Xcel Has $2.07-Billion Loss on Write-Down
Xcel Energy Inc. had a third-quarter loss of $2.07 billion as the Minneapolis utility owner wrote down the value of assets at power-generation unit NRG Energy, which is considering bankruptcy protection.
The loss equaled $5.22 a share, contrasted with net income of $272.9 million, or 79 cents, in the year-earlier period, Xcel said in a filing with the Securities and Exchange Commission. Revenue fell 15% to $2.54 billion.
Shares of Xcel fell 8 cents to $9.40 on the NYSE.