Xcel Energy announces $45 billion investment plan and higher quarterly profits

Xcel Energy announced a higher third-quarter profit Thursday. This was due to a greater demand for electricity among industrial and commercial customers, as well as lower cost.

The company has more than 3.8 million customers in eight Western and Midwestern U.S. States, and another 2.1 million who use natural gas. It also announced a $45 billion five-year investment plan to upgrade infrastructure.

The company's executives stated that it aims to grow electric sales by 5% per year, with data centers accounting for about half of the growth.

Xcel is still bullish on data center demand. It said that it has nearly 9,000 Megawatts in its pipeline of customer opportunities before 2030.

Bob Frenzel, CEO of the company, said: "We expect to secure contracts for about 25 percent of this pipeline over the next five years."

Xcel's retail sales of electric products increased by 1.5% during the quarter.

The company has reaffirmed that it expects to earn between $3.50 and $3.60 per share in 2024.

It reported a net income of 682 million dollars, or 1.21 cents per share for the quarter that ended on September 30, compared to $656 million or $1.19 cents per share a year earlier.

(source: Reuters)