Xcel Energy 2012 Annual Report Download - page 157

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147
Quarter Ended
(Amounts in thousands, except per share data)
March 31, 2011
June 30, 2011
Sept. 30, 2011
Dec. 31, 2011
Operating revenues ................................
.............
$
2,816,540
$
2,438,222
$
2,831,598
$
2,568,410
Operating income................................
...............
426,663
359,442
651,496
344,001
Income from continuing operations
..............................
203,467
158,671
338,295
140,941
Discontinued operations — income (loss)
.........................
102
91
37
(432)
Net income ................................
....................
203,569
158,762
338,332
140,509
Earnings available to common shareholders
.......................
202,509
157,702
333,658
140,509
Earnings per share total — basic ................................
.
$
0.42
$
0.33
$
0.69
$
0.29
Earnings per share total — diluted
...............................
0.42
0.33
0.69
0.29
Cash dividends declared per common share
.......................
0.25
0.26
0.26
0.26
18. Asset Acquisition and Sale
Acquisition of Generation Assets — In December 2010, PSCo purchased Blue Spruce Energy Center and Rocky Mountain
Energy Center from Calpine Development Holdings, Inc. and Riverside Energy Center LLC. The net assets acquired were
approximately $732 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 PPAs,
which were set to expire in 2013 and 2014, respectively.
Sale of Lubbock Electric Distribution Assets — In November 2009, SPS entered into an asset purchase agreement with the city
of Lubbock, Texas. This agreement had set forth that SPS would sell its electric distribution system assets within the city limits to
Lubbock Power and Light (LP&L) for approximately $87 million. The sale and related transactions eliminate the inefficiencies of
maintaining duplicate distribution systems, by both SPS and by the city-owned LP&L.
Item 9 — Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A — Controls and Procedures
Disclosure Controls and Procedures
Xcel Energy maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in
reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within
the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures ensure that information
required to be disclosed is accumulated and communicated to management, including the chief executive officer (CEO) and chief
financial officer (CFO), allowing timely decisions regarding required disclosure. As of Dec. 31, 2012, based on an evaluation
carried out under the supervision and with the participation of Xcel Energy’s management, including the CEO and CFO, of the
effectiveness of its disclosure controls and the procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure
controls and procedures were effective.
Internal Control Over Financial Reporting
No change in Xcel Energy’s internal control over financial reporting has occurred during the most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting. Xcel
Energy maintains internal control over financial reporting to provide reasonable assurance regarding the reliability of the financial
reporting. Xcel Energy has evaluated and documented its controls in process activities, general computer activities, and on an
entity-wide level. During the year and in preparation for issuing its report for the year ended Dec. 31, 2012 on internal controls
under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy conducted testing and monitoring of its internal control over
financial reporting. Based on the control evaluation, testing and remediation performed, Xcel Energy did not identify any material
control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board and as
approved by the SEC and as indicated in Management Report on Internal Controls herein.