Xcel Energy 2015 Annual Report Download - page 74
Download and view the complete annual report
Please find page 74 of the 2015 Xcel Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.56
Electric Margin
(Millions of Dollars) 2014 vs. 2013
Retail rate increases (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 129
Non-fuel riders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Conservation and DSM program revenues (offset by expenses). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Transmission revenue, net of costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Retail sales growth, excluding weather impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
NSP-Wisconsin fuel recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Estimated impact of weather . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60)
Firm wholesale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15)
Total increase in ongoing electric margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
SPS FERC complaint case orders (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Total increase in GAAP electric margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 241
(a) The retail rate increases included final rates in Texas, Colorado (net of estimated earnings test refund obligations), New Mexico, Wisconsin and North Dakota and
interim rates in Minnesota, which were subject to and net of estimated provision for refund.
(b) As a result of two orders issued by the FERC in August 2013, a pretax charge of approximately $36 million ($32 million in electric revenues, of which $6 million
relates to 2013 and $26 million relates to periods prior to 2013, and $4 million in interest charges) was recorded in 2013.
2014 Comparison to 2013 — The increase in electric margin was primarily due to the various rate increases across all of the utility
subsidiaries.
Natural Gas Revenues and Margin
Total natural gas expense tends to vary with changing sales requirements and the cost of natural gas purchases. However, due to the
design of purchased natural gas cost recovery mechanisms to recover current expenses for sales to retail customers, fluctuations in the
cost of natural gas have little effect on natural gas margin. The following table details natural gas revenues and margin:
(Millions of Dollars) 2015 2014 2013
Natural gas revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,672 $ 2,143 $ 1,805
Cost of natural gas sold and transported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (905)(1,372) (1,083)
Natural gas margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 767 $ 771 $ 722
The following tables summarize the components of the changes in natural gas revenues and natural gas margin for the years ended
Dec. 31:
Natural Gas Revenues
(Millions of Dollars) 2015 vs. 2014
Purchased natural gas adjustment clause recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (462)
Estimated impact of weather . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30)
Conservation and DSM program revenues (offset by expenses). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13)
Infrastructure and integrity riders, partially offset in O&M expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Purchased gas adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Retail rate increases (Colorado, interim, subject to refund) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5)
Total decrease in natural gas revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (471)
2015 Comparison to 2014 — Natural gas revenues decreased primarily due to the purchased natural gas adjustment clause recovery,
which is offset in operating expense.