Press release from Business Wire
Xcel Energy Inc. Board Increases Common Dividend 3.7 Percent, Declares Dividend on Common Stock and Announces Management Changes
Tuesday, May 21, 2013
Xcel Energy Inc. Board Increases Common Dividend 3.7 Percent, Declares Dividend on Common Stock and Announces Management Changes19:03 EDT Tuesday, May 21, 2013
MINNEAPOLIS (Business Wire) -- The Xcel Energy Inc. (NYSE: XEL) board of directors today raised the quarterly dividend on the company's common stock from 27 cents per share to 28 cents per share, which is equivalent to an annual rate of $1.12 per share. The board declared the second quarter common stock dividend payable July 20, 2013, to shareholders of record on June 20, 2013.
“A growing dividend contributes to the total return opportunity we offer investors,” said Ben Fowke, chairman, president, and CEO. “Our objective is to grow the dividend 2-4 percent annually, and this year we are pleased to announce that we have increased the dividend 3.7 percent.”
In other action, the board elected Judith M. Poferl as vice president, Corporate Secretary, effective May 23, 2013, succeeding Cathy J. Hart who is retiring after 13 years in the position.
“Cathy has been an outstanding corporate secretary for the company, and we wish her well in her retirement,” said Fowke. “Judy brings a wealth of experience to the position and will continue our focus on serving our stakeholders well.”
Poferl has been president and CEO of Xcel Energy Inc. subsidiary Northern States Power Company-Minnesota since September 2009. Poferl has more than 25 years of experience in energy and regulation, including a variety of positions since joining the Company in 1998.
David M. Sparby, senior vice president and Group President for Xcel Energy Services Company Inc., will assume the additional role of president and CEO of NSP-Minnesota. Sparby, who has more than 30 years experience in the energy industry, will continue to oversee Xcel Energy's four utility operating companies, with a particular focus on NSP-Minnesota.
“Xcel Energy has the organization and team to provide excellent customer service at competitive prices while delivering strong financial results,” Fowke said. “We are well positioned to continue delivering value to our customers and shareholders.”
Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
This information is not given in connection with any sale or offer for sale or offer to buy any securities.
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of Xcel Energy Inc. regarding future operating results and other future events, which are subject to certain risks, uncertainties and assumptions. Forward-looking statements in this news release include, among others, statements concerning future dividend payments. In some cases, forward-looking statements may be identified in this document by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. Factors that could cause actual results to differ materially include, but are not limited to: general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries (collectively, Xcel Energy) to obtain financing on favorable terms; business conditions in the energy industry, including the risk of a slow down in the U.S. economy or delay in growth recovery; trade, fiscal, taxation and environmental policies in areas where Xcel Energy has a financial interest; customer business conditions; actions of credit rating agencies; competitive factors, including the extent and timing of the entry of additional competition in the markets served by Xcel Energy Inc. and its subsidiaries; unusual weather; effects of geopolitical events, including war and acts of terrorism; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rates or have an impact on asset operation or ownership or impose environmental compliance conditions; structures that affect the speed and degree to which competition enters the electric and natural gas markets; costs and other effects of legal and administrative proceedings, settlements, investigations and claims; actions by regulatory bodies impacting our nuclear operations, including those affecting costs, operations or the approval of requests pending before the Nuclear Regulatory Commission; financial or regulatory accounting policies imposed by regulatory bodies; availability or cost of capital; employee work force factors; and the other risk factors listed from time to time by Xcel Energy in reports filed with the Securities and Exchange Commission (SEC), including Risk Factors in Item 1A and Exhibit 99.01 of Xcel Energy Inc.'s Annual Report on Form 10-K for the year ended Dec. 31, 2012 and Quarterly Report on Form 10-Q for the quarter ended Mar. 31, 2013.
Xcel Energy, Minneapolis
Tara Heine, 612-215-5391
Paul Johnson, Vice President, Investor Relations
and Business Development, 612-215-4535
Xcel Energy Media Relations Representatives, 612-215-5300