Xcel Energy reports higher Q2 profit
Aug 1 (Reuters) -Xcel Energy XEL.O reported higher first-quarter profit on Thursday helped by higher electricity demand during summer.
The electric and natural gas utility said quarterly performance was helped by higher infrastructure investments and warmer-than-normal weather.
"We continue to advance proposals to enhance the resiliency and sustainability of our system... In Colorado, we filed an updated Wildfire Mitigation Plan that builds upon our existing investments," CEO Bob Frenzel said.
Xcel has been embroiled in legal battles over its role in the 2023 Texas Smokehouse Creek blaze as well as the 2021 2021 Marshall Fire in Colorado.
The company, which has 3.8 million electric and 2.1 million natural gas customers across eight Western and Midwestern states, reaffirmed its 2024 EPS guidance of $3.50 to $3.60 per share.
The company reported its net income at $302 million, or 54 cents per share, in the quarter ended June 30, compared with $288 million, or 52 cents per share, in the year-ago quarter.
Reporting by Mrinalika Roy in Bengaluru; Editing by Nivedita Bhattacharjee
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