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Xcel getting even fatter off Colorado ratepayers

Xcel Energy just announced its 2010 earnings and the Minnesota based energy company did very well this year:

We had another very successful year in 2010, said Richard C. Kelly, chairman and chief executive officer. We delivered earnings in the upper half of our guidance range. This represents the sixth consecutive year in which we have met or exceeded our earnings guidance.

What’s left out of that statement is the big thank you to Colorado ratepayers who delivered the majority of earnings. As we reported last month, Colorado’s 1.36 million ratepayers represent 25.7 percent of Xcel’s total customers, but through the third quarter of 2010, Colorado accounted for 51 percent of Xcel’s earnings per share. After four quarters, Colorado now contributes even more.

Twelve Months Ending December 31
Earnings (Loss) Per Share 2010 2009 %increase %earnings per share
Public Service Co of CO (PSCo) $0.86 $0.72 19.5 53.1
NSP-Minnesota $0.60 $0.64 -6.7 37.0
Southwestern Public Service CO (SPS) $0.17 $0.15 13.3 10.5
NSP-Wisconsin $0.09 $0.10 -10 5.6
Earnings of unconsolidated subsidiaries $0.04 $0.03 33.6 2.5
Holding company and other costs ($0.14) ($0.14) -8.6
Earnings per share $1.62 $1.48 9.5

No other subsidiary comes even close to delivering the profits that Colorado does. As we’ve said before, Xcel Energy’s profits are determined by the governments of the states in which it operates. If Xcel does well, it’s because of favorable treatment. As we have shown, Xcel and former Governor Bill Ritter have been chummy for a while.