XCEL ENERGY INC
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
XEL$79.67-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0000072903-25-000088
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000072903-25-000225
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 256 previous paragraphs and 258 current paragraphs.
179 unchanged; 46 reworded; 30 added; 30 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 20 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (30)
Current report
(a)The sales true-up mechanism in NSP-Minnesota expired in 2024 and is proposed in the pending Minnesota electric rate case to be reestablished in 2026.
Current report
•PSCo — Residential sales increased largely due to customer growth (1.3%). C&I sales increased due to higher use per customer and customer growth, primarily in the information and energy sectors.
Current report
•NSP-Wisconsin — Residential sales increased due to both increased use per customer (1.1%) and customer growth (1.0%).
Current report
Other Income— Other income increased $46 million for the second quarter of 2025 and $39 million year-to-date, largely due to a gain on debt repurchases.
Current report
AFUDC, Equity and Debt— AFUDC increased $42 million for the second quarter of 2025 and $62 million year-to-date, largely the result of system investment.
Current report
2025 South Dakota Electric Rate Case — In June 2025, NSP-Minnesota filed a request with the SDPUC for a net annual electric rate increase of $44 million (15%). The filing is based on a 2024 historic test year, a requested ROE of 10.3%, rate base of approximately $1.2 billion and an equity ratio of 52.87%. NSP-Minnesota has requested rates to begin on Jan. 1, 2026. If approved as filed, this rate request would result in an average annual residential bill increase of 3% over the period from 2016-2026.
Current report
On July 8, 2025, two intervenors filed testimony with a range of recommendations. NDPSC Staff recommended an increase of approximately $30 million, with a 9.41% ROE and a 50% equity ratio, along with other proposed adjustments that were not quantified. NSP-Minnesota estimates the NDPSC Staff recommendation would result in a rate increase of $20 million to $25 million. NSP-Minnesota will address these proposals in rebuttal testimony in the third quarter of 2025. A NDPSC decision is expected in early 2026.
Current report
•Intervenor direct testimony: August 8, 2025
Current report
Michigan Natural Gas Rate Case– In July 2025, NSP-Wisconsin filed a natural gas rate case in Michigan, seeking a revenue increase of $2.2 million. An MPSC decision is expected in early 2026.
Current report
The settlement was approved in June 2025.
Current report
The CPUC verbally approved the settlement agreement without modification in June 2025, and a written decision is expected in the third quarter of 2025.
Current report
Bids from the RFP were received in January 2025. In July 2025, the portfolio selection report was publicly filed with the NMPRC with 3,121 MW of accredited capacity resources, including the following:
Current report
SPS expects to make Certificate of Convenience and Necessity filings for the specific assets with the PUCT and NMPRC in the second half of 2025, with approvals expected in 2026.
Current report
SPS will issue a second RFP in the second half of 2025 to solicit a minimum of 500 MW of accredited capacity through 2032, inclusive of additional renewable generation for New Mexico Renewable Portfolio Standard compliance.
Current report
In July 2025, the PUCT approved the SRP, authorizing approximately $495 million of spend over the plan period, including reinstating previously removed distribution hardening projects.
Current report
Several trade cases related to anti-dumping and countervailing duty investigations of CSPV cells are ongoing and we continue to monitor the potential impacts of these cases.
Current report
Tax Law Changes
Current report
On July 4, 2025, the President signed into law Public Law No. 119-21 (the “OBBB”). The OBBB modifies certain clean energy tax provisions included in the Inflation Reduction Act. The provisions include:
Current report
•Eliminating production and investment tax credits for wind and solar facilities placed in service after 2027, for facilities that begin construction after July 4, 2026.
Current report
•The addition of foreign entity of concern rules that apply to projects commencing construction after 2025.
Current report
Xcel Energy does not expect these provisions to have an impact on our 2025-2029 base capital plan, as steps have been taken to begin construction under the IRS’ safe harbor guidance.
Current report
On July 7, 2025, the White House issued an Executive Order directing the Secretary of the Treasury to issue guidance to ensure that policies concerning the beginning of construction are not circumvented. Xcel Energy will continue to assess the impact of future guidance on its projects as well as its PPAs.
Current report
Nuclear Antitrust Class Action
Current report
A class action complaint was filed in federal court for the District of Maryland in July 2025, alleging violations of the Sherman Antitrust Act in establishing wages for employees at nuclear facilities since 2003. The complaint names 28 defendants, including all 26 owner operators of nuclear facilities in the United States, or affiliated entities, including Xcel Energy Inc. NSP-Minnesota owns and operates two nuclear facilities in Minnesota, and is assessing the complaint.
Current report
In June 2025, the EPA proposed to repeal these and all other GHG emissions standards for the power sector. In the alternative, the EPA proposed to repeal a narrower subset of the 2024 regulations. The EPA provided a 45-day comment period for the proposal.
Current report
In July 2025, the EPA additionally proposed to repeal the 2009 Endangerment Finding and associated regulations addressing greenhouse gas emissions under the Clean Air Act. Xcel Energy will monitor the proposed rules and evaluate the impacts of any final rule.
Current report
Regional Haze — On July 16, 2025, EPA proposed to partially approve and partially disapprove the Colorado SIP implementing the Regional Haze rule in Colorado. The proposal seeks to remove mandatory retirement dates as enforceable provisions in the SIP. For PSCo, this includes the SIP retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2. The proposal will undergo a public comment period that concludes in the third quarter of 2025 before EPA takes final action. If adopted, the removal of these retirement dates from the federally approved SIP would only impact federal requirements for retirement of these facilities. Colorado has a state regulation that incorporates these retirements at a state level and would require amendment to modify or remove the retirement dates.
Current report
•$1.2 billion for PSCo.
Current report
•$800 million for NSP-Minnesota.
Current report
•$600 million for SPS.
Removed paragraphs (30)
Previous report
(a)Amounts may not add due to rounding.
Previous report
•PSCo — Residential sales increased due to customer growth of 1.4%, partially offset by a 0.3% decrease in use per customer. The C&I sales decline was related to lower use per customer, primarily in the wholesale trade and transportation sectors.
Previous report
•NSP-Wisconsin — Residential sales increased due to a 2.0% increase in use per customer and customer growth of 1.0%. C&I sales increased due to customer growth, experienced largely in the professional services and manufacturing sectors.
Previous report
2024 Minnesota Natural Gas Rate Case — In November 2023, NSP-Minnesota filed a request with the MPUC for a natural gas rate increase of approximately $59 million, or 9.6%. The request was based on a ROE of 10.2%, a 52.5% equity ratio and a 2024 forward test year with rate base of approximately $1.27 billion. In December 2023, the MPUC approved NSP-Minnesota’s request for interim rates, subject to refund, of approximately $51 million (implemented on Jan. 1, 2024).
Previous report
In February 2025, the MPUC verbally approved the uncontested settlement agreement filed by NSP-Minnesota and various parties, which includes the following terms:
Previous report
•Natural gas rate increase of $46 million, or 7.5%.
Previous report
•ROE of 9.6%.
Previous report
•Equity ratio of 52.5%.
Previous report
•Rate base of $1.25 billion.
Previous report
•No change to Commission approved decoupling.
Previous report
The rate request is primarily driven by investments in NSP-Wisconsin’s electric and natural gas systems to enhance reliability and resiliency while ensuring safe operation. The investments also enable additional clean energy generation; the benefits of wind, solar and nuclear tax credits are incorporated in the table below.
Previous report
(a)The Interchange Agreement is a FERC cost sharing tariff under which NSP-Wisconsin and its affiliate, NSP-Minnesota allocate the costs of the integrated electric generation and transmission system.
Previous report
A CPUC decision on the settlement is expected by the third quarter of 2025.
Previous report
•Settlement deadline: June 2, 2025
Previous report
•Statements of position: July 14, 2025
Previous report
A CPUC decision is expected by the third quarter of 2025.
Previous report
Bids from the RFP were received in January and are currently being evaluated. A portfolio selection filing is expected in the second quarter of 2025 followed by a certificate of need filing for the specific assets in the third quarter of 2025. The PUCT and NMPRC are expected to rule on the portfolio in 2026.
Previous report
•Distribution overhead hardening — Replacing and reinforcing key components of the distribution overhead system.
Previous report
•Distribution system protection modernization — Installing enhanced reclosers, communications equipment and replacing substation relay panels and breakers.
Previous report
•Communication modernization — Building out a private LTE network, installing fiber optic cable and adding remote terminal units.
Previous report
•Operational flexibility — Procuring mobile substation equipment and installing additional switching devices.
Previous report
•Wildfire mitigation — Weather stations, modeling, deploying artificial intelligence and vegetation management.
Previous report
SPS expects a PUCT decision on the settlement by the third quarter of 2025.
Previous report
Tariffs and Trade Complaints
Previous report
In May 2024, the U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations of CSPV cells from Cambodia, Malaysia, Thailand and Vietnam, whether or not assembled into modules.
Previous report
In April 2025, the U.S. Department of Commerce announced its final determination in the countervailing duty circumvention and anti-dumping investigations. The rates will go into effect after the U.S. International Trade Commission makes its final determination, expected in the second quarter of 2025. Xcel Energy does not expect these determinations to impact its projects.
Previous report
In January of 2025, the U.S. International Trade Commission made an affirmative determination in the preliminary phase of the anti-dumping and countervailing duty investigations concerning Active Anode Material, a component of lithium-ion batteries, from China. This case will be reviewed by the U.S. Department of Commerce and the International Trade Commission over the course of 2025.
Previous report
•$700 million for PSCo.
Previous report
•$700 million for NSP-Minnesota.
Previous report
•$500 million for SPS.
Reworded paragraphs (46)
Previous wording
Xcel Energy — Xcel Energy’s first quarter GAAP and ongoing diluted earnings were $0.84 per share compared with $0.88 per share in the same period in 2024. The change in earnings per share was primarily driven by higher O&M expenses, depreciation and interest charges, partially offset by increased recovery of infrastructure investments. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).
Current wording
Xcel Energy — Xcel Energy’s second quarter GAAP and ongoing diluted earnings were $0.75 per share compared with $0.54 per share in the same period in 2024. The change in earnings per share was primarily driven by increased recovery of infrastructure investments partially offset by higher O&M expenses, depreciation and interest charges. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).
Previous wording
PSCo— GAAP and ongoing earnings increased $0.06 per share for the first quarter of 2025. The change was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and interest charges.
Current wording
PSCo— GAAP and ongoing earnings increased $0.05 per share for the second quarter of 2025 and $0.10 year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and interest charges.
Previous wording
NSP-Minnesota— GAAP and ongoing earnings decreased $0.06 per share for the first quarter of 2025. The change was driven by increased O&M expenses and depreciation, partially offset by higher recovery of electric and natural gas infrastructure investments.
Current wording
NSP-Minnesota— GAAP and ongoing earnings increased $0.08 per share for the second quarter of 2025 and $0.03 year-to-date. The year-to-date change was driven by higher recovery of electric infrastructure investments, which was partially offset by increased O&M expenses, depreciation and interest charges.
Previous wording
SPS— GAAP and ongoing earnings were flat for the first quarter of 2025 largely due to higher recovery of electric infrastructure investments and sales growth, offset by increased depreciation and O&M expenses.
Current wording
SPS— GAAP and ongoing earnings increased $0.01 per share for the second quarter of 2025 and year-to-date. The year-to-date change was driven by higher recovery of electric infrastructure investments and sales growth, partially offset by increased interest and O&M expenses.
Previous wording
NSP-Wisconsin— GAAP and ongoing earnings decreased $0.01 per share for the first quarter of 2025. The change was driven by higher O&M expenses, depreciation and interest charges.
Current wording
NSP-Wisconsin— GAAP and ongoing earnings increased $0.01 per share for the second quarter of 2025 and were flat year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, which was offset by increased O&M expenses and depreciation.
Previous wording
Xcel Energy Inc. and Other— Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The decline in earnings was largely due to higher debt levels and the performance of the equity method investments, which primarily invest in energy technology companies.
Current wording
Xcel Energy Inc. and Other— Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The increase in earnings was largely due to a gain on debt repurchases, partially offset by the performance of the equity method investments, which primarily invest in energy technology companies, and higher debt levels.
Previous wording
As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. However, electric sales true-up and gas decoupling mechanisms in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.
Current wording
As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. Gas decoupling mechanisms (and electric sales true-up in 2024) in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.
Previous wording
Percentage increase (decrease) in normal and actual HDD:
Current wording
Percentage increase (decrease) in normal and actual HDD, CDD and THI:
Previous wording
•NSP-Minnesota — Residential sales increased due to customer growth of 1.2% and a 0.1% increase in use per customer. C&I sales increased due to customer growth and higher use per customer, largely in the manufacturing sector.
Current wording
•NSP-Minnesota — Residential sales increased due to customer growth (1.2%) and increase in use per customer (0.2%). C&I sales increased due to customer growth, largely in the manufacturing sector.
Previous wording
•SPS — Residential sales increased as a result of a 3.7% increase in use per customer and customer growth of 0.8%. C&I sales increased due to higher use per customer, primarily driven by the energy sector.
Current wording
•SPS — Residential sales increased due to higher use per customer (5.0%) and customer growth (0.7%). C&I sales increased due to higher use per customer and customer growth, primarily driven by the energy sector.
Previous wording
•Increase in natural gas sales was driven primarily by residential and C&I customer growth in all jurisdictions and higher residential use per customer in NSP-Minnesota and NSP-Wisconsin. This was offset by decreased use per customer in PSCo residential and NSP-Minnesota C&I.
Current wording
•Decrease in natural gas sales was driven primarily by decreased use per customer in PSCo residential, partially offset by growth in other jurisdictions.
Previous wording
Electric fuel and purchased power expenses increased $72 million for the first quarter of 2025. The increase was primarily due to increased volumes and commodity prices partially offset by timing of fuel recovery mechanisms.
Current wording
Electric fuel and purchased power expenses increased $63 million for the second quarter of 2025 and $135 million year-to-date. The year-to-date increase was primarily due to increased commodity prices partially offset by timing of fuel recovery mechanisms.
Previous wording
Natural gas sold and transported increased $30 million for the first quarter of 2025. The increase was primarily due to higher volumes and commodity prices, partially offset by timing of fuel recovery mechanisms.
Current wording
Natural gas sold and transported increased $16 million for the second quarter of 2025 and $46 million year-to-date. The year-to-date increase was primarily due to higher commodity prices and volumes, partially offset by timing of fuel recovery mechanisms.
Previous wording
O&M Expenses — O&M expenses increased $81 million for the first quarter of 2025. The increase was primarily due to operational activities, including higher nuclear generation costs and distribution system maintenance (vegetation management, storm response and wildfire mitigation), the impact of a 2024 gain on land sale and increased insurance and benefits costs.
Current wording
O&M Expenses — O&M expenses increased $13 million for the second quarter of 2025 and $94 million year-to-date. The year-to-date increase was primarily due to increased insurance and benefit costs, higher nuclear generation costs and the impact of a 2024 gain on land sale.
Previous wording
Depreciation and Amortization— Depreciation and amortization increased $70 million for the first quarter of 2025. The increase was largely the result of system investment as well as depreciation rate updates through regulatory proceedings.
Current wording
Depreciation and Amortization— Depreciation and amortization increased $19 million for the second quarter of 2025 and $89 million year-to-date. The year-to-date increase was largely the result of system investment.
Previous wording
Interest Charges— Interest charges increased $41 million for the first quarter of 2025, largely due to increased debt levels and higher interest rates.
Current wording
Interest Charges— Interest charges increased $30 million for the second quarter of 2025 and $71 million year-to-date, largely due to higher debt levels and interest rates.
Previous wording
In January 2025, the Court issued its opinion, which upheld the commission's determination on insurance expense, but reversed and remanded the executive compensation and prepaid pension asset decisions back to the MPUC. The opinion is currently pending further action from the MPUC.
Current wording
In January 2025, the Court issued its opinion, which upheld the commission's determination on insurance expense, but reversed and remanded the executive compensation and prepaid pension asset decisions back to the MPUC. In June 2025, the MPUC ordered proceedings to reconsider the treatment of prepaid pension assets and executive compensation, with the procedural schedule expected to be established in the third quarter of 2025.
Previous wording
2024 North Dakota Electric Rate Case — In December 2024, NSP-Minnesota filed a request with the NDPSC for an annual electric rate increase of approximately $45 million, or 19.3% over current rates established in 2021. The filing is based on a 2025 forecast test year and includes a requested ROE of 10.3%, rate base of approximately $817 million and an equity ratio of 52.5%. In January 2025, the NDPSC approved interim rates, subject to refund, of approximately $27 million (implemented on Feb. 1, 2025). A NDPSC decision is expected in late 2025.
Current wording
2024 North Dakota Electric Rate Case — In December 2024, NSP-Minnesota filed a request with the NDPSC for an annual electric rate increase of approximately $45 million, or 19.3% over current rates established in 2021. The filing is based on a 2025 forecast test year and includes a requested ROE of 10.3%, rate base of approximately $817 million and an equity ratio of 52.5%. In January 2025, the NDPSC approved interim rates, subject to refund, of approximately $27 million (implemented on Feb. 1, 2025).
Previous wording
Excess Liability Insurance Deferral –In February 2025, NSP-Wisconsin filed a request with the PSCW for deferred accounting treatment for excess liability insurance expense of $9.6 million incurred as a result of the October 2024 policy renewal. A PSCW decision is expected in the third quarter of 2025.
Current wording
Excess Liability Insurance Deferral –In February 2025, NSP-Wisconsin filed a request with the PSCW for deferred accounting treatment for excess liability insurance expense of $9.6 million incurred as a result of the October 2024 policy renewal. A PSCW decision is anticipated in the third quarter of 2025.
Previous wording
Answer testimony was received in April 2025. The remaining procedural schedule is as follows:
Current wording
The procedural schedule is as follows:
Previous wording
Additionally, the MPUC approved life extensions of the Red Wing and Mankato RDF plants to 2037 and ordered NSP-Minnesota to file a proposed tariff for customers with super-large load, largely data centers, by July 15, 2025.
Current wording
Additionally, the MPUC approved life extensions of the Red Wing and Mankato RDF plants to 2037 and ordered NSP-Minnesota to file a proposed tariff for customers with super-large load, largely data centers, which was filed in July 2025.
Previous wording
•In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. The RFP closed in December 2023. NSP-Minnesota expects to file for approval of recommended projects in summer 2025.
Current wording
•In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. The RFP closed in December 2023. NSP-Minnesota expects to file for approval of recommended projects in early 2026.
Previous wording
•Acceleration of $15 million per year of depreciation expense (incremental to PSCo’s original rate request), to be held in an external trust for future decommissioning costs.
Current wording
•Acceleration of $15 million per year of depreciation expense (incremental to PSCo’s original rate request), to potentially be held in an external trust for future decommissioning costs.
Previous wording
PSCo placed new rates into effect in November, as modified on ARRR in February 2025, with an annual revenue increase of approximately $125 million, inclusive of $15 million of accelerated depreciation. The UCA filed a second ARRR in February 2025. The CPUC held deliberations in April 2025 and did not order changes to the approved annual revenue increase. A written decision remains pending.
Current wording
PSCo placed new rates into effect in November, as modified on ARRR in February 2025, with an annual revenue increase of approximately $125 million, inclusive of $15 million of accelerated depreciation. In May 2025, PSCo filed an appeal with the Denver District Court seeking review of the CPUC’s decisions related to recovery of certain operating expenses, cost of capital and capital structure, and the treatment of gas storage inventory costs. Briefing will be completed in the third and fourth quarters of 2025.
Previous wording
A CPUC decision on the resource plan is expected by the fall of 2025 (Phase I) with the competitive solicitation for resource additions expected in early 2026.
Current wording
A hearing was held in June 2025 and a CPUC decision on the resource need is expected by the fall of 2025 with the competitive solicitation for resource additions expected in early 2026.
Previous wording
In December 2024, the CPUC adopted final rules applicable to PSCo’s natural gas utility that would assign to the Company four percent of the change in the price per MMbtu of natural gas compared to the three-year average, subject to rolling 12-month cap based on a percentage of rate base, currently estimated at $7 million. The rules require PSCo to make a filing to implement the mechanism within sixty days of becoming effective, expected later in 2025.
Current wording
In December 2024, the CPUC adopted final rules applicable to PSCo’s natural gas utility that would assign to the Company four percent of the change in the price per MMbtu of natural gas compared to the three-year average, subject to rolling 12-month cap based on a percentage of rate base, currently estimated at $7 million. PSCo made a filing in June 2025 to implement the mechanism with a CPUC decision expected in late 2025 or early 2026.
Previous wording
In December 2024, the CPUC also adopted rules for electric utilities but did not adopt a specific PIM framework, which will be further considered through additional proceedings in 2025.
Current wording
In December 2024, the CPUC also adopted rules for electric utilities but did not adopt a specific PIM framework, which will be further considered through additional proceedings expected to commence later in 2025.
Previous wording
New Mexico Resource Plan (IRP)— In October 2023, SPS filed its IRP with the NMPRC, which supports projected load growth and increasing reliability requirements, and secures replacement energy and capacity for retiring resources. SPS’ projected resource needs ranging from approximately 5,300 MW to 10,200 MW by 2030. In February 2024, the NMPRC accepted the IRP.
Current wording
SPS Resource Plan (IRP)— In October 2023, SPS filed its IRP with the NMPRC, which supports projected load growth and increasing reliability requirements, and secures replacement energy and capacity for retiring resources. SPS’ projected resource needs range from approximately 5,300 MW to 10,200 MW of nameplate capacity by 2030. In February 2024, the NMPRC accepted the IRP.
Previous wording
In July 2024, SPS issued a RFP, seeking approximately 3,200 MW of accredited generation capacity by 2030. The total capacity to be added to the system is expected to align with the range identified in the SPS IRP, depending on the types of resources proposed in the RFP and their accredited capacity factors.
Current wording
In July 2024, SPS issued a RFP, seeking approximately 3,200 MW of accredited capacity by 2030. The total capacity to be added to the system is expected to align with the range identified in the SPS IRP, depending on the types of resources proposed in the RFP and their accredited capacity factors.
Previous wording
Texas System Resiliency Plan— In December 2024, SPS filed its Texas SRP with the PUCT. Consistent with PUCT requirements, SPS’ proposed plan discusses resiliency-related risks and the five measures that have been designed to help SPS prevent, withstand, mitigate or more promptly recover from resiliency events, including wildfire.
Current wording
Texas System Resiliency Plan— In December 2024, SPS filed its Texas SRP with the PUCT. Consistent with PUCT requirements, SPS’ proposed plan discusses resiliency-related risks and the five measures that have been designed to help SPS prevent, withstand, mitigate or more promptly recover from resiliency events, including wildfire. The proposed SRP covers 2025-2028 and includes a proposed $538 million of investment.
Previous wording
In April 2025, SPS filed a unanimous stipulation and settlement agreement which includes approximately $490 million of spend over the plan period, adjusted largely to reflect the removal of the operational flexibility measure for investment in the normal course of business. The settlement also includes the deferral of distribution-related costs, including depreciation expense and carrying costs at SPS’ weighted average cost of capital.
Current wording
In April 2025, SPS filed a unanimous stipulation and settlement agreement. The settlement includes approximately $490 million of spend over the plan period, adjusted largely to reflect the removal of the operational flexibility measure for investment in the normal course of business. The settlement also includes the deferral of distribution-related costs, including depreciation expense and carrying costs at SPS’ weighted average cost of capital.
Previous wording
In 2025, several executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Due to the current tariff level on Chinese products, utility-scale battery projects are at most risk to be impacted in terms of cost and/or schedule. Additionally, executive orders have been issued relating to the permitting of wind projects and the retirement of coal facilities.
Current wording
In 2025, several executive orders have been issued imposing new global and country-specific tariffs on many imports, which may impact our procurement and development activities. Additionally, executive orders and actions from government agencies may impact the permitting of wind and solar facilities and the retirement of coal facilities.
Previous wording
In March 2025, the EPA announced that the agency will undertake various regulatory actions addressing a wide range of environmental regulations. This includes action on the 2024 power plant greenhouse gas regulations, Effluent Limitation Guidelines, the 2024 amendments to the CCR Rule and the 2023 Good Neighbor Plan, though no formal actions have been taken on these regulations to date. We will continue to monitor and respond as appropriate to EPA’s administrative efforts to take action.
Current wording
In March 2025, the EPA announced that the agency will undertake various regulatory actions addressing a wide range of environmental regulations. This includes action on the 2024 power plant greenhouse gas regulations, Effluent Limitation Guidelines, the 2024 amendments to the CCR Rule and the 2023 Good Neighbor Plan. Xcel Energy will continue to monitor these proposed rules as they move toward final action. Additionally, any other amendments and changes to rules will be evaluated as proposed by EPA.
Previous wording
Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO 2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO 2 control requirements vary by subcategory. Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Current wording
Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO 2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO 2 control requirements vary by subcategory.
Previous wording
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the three months ended March 31:
Current wording
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the six months ended June 30:
Previous wording
A 10% increase and 10% decrease in forward market prices for Xcel Energy’s commodity trading contracts would have likewise increased and decreased pretax income from continuing operations, by approximately $3 million and $4 million at March 31, 2025 and March 31, 2024, respectively.
Current wording
At June 30, 2024, A 10% increase and 10% decrease in forward market prices for Xcel Energy’s commodity trading contracts would have likewise increased and decreased pretax income from continuing operations, by approximately $3 million.
Previous wording
At March 31, 2025, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $28 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $27 million. At March 31, 2024, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $25 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $25 million.
Current wording
At June 30, 2025, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $39 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $38 million. At June 30, 2024, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $42 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $40 million.
Previous wording
Net cash provided by operating activities decreased $22 million for the three months ended March 31, 2025 compared with the prior year. The decrease was largely due to the change in deferred income taxes due to PTC transfers and the timing of working capital payments, partially offset by interim rate refunds in Minnesota in the prior year.
Current wording
Net cash provided by operating activities decreased $131 million for the six months ended June 30, 2025 compared with the prior year. The decrease was largely due to the timing of regulatory recovery, including deferred net natural gas, fuel and purchased energy costs.
Previous wording
Net cash used in investing activities increased $435 million for the three months ended March 31, 2025 compared with the prior year. The increase in capital expenditures was largely due to continued system investment in renewable and transmission projects.
Current wording
Net cash used in investing activities increased $1,027 million for the six months ended June 30, 2025 compared with the prior year. The increase in capital expenditures was largely due to continued system investment in renewable and transmission projects.
Previous wording
Net cash provided by financing activities increased $1,029 million for the three months ended March 31, 2025 compared with the prior year. The increase was largely related to additional debt and common stock issuances to fund capital investment.
Current wording
Net cash provided by financing activities increased $964 million for the six months ended June 30, 2025 compared with the prior year. The increase was largely related to common stock issuances to fund capital investment.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Tariffs, Trade Complaints and Federal Actions
Current report — wording carried from elsewhere
Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Current report — wording carried from elsewhere
At June 30, 2025, a 10% increase in forward market prices for Xcel Energy’s commodity trading contracts would have likewise increased pretax income from continuing operations by approximately $3 million, while a 10% decrease in forward market prices would have increased pretax income from continuing operations by approximately $2 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The proposed SRP covers 2025-2028 and includes a proposed $538 million of investment across the following measures: