Regulators/
Legislators
Value to Environmental
Customers Stewardship
Invest in Regulated Utility Business
Dave Sparby Vice President – Government
and Regulatory Affairs
2. Safe Harbor
This material includes forward-looking statements that are subject to certain
risks, uncertainties and assumptions. Such forward-looking statements
include projected earnings, cash flows, capital expenditures and other
statements and are identified in this document by the words “anticipate,”
“estimate,” “expect,” “projected,” “objective,” “outlook,” “possible,”
“potential” and similar expressions. Actual results may vary materially.
Factors that could cause actual results to differ materially include, but are
not limited to: general economic conditions, including the availability of
credit, actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors; unusual
weather; effects of geopolitical events, including war and acts of terrorism;
changes in federal or state legislation; regulation; final approval and
implementation of the pending settlement of the securities, ERISA and
derivative litigation; costs and other effects of legal administrative
proceedings, settlements, investigations and claims including litigation
related to company-owned life insurance (COLI); actions of accounting
regulatory bodies; risks associated with the California power market; the
higher degree of risk associated with Xcel Energy’s nonregulated businesses
compared with Xcel Energy’s regulated business; and other risk factors
listed from time to time by Xcel Energy in reports filed with the SEC,
including Exhibit 99.01 to Xcel Energy’s report on Form 10-K for year 2004.
3. Well-Positioned for Regulatory Success
Constructive regulation
Innovative regulatory recovery
Competitive rates due to strong cost management
Increase investment to meet customer requirements
Environmental stewardship
4. An Experienced Regulatory Team
Years
Xcel Energy Dave Sparby 25
Debbie Blair 23
(Cross Functional)
Ron Darnell 22
NSP (M) Scott Wilensky 20
Judy Poferl 20
NSP (W) Don Reck 26
PSCo Fred Stoffel 26
SPS David Hudson 22
5. Key Regulatory Initiatives
Minnesota electric rate case
Minnesota rate rider recovery and resource
planning
Monticello nuclear plant relicensing
Wisconsin gas and electric rate cases
Colorado gas and electric rate cases
Texas electric rate case
North Dakota electric rate case
6. Minnesota Regulatory Structure
Public Utilities Commission
— Five members
— Six-year terms
— Appointed by Governor
— Balanced party affiliations
Department of Commerce
— Public advocate and enforcement agency
for Commission
Office of the Attorney General
— Represents residential and commercial
customers
7. Minnesota Regulatory Practice
Provides direct recovery for state-supported
initiatives (conservation, renewable energy,
transmission)
Provides monthly forecast fuel and purchased
energy cost recovery
Provides interim rates 60 days after rate case
filing and decision in 10 months
Allows forecast test year
8. Minnesota Electric Case Highlights
Requested $168 million increase, based
on forecasted 2006 test year
11% return on common equity
$141 million interim rate increase,
expected January 1, 2006
Customer impact
— Base rate increase of 8%
— Interim rate increase of 6.9%
Final decision expected third quarter 2006
12. NSP (M) Increasing Capital Investments
Dollars in millions
800
General & Common
700
600
Other Generation
500
400 Nuclear
300
Transmission &
200
Distribution
100
MERP
0
2002 2003 2004 2005 2006 2007
13. Proposed Policy Changes
Resource selection – Making the shareholders
indifferent to DSM, purchased power or build
Wholesale margins – Sharing the benefits of the
new market
Time-of-day rates – Charging the cost of service
Time-of-day
for large customers
Nuclear – Reflecting the prospect of life extension
14. Equalizing Resource Impacts
Purchased Capacity Equity Rider (PCER)
Proposed mechanism to address increased
imputed debt costs of new power purchase
agreements
Calculate by applying equity ratio to imputed debt
and earning an equity return less the embedded
debt cost on this equity capital
If approved, recovery through PCER effective July
2007 with annual adjustments
15. Equalizing Resource Impacts
DSM Financial Neutrality Factor
Proposed annual recovery of reduced earnings
growth resulting from avoided plant investments
Supplement existing DSM mechanism
Calculation based on equity return on avoided
capital investment
Supports accomplishment of expansion
of DSM goals
16. Short-Term Wholesale Margin
Proposed pass through of proceeds from
traditional wholesale margins up to a set threshold
First $16 million of short-term wholesale margin
flows through fuel clause to customer
Allow for 50/50 sharing beyond threshold amount
Reduces exposure by using fuel clause to pass
through actual results rather than forecasting a
base rate credit
17. Average Residential Rate
Cents per KWh
10
CPI Up 35%
8
6
4
2
0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Base Rate Fuel Cost Other CPI
Average rate (675 KWh monthly use) has increased 17% during the
same period.
18. Residential Interim Rate Bill Impact
$59.97
3.71
$51.40 0.82
Interim Rates
1.59 1.99
MERP
10.27 13.91
Riders
Fuel Cost
Base Cost
39.54 39.54
January 2005 January 2006
19. Next Steps in Minnesota
Interim
Acceptance Hearings Decision
Rates Settlement
(Possible)
November/ January Spring August
December 2006 2006 2006
2005
20. Other Minnesota Initiatives
New transmission cost recovery tariff
— Allowed by law
— Effective for costs post rate case
Resource Plan
— Identifies base load need mid-decade
— Sets up build/buy/conserve decisions
— Expanded DSM, wind resources
Monticello Certificate of Need/Relicensing
Community-based energy development
— Required to purchase by law
— Assists in meeting renewable energy objective
21. Wisconsin Regulatory Structure
Public Service Commission (PSCW)
— Three members
— Six-year terms
— Non-partisan office, appointed by Governor
Consumer and environmental groups as well
as large C&I customers typically intervene
Wisconsin has an intervenor compensation fund
22. Wisconsin Regulatory Practices
File rate cases every odd year
Forecast test year
Rates effective at beginning of test year
Electric fuel cost recovery cases filed if
actual cost varies by + 2% from base amount
Full recovery of public benefits charge
(DSM, low-income assistance)
23. Wisconsin Rate Cases Highlights
Combined Electric and Gas Case
$53.1 million electric increase requested with
a customer impact of 13.4%
$7.7 million gas increase requested with
a customer impact of 4.8%
11.9% return on equity
56.32% common equity
New rates effective January 1, 2006
24. Wisconsin Rate Case Status
PSCW staff recommendations
— $45.4 million electric increase
— $5.8 million gas increase
— 11.0% ROE
— 56.43% common equity
Intervenor recommendations
— 10.25 – 10.5% ROE
— 51% common equity
Hearings completed November 2005
Commission decision expected December 2005
25. Colorado Regulatory Structure
Public Utilities Commission
— Three members
— Four-year staggered terms
— Appointed by the Governor
— Balanced party affiliations
Trial Staff – public advocate, enforcement
branch of the Commission
Office of Consumer Counsel
— Public advocate for residential, small
commercial and irrigation customers
Other Parties
— Cities and municipalities
— Large industrial customers
26. Colorado Regulatory Practices
Recovery of Comanche 3 CWIP allowed
Recovery of fuel and purchased energy cost
subject to incentive mechanism + $11.25 million
Rider recovery of approved capacity costs (PCCA)
Rider recovery of forecast gas costs
Rider mechanism for environmental improvement
costs (AQIR) (Amendment 37)
Historic test year
Rates effective eight months after filing
27. Colorado Gas Rate Case Highlights
Xcel Energy request:
— $34.5 million request
— 11.0% return on equity
Staff recommendation
— $8.5 million revenue increase
— 9.5% Return on equity
OCC recommendation
— $0.2 million revenue decrease
— 8.5% ROE
Hearings scheduled for December 2005
Resolution expected February 2006
28. Colorado Electric Rate Case Highlights
Filing date April 2006
2005 test year with pro forma adjustments
Include Comanche 3 CWIP through 2006
Extend fuel and purchased power adjustment
clauses
Imputed debt recovery
29. Texas Regulation
Regulatory practices
Historic test year
Interim rates 35 days after filing
Decision in six months
Semi-annual fuel recovery adjustments
New transmission cost recovery rider
Electric rate case highlights
Planned filing May 2006
Large industrial customer interveners
30. North Dakota Regulation
Regulatory practices
Forecast test year
Interim rates allowed 60 days after filing
Decision within six months of filing
Monthly fuel cost recovery
Electric rate case highlights
Expect to file early December 2005
PLUS plan rate increases in 2004 & 2005
31. Summary
Strong basis for rate relief
Experienced team to execute strategy
Rate riders will provide bridge between rate cases
Fuel clause mechanism will provide current
recovery
History of constructive regulatory treatment