Xcel Energy posts higher quarterly profit, launches $45 bln investment plan
Oct 31 (Reuters) -Xcel Energy XEL.O reported a rise inthird-quarter profit on Thursday, helped by higher electricity demand among commercial and industrial customers as well aslower costs.
The company, which has 3.8 million electric and 2.1 million natural gas customers across eight Western and Midwestern U.S.states, also launched afive-year, $45 billion investment plan for infrastructure upgrades.
"The unprecedented energy demand to power new technologies, grow U.S.-based manufacturing and support the electrification of our daily lives requires a fundamental shift in how our industry generates and delivers energy," CEO Bob Frenzel said in a statement.
Itstotal retail electric sales rose 1.5% in the reported quarter.
The company reaffirmed its 2024 earnings-per-share forecast of $3.50 to $3.60.
It postednet income of $682 million, or $1.21 per share, forthe quarter ended Sept. 30, compared with $656 million, or $1.19 per share, a year ago.
Reporting by Mrinalika Roy in Bengaluru; Editing by Devika Syamnath
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