Xcel Energy, Inc. (XEL) CEO Robert Frenzel on Q1 2022 Results - Earnings Call Transcript

Xcel Energy, Inc. (NASDAQ:XEL) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET

Company Participants

Paul Johnson - Vice President, Treasurer and Investor Relations

Robert Frenzel - Chairman, President and CEO

Brian Van Abel - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jeremy Tonet - JPMorgan

Julien Dumoulin-Smith - Bank of America

Durgesh Chopra - Evercore ISI

Travis Miller - Morningstar

Nicholas Campanella - Credit Suisse

Ryan Levine - Citi

David Peters - Wolfe Research

Operator

Good day, and welcome to the Xcel Energy First Quarter 2022 Earnings Conference Call. Today's conference is being recorded. 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.

At this time, I would like to turn the conference over to Paul Johnson, Vice President, Treasurer and Investor Relations.

Paul Johnson

Good morning, and welcome to Xcel Energy's 2022 First Quarter Earnings Call. Joining me today are Bob Frenzel, Chairman, President, 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'll 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 of the comments 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. In addition 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 the call over to Bob.

Robert Frenzel

Thank you, Paul. Good morning, everybody. At Xcel, we had another strong quarter, recording earnings of $0.70 per share for 2022 compared with $0.67 per share in 2021. And as a result, we're reaffirming our 2022 earnings guidance of $3.10 to $3.20 per share. During the quarter, we made strong progress on our clean energy plan, achieving significant and constructive regulatory outcomes.

In February, the Minnesota Commission approved our resource plan, which achieved an 85% carbon reduction in a full coal exit by 2030. Other key components include an early retirement of the King coal plant in 2028 in the Sherco Unit 3 in 2030. 10 year extension of our Monticello nuclear facility, in the addition of approximately 6,000 megawatts of new wind and solar resources.