Xcel profits up 2010, more profits forecast in 2011 - KCBD NewsChannel 11 Lubbock

Xcel profits up 2010, more profits forecast in 2011

By James Clark - email

LUBBOCK, TX (KCBD) - Xcel Energy, a major electric provider on the South Plains, reports profits of $756 million for 2010.  That works out to $1.62 per share as compared with 2009 earnings of $681 million, or $1.48 per share. 

Xcel's West Texas subsidiary, Southwestern Public Service Company, is asking for permission to increase monthly bills by 7% staring next month.  That increase will not apply to most Lubbock residents because Xcel sold its Lubbock operations to Lubbock Power & Light for $87 million on October 29th of last year.  The company forecasts profits of $1.65 to $1.75 per share for 2011. 

Xcel provides electric service or natural gas or both to people in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. 

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