Xcel Energy Inc.

Good day and welcome to the Xcel Energy first quarter 2019 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Paul Johnson, Vice President of Investor Relations. Please go ahead, sir.

Good morning and welcome to Xcel Energy's 2019 first quarter earnings conference call. Joining me today are Ben Folk, Chairman, President, and Chief Executive Officer, and Bob Frenzel, Executive Vice President and Chief Financial Officer. In addition, we have other members of the management team available to answer your questions. This morning, we will review our first quarter results and update you on recent business and regulatory developments. As be aware, there are slides that accompany today's call available on our website. As a reminder, some of the comments during today's conference call may contain forward-looking information. Significant factors that could cause results are different from those anticipated are described in our earnings release and our findings with the SEC. On today's call, we will discuss certain metrics that are non-GAAP measures, including ongoing earnings and electric and natural gas margins. Information on the comparable GAAP measures and reconciliations are included in our earnings release. I'll now turn the call over to Ben.

Thank you, Paul, and good morning. Today we reported first quarter earnings of $0.61 per share compared to $0.57 per share last year. We're pleased with a strong start to the year and are well positioned to deliver on our 2019 guidance and our long-term financial objectives. So let me start with some quick highlights from the quarter. In February, we increased our quarterly dividend by 2.5 cents per share, or 6.6%. This represents an annualized increase of 10 cents per share, which is a step up over historic levels of 8 cents per share. We are growing the dividend at an increased rate due to our strong, transparent earnings growth profile and the flexibility afforded by our low dividend payout ratio. We also continue to make strong progress on our steel for fuel strategy, with almost 3,000 megawatts of new wind that has received regulatory approval and is moving forward in the construction process. In Colorado, the Commission approved our Certificate of Need for our Cheyenne Ridge Wind Farm, based on a constructive settlement which includes a construction cost cap and a customer protection mechanism. We will recover cost upon completion through riders until the next rate case after the project goes into service. Our hail project in Texas is on track with construction expected to be completed in June on time and within budget. And we are waiting for final generation interconnect studies and agreements for our Sagamore project in New Mexico and our crowned Ridge three project in Minnesota. We expect construction to begin later this year. All of our other wind projects are in various stages of permitting and construction and will be completed as expected between 2019 and 2021. These projects highlight the excellent planning, construction and project management skills of our employees. In December, we were the first utility in the United States to announce plans to achieve an 80% carbon reduction by 2030 and 100% carbon-free electricity by 2050. We're excited to work with stakeholders as we continue the clean energy transition while providing reliable service and keeping bills low. The legislative session is still ongoing in most of our states, and we continue to work with stakeholders on various legislative initiatives that would impact the utility sector. In Texas, there are bills under consideration that would provide the right of first refusal on new transmission projects and rider recovery for new generation and AMI investment. The outlook for these proposals is positive and points to a more constructive regulatory environment in Texas. In New Mexico, the Energy Transition Act was signed into law by the governor in March. This law targets a 50% renewable portfolio standard by 2030, and 100% carbon-free electricity by 2045. We believe we are well positioned to meet the 2030 milestone. In Colorado, there's proposed legislation that codifies our plans to achieve 100% carbon-free electricity by 2050 and 80% carbon reduction by 2030. In addition, the bill is expected to provide for voluntary securitization as an option, and it targets utility ownership of 50% of all generation and provides customer protections. We're proud to be leading the clean energy transition and support these bills, which are consistent with our carbon reduction objectives and provide positive benefits for our customers and our shareholders. This is another example of our strong alignment with policymakers in our states. I also want to recognize the efforts of our employees as they work through the polar vortex and the bomb cyclone that hit our various states. They did a great job working in extreme conditions to restore service in record time. I'll now turn the call over to Bob, and he'll provide more detail on the quarterly results and our regulatory plans.