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Xcel Energy to Sell Michigan Utility Operations to SEMCO and UPPCO

Xcel Energy (NASDAQ: XEL) announced an agreement to sell its Michigan natural gas operations to SEMCO ENERGY Gas Company and its electric operations to Upper Peninsula Power Company.

If approved by regulators, roughly 6,000 Xcel natural gas customers in Michigan will transition to SEMCO, while about 9,000 electric customers will move to UPPCO. The customers are located primarily in Gogebic and Ontonagon counties in the Upper Peninsula.

Xcel said the transaction is intended to place those customers with utilities that have a more concentrated regional focus in Michigan. During the transition, service is expected to continue without interruption, with no immediate changes to rates, billing or customer service processes.

The companies plan to work with regulators, employees and local communities on a detailed transition process. The transaction is expected to close in 2027, subject to required state and federal approvals.

For Xcel Energy, the divestiture will allow the company to focus investment on its larger operating territories, while SEMCO and UPPCO expand their customer bases in Michigan’s Upper Peninsula.

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The Investor 10-06-26

Xcel Energy reported improved first-quarter 2026 earnings and reaffirmed its full-year outlook.

GAAP EPS rose to $0.89 from $0.84 a year earlier, while ongoing EPS increased to $0.91, reflecting growth in electric infrastructure investments and higher electricity sales. Net income reached $556 million, up from $483 million in the prior year period.

The performance came despite headwinds from unusually warm weather, which typically reduces energy demand. Higher financing costs and increased depreciation also weighed on results.

Xcel reaffirmed its full-year 2026 ongoing EPS guidance of $4.04 to $4.16, signaling confidence in continued earnings growth.

The company also highlighted strategic developments, including a data center agreement with Google, aimed at supporting infrastructure expansion while maintaining affordability and sustainability goals.

Source: Business Wire

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Global Finance News 04-30-26

Xcel Energy (NASDAQ: XEL) will host a conference call to review first quarter 2026 financial results On Thursday, April 30, 2026, before market opening

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The Investor 04-03-26

Xcel Energy announced it will supply power to a new Google data center in Pine Island, Minnesota, under an Electric Service Agreement to be filed with the Minnesota Public Utilities Commission.

The project includes 1,900 megawatts of new clean energy: 1,400 MW of wind, 200 MW of solar and 300 MW of long-duration storage, plus a $50 million investment in Xcel’s Capacity*Connect program. The storage component features a 300 MW (30 GWh) iron-air battery from Form Energy, designed to provide up to 100 hours of energy to enhance grid reliability.

Google will cover all new service and grid infrastructure costs, ensuring no added expense to existing customers. Xcel said the additional generation will help advance its current 70% carbon-free energy mix while supporting Minnesota’s clean energy goals.

Source: Xcel Energy, Business Wire February 24, 2026.

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The Investor 02-25-26

Xcel Energy and GE Vernova announced a strategic alliance agreement to support Xcel Energy’s generation and grid projects into the 2030s, strengthening their long-standing collaboration around reliable, affordable, and sustainable energy. As part of the agreement, Xcel Energy signed a reservation agreement for five GE Vernova F-class gas turbines and a capacity reservation covering multiple gigawatts of future wind projects using GE Vernova turbines, all manufactured in the United States. The partnership also includes collaboration on grid modernization, advanced technologies such as artificial intelligence, and future research and development, building on prior grid equipment orders including synchronous condenser technology.

Source: Business Wire, February 3, 2026

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Global Finance News 02-03-26

Xcel Energy Inc. was named one of Fortune magazine’s World’s Most Admired Companies for the twelfth consecutive year, ranking first in social responsibility and fourth overall among U.S. electric and gas utilities. The recognition reflects strong performance in areas such as innovation, financial soundness, management quality and long-term investment value.

Source: Xcel Energy press release, Business Wire, January 21, 2026.

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The Investor 01-25-26

Xcel Energy announced it will host a conference call on Thursday, February 5, 2026, to review its fourth quarter and full year 2025 financial results. The earnings report will be released before the market opens on the same day. The conference call is scheduled to begin at 9:00 a.m. Central Time, with participants advised to dial in at least 10 minutes early.

Source: Business Wire, Feb 5, 2026

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Global Finance News 01-18-26

Xcel Energy Declares Quarterly Dividend of $0.57 per Share

Xcel Energy Inc. announced that its Board of Directors has declared a quarterly dividend of 57 cents per share on the company’s common stock. The dividend will be paid on January 20, 2026, to shareholders of record as of December 29, 2025.

Source: Business Wire

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WS Investor 12-20-25

Xcel Energy announced the launch of cash tender offers to repurchase up to $345 million in outstanding first mortgage bonds issued by its wholly owned subsidiary, Northern States Power Company (Minnesota). The offers cover three bond series maturing between 2044 and 2046 and will expire on December 19, 2025, with settlement expected on December 24, 2025. The transaction is subject to a maximum purchase amount and defined acceptance priority levels, with no proration within accepted series.

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European Investor 12-15-25

Xcel Energy Subsidiary PSCo Files $356 Million Electric Rate Case in Colorado

Public Service Company of Colorado (PSCo), a wholly owned subsidiary of Xcel Energy, has filed a new electric rate case with the Colorado Public Utilities Commission seeking a $356 million revenue increase, equivalent to a 9.9% rise ($526 million including rider roll-ins). The request is based on a 2025 test year, a 9.8% return on equity, a 55% equity ratio, and a projected $13 billion rate base.

The filing cites major drivers including $294 million for distribution system investment, $65 million for liability insurance, $51 million in operating cost increases, and $49 million tied to changes in cost of capital. Coal retirements reduce the request by $120 million, though PSCo seeks rider recovery for costs related to extending operations at Comanche Unit 2.

A final CPUC decision and implementation of new rates are expected in the third quarter of 2026.

Xcel Energy noted that forward-looking statements in the filing are subject to risks including regulatory outcomes, commodity price volatility, capital market conditions, environmental regulation changes, and wildfire-related liabilities.

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The Investor 11-24-25

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