Xcel Energy First Quarter 2011 Earnings Report

Xcel Energy XEL today reported first quarter 2011 GAAP earnings of $204 million, or $0.42 per share compared with 2010 GAAP earnings of $167 million, or $0.36 per share. Ongoing earnings, which exclude adjustments for certain items, were $0.42 per share for the first quarter of 2011 compared with $0.42 per share in 2010. While moderate sales growth, cooler than normal temperatures and interim rates in Minnesota and North Dakota served to improve electric margins, these positive factors were offset by lower Colorado seasonal rates implemented in 2010. Additionally, expected increases in operating and maintenance expenses, property taxes and depreciation expense, in part from new generation plant investment, all mitigated the positive impact of higher electric and gas margins