Higher rates helped boost the electric and natural-gas utility company. However, Xcel is concerned the mild winter weather could hurt its bottom line. The Minneapolis-based company operates in eight states.
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Reduced operating expenses over the summer months helped boost Xcel Energy Inc.'s third-quarter earnings, Dow Jones News reports. The Minneapolis-based utility earned $398 million, up nearly 18 percent from $338.3 million a year earlier.
The Minneapolis-based utility reports first-quarter earnings of $184 million compared to $204 million in 2011. Xcel says the drop was expected because we had one of the warmest winters on record.
The Minneapolis-based utility is asking Minnesota regulators to confirm the $310 million upgrade will benefit customers. Xcel says the project will take more time to complete and produce less power than originally thought. The company also says generating electricity with natural gas is more financially attractive because prices are at 10 year lows.
The lawsuit aims to help the utility garner more credit for their efforts in atmospheric pollution reduction
The deal still needs approval by the state Public Utilities Commission. If approved, the average Xcel residential customer would see a 2.7 percent rate increase -- or an additional $2.30 a month.