Xcel Energy Reports Q2 Earnings Growth and Outlines Long-Term Investment Plans
Xcel Energy reported second-quarter earnings of $0.93 per share for 2026, up from $0.75 in the same period a year ago. The increase was driven by higher electric revenues, AFUDC (allowance for funds used during construction), and lower depreciation costs. Xcel reaffirmed its full-year EPS guidance of $4.04 to $4.16 per share and expressed confidence in delivering long-term earnings growth above 9% through 2030. The company has invested over $6 billion year-to-date on infrastructure, including generation, transmission, and distribution projects across eight states. Xcel also identified more than $10 billion in additional investment opportunities beyond its base plan by the early 2030s. Its pipeline includes nearly 13 gigawatts of renewable energy and storage, over 3 gigawatts of natural gas generation, and almost 2,000 miles of transmission lines. Xcel is also responding to growing data-center demand with a high-probability load pipeline exceeding 20 gigawatts. The company plans to introduce new tariffs for large-load customers to ensure they cover their share of costs while continuing regulatory compliance and wildfire mitigation efforts.
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