interest in your69f8c959-3fb5-450c... · experienced installers can earn a good wage of about $22...
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A POSITIVE, CREDIBLE AND INDEPENDENT VOICE FOR MINNESOTA UTILITY INVESTORS
The 89th Minnesota Legislative session has begun with a flurry of bill introductions – a record number, actually. Over 1,200 bills have been introduced in the House and 1,100 bills introduced in the Senate so far this year. Legislative leaders released this year’s committee deadlines to ensure that bills move through the legislative process in a deliberative and somewhat orderly manner. By law, the legislature must adjourn by Monday, May 18th.
Since 2015 is a budget year for the legislature, they are beginning the process of crafting a two year budget for the State and all of the state programs, agencies, etc. Governor Dayton has presented his initial proposal of
the State’s two-year budget for discussion at the Legislature.
“Crystal Ball” IssuesLooking into the “energy crystal ball”; below are some issues that could be debated in 2015.
Increase in the Renewable Energy Standard (RES)Even though Minnesota has one of the highest Renewable Energy Standards (RES) in the United States, there will likely be discussion at the legislature to increase the RES to 40% by 2030 or 50% by 2030. The current RES is 25% by 2025 for all electric companies except Xcel Energy has a 30% by 2020 mandate.
Some things to keep in mind:
Now is not the time. This summer the Environmental Protection Agency (EPA) will release new Carbon Rules which will require Minnesota to develop a “State Plan” to reduce carbon emissions in our state. We shouldn’t be changing current state energy policy until we know what the Rules will be.
Mandates are problematic. An increase in the RES will not allow utilities to pursue the least cost method to reduce carbon emissions – which likely increases rates to consumers.
Fairness in Paying for the Grid needs to be Considered The interest in Rooftop solar panels and other small-scale, on-site power sources known as distributed generation (DG) continue to increase. As DG systems become more common, it is likely that there will be discussions this Legislative Session about the
2015 Legislative Session
In yourInterestIn this issueSolar Industry Update 2
Summer Tour Schedule 2
New Energy Initiative 2
Day at the Capitol Info 3
Company Updates 4-5,8-10
Statistical Data on Selected Utilities 6-7
Accolades 11
Thanks to Associate members 11
Email request 11
Membership Form 12
MARCH 2015
2015 Legislative Session cont. on page 2
MUI Day at the Capitol is Thursday, April 9(Not at the State Capitol)
This year significant construction at the State Capitol has made a different event format necessary. While construction makes it difficult (if not impossible) to visit the Capitol, our new format will require significantly less walking. Legislators come to you or we will drop you at the doorsteps of the State Office Building.
Pre-Day at the Capitol meetings have been scheduled and notices will be sent soon. These meetings are open to all MUI members – even if you are unable to attend Day at the Capitol on April 9. See page X for the list of meetings.
Mark your calendars!See page 3 for details.
VOL. 25 NO. 1
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The solar energy business is growing fast, thanks in part to a steep drop in panel prices. The Solar Energy Industries Association reports that prices dropped by more than half since 2010. But the industry's future looks a little hazy. Generous government subsidies expire soon and the price for natural gas — a competitor that's also used to generate electricity — keeps dropping. For now, though, the solar business is booming and the industry is hiring. More than 31,000 solar jobs were added in 2014, according to The Solar Foundation.
Among those who became solar industry workers last year is Charlie Wilde, 54, of Denver. He finished a training program at Solar Energy International in the spring, got certified and then worked temp jobs as an installer.
"It's really hard work, especially in the summertime, when you're on those hot roofs," Wilde says. He sees a bright future in solar panels and is starting his own business called Ecology Solar."I'll be targeting people in my neighborhood of Denver, Colo., and then expand out from there as the business grows," Wilde says.
Experienced installers can earn a good wage of about $22 per hour, says Andrea Luecke, president and executive director of The Solar Foundation.
"People in sales positions are making about $40 an hour," she says. "So these are good jobs. These are highly desirable jobs, and jobs that are helping to positively contribute to the U.S. economy."
Update on U.S. Solar Industry
In your INTERESTMARCH 20152
need to update net metering policies and rate structures to ensure that all customers have safe and reliable electricity and that electric rates are fair and affordable for all customers – not just beneficial to those with solar installations.
E21 Initiative – Possible Framework for the Future UtilityA number of companies & organizations have been discussing what a future utility could look like. Their Key Recommendation: “Allow utilities the flexibility to offer tailored rate and service options that respond to unique customer needs and interests, where doing so brings economic and/or system efficiencies.”
To allow this utility model in Minnesota, legislation has been introduced to allow utilities to evolve to a multi-year, performance-based regulatory model.
The legislation:a. Gives utilities greater flexibility to manage costs,
in exchange for achieving agreed upon performance outcomes.
b. Provides a more direct link to a utility’s financial success to delivering outcomes that customers and policymakers value.
c. Allows utilities to anticipate and respond more quickly to customer interests and to direct additional resources to policy-driven efforts.
d. Provides for greater rate predictability and stability for customers and utilities. G
2015 Legislative Session cont. from cover
Registration materials will be sent in April.
MUI Summer Tours(available to dues-paying members only)
DATE TOUR
Wednesday, June 10 Alliant Energy Bent Tree Wind Farm (bus from Shoreview, MN)
Tuesday, June 16 Xcel Energy Prairie Island Nuclear Tour (afternoon only)
Wednesday, June 17 Alliant Energy Bent Tree Wind Farm (bus from Brooklyn Center, MN)
Tuesday, July 9 Minnesota Power Wind Farm near Virginia, MN
Thursday, July 16 Xcel Energy Monticello Nuclear Tour
To be scheduled Xcel Energy Slayton Solar Farm
Minnesota’s energy investor-owned utilities have formed a new grassroots education initiative called Energy Minnesota. You can find out more about this effort by visiting their website at: www.EnergyMinnesota.org
New energy initiative
U.S. Solar Industry Sees Growth, But Also Some Uncertainty
Solar Industry cont. on page 11
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VOL. 25 NO. 1 3
We will meet at the St. Paul Capitol Ridge (formerly Kelly Inn).
Free MOTOR COACH transportation to the event is available from all of these locations:
For information about transportation to the event and information about the St. Paul Capitol Ridge, please review the enclosed information sheet.
• Albert Lea• Alexandria• Baxter• Bloomington• Brooklyn Center• Cloquet• Duluth• Eden Prairie• Fergus Falls• Hinckley
• Lakeville• Little Falls• Mankato• North Branch• Owatonna• Rochester• South St. Paul• St. Cloud• Vadnais Heights
The Capitol is undergoing a comprehensive restoration and repair of the Capitol Complex.
During construction the State continues to conduct its regular legislative sessions. Because of this significant construction, we have changed the format of our Day at the Capitol event, including location. This year we will NOT be going to the State Capitol building.
We’ll meet for the legislative update and lunch at the
St. Paul Capitol Ridge Hotel (formerly Kelly Inn), 1/2 block
from the State Office Building.
A shuttle will be running between the Capitol Ridge Hotel and the State Office Building. You will meet with your legislators at the State Office Building or Capitol Ridge. Buses will drop you off at the doorstep at both locations.
Thursday, April 9, 2015 • 10:45 a.m. – 2:15 p.m.
Legislative update and lunch at different location than in past
Due to construction, we will not be meeting at the Capitol Building this year.
You can make a difference!
AGENDA
10:00 a.m. Registration
10:45 a.m. Program
11:30 a.m. Lunch
12–2 p.m. Continual shuttle service
12–2 p.m. Speakers and Legislators
2:15 p.m. Door prizes and adjourn
Local Member meetings to discuss the issues and legislative process are
scheduled for March.
THERE IS STILL TIME TO REGISTER! CALL 1-888-850-5171
Free lunch at the event!Free Motor Coach ride to the event!
Free flashing MUI button!
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In your INTERESTMARCH 20154
Company Updates
Minnesota Power and ALLETE Clean Energy propel year-over-year earnings growth
ALLETE, Inc. (NYSE: ALE) reported 2014 earnings of $2.90 per share on net income of $124.8 million versus $2.63 per share on net income of $104.7 million in 2013, an increase of ten percent. Included in 2014 results were $1.4 million, or three cents per share of costs related to an ALLETE Clean Energy acquisition, and a non-recurring $2.5 million, or six cents per share charge associated with an EPA settlement. Operating revenue for the year grew
by 12 percent to $1.14 billion, compared to $1.02 billion in 2013. Earnings for 2014 were diluted by 23 cents per share due to an increase in outstanding common stock.
"We're happy to report another strong year of financial results," said ALLETE Chairman, President and CEO Al Hodnik. "ALLETE's net income grew by over 19 percent year-over-year and coincided with record capital expenditures for our company. With this positive earnings momentum and the growth initiatives we have in place, we begin 2015 very confident in ALLETE's future." Hodnik noted the company's Board of Directors recently increased the dividend on its common stock.
Net income for the Regulated Operations segment, consisting of Minnesota Power, Superior Water, Light & Power and the company's investment in the American Transmission Co., was $124.4 million during 2014 compared with $104.9 million a year ago. This year's results were impacted by increased cost recovery revenue and production tax credits, as well as higher power marketing sales related to the commencement of the Square Butte resale agreement with Minnkota Power. Those increases were partially offset by higher operating and maintenance, depreciation, and interest expenses. Total regulated utility electricity sales rose by five percent in 2014 from 2013.
ALLETE's Investments and Other segment recorded net income of $0.4 million in 2014 versus a $0.2 million net loss in 2013. Earnings from ALLETE Clean Energy were the primary contributor to the year-over-year increase. BNI
Coal posted slightly higher earnings in 2014 and ALLETE Properties recorded a slightly smaller loss than in 2013. These increases were partially offset by increased corporate expenses. Last year's results for this segment included gains on sales of investments.
ALLETE expects to earn between $3.00 and $3.20 per share in 2015 on net income of between $140 and $150 million, excluding costs associated with the recently announced acquisition of U.S. Water Services.
Alliant Energy Corporation's 2014 results consistent with 2014 earnings guidanceAlliant Energy Corporation (NYSE: LNT) recently announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated earnings per share (EPS) from continuing operations for 2014 and 2013 as follows:
"In 2014, we once again delivered solid financial and operational results," said Patricia Kampling, Alliant Energy Chairman, President and CEO. "I am proud of our ability to grow earnings while minimizing increases for customers. We also successfully completed two major emission controls projects on time and below budget."
Al Hodnik, President, Chairman, CEO,ALLETE
Company Updates cont. on page 5
www.allete.com
Adjusted (non-GAAP) EPS from Continuing
Operations
GAAP EPS from Continuing Operations
2014 2013 2014 2013
Utilities and Corporate Services
$3.37 $3.24 $3.37 $3.22
Non-regulated and Parent
0.11 0.07 0.11 0.07
Alliant Energy Consolidated
$3.48 $3.31 $3.48 $3.29
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VOL. 25 NO. 1 5
Company Updates
Utilities and Corporate Services: Alliant Energy's Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $3.37 per share of non-GAAP EPS from continuing operations in 2014, which was $0.13 per share higher than 2013. The primary drivers of higher EPS in 2014 when compared to 2013 were lower capacity charges related to the Interstate Power and Light Company (IPL) Duane Arnold Energy Center (DAEC) and
Wisconsin Power and Light Company (WPL) Kewaunee Nuclear Power Plant (Kewaunee) purchased power agreements. These positive earnings drivers were partially offset by retail electric customer billing credits at IPL; higher energy efficiency cost recovery amortizations at WPL; higher generation, distribution and customer service operation and maintenance expenses; lower year-over-year electric and gas sales attributed to weather; and higher depreciation expense at both IPL and WPL.
Non-regulated and Parent:Alliant Energy's Non-regulated and Parent operations generated $0.11 per share of non-GAAP EPS from continuing operations in 2014, which was $0.04 per share higher than 2013.
Earnings Adjustments: 2013 non-GAAP EPS excludes net losses of $0.02 per share from adjustments consisting of charges associated with preferred stock redemptions at IPL and WPL, and a regulatory-related credit at IPL related to its Whispering Willow - East wind project due to a December 2013 Minnesota Public Utilities Commission (MPUC) order. Non-GAAP adjustments, which relate to material charges or income that are not normally associated with ongoing operations, are provided as a supplement to results reported in accordance with GAAP. Refer to page 5 of this document for additional details of the earnings adjustments for 2013.
CenterPoint Energy reports fourth quarter and full year 2014 earnings• Strongfinancialandoperationalperformance• Customer growth continues: nearly 55,000 new metered
electric customers and 36,000 new gas customers• 2014utilityoperationscapitalspendingup14%versus2013CenterPoint Energy, Inc. (NYSE: CNP) reported net income of $176 million, or $0.41 per diluted share, for the fourth quarter of 2014, which included a tax benefit of $0.07 per diluted share, compared to $113 million, or $0.26 per diluted share the previous year. Operating income for the fourth quarter of 2014 was $221 million, compared to $211 million in the prior year. CenterPoint Energy reports its investment in midstream operations as equity income rather than operating income. Midstream Investments equity income for the fourth quarter of 2014 was $67 million, compared to $66 million in the prior year.
For the year ended December 31, 2014, net income was $611 million, or $1.42 per diluted share, including the tax benefit referenced above. For the year ended December 31, 2013, net income was $311 million, or $0.72 per diluted share. The results for 2013 include two unusual items related to the formation of the midstream partnership: (i) a $225 million non-cash deferred tax charge and (ii) $13 million of pre-tax partnership formation expenses. Excluding the effects of these unusual items, net income for 2013 would have been $544 million, or $1.26 per diluted share.
Operating income for the year ended December 31, 2014, was $935 million. As a result of the May 1, 2013, formation
of Enable Midstream Partners, operating income for full year 2014 is not comparable to prior results.
"I am very pleased with our performance in 2014. Our Utility Operations delivered solid results, with a particularly strong financial performance from Gas Operations. Enable Midstream performed well in their first full year of operations delivering financial results in line with our expectations," said Scott
Patricia Kampling, Chairman, President, and CEO, Alliant Energy
Scott M. Prochazka, President, CEO,CenterPoint Energy
Company Updates cont. on page 8
Company Updates cont. from page 4
www.alliantenergy.com
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In your INTERESTMARCH 20156
Stat
istic
al D
ata
on S
elec
ted
Utili
ties
See
Gui
de
of
Acr
ony
ms
and
Ter
ms
on
pag
e 7
Div
iden
d
Tick
er
Com
pany
Nam
ePr
imar
y St
ate
Curr
ent
Pric
e52
Wee
kH
igh
52 W
eek
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Ann
ual
Rate
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ent
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d %
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E %
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l Deb
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tal %
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ualiz
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ower
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VOL. 25 NO. 1 7
Edw
ard
Jone
s Util
ity A
naly
sts
Andy
Sm
ith, C
FAAn
dy P
usat
eri,
CFA
Mat
t Kop
sky
Than
ks to
Ed
war
d Jo
nes
fo
r co
mpi
ling
this
in
form
atio
n.
Op
era
tin
g E
PS
: ope
ratin
g ea
rnin
gs p
er
shar
e
RO
E: r
etur
n on
equ
ity
PE
Rat
io: p
rice
to e
arni
ngs
ratio
Ear
nin
gs:
The
net
inco
me
or p
rofit
for
a co
mpa
ny.
This
am
ount
con
sist
s of
re
venu
es m
inus
all
cost
s (in
clud
ing
taxe
s).
Mar
ket
Cap
ital
izat
ion
(M
arke
t C
ap):
Th
e m
arke
t val
ue o
f all
the
stoc
k in
a
com
pany
. Th
is e
qual
s th
e pr
ice
per
shar
e, m
ultip
lied
by th
e nu
mbe
r of
sha
res
outs
tand
ing.
Rat
e o
f Re
turn
: In
stoc
ks a
nd b
onds
, th
e am
ount
of m
oney
ret
urne
d to
inve
stor
s on
th
eir
inve
stm
ents
. A
lso
know
n as
yie
ld.
P/E
Rat
io: S
how
s th
e re
latio
nshi
p be
twee
n a
stoc
k’s
pric
e an
d a
com
pany
’s
earn
ings
. Th
e P
/E r
atio
is c
alcu
late
d by
di
vidi
ng th
e cu
rren
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In your INTERESTMARCH 20158
Company Updates
M. Prochazka, president and chief executive officer of CenterPoint Energy. "We will continue to execute our utility strategy focused on organic capital investment in support of enhanced system reliability, ongoing system maintenance and upgrades, and continued growth in our service territories. This investment, along with timely recovery, will position us well for future utility operations earnings growth. Further, we remain confident in Enable Midstream's ability to execute their business plan and continue to pursue growth opportunities in a lower energy commodity price environment."
Otter Tail Corporation reports higher earnings in 2014
2014 Summary
•Consolidated revenues increased 8%to $799.3 million compared with $743.4 million in 2013.
•Consolidated net income fromcontinuing operations increased to $56.9 million, or $1.55 per diluted share, from $48.6 million, or $1.33 per diluted share in 2013.
•Diluted earnings per share (EPS)from continuing operations on a non-GAAP basis1 were $1.64 compared
with $1.50 for 2013, a 9% improvement year over year. Non-GAAP based earnings exclude net-of-tax costs of $3.3 million in 2014 related to lease exit costs and $6.4 million in 2013 related to early retirements of debt.
• The corporation has entered into signed letters of intent tosell Aevenia, Inc. (Aevenia) and Foley Company (Foley), its construction companies, and expects to close on the respective transactions by the end of the first quarter of 2015.
• Consolidatednetincometotaled$57.7million,or$1.57perdiluted share, compared with $50.9 million and $1.39 per diluted share for 2013.
• The corporation's board of directors increased the quarterlycommon stock dividend to $0.3075 per share, an indicated annual dividend rate of $1.23 per share or $0.02 per share increase over the 2014 rate. The dividend is payable on March 10, 2015 to shareholders of record on February 13, 2015.
• Thecorporationexpects2015EPSfromcontinuingoperationsto be in a range of $1.65 to $1.80.
CEO Overview"Otter Tail Corporation performed very well in 2014," said CEO Jim McIntyre. "Strong business operations, led by the electric segment, drove a 13% improvement in total diluted earnings-per-share over a strong 2013. Diluted earnings per share from continuing operations improved by more than 16%.
"Solid execution and related regulatory cost recovery of approved power plant environmental upgrades and transmission projects resulted in utility net income 14% higher than in 2013. Otter Tail Power Company will continue to grow during the next five years, with $665 million in anticipated capital expenditures between 2015 and 2019 resulting in a projected compounded annual growth rate of 8.6% in utility rate base from $728 million in 2013.
"Net income from our manufacturing and PVC pipe companies, when combined with unallocated corporate costs, provided approximately 23% of our net income from continuing operations in 2014, which is within our target range of 15% to 25%.
"Based on our strong 2014 performance, clear strategic plans, and 2015 outlook, the board of directors increased our indicated annualized dividend rate from $1.21 to $1.23 per common share. We remain committed to growing earnings at an average annual growth rate of 4% to 7%."
MDU Resources reports higher 2014 earnings, initiates guidance for 2015 MDU Resources Group, Inc. (NYSE:MDU) reported 2014 consolidated GAAP earnings of $297.5 million, or $1.55 per
Company Updates cont. from page 5
Company Updates cont. on page 9
www.ottertail.com
Edward J. "Jim" McIntyre, President and CEO, Otter Tail Corp.
www.centerpointenergy.com
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David L. Goodin,President and CEO MDU Resources
VOL. 25 NO. 1 9
Company Updates
share, compared to $278.2 million, or $1.47 per share, in 2013. Consolidated GAAP earnings in the fourth quarter were $84.1 million, or 43 cents per share, compared to earnings of $91.3 million, or 48 cents per share, in 2013.
"We had solid performance from our business units in 2014, which is a testament to our management team and employees' ability to execute even in light of challenges presented by lower commodity prices
and unfavorable weather impacts," said David L. Goodin, president and CEO of MDU Resources Group. "As we look forward, we are focused on execution of our business plans and investment opportunities at our utility, pipeline and energy services and construction operations, while also determining the appropriate timing of when to begin the marketing of our exploration and production business."
For 2014, consolidated adjusted earnings were $206.0 million, or $1.07 per share, compared to $191.5 million, or $1.01 per share in 2013. Consolidated adjusted earnings in the fourth quarter were $67.9 million, or 35 cents per share compared to $66.1 million, or 35 cents per share in the fourth quarter of 2013.
"With our commitment to invest approximately $3.9 billion in capital projects over the next five years and our strategic decision to market our exploration and production business at the appropriate time in the future, I am confident we are well positioned to produce significant long-term value for shareholders with a lower overall business risk profile," Goodin said.
Initiating 2015 GuidanceThe company has initiated 2015 adjusted earnings per share guidance in the range of $1.05 to $1.20. Adjusted earnings per share guidance includes results from its utility, pipeline and energy services and construction businesses and excludes results for its exploration and production business. GAAP earnings per share is expected to be in the range of 80 cents to 95 cents for 2015 excluding any potential ceiling test impairments. GAAP earnings and GAAP earnings guidance are all-in.
Integrys Energy Group reports fourth quarter 2014 earningsIntegrys Energy Group, Inc. (NYSE: TEG) recognized earnings on a Generally Accepted Accounting Principles (GAAP) basis and an adjusted basis as follows:
* This news release includes non-GAAP financial measures. Schedules that provide details on these measures and reconcile these measures to the most comparable GAAP figures are included with this news release.
Adjusted earnings exclude the effects of certain items that are not comparable from one period to the next.
Fourth Quarter ResultsEarnings decreased significantly on a GAAP basis from the fourth quarter of 2013 to the fourth quarter of 2014, but approximately 94% of the decrease resulted from the operations of the retail energy business of Integrys Energy Services,
Inc. and other impacts related to its sale in November 2014. The results of the operations of this business are shown in discontinued operations for all periods presented, including the impacts of derivative accounting adjustments and a loss on the sale of approximately $17 million after tax.
Adjusted earnings for the fourth quarter decreased $7.2 million from 2013 to 2014, driven by lower earnings at the natural gas utility segment, mainly due to higher permitting and paving costs at The Peoples Gas Light and Coke Company. Lower earnings at the electric transmission investment segment also contributed to the overall decrease
Company Upadates cont. from page 8
Company Updates cont. on page 10www.mduresources.com
Charles A. Schrock, Chairman and CEO,Integrys Energy Group
Three Months Ended December 31
Year Ended December 31
2014 2013 2014 2013
GAAP Earnings (millions) $3.37 $3.24 $276.9 $351.8
GAAP diluted earnings per share
0.11 0.07 $3.43 $4.39
Adjusted earnings (millions)*
$66.2 $73.4 $241.1 $264.5
Diluted earnings per share–adjusted*
$0.82 $0.91 $2.99 $3.30
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Company Updates cont. from page 9
In your INTERESTMARCH 201510
in adjusted earnings. Equity earnings from American Transmission Company LLC decreased due to an anticipated refund to customers related to a complaint filed with the Federal Energy Regulatory Commission requesting a lower return on equity for certain transmission owners.
Xcel Energy 2014 Year End Earnings Report
•Ongoing 2014 earnings per sharewere $2.03 compared with $1.95 per share in 2013;
•GAAP (generally acceptedaccounting principles) 2014 earnings per share were $2.03 compared with $1.91 per share in 2013; and
•XcelEnergyreaffirms2015ongoingearnings guidance of $2.00 to $2.15 per share.
Xcel Energy Inc. (NYSE: XEL) reported 2014 GAAP earnings of
$1,021 million, or $2.03 per share, compared with 2013 GAAP earnings of $948 million, or $1.91 per share.
Ongoing earnings, which exclude adjustments for certain items, were $2.03 per share for 2014 compared with $1.95 per share in 2013. Ongoing earnings increased as a result of higher electric and natural gas margins due to rate increases in various jurisdictions, weather-normalized sales growth and lower interest charges. These positive factors were partially offset by the unfavorable impact of milder weather, as well as higher expected operating and maintenance expenses, property taxes and depreciation.
2013 GAAP earnings include a $0.04 per share charge for a potential SPS customer refund based on FERC orders issued in August 2013. This item was excluded from 2013 ongoing earnings.
“It was a good finish to the year and we performed consistent with our plans,” stated Ben Fowke, Chairman, President and Chief Executive Officer. “Our 2014 ongoing earnings per share were in the upper half of our guidance range, we experienced better than expected sales growth and we held operating and maintenance expenses to a moderate increase. While we faced headwinds earlier in the year, I am pleased to announce that we delivered solid results.”
Fowke cited progress in major regulatory proceedings and progress in completing major construction projects as contributing to the 2014 results. “We completed rate cases in New Mexico, Texas and Wisconsin and received a constructive administrative law judge recommendation in our Minnesota electric multi-year case,” Fowke continued. “And this month, we reached a settlement establishing a new three-year electric rate plan in Colorado, building off our current multi-year plan and providing greater rate certainty for the future. At the same time, we continue to make significant progress on investments in transmission and clean generation projects that will serve our customers well into the future.”
“These investments provide a platform for future growth for Xcel Energy,” Fowke said. “In addition to achieving great 2014 results, we took important actions to position us to achieve our long-term strategic objectives. Continued growth through smart investments in strategic infrastructure and developing new service options for customers will position us to be successful as the energy industry evolves to be more competitive. Forming the TransCos and our recently filed Minnesota resource plan are good examples of these efforts.”
Going forward, the company is focused on improving the performance of its operating companies. “New long-term regulatory compacts are essential to our future success and will be central in closing the gap between allowed and earned returns,” Fowke said. “Recently, we made a filing in Minnesota that proposes to streamline the regulatory process, provide a longer-term compact and achieve important energy policy objectives. We look forward to working with stakeholders to get this important work done.”
“I am pleased with the momentum we have created and look forward to carrying it into 2015,” Fowke concluded. “Xcel Energy reaffirms our 2015 ongoing earnings guidance of $2.00 to $2.15 per share.”
Company Updates
www.xcelenergy.com
Ben Fowke,Chairman, President and CEO, Xcel Energy
www.integrysgroup.com
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Accolades
MUI extends a sincere thank you to its recent dues-paying members for their support. The following members
represent those who submitted dues payments November 15, 2014 – February 19, 2015. Members are listed by state and alphabetized by first name. The italicized names are three-year dues-paying members. Your support is crucial to our continued advocacy! Thank you!
MINNESOTA: Alvin Lalim, Arlene Zimmerman, Darwin and Sharon Knox, Don and Geraldine Halley, Frank and Shirley Shusta, Garnet and Richard Muehlhausen, Jack and Karen Ruff, Kent Petterson, Lucille Kahle, Patrick and Norma O'Connor, Robert and Joycelle Vogel, Shirley Syverson, Willard Johnson. G
Accolades to recent MUI dues-paying members
VOL. 25 NO. 1 11
Interested in becoming a member?
If you would like to become a dues-paying member of MUI, please complete the membership form on the last page and return it with your check to the MUI office.
Benefits of MembershipOne of the many benefits of being an MUI dues-paying member is the opportunity to participate in the numerous plant tours MUI organizes throughout the state every year. See page 2 for the list of upcoming Summer tours.
Thank you to our Associate members!We appreciate your support of MUI• AmericanPulverizerCo.;St.Louis,MO• Dorsey&Whitney;Minneapolis,MN• LigniteEnergyCouncil;Bismarck,ND• MoorheadMachinery&BoilerCo.;Minneapolis,MN• Tri-StateDrilling,Inc.;Hamel,MN• Lockridge,Grindal,NauenPLLP;Minneapolis,MN
Mark your calendar
MUI Annual Meeting
Monday, October 12, 2015Earle Brown Heritage Center
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The U.S. Bureau of Labor Statistics doesn't track solar industry employment, but it cites figures from Luecke's foundation.
"We have nearly 174,000 solar jobs in the U.S., which is 22 percent more than last year and 86 percent more than when we first started to track jobs in 2010," Luecke says.
And she says there is plenty of room for more growth, because solar makes up less than 1 percent of the electricity generated in the U.S. today. Two-thirds of the country's power still comes from coal and natural gas, according to the Energy Information Administration.
Luecke says the solar industry expects to add another 36,000 jobs this year, but after that is a big question mark. Solar companies still rely on a 30 percent federal tax credit to compete with more established fossil fuels. Unless Congress extends the credit, it will end in December 2016.
SOURCE: National Public Radio, January 19, 2015
Solar Industry cont. from page 2
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In Your Interest is a publication of Minnesota Utility Investors, and is published four times each year in March, June, September and December.
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