Minneapolis

Saying it was mostly expected as a one-quarter bump in the financial results this year, Minneapolis-based Xcel Energy’s CFO Wednesday outlined various regulatory issues, revenue hits and higher operating costs facing the multi-state utility holding company after reporting decreased first quarter profits — $120 million, or 28 cents/diluted share, for this quarter ended March 31, compared to $151 million, or 36 cents/share, for the same quarter last year.

NRG Energy Inc. agreed to pay a $2 million civil penalty to resolve charges by the Commodity Futures Trading Commission (CFTC) that the Minneapolis-based company knowingly reported false information concerning natural gas trades to Gas Daily, an energy index reporting service published by Platts. The order resolves an action brought against NRG almost three years ago (see NGI, July 5, 2004). The consent order, filed in U.S. District Court for the District of Minnesota, included findings that, from at least August 2001 through May 2, 2002, NRG reported false information, including price and volume information, to the industry publication. According to the order, the reports contained trades that had not been executed, trades executed by NRG but with altered prices and/or volumes, and intra-day trades reported as next-day trades. The settlement followed a decision issued last year by the U.S. Court of Appeals for the Eighth Circuit, which ruled that the Minnesota district court, and not the Bankruptcy Court of New York where NRG had sought Chapter 11 bankruptcy protection in 2003, had jurisdiction over CFTC’s enforcement action (see NGI, Aug. 14, 2006). NRG had argued that the bankruptcy court retained exclusive jurisdiction over any legal actions.

NRG Energy Inc. agreed to pay a $2 million civil penalty to resolve charges by the Commodity Futures Trading Commission (CFTC) that the Minneapolis-based company knowingly reported false information concerning natural gas trades to Gas Daily, an energy index reporting service published by Platts. The order resolves an action brought against NRG almost three years ago (see Daily GPI, July 2, 2004).

Riding strong utility results, Minneapolis, MN-based Xcel Energy Thursday reported increased earnings for the first quarter compared to the same period last year. Operating revenues jumped nearly $500 million to $2.88 billion from $2.39 billion in the first quarter of 2005.

As natural gas prices continue to drop nationally, Minneapolis, MN-based Xcel Energy on Wednesday proposed to Colorado state regulators a 21% decrease in February 2006 natural gas commodity prices. Combined with a decrease in expected use, the utility said bills would decrease next month by 31% for typical residential customers and by 35% for typical small-business customers. If approved, the new prices would take effect Feb. 1.

Despite increased results from utility operations, Minneapolis-based Xcel Energy Wednesday reported that its overall income from continuing operations for the second quarter was $78 million, or 19 cents/diluted share, compared with $86 million, or 21 cents/share, for the same period last year. Total earnings were $83 million, or 20 cents/share, for the second quarter, compared with $86 million, or 21 cents/share, in the same period in 2004.

Minneapolis-based Xcel Energy Inc. reported first quarter results that were down from the same period last year, primarily due to lower short-term wholesale margins and higher utility operating costs, the company said.

The Securities and Exchange Commission (SEC) last Monday gave the green light for Minneapolis, MN-based Xcel Energy Inc., a registered energy holding company, to sell Arizona subsidiary Black Mountain Gas Co. to Southwest Gas Corp. of Las Vegas, NV.

The Securities and Exchange Commission (SEC) on Monday gave the green light for Minneapolis, MN-based Xcel Energy Inc., a registered energy holding company, to sell Arizona subsidiary Black Mountain Gas Co. to Southwest Gas Corp. of Las Vegas, NV.