Xcel Energy is considering up to eight projects involving "green" hydrogen, a much talked about but still nascent form of clean energy.
The company already is undertaking a hydrogen pilot project at its Prairie Island nuclear power plant. During an earnings conference call Thursday, Xcel CEO Bob Frenzel said the company is "exploring five to eight additional greenfield and brownfield [hydrogen] projects."
The potential for a federal hydrogen production tax credit — currently part of a bill before Congress — would boost Xcel's hydrogen prospects, he added.
Xcel, Minnesota's largest electricity provider and its second biggest gas utility, posted flat earnings on Thursday, falling short of Wall Street forecasts.
Minneapolis-based Xcel Thursday reported profits of $609 million, or $1.13 a share, compared with $603 million, or $1.14 a share, in 2020's third quarter.
Analysts on average were anticipating earnings of $1.18 per share. Xcel's third quarter sales tallied sales of $3.47 billion, a bit higher than the $3.41 billion forecast by stock analysts.
Xcel's weaker-than-expected quarter appeared to be caused by lower sales in Colorado and the Southwest, combined with increased electric fuel and purchased power expenses.
Xcel's largest markets are Colorado and Minnesota, while it also operates in Texas, New Mexico, Wisconsin, the Dakotas and a small slice of Michigan's Upper Peninsula.