MINNEAPOLIS — Xcel Energy Inc. (NYSE: XEL) today reported 2013 third quarter GAAP earnings of $365 million, or $0.73 per share, compared with 2012 GAAP earnings of $398 million, or $0.81 per share.
Ongoing earnings, which exclude adjustments for certain items, were $0.77 per share for the third quarter of 2013 compared with $0.78 per share in 2012. Third quarter 2013 ongoing earnings declined as a result of cooler weather and higher operating and maintenance expenses. While third quarter 2013 weather was warmer than normal, it was cooler than the third quarter of 2012. These factors were partially offset by rate increases in various states.
Third quarter 2013 GAAP earnings include a $0.04 per share charge for a potential SPS customer refund based on FERC orders issued in August 2013 related to a 2004 complaint regarding the allocation of system average fuel costs and base rates. Third quarter 2012 GAAP earnings reflect the $0.03 per share positive impact for a tax benefit associated with federal subsidies for prescription drug plans.