Xcel Energy Inc (NASDAQ:XEL) Q2 2018 Earnings Conference Call - Final Transcript
Jul 26, 2018 • 10:00 am ET
achieve balanced outcomes that provide customer benefit and also help us to maintain credit metrics in each of our operating companies. You can find a detailed discussion of each jurisdiction in the earnings release. So I'll just focus on a few recent developments.
In July, the South Dakota Commission received a tax reform settlement, which includes a one-time customer refund of about $11 million in 2018. We will then use the benefits of tax reform to offset projected revenue deficiencies for 2019 and 2020. In Wisconsin, the Commission decided to refund $27 million and defer $5 million of the tax benefit until the next rate case proceeding. In Colorado, we reached tax reform settlement with the Staff and the OCC for our electric operations. The Commission approved a $42 million customer refund and directed an ALJ to provide a recommendation on the proposed $59 million of accelerated amortization of a prepaid pension asset.
In Minnesota, we proposed to refund approximately half of the tax reform benefit, while utilizing the remainder of the benefits to accelerate depreciation of the King coal plant, recover MGP deferrals and avoid a rate case in 2020. We anticipate a Commission decision later this summer. With the first two solid quarters now behind us, we're $0.17 ahead of last year. It's important to note that although favorable weather has been a driver, we plan to spend incremental O&M, which will mitigate some of the positive weather impact. We're raising our full year EPS guidance to a range of $2.41 to $2.51 per share from the previous range of $2.37 to $2.47 per share, reflecting our strong performance so far this year.
With that, I'll wrap it up and overall it was an excellent quarter. We received final regulatory approvals for 1,000 megawatts of wind at SPS. We filed a proposal for the Colorado Energy Plan, which if approved would result in adding more renewable generation and continuing our clean energy transition. We reached constructive settlements in both Texas and South Dakota that resolved tax reform and rate deficiencies. Finally, we're well-positioned to deliver earnings within our revised guidance range while achieving long-term earnings growth of 5% to 6% and dividend growth of 5% to 7% annually. This concludes our prepared remarks.
And operator, we'll take a few questions.