XEL - Earnings call transcript Q1 2020

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Operator

Good day, ladies and gentleman. And welcome to the Xcel Energy First Quarter 2020 Earnings Call. Questions will only be taken from institutional investors. Reporters can contact media relations with inquiries, individual investors and others can reach out to Investor Relations. Thank you. recorded. being is conference Today’s

At this Vice sir. to Johnson, conference I of Investor turn President ahead, over Relations. Paul time, Please go

Paul Johnson

Thank welcome quarter you. And Energy's Good first XXXX to earnings Xcel call. conference morning.

are today Frenzel, Brian Financial Bob Van President Executive Vice Executive Vice me President President and Ben Joining Executive Officer; Operating Officer. Chief Chief and Abel, Officer; Chairman, and Chief Fowke, and

around our development we're on review we'll accompany XXXX There's uncertainty and managing developments, morning results, that business first list This share our expanded how regulatory discuss through today of coronavirus. an quarter Web slides site. call our

are As contain in our and with the forward of could earnings comments the may significant filings SEC. information, conference anticipated factors that call different a designated reminder, looking to cost release during some results today's those than

On will today's earning gas GAAP measures, in are that including and are Information included earnings metrics measures on non-GAAP certain natural and the comparable electric reconciliations margins. call, ongoing discuss and release. we our

I turn to over will Ben. the now call

Ben Fowke

Paul Well, morning, good thank and everyone. you,

our care businesses You so reflect tremendous the on few back coronavirus, the impacted to heart devoted challenges. and goes my across out the all health months, sectors I really the serving by the know, bravely individuals past communities economic as and families professionals experiencing

done our stimulate XXX finding and I their for providing ways our our we our dedication, working delivering reliable industry how in and support to time, of businesses. spirit, a local people Energy, also and service safe, to employees communities to in years. this with thank employees those as safety and critical support during understand growth. and and local how to Xcel so we've for the keep At our work have health need is to economic unprecedented communities I'm customers responded want creativity pleased to over

impacts can take XXXX our quarter for to And gotten booking actions the the compared that a off as will We've share a first XXXX solid the believe per we financial per reaffirming we year. share turning will the results last with detail. $X.XX allow of result, to We Brian discuss start, Now guidance. $X.XX of quarter. COVID-XX. weather in to more us are

At significant our while our energy continuing strides Xcel taking Energy, and services. we're protect help deliver customers to to employees, critical

Some of field of need. were service relief immediate plans customers. we We to charitable to customer if disconnecting during their and stepped having paying our are include our $XX actions reduce difficulty both our committing forecast our give and to arranging to this payment residential In they're up approved bills. communities our time million by not Minnesota, proposing helping giving

to And we our regulators are constructive working solutions local customers. support and identify and our and state closely with leadership communities to

home and work conducting and at temperature policies, by crews from our CDC work enhancing distancing times. We’re and guidelines implementing following checks personal staggering critical segregating safe equipment protection keeping social employees providing cleaning practices, facilities,

a work financial to developed implemented To mitigate plans business critical employees From enhanced sequest and if site are liquidity impact plans, reliability, on allows our and of COVID-XX. contingency standpoint, prioritize we've us to ensure continued prepared necessary. the which we've our continuity to

demand to that create get be supplies. by programs help and expenditure our for the feet expect to capital and of invest back our on we the economy equipment through its part Finally, solution communities continuing jobs to drive in

is of considerable a a has to situation Energy fluid and this always no during remarkable with set our Xcel challenges customers is uncertainty, exception. difficult times, dedication this serving While shown

million. development. natural Moving recently for on to of business announced the gas plant opportunistic Mankato We sale the $XXX

fully assets. this proposed originally regulated we recall a You as acquisition

acquired rejected and purchase stepped asset into the commission the this when proposal, agreement. as power non-regulated Minnesota Mankato we However, a

we've assets, long-term value, significant down story. non-regulated coal thought investors having asset provide cloud that we Mankato Energy the several While at as shut Xcel heard would from especially a we

As when fully to expressed regulated sell utilities. we interest pure buyers play status it the few decided in and of plant, acquiring several as potential one very a the result, preserve our

the the times. our sale expect our back in earnings the were not materially And will loaded, end transaction we it of projections. these since the earnings part And the don't impact sale, rationale while for was liquidity to uncertain improve

funding We will use the metrics. and credit improve proceeds needs to reduce our

COVID-XX addition, relief again, will use our charitable communities. including efforts, to which book we will efforts In we fund giving throughout supporting

was extensive President has Officer been experience announced Abel four years promotions recently as Bob prior Financial has part in for our we Frenzel Brian and Executive Energy. Chief our some to was joining plan. Xcel and Chief important Vice CFO the industry and succession and of Operating Finally, named Van President Bob named Officer. past

strong had consistently extremely financial anytime while I development. in retire Brian a has plan and in finance, increasing Energy. a delivering don't these reflect plan to and corporate Bob and promotions including bench Brian soon, strength are intelligent have and deep planning While employees strategy and And and and Xcel our at roles financial. treasurer, Both who have instrumental thoughtful executing analysis we developing been talented

actions let the call Brian? over financial to mitigate me turn to our on that, Brian and along results more outlook, detail with coronavirus with who’ll So provide our impacts.

Brian Van Abel

comparison. year. share compared achieved share of with than share is normal XXXX warmer experienced deviation everyone. results for to results and per weather. of recording year, majority We winter solid per than good weather compared normal weather the We year Ben, first cooler the Thanks, The last driven $X.XX $X.XX quarterly which quarter by last this unfavorable $X.XX per morning in

the quarter While tax per rate significant $X.XX effective share. for by lower our include increased earnings per increased earnings share, earnings $X.XX by expensive lower O&M drivers

our depreciation to the which neutral. regulatory lower an riders and per capital share program Increased increase $X.XX decreased $X.XX per by and other investment which positive by $X.XX back earnings electric are by impacts, is share reduced and earnings reflecting largely to sold reform in both which majority offsets due customers outcomes. of these margins weather, items per tax combined unfavorable earnings expense, lower tax interest are and However, reduced margin earnings production share. credits drivers and ETR largely Offsetting through to of due were,

we want potential are actions declined Next, Starting with discuss I X.X%, our The increased quarter we the by weather outcomes. and and had COVID-XX mid-March, to in not the sales, of of taking by adjusted crisis first our started sales sales minor in first gas economic the impact quarter The natural while full to impact range mitigate coronavirus electric leap-year to virus monthly so X.X%. impact. experienced sales. a did shutdown

in sales decline of sales our on retail resulting declined residential From electric increased a a sales total total while March, slightly, adjusted basis. X% weather C&I X%,

a Minnesota declined XX% X.X% a which we sales better residential is states C&I monthly mechanism However, all preliminary decoupling non-demand electric adjusted and our our sales sales and reference classes for retail classes XX.X% for have while total numbers relatively in increased COVID-XX total the under about electric what And X.X% were the strict of point basis. keep on electric our sales sales. in weather C&I This of retail in April almost in electric place Colorado. declined in all shelter we mind Residential covers on a and in impact small orders. saw

followed mild third to three for quick the impact approximately This outlined the prepare scenario sales through to a May a the as results help recovery scenarios by severe developed X% pandemic, presentation. us assumes in in in decline we And compared relatively financially The of quarter. sales XXXX. our

through severe effects severe around lasts longer with by base resulting as a a impact sales U-type rest in with through of deeper the earnings severe soon lingering soon of L-type as bottom of in our in scenario the in for which lastly, and guidance sales base the third for portracted the Our as year-over-year the followed impact recovery. as for approximately case, our a case with approximately quarter And XXXX. we a challenging and This the recovery the results the basis. a the decline scenario, shape on the This X% year. slower reaffirming are case, is quarter, second decline X% shape

occurring. contingency We the uncertainty what actually which at most better severe [Technical develop what scenarios sales the view incorporated the we was impact within around and scenario on mitigate the confidence. as came outlined, the occur, is view we've we downturn our mild in will giving we greater us slightly considerable scenarios of to or case the assumptions. these of the than lingering as There having in least the likely scenario, think base the have sales use as results likely particularly our probability our band into confident ability duration Difficulty] forecast our guidance effects, and April feel We most We case a outcome, low a plans. case and the base

plans also bad difficulty expense our on We're customers that closely having our working paying bills. monitoring their and are debt with payment

to While expense it to XXXX point. approximately $XX is a time project reference as difficult in increased debt we'll bad where million the land, period XXXX

expenses, Michigan, Colorado, deferred Dakota for of orders in accounting pandemic COVID-XX our treatment Texas commissions South Additionally, filed debt and issued to bad expenses. track Minnesota, Dakota. also and North related have in including We've Wisconsin, defer incremental New and related Mexico,

plans mitigate to reduce contingency of the COVID-XX. overall cost and structure our We're implementing impact

plans, related scenario. in implementation expenses Some activities decline consulting, of we freeze. the base O&M which XXXX, Based should actions of deferral employee to the will COVID-XX reductions X% annual of expect to impacts hiring include compensation, the expenses, in contingency and our work certain these of X% cost variable now offset on

our we plans to the negative exceed COVID-XX contingency We plans base also impacts that place can of case scenario. ensure if in additional have implement

we can there what offset. are to However, limitations

strong And shareholders. a on impact have term make reliability. that providing service We will our focus short or long-term on customers will decisions not customer and negative we

we The chain wind have farms. chain our our result which fluid farms had to situation supply of our of of completion into were in with material is delays Turning informed to In the chain. two likely supply exception mid impact April, but in we of wind any will XXXX. supply disruptions, not

this complete We situation the year. and are project striving are closely to monitoring the

since continuous However, documented and XXXX our since we have maintained fully efforts then. have activities

even confident qualify XXXX. So PTC wind these completed will XXX% benefit we are are they in farms if for

now topic the approximately term very million March We want into available loan to liquidity. company entering cover And We're of $X.X $XXX last with XX-year in after terms, a is COVID-XX I we by holding have billion. and position million attractive liquidity liquidity bond. $XXX enhancing on issued in strong

million. Mankato In addition, liquidity the approximately will increase the from by proceeds plant sales $XXX

last and $XXX equity And year this finally, we will liquidity nearly year, cash. In issued to total, provide settle of later expect approximately which forward this will another in provide we an $X.X billion. million

to year. of debt plan $X.X company also operating We throughout the billion issue

liquidity, accessible that capital terms. ensure our to issuance enhanced As are have a result we markets timing attractive flexibility on of the at

on please For liquidity, release. earnings detail our more see

update. regulatory Next, quick me let provide a

the and an New constructive in any to $XX the pending cases regulatory ROE depreciation Mexico, that reached in rate we delays coronavirus has proceedings. XX.X% acceleration plant reflect three ratio In X.XX%, of rate approximately settlement not reflects have earlier a retirement. We Tolk coal on of of an resulted equity material a million, of increase and unanimous

hearing awaiting decision. recommendation We examiner commission a are and

In unopposed Texas, have principle. SPS and in intervening an agreement settlement constructive parties reached

procedural are of we quarter. an parties statutory ROE settlement, the the we Colorado $XXX schedule requirements. gas so expect net and XXXX, process commission shortly. to November third appear a new case is early rates filed with the X.XX% there's decision rate on set which and the in We to effective a equity not increase with on in XX.X%. an natural become working seeking fairly to a of document file ratio hasn't In much February report, based million in to anticipate in of We It but expected based

we filings uncertainty cost Therefore, In impact of contingency impacts. terms around made of the that there’s considerable will to plans and offset manage the COVID-XX. have regulatory to help earnings, coronavirus our implemented the structure

to a our we to As deliver of share based $X.XX think guidance per original is we base scenario, most earnings range within case likely expect still result, $X.XX on scenario. which our the XXXX

impacts contingency base exceed additional COVID-XX case. implement O&M the can we if plans the addition, In

long-term and and to both investors. can for there offset limitations as short However, are our balance what we term customers we

occurring. which in result likely our contingency the not Our but range severe below feel the plans severe of scenario, guidance has we scenario would probability a are offset earnings low

I that, up. wrap With will

increased steps on gain. a rate We the earnings guidance long-term settlements within mitigate range. case of Mexico for We and We in COVID-XX. XXXX committed constructive delivering X.X%. objective New implemented We and dividend our sold remain dividend to and the growth X% Texas. facility impact have to modest to reached X% Mankato our We our our

and Despite safety of our and well employees to positive and strategy we us about and for can economies our ensuring our of forward to benefit the to to the the we're opportunities and We with continue our the executing local shareholders. work communities. customers, state part wellbeing looking rejuvenate And reliable provide near we in we being solution. and the term help customers, leadership front from of customers our recover energy remain believe communities challenges, help and extremely finally, communities crisis. our our regulators of the while We're service economic

remarks. take our will prepared now concludes we Operator, This questions.

Operator

our [Operator you Thank Byrd first go Stanley. ahead. with We'll Instructions]. from Please take question Morgan Stephen

Stephen Byrd

I get opportunity level high for buyouts. wanted a PPA terms an the to just update at additional of in

your bit views dynamics? are of the that you a And seeing what Just given high curious that on a of pause opportunity, terms is just at sort opportunity? little are COVID-XX in the what or on level just

Ben Fowke

we're opportunities. but business want little give more you still a do to on We're looking COVID-XX, all Brian, still running detail? for and a focused

Brian Van Abel

we Obviously, you think we're what's And regular regular in counterparties. potential we're be of any selling, contact. an in there about our as if them happening. contact certainly so have interest see here could it, with And as of

acquisition of commission, IRP help at that front see the the ERP we're We in or QX. proceeding But to that a in jump the QX our then start and hopefully of of we looking of use decision some have our also we too. how processes Mower and

have in bringing better can the and department, stakeholders, Some of comprehensive Minnesota process improve to that discussion. ensure is around the we're the a our forward our discussions how with it acquisitions we

active plan, And you our certainly our we've of stage. any base on plan. know, be that we it to don't that part but continues before we're of include capital talked So in

Stephen Byrd

just credit keep last -- got think for renewable may positive on you potential renewables? a tax resource And guess get further there's extended. high We maybe to at How opportunity planning. extended of costs the do for again acceleration the wind terms about a in I level credits dropping. of always side, The year.

I some same there would feel your negative as energy be that? the renewables COVID. Are of the you additional for around Do coal felt growth, additional shutdowns or side, the status sector But of On uncertainty overall. of cautious? you to assets? from about potential you How about you demand we uncertainty Texas, have have more you reasons about more sort of bullish before? think do think guess In how the the

Brian Van Abel

to bullish. I guess the short mentioned, you The down. answer is probably come a cost, as little continued Stephen, more

to And so approved the for economic to on terms. continues and in fuel think, economically our Mexico that basically feel strategy and be, the in of test I obviously our renewables think ability attractive. Texas And was get New I

think and getting opportunities. can this that's makes of is partner and some where and the our work our and I which capital with be that, of to Stephen, we administrations, is commissions potentially back too, element our to bullish me I state think in solution accelerating states other the part people

a at helps customers’ price jobs, employees’ save good on and money jobs. bring renewable point And to more using great actually that that

the myself when the company can we that go because and the great So we and have in have. actually for proud be projects, many people again. something we I that's with of continuing only replicate think to that forward had to and recession you labor times people working was And can our really and we job tell typically me, unions really that not stop unlike thank

Operator

Wolfe Please our take David next We'll with from Research. question Peters ahead. go

David Peters

wondering give base of I yourself guys this view just where range you with if see earnings in guidance was a you of could any scenario?

Ben Fowke

range… guidance the in are we Where

David Peters

Yes…

Ben Fowke

a guess take the XX our last look I would over I years. at first record say track

above. middle can that's been demonstrated the or deliver guidance we've within earnings typically that range, we the at think I

the So be top at year. the be any of earnings and we're expect that bottom, on this able that our we past quite to guidance we've the we'll But whether if do don't whatever. you give to we and going the we're call, in look first additional or proud what record, quarter done track

in quarter. first on We're And scenario we’ll the be past, potentially case the in the color we'll earnings months the range. we've the roll onto and on done get that's base So it. as guidance quarters confident more as

David Peters

data And states which Colorado decoupling then and in preliminary others, have April. just have you than sense more some in Minnesota as a weakness just Do sales for seeing understanding that of are protection well? you

Ben Fowke

were question what the what for states breaking well, you're basically about states on… kind that the what affected, David, in divergence the April. you're Is asking, of up

David Peters

Yes, right. that's

Ben Fowke

side Minnesota it, at on I C&I side the Wisconsin, SPS, resiliency most as northern in the saw and the we probably we in think territory. C&I biggest on look and impact the the

over we'll it that's think go we certainly as color watch I So time. the

part Minnesota and a talked did before combined Now, about of we've plant last have in we online year. go May heat call as saw power our in we of what is on

that's we month, and of and so is see Wisconsin month of at So in SPS commentary those in we overall what but the Colorado two. C&I over look part in Minnesota weakness middle greatest roughly and and less side,

David Peters

is just Mankato you And year just I all year year? at next? equity either then that but kind I what plans to last end, of said on last for Does equity or had out you around sale. think you forward question the guys settle weighed impact the this that Just expect the

Ben Fowke

rebound is capital plan we it’ll of and customers, accelerate this year. from I this costs million, an provide we’ll our have the help to communities, When potentially our investment infusion it some opportunity sell don't for this use expect on reduce accelerate $XXX really and and to investments, and some doesn't. headroom additional equity to cash we it of year We of regulators crisis. if really our does what say but No, settle it it’s financing not but to this do forward Mankato

additional capital just So I an it think headroom. gives us

our think about plan. capital and to lay We'll year think and term, year about five out overall we as we longer we get new financing plan. plans a reevaluate five that QX As

David Peters

final And question mentioned into ‘XX, renewable which is ones that? were you've projects two the that I think flip could that

Ben Fowke

we've we've us, that Those two say we've efforts made since sure conservative XXXX, continuous had are and documentation you'd all we've Minnesota the then and would since as expect the from then. But a at. we're I looking farms done, very taken maintained approach

highly competent into slip will that they XXX% if or do we're XXXX two even a qualify for So PTCs. month

Operator

Morgan. next with We’ll from question take our JP Tonet Jeremy

Jeremy Tonet

have off, earnings, here? could you the our of start want base associated delay to any impact project wind that obligations because into the guarantees do guess, wanted point. with Just I or touch that to Just regulatory ‘XX on

Brian Van Abel

We delay cost to in term no terms mitigate service of as in cap. order obligations gap, certainly There we're any you of with schedule. original and in working but goal under of certainly in PTC the get obligations certainly ensure we it in working and that is on terms impacts get in that, XXXX. in in that's getting we don't. have towards to them completed and and obligations We're overall are start terms a of in our plant contractors XXXX timing But we're that to cost working see our to suppliers bring to those, our

Ben Fowke

so Jeremy. with pretty Yes, comfortable that, we're

Bob Frenzel

those year SPS by have been and confident fairly the into construction XXX% XXX% But on the we think that PTC has guarantee. we are addition, In again, of PTC. end the we're that getting projects

Jeremy Tonet

AFUDC ticked cleanup there. equity And like just Slide bit seemed It a questions, up XX. a

more you bit if little give Just could wondering that? on color a

Ben Fowke

part That little delays the to just it Yes, so in from our in some in a X longer, and part Star took were it. put as farm some projects, wind that see did service bit was it in we you of winter of start we our that April. took as Blazing that's time, regional guidance

rate. farm our higher you part of as also as other improve it’s a And see that kind wind the we part investments to -- just So bit of board took some it a we're bit little making. also there's across and higher of little AFUDC steps liquidity

Operator

with Please America. next of We'll Julian from question take Bank Smith go our ahead.

Alex McKerrell

whether wondering, first base using Colorado? is year. for McKerrell that push out trackers thinking Julian. filings or or potentially existing any track I calling have if instead? you on about updates maybe was case is to your This not you question again you're you My about Minnesota for Alex how this potentially could rate rate that in out push have And

Bob Frenzel

times, recognize value us Minnesota, do Colorado we that that assets have in and and like there and are investing with more we allow to cases infrastructure with and the in not our be applicable those year. rate file in you this that not the challenging in probably We customers are later work that in the respective support. But We our commissions those been quarter do as we call advance. states. for mechanisms the both are to those staff we like regulators will our you these have regulators assured conversations cases. think to past, happening file In and like can And the on second information

Alex McKerrell

and end my if question overtime. long upper last again. anticipating potentially second My wondering question, still guidance? your just I And you CAGR thank about term of you're was that

Ben Fowke

regulators, a it's states, and about it in projects talked our But communities, with our think much I bit at X% very X% earlier I Yes, our a question. look our an that aligned what you with legislators. to are and growth our drives Again little investing opportunities it's question. and great

I going forecast unless to that and see So, forward. don't changing see our I don't the changes CapEx to upside

the that’s where drives what that's we'll and it get So from. growth

Bob Frenzel

got of things the powder we great on a One as sheet is did. think done the I and prepare dry Brian other company we've days, the we've mentioned balance on stormy sunny and for our days things

We in to and invest also keeping our strong system, reliable. continue it

to look like through allows get when a start that weather states all and as we that back situations to stronger get, with this. you so potentially economy come the jump partner our and we And

Operator

next Miller from Travis We'll take our question Morningstar. with

Travis Miller

And about to you have these quickly. accomplish side plans, the of those We've year. on to plan of real contingency any side. in been want so I no, just first you how answered but the CapEx just far? months the on plans? side much the think question But this might CapEx think in five The clarify then been plans O&M contingency you then able talking I within answered and the or four the the contingency O&M change have

Brian Van Abel

really no in for plans year. see this We've CapEx our

crisis year recently them. through working of the plans. the balance terms of this implementing relatively those for in On hit so O&M we a And side have all plan

think said is it sheet, you I our powder about hear and Ben conservative the pretty used context dividend payout strong dry our Ben our ratio, well often it. but and we that's of know balance also and powder able and dry have you operational system financial with in days dry of the been here, talk powder. as the And weather you to then time know we've crisis invested in good the we’re in Bob

the I And X% we're plans, about, about happen we as O&M consulting programs. case and when it whether we expesens scenario. reducing think at, the employee putting looking in base freeze, spend that targeting will targeting, think hiring X% at to as it's talked place, look that over we’ve contingency time, we're implemented about reducing we're purely we other mitigate or And

we So do have flex it's little worse. up ability to but all those, bit a the

Travis Miller

or more year? evenly the So throughout spread less

Brian Van Abel

fair assumption. a That's

Travis Miller

couple are entire industry that the project supply just versus of wide and issues delays, projects how renewable like you seeing across And construction mentioned? stuff are delays delays, then or on How development. much industry other financing you much chain specific the those

Bob Frenzel

We with well as our as our schedules. vendors plant balance the execute work providers OEM of to

down of phenomena. think shut get China We where when we We've plants some a started from our components. while. disruptions an had chain supply that's some disruptions industry mild other for wide seen have We

think, been I mentioned, diligent in costs. tracking Brian we've exceptionally as our

to We harbor meet are for the safe our comfortable really achieving with ability XXX% provisions PTC.

later originally to this anyway. be that projects are These were year scheduled in

there's slip have into also but seeing ’XX. logistics stuff projects actively issue happen that It's just get do industry we parts is I our trying chain any XXXX, catastrophic while them mild in so And the not, vendors dated a we're it's potential ports completed But wouldn't stretch, just later and not we're only think it to to with for we're transport a do us. I the around and by seeing. there's supply say it's these it's that and

Ben Fowke

We're very, worked to efforts confident. continuous I've pass the know outside with test. firms very we’ll

Travis Miller

you of seeing you're talked difference in logistics? about and chain other terms wind Any what just between with and supply solar

Brian Van Abel

Right seen I solar I filings farms farms of public only could now, with any a heard balance on around think the don't There's we some on lot or been speak wind own but building side. solar haven't force delays. majeure our of Travis, the country, we're on authority sheet. a couple solar

Operator

We'll our go Karp ahead. KeyBanc. take from question with next Sophie Please

Sophie Karp

I with these was chain the like Thank curious farms. you transmission, fact might other have move that areas, particularly if bit generation, we've where the disruptions continue? disruptions and also color lockdowns you. sort chain? talking businesses and issues supply And maybe the expect you in that little supply as do been we power may more in you things about, traditional on What forward distribution that wind the and could a provide of guys seen the it affect the availability parts of two

Bob Frenzel

maybe overseas any themselves, any assembled a toilet wind disruptions of other sanitizer are of We than components and chain mask. on farms hand the and in manufactured and face our haven't on supply seen components the other lot But here. paper

of pandemic and line. our various which equals go push And the in a week depending enough it has on six, was four delay that caused, places, the eight them and factories on the which potentially so two, across, country to across or hit, or seven, compounded them progress week push which maybe three, delays projects

I we discrete we the well, we've our around the OEM and shipping and on items not that logistics seen closely. suffer sidebut constraints of Those do are some say haven't. of see can't any any just We're on as and travel air ports watching constraints just caused seeing disruptions other problems. so other that's components,

PTCs said, and year. the feel Ben for in the our vendors confident providers the to XXX%, we're transportation the our our with at and and diligently constructed end Brian we get get to and by As ability of working them very here has all qualify components

Operator

conference the and to At will and Abel conclude back today's remarks. Van Ladies question or this for this answer additional any turn session. I gentlemen, time, closing Brian

Brian Van Abel

call thank follow our Please you. for you you. And participating our all this contact for thank day. have in earnings a Yes, questions, Thank team and up good any morning. relations investor

Operator

Ladies and appreciate gentlemen, this concludes conference. today's participation. We

You may now disconnect.

Xcel Energy (XEL) 7 May 202020 Q1 Earnings call transcript