Xcel Energy, Inc. (XEL) CEO Robert Frenzel on Q2 2022 Results - Earnings Call Transcript

Xcel Energy, Inc. (NASDAQ:XEL) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET

Company Participants

Paul Johnson - VP, IR & Treasurer

Robert Frenzel - President, CEO & Chairman

Brian Van Abel - EVP, CFO & Principal Accounting Officer

Conference Call Participants

Nicholas Campanella - Crédit Suisse

Jeremy Tonet - JPMorgan Chase & Co.

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Sophie Karp - KeyBanc Capital Markets

David Arcaro - Morgan Stanley

Paul Patterson - Glenrock Associates

Insoo Kim - Goldman Sachs Group

Operator

Good day, and welcome to Xcel Energy's Second Quarter 2022 Earnings Conference Call. Questions will only be taken from institutional investors. Reporters can contact Media Relations with inquiries and individual investors and others can reach out to Investor Relations. Today's conference is being recorded. At this time, I would like to turn the conference over to Paul Johnson, Vice President, Treasurer, Investor Relations. Please go ahead, sir.

Paul Johnson

Good morning, and welcome to Xcel Energy's 2022 Second Quarter Earnings Call. Joining me today are Bob Frenzel, Chairman, President and Chief Executive Officer; and Brian Van Abel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team in the room to answer your questions if needed.

This morning, we will review our 2022 results, share recent business and regulatory developments. Slides that accompany today's call are available on our website. As a reminder, some comments made during today's call may contain forward-looking information. Significant factors that could cause results to differ from those anticipated are described in our earnings release and our SEC filings. Today, we will discuss certain metrics that are non-GAAP measures. Information on the comparable GAAP measures and reconciliations are included in our earnings release. With that, I'll turn it over to Bob.

Robert Frenzel

Thanks, Paul. Good morning, everybody. It was certainly an interesting 11th hour twist in legislative news last evening, but we'll get to that in just a minute. Let's start with our financial results. We had another solid quarter, recording earnings of $0.60 per share in 2022 compared with $0.58 per share in '21. Our earnings are on track with expectations, and as a result, we are reaffirming our 2022 earnings guidance of $3.10 to $3.20 per share.

During the quarter, we made good progress on our clean energy plan, achieving constructive regulatory outcomes. In June, the Colorado Commission approved our resource plan settlement, which includes approximately 4,000 megawatts of utility scale renewable additions. The conversion of our Pawnee coal plant to natural gas by the end of 2025, and the early retirement of our Comanche 3 coal unit by the end of 2030, which will be the final coal plant retirement in Colorado.