The recent radioactive water leak at Xcel Energy's Monticello nuclear power plant isn't expected to pose material costs for the company.

That was the word Thursday from Xcel's top executives in a quarterly earnings call with stock analysts.

Xcel Energy's first quarter profits rose 8.6 %, beating Wall Street forecasts. The strong quarter was driven by rate increases and other regulatory outcomes that were favorable to the company.

A pipe at the Monticello plant broke late last year, causing a leak of over 400,000 gallons of water containing tritium, a mildly radioactive form of hydrogen. Xcel and state regulators publicly disclosed the leak in mid-March.

Xcel's first attempt to fix the leak worked for a while, but it didn't hold, so a second repair was needed in March. Xcel is still cleaning up the tritiated water, which is beneath its plant. A stock analyst asked Xcel executives about costs associated with the leak.

"The repair costs were not significant," Xcel CEO Bob Frenzel said. Xcel estimated the costs at about $2 million.

Xcel and state health and pollution control regulators have said the leak does not pose a risk to people or the environment.

Minneapolis-based Xcel on Thursday posted first-quarter earnings of $418 million, or 76 cents per share, up from $380 million, or 70 cents, for the same time a year ago. Stock analysts on average were expecting earnings of 74 cents per share.

"We delivered solid first-quarter results and continue to make significant progress on leading the clean-energy transition," Frenzel said in a press statement.

The company is evaluating bids for multiple renewable energy projects, he said.

Solar and wind power plants — already high on the agenda of most utilities — have become even more attractive due to beefed up federal tax subsidies passed into law last year.

Xcel is by far Minnesota's largest retail electricity provider and its second largest gas utility.

The Minnesota Public Utilities Commission (PUC) is expected in June to rule on an electricity rate increase for Xcel.

The company is asking for $498 million over three years. The Minnesota Department of Commerce, which represents ratepayers before the PUC, is recommending a considerably smaller increase of $324 million over three years.

Earlier this month, an administrative law judge ruled that Xcel should get $384 million over three years. Such rulings are non-binding, but often carry weight with the PUC.

Xcel posted first quarter revenues of $4.08 billion, up from $3.75 billion from a year earlier.

Xcel's stock was at $70.26, up less than 1%.