Xcel Energy 2010 Annual Report Download - page 157

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18. Summarized Quarterly Financial Data (Unaudited)
Due to the seasonality of Xcel Energy’s electric and natural gas sales, such interim results are not necessarily an appropriate base
from which to project annual results. Summarized quarterly unaudited financial data is as follows:
Quarter Ended
(Amounts in thousands, except per share data) March 31,
2010 June 30, 2010 Sept. 30,
2010 Dec. 31,
2010
Operating revenues .......................................... $ 2,807,462 $ 2,307,764 $ 2,628,787 $ 2,566,934
Operating income ............................................ 403,665 325,304 568,630 322,370
Income from continuing operations ........................... 167,340 135,625 312,488 136,503
Discontinued operations — income (loss) ..................... (222) 4,151 (182) 131
N
et income ................................................. 167,118 139,776 312,306 136,634
Earnings available to common shareholders .................... 166,058 138,716 311,246 135,573
Earnings per share total — basic .............................. $ 0.36 $ 0.30 $ 0.68 $ 0.29
Earnings per share total — diluted ............................ 0.36 0.30 0.67 0.29
Quarter Ended
(Amounts in thousands, except per share data) March 31,
2009 June 30,
2009 Sept. 30,
2009 Dec. 31,
2009
Operating revenues .......................................... $ 2,695,542 $ 2,016,083 $ 2,314,562 $ 2,618,116
Operating income ............................................ 370,797 279,368 465,148 353,259
Income from continuing operations ........................... 175,818 117,064 221,793 170,849
Discontinued operations — income (loss) ..................... (1,751) 43 (965) (1,964)
N
et income ................................................. 174,067 117,107 220,828 168,885
Earnings available to common shareholders .................... 173,007 116,047 219,768 167,824
Earnings per share total — basic .............................. $ 0.38 $ 0.25 $ 0.48 $ 0.37
Earnings per share total — diluted ............................ 0.38 0.25 0.48 0.37
19. Asset Acquisition and Sale
Acquisition of Generation Assets — In December 2010, PSCo purchased the Blue Spruce Energy Center and Rocky Mountain
Energy Center from Calpine Development Holdings, Inc. and Riverside Energy Center LLC for $739.0 million plus an additional
$3.0 million for working capital adjustments. The working capital adjustments consisted of the settlement of PSCo’s most recent
purchases of energy and capacity under the terminated purchased power agreements, adjusted for accrued operating liabilities of
the acquired plants of $6.5 million.
The Blue Spruce Energy Center is a 310 MW simple cycle natural gas-fired power plant that began commercial operations in
2003. The Rocky Mountain Energy Center is a 652 MW combined-cycle natural gas-fired power plant that began commercial
operations in 2004. Both power plants previously provided energy and capacity to PSCo under purchased power agreements,
which were set to expire in 2013 and 2014, respectively. The acquisition developed out of PSCo’s resource planning activities, in
which customers’ future energy needs are addressed in a formal planning process for meeting PSCo’s generation obligations,
considering various assumptions and objectives including prices, reliability, and emissions levels. The generation assets were
offered to PSCo as a competitive bid in the resource planning process, and the offer was the least cost option for thermal
generation resources.
The purchase price has been allocated based on the estimated fair values of the assets acquired and the liabilities assumed at the
date of acquisition, as follows:
(Thousands of Dollars)
Assets acquired
Inventory ................................................................................................. $3,834
Property, plant and equipment .............................................................................. 735,916
Total assets acquired ..................................................................................... 739,750
Liabilities assumed
Accrued expenses ......................................................................................... 7,255
Total liabilities assumed .................................................................................. 7,255
Net assets acquired ......................................................................................... $732,495