On this page of StockholderLetter.com we present the latest annual shareholder letter from XCEL ENERGY INC — ticker symbol XEL. Reading current and past XEL letters to shareholders can bring important insights into the investment thesis.

 •  4/8/2025 Letter Continued (Full PDF)
 •  4/11/2023 XEL Stockholder Letter
 •  4/9/2024 XEL Stockholder Letter
 •  More "Electric Utilities" Category Stockholder Letters
 •  XEL Benford's Law Stock Score = 84

XEL Shareholder/Stockholder Letter Transcript:

MAKING
ENERGY
WORK
BETTER
2024 ANNUAL REPORT
2024 ANNUAL REPORT |
1

COMPANY DESCRIPTION
Xcel Energy is a major U.S. electricity and natural gas company,
with operations in eight Western and Midwestern states. Based in
Minneapolis, Minnesota, the company provides a comprehensive
portfolio of energy-related products and services to millions
of electricity and natural gas customers through its regulated
operating companies.
EARNINGS PER SHARE
From snowmaking to running chairlifts,
electricity is essential to Eldora   s
operations. And thanks in part to
Xcel Energy   s renewable choice
programs, Eldora has powered its resort
with 100% renewable electricity since
the summer of 2024, mitigating 75%
of its carbon emissions and meeting
its goal of procuring 100% renewable
electricity by 2025 ahead of schedule.
2022
2023
3.50
3.44
3.35
3.21
3.17
Eldora, a popular ski area near Boulder,
Colorado, is committed to sustainability
and ensuring its resort     and the land
on which it   s located     remains vital and
vibrant for years to come.
Dollars per share (diluted)
3.17
ON THE COVER
2024
GAAP (generally accepted accounting
principles) earnings per share
Ongoing earnings per share
LEARN MORE
FINANCIAL HIGHLIGHTS
2
2023
2024
GAAP earnings per share
3.21
3.44
Ongoing earnings per share
3.35
3.50
Dividends per share annualized
2.08
2.19
Stock price (close)
61.91
67.52
Assets (millions)
64,079
70,035

TO MY FELLOW
CUSTOMERS AND
SHAREHOLDERS
For more than 150 years, Xcel Energy has provided safe, reliable
and low-cost energy to customers. Today, as our nation calls
on the energy industry to build the grid of the future, we are
prepared to meet this challenge while continuing to serve
customers and advance the economic growth and prosperity
of the 1,600 cities and counties we serve.
We are forecasting unprecedented customer demand driven
by all the ways we use electricity, from smarter homes and
businesses to transportation and advanced technologies. At
the same time, we face increasing occurrences of extreme
weather events and other threats to the reliability and safety
of our electrical system. All the while, we continue to lead our
communities in transitioning to cleaner energy in ways that
will benefit them     and the environment     for years to come.
In 2024, we announced our most ambitious system investment
plan designed to supply what we need as a society to power our
businesses, our homes, our communities and our way of life.
Empowering growth, economic development
We are committed to supporting economic growth and
development that strengthens our communities while leading
the clean energy transition to meet the goals and aspirations
of the customers we serve. For example, in 2024, our Corporate
Economic Development team closed on 24 projects across
our service territories, adding up to a staggering $5.1 billion
in capital investment and 3,200 jobs. We also spent more than
$4.7 billion with small and local businesses last year.
Two development projects near Sherburne County Generating
Station (Sherco) in Becker, Minnesota, highlight our work to
support the expansion of critical data centers in Minnesota.
These data centers will bring numerous economic benefits to
this area, and as the electric provider for the community, we
will be deeply integrated in the sites    development processes.
We are also working with Meta, the global technology company
that owns Facebook and Instagram, to power their new,
715,000-square foot data center in Rosemount, Minnesota.
Bob Frenzel
Chairman, president and
chief executive officer
2024 ANNUAL REPORT |
3

Data centers like these will be the technology
infrastructure backbone of the 21st century
economy and, since they run 24/7, all year long,
powering them with renewable energy makes a
tremendous impact. By 2030, we aim to capture
about 25% of our nearly 9,000 megawatts of data
center opportunity pipeline currently available
while continuing to deliver the reliable, low-cost
service our customers expect and deserve.
    Today, as our nation calls
on the energy industry to build
the grid of the future, we are
prepared to meet
this challenge.   
Delivering for our customers
and our communities
We have made great strides over the past
several years in wildfire risk mitigation and will
continue to accelerate our efforts across the
eight states we serve. Over the summer, we filed
our second Wildfire Mitigation Plan for Colorado
covering 2025-2027, which details our multi-year
proposal to build upon and improve existing
efforts to incorporate evolving risk assessment
methodologies, integrate industry experience,
add new technologies and reduce wildfire risk. We
filed a similar resiliency plan in late 2024 in Texas,
and we will apply key learnings from both these
projects throughout the Xcel Energy footprint.
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We are also working with our legislatures to
advance state-level wildfire risk frameworks, and
partnering with Edison Electric Institute (EEI),
peer utilities and others to implement a federal
legislative framework on wildfire risk mitigation.
All these efforts are aimed at protecting public
safety, reducing risk in our system and ensuring
access to low-cost capital to continue system
investment     achievement of these goals will
allow us to deliver safe, reliable, low-cost energy in
increasingly challenging weather environments.
At the same time, we continue to make it
easier for our customers to meet their energy
goals. For instance, take Eldora: Since last
summer, the Colorado ski resort near Boulder
has participated in our Renewable*Connect  
and Renewable*Connect Flex   programs    
innovations that enable our customers to access
low-cost wind and solar energy to achieve their
sustainability goals. Working with customers of
all types and sizes     like Eldora     showcases our
ability and expertise to guide and support our
customers to make energy work better for them.
There   s more information about our work with
Eldora later in this report.
Our employees also went above and beyond
to power our communities. Our annual Day
of Service event attracted 2,200 people who
volunteered over 7,900 combined hours at over
110 nonprofit projects across the company   s
service footprint. Through our 2024 Power Your
Purpose Giving Campaign, Xcel Energy employees,
contractors and retirees donated more than
$2.4 million to over 1,500 nonprofit and community
organizations     exceeding our fundraising goal.
Combined with the Xcel Energy Foundation match
to local United Way chapters, this campaign raised
over $4.8 million for our communities.

Beyond this, our Customer Care group
connected our customers with $176 million
of energy assistance. Our communities rely on
Xcel Energy and its employees and, once again,
we truly delivered.
Lending a helping hand
When back-to-back hurricanes Helene and Milton
devastated portions of the southeastern United
States last fall, more than 100 Xcel Energy
employees answered the call for mutual
assistance, helping to restore power and bring
hope to impacted communities. Their hard work
and dedication was recognized at EEI   s CEO
meetings in January 2025, with an Emergency
Response Award. Presented to EEI member
companies twice a year, these awards recognize
recovery and assistance efforts of electric
companies following service disruptions caused
by extreme weather or other natural events.
Our crews are among the best in the business,
and I   m proud of their commitment to keeping
communities safe and restoring power as quickly
as possible, whether catastrophe strikes in our
service areas or around the country.
Living our values: Connected
Xcel Energy faces an unprecedented opportunity
for growth. We also know that to capture this
opportunity, we must continue to evolve, develop
and push ourselves to new heights.
In 2024, I was pleased to welcome new leaders
to Xcel Energy, including Rob Clark as SVP, chief
communications officer and chief of staff; Rob
Berntsen as EVP, chief legal and compliance
officer; Paul McGregor, VP, wildfire risk
management; Todd Wehner, VP of finance and
treasurer; Roopesh Aggarwal, VP of finance, head
of Investor Relations, and others.
    Our crews are among the
best in the business, and I   m
proud of their commitment to
keeping communities safe.   
Thanks to our employees, in 2024 Xcel Energy
was once again recognized as one of Ethisphere   s
World   s Most Ethical Companies for the sixth year
in a row. We also received accolades from Military
Times and VIQTORY as a Best for Vets and Military
Friendly employer, the Human Rights Campaign
for its Equality 100 Award: Leader in LGBTQ+
Workplace Inclusion and a score of 100 on the
Disability: In Survey for our disability inclusion in
the workplace.
Looking ahead to an exciting 2025
2025 marks the beginning of a period of
unprecedented growth for Xcel Energy. As we
embark on the new year, we remain steadfast
in achieving our vision of being the trusted and
preferred provider of the energy our customers
need. In 2025, you will see a renewed focus and
commitment by Xcel Energy on our three core
priorities: Our Customers, Our People and Our
Performance. Our team is fully aligned to deliver
on these three priorities, and we know that our
collective commitment in these areas will truly
make energy work better for our customers.
Bob Frenzel
Chairman, president and
chief executive officer
2024 ANNUAL REPORT |
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 4/8/2025 Letter Continued (Full PDF)