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Xcel will disclose more of climate issues

2008-09-01 23:37:00
Author: BizWire

Xcel Energy Inc. said Wednesday it will tell investors the company’s financial risk from climate change and government regulation of greenhouse gases, such as carbon dioxide emissions from coal or natural gas power plants.

The new information that will be included in Securities and Exchange Commission filings stems from an agreement Xcel reached with New York Attorney General Andrew Cuomo, and settles an investigation by the attorney general’s office into what the utility was telling investors about climate-related risks.

Based in Minneapolis, Xcel (NYSE: XEL) is Colorado’s largest utility and serves about 70 percent of the population.

“We previously provided detailed information concerning the expected impact of climate change and greenhouse gas emissions regulations on our operations, and under this agreement we will make even more detailed disclosures,” Dick Kelly, Xcel’s chairman, president and CEO, said in a statement.

“This agreement will enhance our already aggressive efforts to be responsible environmental stewards,” he said.

On Sept. 14, 2007, Cuomo issued a subpoena for Xcel’s SEC filings dealing with the expected impact of climate change and regulation of greenhouse gas emissions on the company’s operations, financial condition and plans to build a new coal-fired power plant in Pueblo, expected to begin operations in the fall of 2009.

Xcel said it gave the attorney general’s office the company’s analysis of the issues that were given to Colorado’s Public Utilities Commission and were part of Xcel’s annual sustainability report.

In the agreement announced Wednesday, Xcel said it didn’t admit or deny doing anything wrong, but agreed to resolve the investigation by expanding or continuing to provide such information in its annual reports with the SEC.

Xcel said the disclosures will include analyses of financial risks from current and probable future laws, from litigation and from physical impacts of climate change, and strategic analysis of climate change risk and emissions management.

Cuomo’s office has been investigating Xcel, AES Corp. (NYSE: AES) based in Arlington, Va.; Dominion Resources Inc. (NYSE: D) based in Richmond, Va., Dynegy Inc. (NYSE: DYN) based in Houston; and the Peabody Energy Corp. (NYSE: BTU) based in St. Louis. No agreements with those companies have been announced.

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