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Xcel Energy (XEL) is capitalizing on the increasing electricity demand from data centers, driven by cloud computing and AI. The company recently increased its quarterly dividend to $0.5925 per share, achieving 23 years of consecutive growth.

Xcel's partnership with Google includes powering a new data center in Minnesota with 1,900 MW of clean energy. The company aims to expand its contracted data center capacity to 6 GW by 2027. For 2025, Xcel reported operating revenues of $3.6 billion, a 14.1% YOY increase, and total revenues of $14.7 billion, reflecting continued growth. Analysts have upgraded Xcel Energy, with a consensus