Xcel Energy 2015 Annual Report Download - page 68
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Earnings Adjusted for Certain Items (Ongoing EPS)
2015 Comparison with 2014
Xcel Energy — Overall, ongoing earnings increased $0.06 per share for 2015, which excludes an adjustment for a charge related to
NSP-Minnesota’s Monticello LCM/EPU project. Ongoing earnings increased primarily due to rate increases in various jurisdictions,
non-fuel riders, a lower earnings test refund in Colorado and a decline in operating and maintenance expenses. These positive factors
were partially offset by the impact of negative weather as well as higher depreciation, property taxes, interest charges and lower
AFUDC.
PSCo — PSCo’s ongoing earnings increased $0.02 per share for 2015. Higher revenue primarily due to the CACJA rider (partially
offset by an electric base rate decrease), as well as a natural gas rate increase (interim, subject to refund) effective in October 2015,
lower estimated electric earnings test refunds and the positive impact of weather. These positive factors were partially offset by higher
property taxes, depreciation, O&M expenses, interest charges and lower AFUDC.
NSP-Minnesota — NSP-Minnesota’s ongoing earnings increased $0.05 per share for 2015. Ongoing earnings were positively
impacted by electric rate increases in Minnesota, North Dakota and South Dakota, and lower O&M expenses. These positive factors
were partially offset by unfavorable weather, sales decline, higher depreciation, increased interest charges, property taxes and lower
AFUDC.
SPS — SPS’ ongoing earnings decreased $0.01 per share for 2015. Although Texas electric rates rose as a result of the prior year rate
case, this was reduced by the negative impact of the 2015 case. The net increase in electric rates was more than offset by additional
depreciation, higher O&M expenses and lower AFUDC.
NSP-Wisconsin — NSP-Wisconsin’s ongoing earnings increased $0.01 per share for 2015. Higher electric revenues primarily driven
by an electric rate increase and lower O&M expenses were partially offset by higher depreciation and lower natural gas margins.
2014 Comparison with 2013
Xcel Energy — Overall, ongoing earnings increased $0.08 per share for 2014. Ongoing earnings increased as a result of higher
electric and natural gas margins due to rate increases in various jurisdictions, weather-normalized sales growth and lower interest
charges. These positive factors were partially offset by the unfavorable impact of milder weather, as well as higher expected O&M
expenses, property taxes and depreciation. 2013 GAAP earnings include a $0.04 per share charge for a potential SPS customer refund
based on FERC orders issued in August 2013. This item was excluded from 2013 ongoing earnings.
PSCo — PSCo’s ongoing earnings decreased $0.01 per share for 2014. Higher natural gas and electric margins primarily due to rate
increases, higher AFUDC, lower O&M expenses and weather-normalized sales growth were offset by higher property taxes,
depreciation, accruals associated with the electric earnings test refund obligations and the unfavorable impact of weather.
NSP-Minnesota — NSP-Minnesota’s ongoing earnings increased $0.01 per share for 2014. Ongoing earnings were positively
impacted by electric rate increases in Minnesota (interim, subject to refund) and North Dakota and weather-normalized sales growth.
These items were partially offset by higher O&M expenses, the unfavorable impact of weather, lower AFUDC, increased property
taxes and interest charges.
SPS — SPS’ ongoing earnings increased $0.03 per share for 2014. Electric rate increases in Texas and New Mexico and weather-
normalized sales growth offset higher O&M and depreciation expenses.
NSP-Wisconsin — NSP-Wisconsin’s ongoing earnings increased $0.02 per share for 2014. An electric rate increase led to higher
electric margin, while weather-normalized sales growth positively impacted both electric and natural gas margins. These increases
were partially offset by additional O&M expenses.
Xcel Energy Inc. and other — Xcel Energy Inc. and other includes financing costs at the holding company and other items. Earnings
improved by $0.03 per share for 2014, largely due to lower financing costs as a result of the refinancing of junior subordinated notes.