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

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on May 21, 2025: Our 2025 Proxy Statement and 2024 Annual Report are available free of charge at www.proxyvote.com.

LETTERFROMTHE CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER

April 8, 2025Dear Fellow Shareholders:For over 150 years, Xcel Energy has provided safe, reliable and low-cost energy to customers. Today, as our nation calls on the energy industry to build the grid of the future, we are prepared to meet this challenge while continuing to serve customers and advance the economic growth and prosperity of the 1,600 cities and counties we serve. We are forecasting unprecedented customer demand driven by all the ways we use electricity, from smarter homes and businesses to transportation and advanced technologies. At the same time, we face increasing occurrences of extreme weather events and other threats to the reliability and safety of our electrical system. All the while, we continue to lead our communities in transitioning to cleaner energy in ways that will benefit them – and the environment – for years to come. In 2024, we announced our most ambitious investment plan, designed to supply what we need as a society to power our businesses, our homes, our communities and our way of life. We also continued to give a great deal to our customers and our communities. From jumping into action amidst severe weather events to contributing tens of thousands of volunteer hours to local causes and spurring thousands of jobs, I am incredibly proud of the dedication our team has shown. And, we were pleased to deliver another strong year for our investors – delivering on our earnings and dividend guidance for the 20th year in a row. Empowering growth, economic developmentXcel Energy is committed to supporting economic growth and development that strengthens our communities while leading the clean energy transition to meet the goals and aspirations of the customers we serve. For example, in 2024, our Corporate Economic Development team closed on 24 projects across our service territories, adding up to a staggering $5.1 billion in capital investment and 3,200 jobs. We also spent more than $4.7 billion with small and local businesses last year.The transition taking place at the Sherburne County Generating Station (Sherco) in Becker, Minnesota, encapsulates the innovation and ingenuity of the Xcel Energy team, showcases our outstanding community and government partnerships, and reinforces our commitment to the communities we serve and our goals for a clean energy future. Two development projects near Sherco highlight our work to support the expansion of critical data centers in Minnesota. These data centers will bring a number of economic benefits to this area, and as the electric provider for the community, we will be deeply integrated in the sites' development processes. We are also working with Meta, the global technology company that owns Facebook and Instagram, to power its new, 715,000-square foot data center in Rosemount, Minnesota. Data centers like these will be the technology infrastructure backbone of the 21st century economy and, since they run 24/7, all year long, powering them with renewable energy makes a tremendous impact. By 2030, we aim to capture about 25% of the nearly 9,000 megawatts of our data center opportunity pipeline currently available while continuing to deliver the reliable, low-cost service our customers expect and deserve.The Sherco site is also a national example of a successful clean energy transition. As of late 2024, Sherco Solar has been providing carbon-free electricity to our communities, and, when all phases are complete, it will be among the largest solar facilities in the nation. At the site, we are also building a long-duration battery storage pilot, with two more potential battery projects to come.

Delivering for our customers, communities and shareholders

2024 wasn't without challenges. In early March, we shared that Xcel Energy distribution assets appeared to be involved with an ignition of the Smokehouse Creek Fire in Texas. The response to this event by Xcel Energy employees was consistent with the integrity and commitment our stakeholders would expect and demand. I am proud of how our company quickly responded to repair and upgrade our infrastructure, fulfill the claims of those impacted and support the local communities' needs. Xcel Energy has served the Texas Panhandle for over 100 years, and we will continue to place these customers and communities at the center of all we do.

LETTERFROMTHE LEAD INDEPENDENT DIRECTOR

April 8, 2025

Dear Fellow Shareholders:

Thank you for your continued support of Xcel Energy. As Bob shared, our country's energy system is at a critical juncture, and building cleaner, more efficient, more resilient infrastructure to meet this moment is more important than ever. Xcel Energy is prepared to build the electric grid of the future for our communities, customers, employees and investors.

Your Board is comprised of experienced and engaged directors who are deeply committed to sound policies, practices and governance to ensure Xcel Energy operates responsibly and performs effectively. I have the privilege of serving as the Lead Independent Director for Xcel Energy's Board of Directors, and I help foster these goals while leading a Board that can help Xcel Energy tackle the challenges of today – and lead the path to a better tomorrow.

In 2024, Xcel Energy introduced its updated capital plan, which calls for investing $45 billion between 2025 and 2029 to expand, strengthen and modernize our energy infrastructure. Our investments will ensure customers have energy when and where they need, keep their bills as low as possible and support the clean energy aspirations of the communities we support. As a Board, we are committed to empowering this transformational work and ensuring effective delivery for our customers, our communities, our employees and you, our shareholders.

Our enhanced risk management

Just like so many across the industry, Xcel Energy faces evolving threats to its ability to safely and reliably serve customers. That's why in 2024 we implemented an enhanced framework for risk management with a focus on key areas of evolving risk: wildfire, nuclear operations, pipeline safety and security.

Our goal is to provide the company's employees with the resources, support and training they need to mitigate these risks. Throughout the year, we realized the results of these efforts, including in nuclear operations oversight. In 2024, the Board met with the Institute of Nuclear Power Operations executive leadership, visited our Prairie Island Nuclear Plant and met with employees at our Monticello Nuclear Plant. The year concluded with our Monticello facility receiving federal approval to extend operations through 2050, ensuring our customers and regions continue to benefit from this low-cost, carbon-free, always-available generation resource.

This progress – and similar progress across all four risk areas – is thanks to the tireless dedication of Xcel Energy's employees, with the full support of management and this Board.

A committed, engaged Board

Xcel Energy has the governance, the Board and the management team in place to deliver consistent, strong results. In January 2025, we welcomed Devin Stockfish to the Board. Devin is the President and CEO of Weyerhaeuser Company and a member of its board of directors. His background in sustainable forest management, his engineering education and his experience in corporate strategy, finance, legal and regulatory issues provides Xcel Energy enhanced capabilities alongside valuable governance and oversight skills.

I also would like to recognize and extend our deepest gratitude to Christopher Policinski and Daniel Yohannes, who will both retire in May after our annual shareholder meeting. Chris has served on the Board for 15 years; Daniel has served on the Board for eight years. I will also retire in May after 15 years of service. Serving on the Xcel Energy Board of Directors has been among the greatest experiences of my professional career, and Bob and I have ensured there will be a smooth transition to your new Lead Independent Director, Patricia Kampling.

Looking forward to another strong year

Our focus on best-in-class governance to represent your interests and deliver outstanding results is detailed in the proxy statement included in the following pages. I encourage you to review before casting your vote.

On behalf of the entire Board of Directors, thank you for your continued support of Xcel Energy. I look forward to all we will achieve together in 2025 as we take Xcel Energy to new heights.

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.