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XCEL ENERGY INC 8-K Report (Jun 14, 2004)

Reports
Other Events
Filing Date
Filed June 14, 2004
Period End
June 3, 2004
Securities
XELXELLL
In the record · 2016–202610-K1110-Q328-K247

XEL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 247 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed June 14, 2004. Cited figures are marked; the original filing is the authoritative source.

Xcel Energy Inc. announced the divestiture of its Argentine subsidiary, Xcel Energy Argentina Inc., and its related energy assets.

The sale includes Corporacion Independiente de Energia S.A. (CIESA), which owns the Central Piedra Buena power generation facility, and IPC Operations Limited, an energy services company. This strategic move signals a reduction in Xcel Energy's international operational footprint.

The sale to Bell Investments and Albanesi S.A. is valued at approximately $26 milliona, with a portion held in escrow to cover potential indemnity obligations. Additionally, Xcel Energy Argentina received a capital redemption of approximately $21 million from CIESA. The company anticipates a minor after-tax gain, less than one cent per share, to be recognized in the second quarter of 2004, reflecting the completion of this transaction.

02—Key points

Key Highlights

  1. Xcel Energy Inc. has completed the sale of its Argentine subsidiary, Xcel Energy Argentina Inc.
  2. The sale includes CIESA, owner of the 620 MW Central Piedra Buena power facility, and IPC Operations Limited, an energy services company.
  3. The transaction is valued at approximately $26 million.
  4. $15 million of the purchase price is held in escrow until Q1 2005 for indemnity obligations.
  5. Xcel Energy Argentina also received a $21 million capital redemption from CIESA.
  6. The sale is expected to result in an after-tax gain of less than $0.01 per common share.
  7. This divestiture represents a reduction in Xcel Energy's international operations.

03—Questions

Frequently Asked Questions

  1. What assets did Xcel Energy sell in Argentina?

    Xcel Energy sold its wholly owned subsidiary, Xcel Energy Argentina Inc., which included the stock of Corporacion Independiente de Energia S.A. (CIESA) and IPC Operations Limited. CIESA's primary asset is the Central Piedra Buena, a 620 megawatt gas/oil-fired power generation facility.

  2. What is the total value of the transaction?

    The total purchase price for the sale is approximately $26 million. In addition to this, Xcel Energy Argentina received approximately $21 million as a redemption of its capital from CIESA.

  3. Are there any potential financial risks associated with this sale?

    Approximately $15 million of the purchase price has been placed in escrow until the first quarter of 2005. This escrow is intended to cover any potential indemnity obligations Xcel Argentina may have under the purchase agreement.

  4. What is the expected financial impact of this sale on Xcel Energy Inc.?

    Xcel Energy expects to recognize an after-tax gain of less than one cent per common share in the second quarter of 2004 as a result of this sale.

04—Continue

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