(Reuters) – Xcel Energy reported an increase in fourth-quarter profit on Thursday, as the utility firm benefited from higher electricity rates and lower operating expenses.
The company reported a rise in earnings in Minnesota and Colorado regions, on higher recovery of electric and natural gas infrastructure investments.
Regulated utilities use rate case proceedings to seek a rate increase based on their investments or expenses to provide services.
The Minneapolis, Minnesota-based company also benefited from lower quarterly operating expenses, which were down 3.3% at $2.77 billion from a year earlier.
The utility firm’s net income was up 13.4% at $464 million for the quarter ended Dec. 31.
Xcel Energy serves a total of 3.7 million electricity customers and 2.1 million natural gas customers across eight states of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Vijay Kishore)
