First-quarter profits fell 22 percent at Xcel Energy, parent of Colorado’s largest utility company, the company reported Wednesday.
Minneapolis-based Xcel said the drop in net income was expected and resulted mainly from nuclear-plant outages, lower electric-trading margins and tax reasons. Xcel operates here as Public Service Co. of Colorado.
Xcel reported first-quarter net income of $120 million, or 28 cents per share, compared with $151 million, or 36 cents per share, for the first quarter of 2006.
Operating revenues fell 4 percent to $2.76 billion. An electric-rate increase in Colorado offset some of that decline, generating an additional $27 million above the first quarter of 2006, Xcel said.
The company has applied for a natural-gas rate increase in Colorado of $41.9 million, or 2.9 percent.
The Colorado Public Utilities Commission staff has recommended an increase of about $30 million. Hearings before the PUC are scheduled for June 4-8, with the new rates becoming effective in the third quarter.
Xcel shares rose 3 cents Wednesday to $24.73 in after-hours trading.
Xcel has roughly 1.5 million gas and electric customers in Colorado.
Staff writer Greg Griffin can be reached at 303-954-1241 or ggriffin@denverpost.com.
