Xcel, CenterPoint make millions while customers get stuck with bills after February storm
May 10, 2021
Despite racking up huge natural gas costs from a historic storm in February, CenterPoint Energy and Xcel Energy both posted strong profits during the first quarter.
In fact, Xcel's earnings included $27 million in commodity trading profits stemming from the storm. The company said its power-trading operations also saved its customers about $190 million during the big freeze, which paralyzed major gas producing regions and sent prices skyrocketing. Gas is a major fuel for both home heating and electricity generation.
CenterPoint tallied $2.2 billion in extra gas costs - including about $500 million in Minnesota - while Xcel incurred $965 million, with $215 million from Minnesota. Consumers in Minnesota and other states will likely pay those costs, adding potentially hundreds of dollars to their annual gas bill.