Minneapolis-based Xcel Energy Corp. was tagged with $1 billion in added fuel costs by Winter Storm Uri in February, for which it plans to seek recovery from state regulatory commissions, according to CEO Ben Fowke.

Fowke, during a 1Q2021 earnings conference call Thursday said the fuel costs from the storm came “despite strong operational performance.” He said the utilities followed policies regarding natural gas purchasing and hedging as approved by the regulators. “We’re in the process of seeking recovery of those costs.”

Xcel executives spent much of the call discussing the utility holding company’s decarbonization plans to meet state goals, particularly in Colorado and Minnesota. The Colorado Pathway proposal would add 560 miles of transmission. Itt plans to add...