XCEL ENERGY INC

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box:   ☐ Preliminary Proxy Statement   ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))   ☒ Definitive Proxy Statement   ☐ Definitive Additional Materials   ☐ Soliciting Material pursuant to §240.14a-12 XCEL ENERGY INC. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply):   ☒ No fee required   ☐ Fee paid previously with preliminary materials   ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

WE'RE COMMITTED TO DELIVERING ESSENTIAL ENERGY—ENERGY THAT'S RELIABLE, SAFE, AFFORDABLE AND CLEAN – WHILE DRIVING POSITIVE CHANGE FOR OUR PEOPLE AND PLANET.THAT'S WHAT WE CALL GOING BEYOND ENERGY

OUR BUSINESS

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on May 22, 2024: Our 2024 Proxy Statement and 2023 Annual Report are available free of charge at www.proxyvote.com.

LETTERFROMTHE CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER

April 9, 2024Dear Fellow Shareholders:2023 was another strong year for Xcel Energy, our customers, our communities and our investors. The pace of change in 2023 was extraordinary — but so were our accomplishments. We advanced significant long-term strategic objectives for the Company across clean energy, clean fuels and electric transportation. All the while, we continued to serve our customers safely, reliably, affordably and sustainably. Making the clean energy future a realityIn 2023, we marked the five-year anniversary of our clean energy commitment: A bold, industry-leading vision to deep carbon emissions reductions in our electric business by 2030 and a carbon-free electric system by 2050. When we made this commitment in 2018, it was a watershed moment for the industry, as we joined environmental advocates, customers and policymakers to chart a path to a clean energy future. Leading the clean energy transition is embedded in the fabric of our Company. Last year, we continued progress in this strategic priority:•We reduced our emissions 54% over 2005 levels and have plans in place to achieve our 80% reduction target by 2030. •We now have more than 10,000 megawatts of renewable energy on our systems and the opportunity to deploy an additional 15,000 to 20,000 megawatts of new, clean energy into our systems by 2030. •We’ve laid the groundwork to extend the lives of our two nuclear plants, Monticello and Prairie Island, which are the largest sources of carbon-free energy that serve our customers. •On December 31, we retired the first of three units at our Sherburne County Generating Station while simultaneously building the largest solar facility in the Midwest at the same site. •In June, we broke ground on Colorado’s Power Pathway, a $1.7 billion transmission superhighway across the Eastern Plains of Colorado — and just one of the major transmission projects we have underway that will deliver clean energy to our customers.•The Department of Energy awarded us nearly $1.5 billion to support our Heartland Hydrogen Hub, long-term duration storage pilots with Form Energy, transmission expansion and grid resilience in extreme weather. These technologies will be key to achieving our long-term zero-carbon goals, and the grants help in keeping our customers' bills low.•We are also laying the framework to achieve net-zero greenhouse gas emissions on our natural gas system with our Clean Heat Plan in Colorado and Natural Gas Innovation filing in Minnesota.

LETTERFROMTHE LEADINDEPENDENTDIRECTOR

April 9, 2024

Dear Fellow Shareholders:

On behalf of the Board of Directors, I would like to extend an invitation to Xcel Energy’s 2024 Annual Meeting of Shareholders. Looking into 2024 and beyond, we see a future that is bright for Xcel Energy’s communities, customers, employees and investors.

I am honored to serve as your Lead Independent Director, and I am committed to sustaining the Board’s governance role by fostering transparency between our independent directors and management while continuing to build a talented, industry-leading Board. This is done in service to you, our shareholders.

Responsible stewardship of bold investment plans

In 2023, Xcel Energy once again advanced significant long-term strategic objectives for the Company while continuing to serve customers with safe, reliable, affordable and sustainable energy. This included executing on the largest capital investment program in the history of Xcel Energy, investing approximately $6 billion in infrastructure to improve the resiliency of systems, enable clean energy for customers and deliver economic growth and vitality to the communities Xcel Energy serves. And, there’s more to come as Xcel Energy embarks on its most ambitious capital investment plan to date: $39 billion over the next five years.

Xcel Energy is looking in the coming years to deploy 15,000 to 20,000 megawatts of new, clean energy into our systems, expand and innovate our transmission and distribution systems and deliver new solutions to customers. As a Board, our top priority is to balance risk management, operational excellence and innovation. In providing independent oversight, we work to ensure that Xcel Energy will continue to lead the nation’s clean energy transition, working at the pace of technological innovation and economics without sacrificing customer affordability and reliability, all while remaining one of the most consistent financial performers in the sector.

Safety first, Safety Always

Your Board is committed to Xcel Energy’s “Safety Always” initiative, through which we provide the Company’s employees and contractors the resources and support they need to do their jobs safely. Safety is an industry-wide focus – frontline workers are constantly within arms’ length of live electricity, high pressure natural gas, high-energy steam and busy roadways. In 2023, the Company made significant progress in its Safety Always approach and, as a result, is making Xcel Energy a safer place to work. In 2023, Xcel Energy realized its best safety performance in the past decade. This progress is thanks to a commitment to safety that starts with our frontline and extends all the way to the boardroom.

Active, engaged Board

We have a proven track record of delivery for Xcel Energy and our investors, thanks in part to our sound governance practices. Our combination of independent oversight, broad expertise, specific industry experience and strong engagement help deliver consistent, strong results while Xcel Energy continues to lead this complex, rapidly evolving industry. Our practices ensure effective Board operations, encourage independent thought and judgment and execute appropriate levels of Board oversight.

The Board also enhanced its capabilities this year with the election of Timothy Welsh, who is the Vice Chair of Consumer and Business Banking for U.S. Bancorp, a financial services holding company serving millions of local, national and global customers. Tim’s background in delivering excellence for customers while navigating a highly regulated business framework and managing cybersecurity risk provides Xcel Energy valuable governance and oversight skills.

The year ahead

Our commitment to best-in-class governance to represent your interests and deliver outstanding results remains strong. Our practices are detailed in the proxy statement, which I encourage you to review before casting your vote.

On behalf of myself, my fellow directors and Xcel Energy, thank you for your dedicated support of Xcel Energy, its mission and clean energy vision. It is a tremendous honor and privilege to serve as Xcel Energy’s Lead Independent Director.

Sincerely,

Kim Williams

Lead Independent Director

Forward-Looking Statements

The statements contained in this proxy statement about our future performance, including, without limitation, future financial and operational results, strategies, visions, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission ("SEC"), which are available on our website: xcelenergy.com. These reports address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this proxy statement. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.

Xcel Energy’s website address is xcelenergy.com.The information on Xcel Energy’s website is not a part of, or incorporated by reference into, this proxy statement.