|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||70.26 - 70.26|
|52-week range||70.26 - 70.26|
|Beta (5Y monthly)||0.16|
|PE ratio (TTM)||26.61|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Xcel Energy hit a significant milestone in its quest to deliver 100% carbon-free electricity to customers by 2050. The company recorded its largest single-year drop in emissions in 2019, cutting carbon by 5.6 million tons, a more than 10% reduction in one year. Since 2005, the company has reduced carbon emissions by 44% as it leads the nation’s clean energy transition.
Taking a next step in thoughtful succession planning, Ben Fowke, Xcel Energy’s chairman, president and CEO, today announced that Bob Frenzel will be named president and chief operating officer and that Brian Van Abel will be the company’s chief financial officer, both effective March 31.
The Board of Directors of Xcel Energy Inc. (NASDAQ: XEL) today raised the quarterly dividend on the company’s common stock from 40.5 cents per share to 43 cents per share, which is equivalent to an annual rate of $1.72 per share. The dividends are payable April 20, 2020, to shareholders of record on March 13, 2020.
(Bloomberg) -- This will almost certainly be a record-breaking year for the advance of solar and wind power across the U.S. The additions that are in progress or planned are significant enough to boost hopes for emissions-free electrical grids within a generation—if natural gas doesn’t get in the way.It just may. Gas is such a bargain that it’s being viewed less as a bridge fossil fuel, driving the world away from dirtier coal toward a clean-energy future, and more as a hurdle that could slow the trip down. Some forecasters are predicting prices will stay low for years, making it tough for states, cities and utilities to achieve their goals of being zero-carbon in power production by 2050 or earlier.“The fact that there’s an abundance of it makes the move to complete decarbonizaton much harder,” says Ravina Advani, head of energy, natural resources and renewables at BNP Paribas SA. Gas is a tough competitor. “It’s reliable and it’s cheap.”The flood of inexpensive gas does have a big environmental upside, because it’s putting increased pressure on struggling coal plants that contribute significantly to global warming. But it’s also squeezing margins for nuclear reactors, which are the U.S.’s biggest source of carbon-free power. And it’s driving utilities to lay down infrastructure that could ensure gas remains central to the power mix for decades.Solar and wind are certainly winning in many markets on price alone. Without cheap gas, though, the renewables build-out would be faster, says Cody Moore, head of gas and power trading at Mercuria Energy America LLC. “Absolutely, 100%.”Just look at the largest grid in the U.S., which stretches from Washington to Chicago and serves more than 65 million people: It has been boosting the amount of power generated with gas and drawing in renewables at a slower rate.That grid happens to crisscross a section of the U.S. that’s home to some of the world’s most abundant natural gas reserves. A drilling boom there and in the Permian Basin in Texas and New Mexico is a reason why the U.S. benchmark price for gas is less than $2 per million British thermal units.That’s the least for this time of year since the late 1990s. In Asia, prices fell to a record low of less than $3 this month amid a global supply glut and as the coronavirus began slowing demand from China. In Europe, the benchmark Dutch price hit a decade low. Read More: Nobody Can See Bottom for Europe’s Plunging Natural Gas Market “That's not good for the new-energy market,” says Jonathan Bell, a business development manager at the risk assessment and quality assurance company DNV GL. “It puts a lot of pressure on renewable energy.”Rising exports of liquefied natural gas from the U.S. Gulf Coast to Siberia will probably keep prices down and expand developing economies’ reliance on the fuel. The International Energy Agency expects global gas consumption to climb through 2040."We're using solar and wind more than ever, but until we're very purposeful about trying to subtract some fuels that we're using, history shows us that market forces alone won't successfully push fossil fuels out of the energy mix," says Noah Kaufman, a research scholar at Columbia University's Center on Global Energy Policy.None of this is to say that renewable investments in the U.S. haven’t been on a tear. They went up 28% last year to a record $55.8 billion, according to BloombergNEF. Between now and 2050, renewable power will be the fastest-growing source of electricity, accounting for 38% of generation, according to the U.S. Energy Information Administration.Read More: How Much Renewable Energy Countries UseThat, of course, isn’t the percentage envisioned by the likes of the state of California, the city of Pittsburgh and the Minneapolis-based utility Xcel Energy Inc., which are among the governments and power providers that have target dates between 2030 and 2050 for cleaning carbon emissions out of their grids.Whatever the price, natural gas will have to continue to fill the gap for some time because renewable generators need the strength of wind or sun to do their jobs. The battery power-storage technologies that could cut every grids’ ties to fossil fuels are only slowly being added to systems.Without them, “we cannot go 100% renewable,” says Tom Rumsey, a senior vice president at Competitive Power Ventures, which builds both gas-fired and renewable plants. “There are these moonshot goals, which drive policy behavior. But the reality is, how do you maintain grid reliability without a breakthrough in storage? You are going to need fossil fuels.”There’s widespread agreement among forecasters, policymakers and increasingly business leaders that solar and wind will win out in the end. Ultimately, “gas plants will meet the same reality as coal,” says Jules Kortenhorst, chief executive officer of the Rocky Mountain Institute, a nonprofit focused on delivering a low-carbon future. “It’s just a question of when.” Gas prices may define the answer.(Michael R. Bloomberg, the founder and majority stakeholder of Bloomberg LP, the parent company of Bloomberg News, has committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the U.S. by 2030 and slowing the construction of new gas plants.)(Adds quote in 11th paragraph. An earlier version corrected a unit in the seventh paragraph. )\--With assistance from Vanessa Dezem, Francois De Beaupuy and Will Mathis.To contact the authors of this story: Naureen Malik in New York at firstname.lastname@example.orgBrian Eckhouse in New York at email@example.comTo contact the editor responsible for this story: Anne Reifenberg at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Xcel Energy Inc. (NASDAQ: XEL) today reported 2019 GAAP and ongoing earnings of $1,372 million, or $2.64 per share, compared with $1,261 million, or $2.47 per share in 2018.
eSmart Systems and Xcel Energy partner to analyze imagery data of transmission assets collected by Xcel’s Unmanned Aircraft Systems
For the sixth year in a row Xcel Energy has been honored as one of the World’s Most Admired Companies by Fortune Magazine. The Minneapolis-based utility ranked among the most admired gas and electric companies in the country.
Xcel Energy announced today that James W. Sample will join the company as Vice President, Chief Security Officer. Sample will lead the company’s security risk management program, overseeing all aspects of security including cybersecurity, physical security and the safety of personnel. He will also serve as the North American Electric Reliability Corporation’s (NERC) senior manager for Critical Infrastructure Protection.
On Thursday, January 30, 2020, Xcel Energy (NASDAQ: XEL) will host a conference call to review fourth quarter 2019 financial results. Earnings will be released prior to the opening of trading.
Preserving the environment is one goal, but utilities are in business to make money. Here's why renewable power investing may be riskier than you think.
Geographic realities suggest that cleaning up the nation's power mix will rely on regional efforts. Your investing strategy should take that into account.
On a per-share basis, the Minneapolis-based company said it had net income of 61 cents. The results met Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research ...