By Tom Kleckner

Xcel Energy CEO Ben Fowke on Thursday dropped a reference to a classic John Belushi movie in explaining the company’s plans to invest more than $22 billion over the next five years in transmission and renewables.

“Like The Blues Brothers, [we] are on a mission to put the band back together again,” Fowke told financial analysts Thursday during the company’s third-quarter earnings call, referencing the now completed CapX2020 initiative. The project, developed with 10 other Midwest utilities, resulted in the construction of 800 miles of 345- and 230-kV transmission lines at a cost of $2 billion.

Fowke said Xcel is working with the original CapX utilities on a CapX2050 Transmission Vision study to maintain a reliable grid as the system adds more carbon-free energy.

The company has updated its investment plan, which now reflects the $22 billion in capital expenditures. The forecast is driven by Xcel’s investment in renewables “as we continue the clean energy transition,” Fowke said.

“I don’t think this is a very quick process,” CFO Bob Frenzel said. “I think this is going to take at least five years through planning before we start getting into real capital plans and construction time frames.”

Fowke and Frenzel both noted that friendly right-of-first refusal legislation in Minnesota and Texas will help create opportunities in building transmission. (See Court Upholds Minn. ROFR, MISO Cost Allocation.)

Minneapolis-based Xcel reported earnings of $527 million ($1.01/share) for the quarter, up from $491 million the same period a year ago ($0.96/share). Xcel fell two pennies short of expectations; an Investing.com poll of analysts projected earnings of $1.03/share.

The company narrowed its 2019 earnings guidance range to $2.60 to $2.65/share, representing the upper half of its original range of $2.55 to $2.65/share.

Xcel’s share price opened at $64.95 on Thursday but was trading down after hours at $64.54.