QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
001-03140 | 39-0508315 | |
(Commission File Number) | (I.R.S. Employer Identification No.) |
Wisconsin |
1414 West Hamilton Avenue |
Eau Claire | Wisconsin | 54701 |
715 | 839-2625 |
Title of each class | ||||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | ||
Emerging growth company | ☐ |
Class | |||
Common Stock, $100 par value | 933,000 shares |
PART I | FINANCIAL INFORMATION | ||
Item | |||
Item 2 — | |||
Item 4 — | |||
PART II | OTHER INFORMATION | ||
Item 1 — | |||
Item 1A — | |||
Item 6 — | |||
Certifications Pursuant to Section 302 | ||
Certifications Pursuant to Section 906 | ||
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |
e prime | e prime inc. |
NSP-Minnesota | Northern States Power Company, a Minnesota corporation |
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota |
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation |
PSCo | Public Service Company of Colorado |
SPS | Southwestern Public Service Company |
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS |
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit |
EPA | United States Environmental Protection Agency |
FERC | Federal Energy Regulatory Commission |
IRS | Internal Revenue Service |
PSCW | Public Service Commission of Wisconsin |
SEC | Securities and Exchange Commission |
Other | |
ACE | Affordable Clean Energy |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
C&I | Commercial and Industrial |
ETR | Effective tax rate |
FASB | Financial Accounting Standards Board |
GAAP | Generally accepted accounting principles |
MDL | Multi-district litigation |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
NAV | Net asset value |
NOI | Notice of inquiry |
NOL | Net operating loss |
O&M | Operating and maintenance |
ROE | Return on equity |
RTO | Regional Transmission Organization |
TO | Transmission owner |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||
Electric | $ | 232,802 | $ | 232,216 | $ | 659,853 | $ | 646,619 | ||||||||||||||||||||||
Electric, non-affiliates | $ | 164.4 | $ | 171.1 | $ | 335.3 | $ | 349.8 | ||||||||||||||||||||||
Electric, affiliates | 43.5 | 38.4 | 87.6 | 76.1 | ||||||||||||||||||||||||||
Natural gas | 14,394 | 13,646 | 81,768 | 72,671 | 20.9 | 22.0 | 82.0 | 78.5 | ||||||||||||||||||||||
Other | 315 | 282 | 847 | 877 | 0.1 | 0.3 | 0.2 | 0.5 | ||||||||||||||||||||||
Total operating revenues | 247,511 | 246,144 | 742,468 | 720,167 | 228.9 | 231.8 | 505.1 | 504.9 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||
Electric fuel and purchased power, non-affiliates | 6,181 | 4,238 | 12,637 | 11,870 | 3.1 | 3.6 | 5.0 | 6.5 | ||||||||||||||||||||||
Purchased power, affiliates | 106,697 | 105,734 | 314,948 | 311,301 | 99.9 | 101.6 | 203.4 | 202.9 | ||||||||||||||||||||||
Cost of natural gas sold and transported | 6,032 | 6,081 | 40,582 | 35,964 | 8.2 | 8.5 | 40.5 | 37.2 | ||||||||||||||||||||||
Operating and maintenance expenses | 51,808 | 49,235 | 150,880 | 148,370 | 51.3 | 48.9 | 103.2 | 99.3 | ||||||||||||||||||||||
Conservation expenses | 3,298 | 3,308 | 9,529 | 9,468 | 3.1 | 3.1 | 6.0 | 6.1 | ||||||||||||||||||||||
Depreciation and amortization | 27,979 | 24,700 | 82,656 | 72,869 | 34.4 | 31.5 | 68.5 | 62.0 | ||||||||||||||||||||||
Taxes (other than income taxes) | 7,124 | 6,506 | 21,002 | 20,757 | 7.1 | 7.1 | 14.7 | 14.4 | ||||||||||||||||||||||
Total operating expenses | 209,119 | 199,802 | 632,234 | 610,599 | 207.1 | 204.3 | 441.3 | 428.4 | ||||||||||||||||||||||
Operating income | 38,392 | 46,342 | 110,234 | 109,568 | 21.8 | 27.5 | 63.8 | 76.5 | ||||||||||||||||||||||
Other income (expense), net | 95 | (102 | ) | 424 | 424 | |||||||||||||||||||||||||
Other expense, net | (0.3 | ) | (0.5 | ) | (0.6 | ) | (0.9 | ) | ||||||||||||||||||||||
Allowance for funds used during construction — equity | 1,705 | 1,241 | 4,743 | 2,969 | 0.9 | 2.2 | 1.4 | 4.1 | ||||||||||||||||||||||
Interest charges and financing costs | ||||||||||||||||||||||||||||||
Interest charges — includes other financing costs of $465, $465, $1,382 and $1,388, respectively | 8,647 | 8,613 | 25,985 | 25,800 | ||||||||||||||||||||||||||
Interest charges — includes other financing costs of $0.3, $0.5, $0.7 and $1.0 respectively | 9.8 | 9.7 | 19.8 | 19.3 | ||||||||||||||||||||||||||
Allowance for funds used during construction — debt | (726 | ) | (525 | ) | (2,025 | ) | (1,264 | ) | (0.3 | ) | (1.0 | ) | (0.6 | ) | (1.8 | ) | ||||||||||||||
Total interest charges and financing costs | 7,921 | 8,088 | 23,960 | 24,536 | 9.5 | 8.7 | 19.2 | 17.5 | ||||||||||||||||||||||
Income before income taxes | 32,271 | 39,393 | 91,441 | 88,425 | 12.9 | 20.5 | 45.4 | 62.2 | ||||||||||||||||||||||
Income taxes | 9,946 | 15,172 | 32,456 | 33,948 | 4.3 | 5.3 | 12.8 | 15.6 | ||||||||||||||||||||||
Net income | $ | 22,325 | $ | 24,221 | $ | 58,985 | $ | 54,477 | $ | 8.6 | $ | 15.2 | $ | 32.6 | $ | 46.6 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Net income | $ | 22,325 | $ | 24,221 | $ | 58,985 | $ | 54,477 | $ | 8.6 | $ | 15.2 | $ | 32.6 | $ | 46.6 | |||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||||||||||
Reclassification of losses to net income, net of tax of $13, $13, $37 and $38, respectively | 19 | 19 | 57 | 57 | |||||||||||||||||||||||||||
Reclassification of losses to net income, net of tax of $0 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||
Other comprehensive income | 19 | 19 | 57 | 57 | — | 0.1 | — | 0.1 | |||||||||||||||||||||||
Comprehensive income | $ | 22,344 | $ | 24,240 | $ | 59,042 | $ | 54,534 | $ | 8.6 | $ | 15.3 | $ | 32.6 | $ | 46.7 |
Nine Months Ended Sept. 30 | Six Months Ended June 30 | |||||||||||||
2017 | 2016 | 2019 | 2018 | |||||||||||
Operating activities | ||||||||||||||
Net income | $ | 58,985 | $ | 54,477 | $ | 32.6 | $ | 46.6 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 83,797 | 74,014 | 68.9 | 62.8 | ||||||||||
Deferred income taxes | 37,226 | 27,769 | 2.0 | 2.4 | ||||||||||
Amortization of investment tax credits | (392 | ) | (396 | ) | (0.3 | ) | (0.3 | ) | ||||||
Allowance for equity funds used during construction | (4,743 | ) | (2,969 | ) | (1.4 | ) | (4.1 | ) | ||||||
Net derivative losses | 82 | 112 | ||||||||||||
Other, net | (1,503 | ) | — | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | 3,512 | 9,394 | 10.2 | 2.6 | ||||||||||
Accrued unbilled revenues | 9,414 | 8,203 | 11.5 | 14.8 | ||||||||||
Inventories | (1,798 | ) | 1,290 | 0.7 | 3.9 | |||||||||
Other current assets | 4,990 | 7,791 | (0.4 | ) | (0.1 | ) | ||||||||
Accounts payable | 1,031 | 11,946 | (8.9 | ) | (8.2 | ) | ||||||||
Net regulatory assets and liabilities | (19,309 | ) | (10,256 | ) | 2.5 | 14.6 | ||||||||
Other current liabilities | (9,700 | ) | 1,523 | 3.6 | (0.3 | ) | ||||||||
Pension and other employee benefit obligations | (8,189 | ) | (6,256 | ) | (7.1 | ) | (8.9 | ) | ||||||
Change in other noncurrent assets | (362 | ) | (402 | ) | ||||||||||
Change in other noncurrent liabilities | (4,165 | ) | 1,918 | |||||||||||
Other, net | 1.3 | 1.2 | ||||||||||||
Net cash provided by operating activities | 148,876 | 178,158 | 115.2 | 127.0 | ||||||||||
Investing activities | ||||||||||||||
Utility capital/construction expenditures | (145,440 | ) | (138,616 | ) | (86.8 | ) | (117.1 | ) | ||||||
Allowance for equity funds used during construction | 4,743 | 2,969 | ||||||||||||
Other, net | (10 | ) | 781 | — | (0.1 | ) | ||||||||
Net cash used in investing activities | (140,707 | ) | (134,866 | ) | (86.8 | ) | (117.2 | ) | ||||||
Financing activities | ||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | 32,000 | (6,000 | ) | |||||||||||
Repayments of long-term debt | (71 | ) | (44 | ) | ||||||||||
(Repayments of) and proceeds from short-term borrowings, net | (1.0 | ) | 19.0 | |||||||||||
Repayments of issuances of long-term debt | (0.1 | ) | — | |||||||||||
Capital contributions from parent | 12,297 | 1,108 | 14.8 | 3.3 | ||||||||||
Dividends paid to parent | (52,640 | ) | (38,414 | ) | (41.7 | ) | (31.5 | ) | ||||||
Other, net | (70 | ) | — | — | (0.4 | ) | ||||||||
Net cash used in financing activities | (8,484 | ) | (43,350 | ) | (28.0 | ) | (9.6 | ) | ||||||
Net change in cash and cash equivalents | (315 | ) | (58 | ) | 0.4 | 0.2 | ||||||||
Cash and cash equivalents at beginning of period | 1,546 | 1,079 | 2.2 | 1.4 | ||||||||||
Cash and cash equivalents at end of period | $ | 1,231 | $ | 1,021 | $ | 2.6 | $ | 1.6 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid for interest (net of amounts capitalized) | $ | (21,496 | ) | $ | (21,692 | ) | $ | (18.2 | ) | $ | (16.5 | ) | ||
Cash paid for income taxes, net | (9,339 | ) | (2,298 | ) | (3.9 | ) | (12.5 | ) | ||||||
Supplemental disclosure of non-cash investing transactions: | ||||||||||||||
Property, plant and equipment additions in accounts payable | $ | 25,796 | $ | 16,011 | ||||||||||
Accrued property, plant and equipment additions | $ | 11.5 | $ | 18.8 | ||||||||||
Inventory transfers to property, plant and equipment | 2.4 | 3.7 | ||||||||||||
Allowance for equity funds used during construction | 1.4 | 4.1 |
Sept. 30, 2017 | Dec. 31, 2016 | June 30, 2019 | Dec. 31, 2018 | |||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 1,231 | $ | 1,546 | $ | 2.6 | $ | 2.2 | ||||||
Accounts receivable, net | 51,214 | 54,031 | 53.6 | 75.1 | ||||||||||
Accrued unbilled revenues | 44,224 | 53,638 | 44.7 | 56.2 | ||||||||||
Other receivables | 11.2 | 6.8 | ||||||||||||
Inventories | 20,107 | 18,309 | 14.0 | 17.1 | ||||||||||
Regulatory assets | 18,165 | 18,162 | 21.8 | 22.6 | ||||||||||
Prepaid taxes | 19,505 | 25,915 | 26.1 | 30.2 | ||||||||||
Prepayments and other | 18,637 | 3,785 | 3.2 | 3.3 | ||||||||||
Total current assets | 173,083 | 175,386 | 177.2 | 213.5 | ||||||||||
Property, plant and equipment, net | 2,032,528 | 1,947,637 | ||||||||||||
Property, plant and equipment | 2,263.0 | 2,241.6 | ||||||||||||
Other assets | ||||||||||||||
Regulatory assets | 276,009 | 286,188 | 276.0 | 285.5 | ||||||||||
Other investments | 2,853 | 2,844 | 2.7 | 2.7 | ||||||||||
Other | 1,147 | 785 | 0.3 | 0.2 | ||||||||||
Total other assets | 280,009 | 289,817 | 279.0 | 288.4 | ||||||||||
Total assets | $ | 2,485,620 | $ | 2,412,840 | $ | 2,719.2 | $ | 2,743.5 | ||||||
Liabilities and Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Current portion of long-term debt | $ | 1,086 | $ | 1,123 | ||||||||||
Short-term debt | 92,000 | 60,000 | $ | 50.0 | $ | 51.0 | ||||||||
Notes payable to affiliates | 500 | 500 | — | 0.6 | ||||||||||
Accounts payable | 51,387 | 41,068 | 30.7 | 56.8 | ||||||||||
Accounts payable to affiliates | 26,655 | 29,037 | 23.1 | 20.0 | ||||||||||
Dividends payable to parent | 11,397 | 10,729 | 15.9 | 17.4 | ||||||||||
Regulatory liabilities | 26,025 | 17,428 | 24.6 | 20.9 | ||||||||||
Taxes accrued | 5.5 | 3.0 | ||||||||||||
Environmental liabilities | 18,348 | 41,438 | 10.6 | 10.9 | ||||||||||
Accrued interest | 9,503 | 8,012 | 9.2 | 8.8 | ||||||||||
Other | 26,861 | 26,484 | 14.4 | 14.8 | ||||||||||
Total current liabilities | 263,762 | 235,819 | 184.0 | 204.2 | ||||||||||
Deferred credits and other liabilities | ||||||||||||||
Deferred income taxes | 471,892 | 430,593 | 282.5 | 280.7 | ||||||||||
Deferred investment tax credits | 7,645 | 8,037 | 6.7 | 7.0 | ||||||||||
Regulatory liabilities | 152,665 | 148,189 | 404.8 | 400.1 | ||||||||||
Environmental liabilities | 12,888 | 23,003 | 16.9 | 18.0 | ||||||||||
Customer advances | 18,015 | 19,425 | 17.7 | 16.8 | ||||||||||
Pension and employee benefit obligations | 46,827 | 55,164 | 37.5 | 44.5 | ||||||||||
Other | 16,177 | 18,814 | 23.1 | 22.3 | ||||||||||
Total deferred credits and other liabilities | 726,109 | 703,225 | 789.2 | 789.4 | ||||||||||
Commitments and contingencies | ||||||||||||||
Capitalization | ||||||||||||||
Long-term debt | 662,455 | 661,946 | 807.8 | 807.5 | ||||||||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at Sept. 30, 2017 and Dec. 31, 2016, respectively | 93,300 | 93,300 | ||||||||||||
Common stock — 1,000,000 shares authorized of $100 par value; 933,000 shares outstanding at June 30, 2019 and Dec. 31, 2018, respectively | 93.3 | 93.3 | ||||||||||||
Additional paid in capital | 411,025 | 395,315 | 513.6 | 510.1 | ||||||||||
Retained earnings | 329,045 | 323,368 | 331.3 | 339.0 | ||||||||||
Accumulated other comprehensive loss | (76 | ) | (133 | ) | ||||||||||
Total common stockholder’s equity | 833,294 | 811,850 | 938.2 | 942.4 | ||||||||||
Total liabilities and equity | $ | 2,485,620 | $ | 2,412,840 | $ | 2,719.2 | $ | 2,743.5 |
NSP-WISCONSIN AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in millions, shares in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||||||
Three Months Ended June 30, 2019 and 2018 | ||||||||||||||||||||||
Balance at March 31, 2018 | 933.0 | $ | 93.3 | $ | 449.4 | $ | 349.4 | $ | (0.1 | ) | $ | 892.0 | ||||||||||
Net income | 15.2 | 15.2 | ||||||||||||||||||||
Other comprehensive income | 0.1 | 0.1 | ||||||||||||||||||||
Common dividends declared to parent | (16.5 | ) | (16.5 | ) | ||||||||||||||||||
Contribution of capital by parent | 3.5 | 3.5 | ||||||||||||||||||||
Balance at June 30, 2018 | 933.0 | $ | 93.3 | $ | 452.9 | $ | 348.1 | $ | — | $ | 894.3 | |||||||||||
Balance at March 31, 2019 | 933.0 | $ | 93.3 | $ | 510.1 | $ | 338.6 | $ | — | $ | 942.0 | |||||||||||
Net income | 8.6 | 8.6 | ||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||
Common dividends declared to parent | (15.9 | ) | (15.9 | ) | ||||||||||||||||||
Contribution of capital by parent | 3.5 | 3.5 | ||||||||||||||||||||
Balance at June 30, 2019 | 933.0 | $ | 93.3 | $ | 513.6 | $ | 331.3 | $ | — | $ | 938.2 | |||||||||||
See Notes to Consolidated Financial Statements |
NSP-WISCONSIN AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) (amounts in millions, shares in thousands) | ||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | ||||||||||||||||||||
Six Months Ended June 30, 2019 and 2018 | ||||||||||||||||||||||
Balance at Dec. 31, 2017 | 933.0 | $ | 93.3 | $ | 449.4 | $ | 334.0 | $ | (0.1 | ) | $ | 876.6 | ||||||||||
Net income | 46.6 | 46.6 | ||||||||||||||||||||
Other comprehensive income | 0.1 | 0.1 | ||||||||||||||||||||
Common dividends declared to parent | (32.5 | ) | (32.5 | ) | ||||||||||||||||||
Contribution of capital by parent | 3.5 | 3.5 | ||||||||||||||||||||
Balance at June 30, 2018 | 933.0 | $ | 93.3 | $ | 452.9 | $ | 348.1 | $ | — | $ | 894.3 | |||||||||||
Balance at Dec. 31, 2018 | 933.0 | $ | 93.3 | $ | 510.1 | $ | 339.0 | $ | — | $ | 942.4 | |||||||||||
Net income | 32.6 | 32.6 | ||||||||||||||||||||
Other comprehensive income | — | — | ||||||||||||||||||||
Common dividends declared to parent | (40.3 | ) | (40.3 | ) | ||||||||||||||||||
Contribution of capital by parent | 3.5 | 3.5 | ||||||||||||||||||||
Balance at June 30, 2019 | 933.0 | $ | 93.3 | $ | 513.6 | $ | 331.3 | $ | — | $ | 938.2 | |||||||||||
See Notes to Consolidated Financial Statements |
1. | Summary of Significant Accounting Policies |
2. | Accounting Pronouncements |
3. | Selected Balance Sheet Data |
(Millions of Dollars) | June 30, 2019 | Dec. 31, 2018 | ||||||
Accounts receivable, net | ||||||||
Accounts receivable | $ | 58.2 | $ | 80.7 | ||||
Less allowance for bad debts | (4.6 | ) | (5.6 | ) | ||||
$ | 53.6 | $ | 75.1 |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Accounts receivable, net (a) | ||||||||
Accounts receivable | $ | 55,619 | $ | 58,896 | ||||
Less allowance for bad debts | (4,405 | ) | (4,865 | ) | ||||
$ | 51,214 | $ | 54,031 |
(Millions of Dollars) | June 30, 2019 | Dec. 31, 2018 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 7.1 | $ | 6.7 | ||||
Fuel | 3.8 | 3.8 | ||||||
Natural gas | 3.1 | 6.6 | ||||||
$ | 14.0 | $ | 17.1 |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Inventories | ||||||||
Materials and supplies | $ | 7,417 | $ | 6,582 | ||||
Fuel | 3,898 | 4,743 | ||||||
Natural gas | 8,792 | 6,984 | ||||||
$ | 20,107 | $ | 18,309 |
(Millions of Dollars) | June 30, 2019 | Dec. 31, 2018 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,933.3 | $ | 2,895.5 | ||||
Natural gas plant | 351.2 | 345.7 | ||||||
Common and other property | 197.2 | 189.7 | ||||||
Construction work in progress | 63.0 | 55.0 | ||||||
Total property, plant and equipment | 3,544.7 | 3,485.9 | ||||||
Less accumulated depreciation | (1,281.7 | ) | (1,244.3 | ) | ||||
$ | 2,263.0 | $ | 2,241.6 |
(Thousands of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Property, plant and equipment, net | ||||||||
Electric plant | $ | 2,553,562 | $ | 2,499,401 | ||||
Natural gas plant | 317,902 | 294,986 | ||||||
Common and other property | 185,612 | 156,316 | ||||||
Construction work in progress | 151,299 | 118,822 | ||||||
Total property, plant and equipment | 3,208,375 | 3,069,525 | ||||||
Less accumulated depreciation | (1,175,847 | ) | (1,121,888 | ) | ||||
$ | 2,032,528 | $ | 1,947,637 |
4. |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 1.4 | $ | 0.4 | ||||
Unrecognized tax benefit — Temporary tax positions | 1.0 | 4.9 | ||||||
Total unrecognized tax benefit | $ | 2.4 | $ | 5.3 |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
NOL and tax credit carryforwards | $ | (1.9 | ) | $ | (1.2 | ) |
(Millions of Dollars) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Guarantee issued and outstanding | $ | 1.0 | $ | 1.0 | ||||
Current exposure under this guarantee | — | 0.1 |
Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended June 30, 2019 | Year Ended Dec. 31, 2018 | ||||||
Borrowing limit | $ | 150 | $ | 150 | ||||
Amount outstanding at period end | 50 | 51 | ||||||
Average amount outstanding | 39 | 28 | ||||||
Maximum amount outstanding | 59 | 103 | ||||||
Weighted average interest rate, computed on a daily basis | 2.63 | % | 2.31 | % | ||||
Weighted average interest rate at period end | 2.62 | 2.89 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2017 | Year Ended Dec. 31, 2016 | ||||||
Borrowing limit | $ | 150 | $ | 150 | ||||
Amount outstanding at period end | 92 | 60 | ||||||
Average amount outstanding | 60 | 15 | ||||||
Maximum amount outstanding | 93 | 64 | ||||||
Weighted average interest rate, computed on a daily basis | 1.36 | % | 0.69 | % | ||||
Weighted average interest rate at period end | 1.37 | 0.95 |
Credit Facility (a) | Credit Facility (a) | Drawn (b) | Available | Credit Facility (a) | Outstanding (b) | Available | ||||||||||||||
$ | 150 | $ | 92 | $ | 58 | 150 | $ | 50 | $ | 100 |
(a) | This credit facility expires in June |
(b) | Includes outstanding commercial paper. |
(Amounts in Millions, Except Interest Rates) | June 30, 2019 | Dec. 31, 2018 | ||||||
Notes payable to affiliates | $ | — | $ | 0.6 | ||||
Weighted average interest rate at period end | N/A | 2.89 | % |
Three Months Ended June 30, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 54.1 | $ | 10.8 | $ | — | $ | 64.9 | ||||||||
Commercial and industrial (C&I) | 105.1 | 8.6 | — | 113.7 | ||||||||||||
Other | 2.1 | — | 0.1 | 2.2 | ||||||||||||
Total retail | 161.3 | 19.4 | 0.1 | 180.8 | ||||||||||||
Interchange | 43.5 | — | — | 43.5 | ||||||||||||
Other | 0.1 | 0.9 | — | 1.0 | ||||||||||||
Total revenue from contracts with customers | 204.9 | 20.3 | 0.1 | 225.3 | ||||||||||||
Alternative revenue and other | 3.0 | 0.6 | — | 3.6 | ||||||||||||
Total revenues | $ | 207.9 | $ | 20.9 | $ | 0.1 | $ | 228.9 |
Three Months Ended June 30, 2018 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 58.7 | $ | 10.9 | $ | — | $ | 69.6 | ||||||||
C&I | 106.4 | 9.4 | — | 115.8 | ||||||||||||
Other | 1.8 | — | 0.3 | 2.1 | ||||||||||||
Total retail | 166.9 | 20.3 | 0.3 | 187.5 | ||||||||||||
Interchange | 38.4 | — | — | $ | 38.4 | |||||||||||
Other | 1.3 | 1.1 | — | 2.4 | ||||||||||||
Total revenue from contracts with customers | 206.6 | 21.4 | 0.3 | 228.3 | ||||||||||||
Alternative revenue and other | 2.9 | 0.6 | — | 3.5 | ||||||||||||
Total revenues | $ | 209.5 | $ | 22.0 | $ | 0.3 | $ | 231.8 |
(Amounts in Millions, Except Interest Rates) | Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Notes payable to affiliates | $ | 0.5 | $ | 0.5 | ||||
Weighted average interest rate at period end | 1.57 | % | 0.95 | % |
Six Months Ended June 30, 2019 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 121.5 | $ | 44.4 | $ | — | $ | 165.9 | ||||||||
C&I | 203.6 | 34.4 | — | 238.0 | ||||||||||||
Other | 3.6 | — | 0.2 | 3.8 | ||||||||||||
Total retail | 328.7 | 78.8 | 0.2 | 407.7 | ||||||||||||
Interchange | 87.6 | — | — | 87.6 | ||||||||||||
Other | 0.6 | 2.0 | — | 2.6 | ||||||||||||
Total revenue from contracts with customers | 416.9 | 80.8 | 0.2 | 497.9 | ||||||||||||
Alternative revenue and other | 6.0 | 1.2 | — | 7.2 | ||||||||||||
Total revenues | $ | 422.9 | $ | 82.0 | $ | 0.2 | $ | 505.1 |
Six Months Ended June 30, 2018 | ||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||
Major revenue types | ||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||
Residential | $ | 126.5 | $ | 41.3 | $ | — | $ | 167.8 | ||||||||
C&I | 211.2 | 34.0 | — | 245.2 | ||||||||||||
Other | 3.4 | — | 0.5 | 3.9 | ||||||||||||
Total retail | 341.1 | 75.3 | 0.5 | 416.9 | ||||||||||||
Interchange | 76.0 | — | — | 76.0 | ||||||||||||
Other | 2.9 | 2.0 | — | 4.9 | ||||||||||||
Total revenue from contracts with customers | 420.0 | 77.3 | 0.5 | 497.8 | ||||||||||||
Alternative revenue and other | 5.9 | 1.2 | — | 7.1 | ||||||||||||
Total revenues | $ | 425.9 | $ | 78.5 | $ | 0.5 | $ | 504.9 |
Income Taxes |
Six Months Ended June 30 | ||||||
2019 | 2018 | |||||
Federal statutory rate | 21.0 | % | 21.0 | % | ||
State tax (net of federal tax effect) | 6.2 | 6.2 | ||||
Increases (decreases) in tax from: | ||||||
Prior period adjustments | 2.2 | — | ||||
Tax credits and allowances (net) | (1.0 | ) | (0.9 | ) | ||
Plant regulatory differences (a) | (0.5 | ) | (1.7 | ) | ||
Other (net) | 0.3 | 0.5 | ||||
Effective income tax rate | 28.2 | % | 25.1 | % |
(a) | Regulatory differences for income tax primarily relate to the flow back of excess deferred taxes to customers through the average rate assumption method and the impact of allowance for funds used during construction - equity. Year-to-date variations primarily relates to the impact of allowance for funds used during construction - equity. |
Tax Year(s) | Expiration | |
2009 - 2013 | June 2020 | |
2014 - 2016 | September 2020 | |
2017 | September 2021 |
(Millions of Dollars) | June 30, 2019 | Dec. 31, 2018 | ||||||
Unrecognized tax benefit — Permanent tax positions | $ | 2.1 | $ | 2.0 | ||||
Unrecognized tax benefit — Temporary tax positions | 0.8 | 0.8 | ||||||
Total unrecognized tax benefit | $ | 2.9 | $ | 2.8 |
(Millions of Dollars) | June 30, 2019 | Dec. 31, 2018 | ||||||
NOL and tax credit carryforwards | $ | (2.0 | ) | $ | (2.1 | ) |
7. | Fair Value of Financial Assets and Liabilities |
(Amounts in Thousands) (a)(b) | Sept. 30, 2017 | Dec. 31, 2016 | ||||
Million British thermal units of natural gas | 142 | 255 |
(Amounts in Millions) (a)(b) | June 30, 2019 | Dec. 31, 2018 | ||||
MMBtu of natural gas | 0.2 | 1.2 |
(a) | Amounts are not reflective of net positions in the underlying commodities. |
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sept. 30, 2017 | Fair Value | Fair Value Total | Netting (a) | Total (b) | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | Total (b) | |||||||||||||||||||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total (b) | ||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 78 | $ | — | $ | 78 | $ | — | $ | 78 | $ | — | $ | 0.1 | $ | — | $ | 0.1 | $ | — | $ | 0.1 |
Dec. 31, 2016 | Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (a) | Total (b) | Fair Value | Fair Value Total | Netting (a) | Total (b) | |||||||||||||||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Fair Value Total | Netting (a) | Total (b) | ||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | $ | — | $ | 149 | $ | — | $ | 149 | $ | — | $ | 149 | $ | — | $ | 0.2 | $ | — | $ | 0.2 | $ | — | $ | 0.2 |
(a) | NSP-Wisconsin nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at |
(b) | Included in prepayments and other current assets balance of |
June 30, 2019 | Dec. 31, 2018 | |||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 807.8 | $ | 912.2 | $ | 807.5 | $ | 850.4 |
Sept. 30, 2017 | Dec. 31, 2016 | |||||||||||||||
(Thousands of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-term debt, including current portion | $ | 663,541 | $ | 741,450 | $ | 663,069 | $ | 730,284 |
8. | Benefit Plans and Other Postretirement Benefits |
Three Months Ended June 30 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 1.1 | $ | 1.2 | $ | — | $ | — | ||||||||
Interest cost (a) | 1.4 | 1.4 | 0.1 | 0.2 | ||||||||||||
Expected return on plan assets (a) | (2.0 | ) | (2.3 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) (a) | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Amortization of net loss (a) | 1.1 | 1.4 | 0.1 | 0.1 | ||||||||||||
Net periodic benefit cost | $ | 1.6 | $ | 1.7 | $ | 0.1 | $ | 0.2 | ||||||||
Costs not recognized due to the effects of regulation | — | — | — | — | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 1.6 | $ | 1.7 | $ | 0.1 | $ | 0.2 |
Six Months Ended June 30 | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 2.2 | $ | 2.4 | $ | — | $ | — | ||||||||
Interest cost (a) | 2.9 | 2.7 | 0.3 | 0.3 | ||||||||||||
Expected return on plan assets (a) | (4.2 | ) | (4.5 | ) | — | — | ||||||||||
Amortization of prior service cost (credit) (a) | — | — | (0.2 | ) | (0.2 | ) | ||||||||||
Amortization of net loss (a) | 2.2 | 2.8 | 0.1 | 0.3 | ||||||||||||
Net periodic benefit cost | 3.1 | 3.4 | 0.2 | 0.4 | ||||||||||||
Credits not recognized due to the effects of regulation | 0.2 | 0.2 | — | — | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 3.3 | $ | 3.6 | $ | 0.2 | $ | 0.4 |
(a) | The components of net periodic cost other than the service cost component are included in the line item “other expense, net” in the consolidated statement of income or capitalized on the consolidated balance sheet as a regulatory asset. |
9. |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||
(Thousands of Dollars) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income (expense) | $ | 138 | $ | (73 | ) | $ | 342 | $ | 65 | |||||||
Other nonoperating income | 8 | 33 | 238 | 299 | ||||||||||||
Insurance policy (expense) income | (48 | ) | (58 | ) | (146 | ) | 70 | |||||||||
Other nonoperating expense | (3 | ) | (4 | ) | (10 | ) | (10 | ) | ||||||||
Other income (expense), net | $ | 95 | $ | (102 | ) | $ | 424 | $ | 424 |
10. | Segment Information |
• | Regulated Electric - The regulated electric utility segment generates electricity which is transmitted and distributed in Wisconsin and Michigan. |
• | Regulated Natural Gas - The regulated natural gas utility segment purchases, transports, stores and distributes natural gas in portions of Wisconsin and Michigan. |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 232,802 | $ | 14,394 | $ | 315 | $ | — | $ | 247,511 | ||||||||||
Intersegment revenues | 144 | 56 | — | (200 | ) | — | ||||||||||||||
Total revenues | $ | 232,946 | $ | 14,450 | $ | 315 | $ | (200 | ) | $ | 247,511 | |||||||||
Net income (loss) | $ | 24,594 | $ | (2,184 | ) | $ | (85 | ) | $ | — | $ | 22,325 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Three Months Ended Sept. 30, 2016 | ||||||||||||||||||||
Operating revenues (a) | $ | 232,216 | $ | 13,646 | $ | 282 | $ | — | $ | 246,144 | ||||||||||
Intersegment revenues | 110 | 97 | — | (207 | ) | — | ||||||||||||||
Total revenues | $ | 232,326 | $ | 13,743 | $ | 282 | $ | (207 | ) | $ | 246,144 | |||||||||
Net income (loss) | $ | 25,459 | $ | (1,201 | ) | $ | (37 | ) | $ | — | $ | 24,221 |
Three Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Regulated Electric | ||||||||
Operating revenues (a) | $ | 207.9 | $ | 209.5 | ||||
Intersegment revenues | 0.1 | 0.1 | ||||||
Total operating revenue | 208.0 | 209.6 | ||||||
Net income | 10.9 | 15.5 | ||||||
Regulated Natural Gas | ||||||||
Operating revenues (a) | $ | 20.9 | $ | 22.0 | ||||
Intersegment revenues | — | 0.1 | ||||||
Total operating revenue | 20.9 | 22.1 | ||||||
Net loss | (1.3 | ) | (0.1 | ) | ||||
All Other | ||||||||
Operating revenues (a) | $ | 0.1 | $ | 0.3 | ||||
Net loss | (1.0 | ) | (0.2 | ) | ||||
Consolidated Total | ||||||||
Operating revenues (a) | $ | 229.0 | $ | 232.0 | ||||
Reconciling Eliminations | (0.1 | ) | (0.2 | ) | ||||
Total operating revenue | $ | 228.9 | $ | 231.8 | ||||
Net income | 8.6 | 15.2 |
(a) | Operating revenues include |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2017 | ||||||||||||||||||||
Operating revenues (a) | $ | 659,853 | $ | 81,768 | $ | 847 | $ | — | $ | 742,468 | ||||||||||
Intersegment revenues | 363 | 238 | — | (601 | ) | — | ||||||||||||||
Total revenues | $ | 660,216 | $ | 82,006 | $ | 847 | $ | (601 | ) | $ | 742,468 | |||||||||
Net income | $ | 54,580 | $ | 3,388 | $ | 1,017 | $ | — | $ | 58,985 |
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | |||||||||||||||
Nine Months Ended Sept. 30, 2016 | ||||||||||||||||||||
Operating revenues (a) | $ | 646,619 | $ | 72,671 | $ | 877 | $ | — | $ | 720,167 | ||||||||||
Intersegment revenues | 317 | 299 | — | (616 | ) | — | ||||||||||||||
Total revenues | $ | 646,936 | $ | 72,970 | $ | 877 | $ | (616 | ) | $ | 720,167 | |||||||||
Net income | $ | 52,058 | $ | 2,426 | $ | (7 | ) | $ | — | $ | 54,477 |
Six Months Ended June 30 | ||||||||
(Millions of Dollars) | 2019 | 2018 | ||||||
Regulated Electric | ||||||||
Operating revenues (a) | $ | 422.9 | $ | 425.9 | ||||
Intersegment revenues | 0.2 | 0.2 | ||||||
Total operating revenue | 423.1 | 426.1 | ||||||
Net income | 24.1 | 35.9 | ||||||
Regulated Natural Gas | ||||||||
Operating revenues (a) | $ | 82.0 | $ | 78.5 | ||||
Intersegment revenues | 0.2 | 0.3 | ||||||
Total operating revenue | 82.2 | 78.8 | ||||||
Net income | 9.2 | 10.3 | ||||||
All Other | ||||||||
Operating revenues (a) | $ | 0.2 | $ | 0.5 | ||||
Net income (loss) | (0.7 | ) | 0.4 | |||||
Consolidated Total | ||||||||
Operating revenues (a) | $ | 505.5 | $ | 505.4 | ||||
Reconciling Eliminations | (0.4 | ) | (0.5 | ) | ||||
Total operating revenue | $ | 505.1 | $ | 504.9 | ||||
Net income | 32.6 | 46.6 |
(a) | Operating revenues include |
Three Months Ended Sept. 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 1,154 | $ | 1,104 | $ | 7 | $ | 6 | ||||||||
Interest cost | 1,554 | 1,704 | 147 | 163 | ||||||||||||
Expected return on plan assets | (2,295 | ) | (2,289 | ) | (7 | ) | (6 | ) | ||||||||
Amortization of prior service cost (credit) | 35 | 28 | (88 | ) | (88 | ) | ||||||||||
Amortization of net loss | 1,462 | 1,348 | 109 | 83 | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 1,910 | $ | 1,895 | $ | 168 | $ | 158 |
Nine Months Ended Sept. 30 | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||
Service cost | $ | 3,463 | $ | 3,312 | $ | 21 | $ | 18 | ||||||||
Interest cost | 4,663 | 5,112 | 443 | 489 | ||||||||||||
Expected return on plan assets | (6,885 | ) | (6,867 | ) | (23 | ) | (18 | ) | ||||||||
Amortization of prior service cost (credit) | 104 | 84 | (264 | ) | (264 | ) | ||||||||||
Amortization of net loss | 4,385 | 4,044 | 327 | 249 | ||||||||||||
Net benefit cost recognized for financial reporting | $ | 5,730 | $ | 5,685 | $ | 504 | $ | 474 |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2017 | Three Months Ended Sept. 30, 2016 | ||||||
Accumulated other comprehensive loss at June 30 | $ | (95 | ) | $ | (171 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 19 | 19 | ||||||
Net current period other comprehensive income | 19 | 19 | ||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (76 | ) | $ | (152 | ) |
Gains and Losses on Cash Flow Hedges | ||||||||
(Thousands of Dollars) | Nine Months Ended Sept. 30, 2017 | Nine Months Ended Sept. 30, 2016 | ||||||
Accumulated other comprehensive loss at Jan. 1 | $ | (133 | ) | $ | (209 | ) | ||
Losses reclassified from net accumulated other comprehensive loss | 57 | 57 | ||||||
Net current period other comprehensive income | 57 | 57 | ||||||
Accumulated other comprehensive loss at Sept. 30 | $ | (76 | ) | $ | (152 | ) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Three Months Ended Sept. 30, 2017 | Three Months Ended Sept. 30, 2016 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 32 | (a) | $ | 32 | (a) | |||
Total, pre-tax | 32 | 32 | |||||||
Tax benefit | (13 | ) | (13 | ) | |||||
Total amounts reclassified, net of tax | $ | 19 | $ | 19 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | |||||||||
(Thousands of Dollars) | Nine Months Ended Sept. 30, 2017 | Nine Months Ended Sept. 30, 2016 | |||||||
Losses on cash flow hedges: | |||||||||
Interest rate derivatives | $ | 94 | (a) | $ | 95 | (a) | |||
Total, pre-tax | 94 | 95 | |||||||
Tax benefit | (37 | ) | (38 | ) | |||||
Total amounts reclassified, net of tax | $ | 57 | $ | 57 |
Nine Months Ended Sept. 30 | Six Months Ended June 30 | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2019 | 2018 | ||||||||||||
Electric revenues | $ | 660 | $ | 647 | $ | 422.9 | $ | 425.9 | ||||||||
Electric fuel and purchased power | (328 | ) | (323 | ) | (208.4 | ) | (209.4 | ) | ||||||||
Electric margin | $ | 332 | $ | 324 | $ | 214.5 | $ | 216.5 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 10 | ||
Interchange agreement billings with NSP-Minnesota | 4 | |||
Timing of fuel recovery | 3 | |||
Retail sales growth | 3 | |||
Estimated impact of weather | (6 | ) | ||
Other, net | (1 | ) | ||
Total increase in electric revenues | $ | 13 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 10 | ||
Interchange agreement billings with NSP-Minnesota | 4 | |||
Retail sales growth | 3 | |||
Estimated impact of weather | (6 | ) | ||
Other, net | (3 | ) | ||
Total increase in electric margin | $ | 8 |
(Millions of Dollars) | 2019 vs. 2018 | |||
Interchange agreement billings with NSP-Minnesota | $ | 4.8 | ||
Purchased capacity costs | 1.3 | |||
Estimated impact of weather | (5.1 | ) | ||
Timing of fuel recovery | (1.3 | ) | ||
Sales growth | (0.5 | ) | ||
Other (net) | (1.2 | ) | ||
Total decrease in electric margin | $ | (2.0 | ) |
Nine Months Ended Sept. 30 | Six Months Ended June 30 | |||||||||||||||
(Millions of Dollars) | 2017 | 2016 | 2019 | 2018 | ||||||||||||
Natural gas revenues | $ | 82 | $ | 73 | $ | 82.0 | $ | 78.5 | ||||||||
Cost of natural gas sold and transported | (41 | ) | (36 | ) | (40.5 | ) | (37.2 | ) | ||||||||
Natural gas margin | $ | 41 | $ | 37 | $ | 41.5 | $ | 41.3 |
(Millions of Dollars) | 2019 vs. 2018 | |||
Estimated impact of weather | $ | 0.6 | ||
Sales growth | (0.7 | ) | ||
Other (net) | 0.3 | |||
Total increase in natural gas margin | $ | 0.2 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Purchased natural gas adjustment clause recovery | $ | 4 | ||
Retail rate increase | 3 | |||
Other, net | 2 | |||
Total increase in natural gas revenues | $ | 9 |
(Millions of Dollars) | 2017 vs. 2016 | |||
Retail rate increase | $ | 3 | ||
Other, net | 1 | |||
Total increase in natural gas margin | $ | 4 |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference |
3.01* | NSP-Wisconsin Form S-4 | 333-112033 | 3.01 | |
3.02* | NSP-Wisconsin Form | 001-03140 | 3.02 | |
Xcel Energy Inc. | 001-03034 | 99.05 | ||
101 | The following materials from NSP-Wisconsin’s Quarterly Report on Form 10-Q for the quarter ended |
Northern States Power Company (a Wisconsin corporation) | ||
By: | /s/ JEFFREY S. SAVAGE | |
Jeffrey S. Savage | ||
Senior Vice President, Controller | ||
(Principal Accounting Officer) | ||
/s/ ROBERT C. FRENZEL | ||
Robert C. Frenzel | ||
Executive Vice President, Chief Financial Officer and Director | ||
(Principal Financial Officer) |