Summary
Xcel Energy Inc. (XEL) has announced a significant update regarding its tax benefits related to its investment in NRG. The company plans to record an additional $105 million in tax benefits in the third quarter of 2003, bringing the cumulative tax benefits from the NRG investment to $811 million. This filing also indicates that Xcel Energy will be presenting information at the Lehman Energy Conference on September 4, 2003, which includes non-GAAP financial measures. These adjusted measures are intended by management to provide a clearer view of future earnings performance by excluding historical and expected future events, such as the divestiture of NRG Energy, Inc. (due to its bankruptcy) and the sale of Viking Gas Transmission.
Key Highlights
- 1Xcel Energy to record an additional $105 million in tax benefits related to its NRG investment in Q3 2003.
- 2Cumulative tax benefits from the NRG investment will reach $811 million.
- 3Company to present at the Lehman Energy Conference on September 4, 2003.
- 4Presentation will include material, non-public information.
- 5Presentation will feature non-GAAP financial measures adjusted for historical and expected future events.
- 6Adjusted measures reflect the divestiture of NRG Energy, Inc. and Viking Gas Transmission.
- 7Xcel Energy's Vice President and CFO, Richard C. Kelly, signed the filing.