XCEL ENERGY INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-07-31.
0000072903-25-000225
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0000072903-25-000257
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 258 previous paragraphs and 279 current paragraphs.
179 unchanged; 49 reworded; 43 added; 28 removed; 2 previous and 8 current paragraphs rearranged.
Tables are not compared: 22 previous and 29 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 (43)
Current report
The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:
Current report
Sherco Unit 3 2011 Outage Refunds — NSP-Minnesota’s Sherco Unit 3 experienced an extended outage following a 2011 incident which damaged its turbine. In October 2024 following contested case procedures, the MPUC ordered a customer refund of $46 million for replacement power incurred during the outage, which is presented as a non-recurring charge to electric revenues.
Current report
Marshall Wildfire Litigation— In the third quarter of 2025, PSCo recognized a non-recurring $287 million charge as a result of a settlement reached with the plaintiffs in the Marshall Wildfire litigation.
Current report
(a)Amounts may not add due to rounding.
Current report
(b)Amounts may not add due to rounding.
Current report
Upcoming, Pending and Recently Concluded Regulatory Proceedings
Current report
2025 Minnesota Natural Gas Rate Case— On Oct. 31, 2025, NSP-Minnesota plans to file a natural gas rate case in Minnesota, seeking a total revenue increase of $63 million (8.2%). The filing is based on a 2026 forecast test year and includes an ROE of 10.65%, a 52.5% equity ratio and rate base of $1.5 billion. NSP-Minnesota will also request interim rates of $51 million to go into effect on Jan. 1, 2026. As part of the request, NSP-Minnesota plans to file an option for a stay-out alternative.
Current report
In August 2025, eight parties filed testimony. The DOC, OAG, XLI, the CUB, Walmart and Joint Intervenors were the only parties to quantify recommended financial adjustments. XLI recommended $190 million in proposed adjustments, based on a reduced ROE and a reduction in certain O&M expenses. CUB recommended proposed adjustments based on a reduced ROE and elimination of reconnection and late fee revenues. Walmart recommended an adjustment based on a reduced ROE. Other parties provided issue specific recommendations.
Current report
Proposed DOC modifications to NSP-Minnesota’s request are summarized below:
Current report
(a)Adjustments largely offset in trackers.
Current report
(b)Riverside Generating Plant experienced a mechanical failure in April 2025 that resulted in an extended outage.
Current report
Positions on NSP-Minnesota’s filed rate request:
Current report
In October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million. Of NSP-Minnesota’s proposed adjustments, approximately $100 million relates to depreciation expense and $50 million are largely offset in trackers.
Current report
An ALJ report is expected in April 2026, with a MPUC decision expected in the third quarter of 2026.
Current report
•Evidentiary Hearing: April 28-30, 2026
Current report
A SDPUC decision is expected in the second quarter of 2026.
Current report
On August 8, 2025, the PSCW Staff and intervenors filed their direct testimony. The PSCW Staff recommended an electric base rate increase of $115 million or 14.4% over the two-year period. The PSCW Staff additionally recommended a natural gas rate increase of $21 million, or 12.3% over the two-year period, all based on a ROE of 9.7% and an equity ratio of 53.5%.
Current report
Intervenors mainly limited their comments on revenue requirements to ROE focusing the majority of their testimony on cost of service, rate design and other policy issues.
Current report
The major components of the PSCW Staff recommendation are summarized below:
Current report
(a)Capital investment adjustment includes $7 million associated with two MISO LRTP projects that are pending PSCW approval (Grid Forward and Western Wisconsin Transmission Connection). It is PSCW Staff historic practice to recommend adjustments for projects until Commission approval is received. Approval of both LRTP projects is anticipated in the fourth quarter of 2025.
Current report
(b)Since filing the case, the Minnesota Public Utilities Commission authorized a reduction to the annual nuclear decommissioning accrual. This reduction, which flows to NSP-Wisconsin through the interchange agreement, reduced the NSP-Wisconsin rate request and is earnings neutral.
Current report
•NSP-Minnesota and NSP-Wisconsin will continue to file additional RFPs throughout 2025 and 2026 for resource needs approved as part of the 2024 Upper Midwest Resource Plan.
Current report
PSCo has filed all generation CPCNs associated with company-owned generation from the Colorado Energy Plan and expects to continue filing transmission CPCNs throughout 2025 and 2026.
Current report
Near-Term Procurement —In August 2025, PSCo filed a joint motion with state agencies to initiate a “fast-tracked” solution for tax-advantaged new generation resources. The CPUC approved the request in September 2025 with bids submitted in October 2025. The procurement seeks to accelerate development of up to 4,000 MW of clean energy resources, 200 MW of firm, dispatchable resources, and up to 300 MW of other dispatchable resources. A recommended portfolio of resources will be filed December 2025 and a decision is expected in February 2026.
Current report
In August 2025, the CPUC issued a written approval of the settlement agreement.
Current report
In October 2025, SPS issued a second RFP to solicit 870 MW of accredited capacity (approximately 1,500 MW to 3,000 MW nameplate capacity) through 2032. Additional resources will be evaluated to meet the New Mexico Renewable Portfolio Standard compliance need. Bids are due in January 2026, and the portfolio is expected to be filed in the second half of 2026.
Current report
In August 2025, the U.S. Treasury issued further guidance related to the beginning of construction for clean energy projects.
Current report
In September 2025, the EPA proposed to amend the Clean Air Act GHG Reporting Program to scale back reporting and recordkeeping requirements. Under the amended program, Xcel Energy would no longer be required to report GHG emissions to the federal program. Xcel Energy will continue to report GHG emissions as required under state programs. Xcel Energy will monitor the proposed rule and evaluate the impacts of any final rule upon state reporting programs.
Current report
Capital Expenditures —Base capital expenditures for Xcel Energy for 2026 through 2030 are as follows:
Current report
(a)Other category includes intercompany transfers for equipment with long lead times.
Current report
The plan does not include any potential incremental generation from the current Colorado Near-Term Procurement and Resource Plan, additional future generation RFPs across jurisdictions to fund growth, or additional transmission investments that may come from future planning processes including MISO and SPP. Xcel Energy expects to fund additional capital investment with approximately 40% equity and 60% debt.
Current report
Xcel Energy’s capital expenditure forecast is subject to continuing review and modification. Actual capital expenditures may vary from estimates due to changes in electric and natural gas projected load growth, safety and reliability needs, regulatory decisions, legislative initiatives, tax policy, reserve requirements, availability of purchased power, alternative plans for meeting long-term energy needs, environmental initiatives and regulation, and merger, acquisition and divestiture opportunities.
Current report
Financing for Capital Expenditures through 2030— Xcel Energy issues debt and equity securities to refinance retiring debt maturities, reduce short-term debt, fund capital programs, infuse equity in subsidiaries, fund asset acquisitions and for general corporate purposes. Current estimated financing plans of Xcel Energy for 2026-2030 (includes the impact of tax credit transferability):
Current report
(a)Net of dividends and pension funding.
Current report
(b)Reflects a combination of short and long-term debt; net of refinancing.
Current report
(c)Amount could include other financing instruments that receive equity credit from the credit rating agencies.
Current report
(a)Junior subordinated debt was issued on Oct. 7, 2025.
Current report
Xcel Energy issued 16.4 million shares ($1.16 billion in net proceeds and $9 million in transaction fees paid) through its ATM programs in the nine months ended Sept. 30, 2025. Xcel Energy also entered forward equity agreements and collared forward equity agreements under these programs totaling 18.2 million shares, which have not been settled.
Current report
•O&M expenses are projected to increase ~5%. The increase from prior guidance is primarily due to increasing benefit costs in the third quarter of 2025.
Current report
•Depreciation expense is projected to increase approximately $210 million to $220 million. The increase from prior guidance is largely earnings neutral and is offset by changes in electric fuel and purchased power.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (28)
Previous report
•ALJ Report: April 30, 2026
Previous report
•MPUC Decision: July 31, 2026
Previous report
Pending Regulatory Proceedings
Previous report
•Intervenor direct testimony: August 8, 2025
Previous report
•Rebuttal testimony: August 28, 2025
Previous report
•Hearing: September 16, 2025
Previous report
Resource Acquisition —In February 2024, NSP filed its Upper Midwest Resource Plan with the MPUC. In October 2024, NSP-Minnesota filed a settlement with several parties reaching agreement on the resource plan, as well as the proposed projects to be approved in the pending 800 MW firm dispatchable resource acquisition.
Previous report
In February 2025, the MPUC approved the terms of the settlement agreement, including:
Previous report
•The selection of the company owned 420 MW Lyon County combustion turbine.
Previous report
•The selection of the company owned 300 MW 4-hour Sherco battery energy storage system.
Previous report
•Multiple PPAs to proceed to the negotiation stage.
Previous report
•The addition of 3,200 MW of wind, 400 MW of solar and 600 MW of stand-alone storage to be added through 2030 based on an RFP process (a portion of which is expected to be fulfilled with the resources acquired as part of the 2024 RFPs). Of these amounts, approximately 2,800 MW of wind are projected to utilize the Minnesota Energy Connection transmission line.
Previous report
•Planned life extensions of the Prairie Island and Monticello nuclear plants through the early 2050s.
Previous report
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 report
NSP-Minnesota will file additional RFPs for approved resource needs beginning in late 2025 or early 2026.
Previous report
In December 2023, the CPUC approved a framework for PIMs associated with the generation projects in the portfolio. In September 2024, PSCo filed a proposal for implementation of the PIMs. In April 2025, PSCo filed an unopposed settlement, which establishes key details of the various symmetrical PIMs. Key terms include:
Previous report
•A cost-to-construct PIM, in which costs over or under a deadband will be used to calculate a PIM to be shared with customers over 10 years, beginning after the in-service date.
Previous report
•An operational PIM on wind and solar projects based on annual weather-normalized, curtailment-adjusted energy amounts, subject to a cap of approximately $8 million per year.
Previous report
•An availability PIM on new gas generation approved in the resource plan, subject to a cap of $1 million per year.
Previous report
The settlement was approved in June 2025.
Previous report
PSCo filed or expects to file generation and transmission CPCNs throughout 2024 and 2025.
Previous 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.
Previous 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.
Previous report
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 report
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 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.
Previous 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.
Previous report
In the six months ended June 30, 2025, 16.3 million shares ($1.15 billion in net proceeds) were issued under an ATM program.
Reworded paragraphs (49)
Previous 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).
Current wording
Xcel Energy’s third quarter GAAP diluted earnings were $0.88 per share compared with $1.21 per share in the same period in 2024 and ongoing earnings were $1.24 compared with $1.25 per share in 2024. The change in ongoing earnings per share was primarily driven by higher depreciation, interest charges and O&M expenses 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).
Previous 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.
Current wording
NSP-Minnesota— GAAP earnings increased $0.08 per share and ongoing earnings increased$0.04 for the third quarter. Year-to-date GAAP earnings increased $0.11 per share and ongoing earnings increased$0.05 per share. The year-to-date ongoing earnings increase was driven by higher recovery of electric infrastructure investments, which was partially offset by increased O&M expenses, depreciation and interest charges.
Previous 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.
Current wording
PSCo— GAAP earnings decreased $0.37 per share and ongoing earnings decreased $0.01 for the third quarter of 2025. Year-to-date GAAP earnings decreased $0.27 and ongoing earnings increased $0.09. The year-to-date ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased depreciation and interest charges.
Previous 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.
Current wording
SPS— GAAP and ongoing earnings decreased $0.04 per share for the third quarter and decreased $0.03 year-to-date. The year-to-date change was driven by unfavorable weather, increased interest charges and O&M expenses, partially offset by higher recovery of electric infrastructure investments and sales growth.
Previous 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.
Current wording
NSP-Wisconsin— GAAP and ongoing earnings per share were flat for the third quarter of 2025 and 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 depreciation and O&M expenses.
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 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.
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 change in earnings was largely due to gains on debt repurchases, partially offset by higher interest rates and debt levels and the performance of the equity method investments, which primarily invest in energy technology companies.
Previous 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.
Current wording
•NSP-Minnesota — Residential sales increased due to customer growth (1.1%) and increase in use per customer (0.4%). C&I sales decreased due to lower use per customer.
Previous wording
•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 wording
•PSCo — Residential sales increased due to increased use per customer (1.6%) and customer growth (1.2%). C&I sales increased due to higher use per customer and customer growth, primarily in the information and energy sectors.
Previous 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.
Current wording
•SPS — Residential sales increased due to higher use per customer (4.1%) and customer growth (0.7%). C&I sales increased due to higher use per customer, primarily driven by the energy sector.
Previous 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.
Current wording
Electric fuel and purchased power expenses increased $38 million for the third quarter of 2025 and $173 million year-to-date. The year-to-date increase was primarily due to increased commodity prices and transmission expense partially offset by decreased volumes and timing of fuel recovery mechanisms.
Previous 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.
Current wording
Natural gas sold and transported decreased $2 million for the third quarter of 2025 and increased $44 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 $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.
Current wording
O&M Expenses — O&M expenses increased $37 million for the third quarter of 2025 and $131 million year-to-date. The year-to-date increase was primarily due to increased benefits and healthcare costs, nuclear generation costs and insurance costs.
Previous 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.
Current wording
Depreciation and Amortization— Depreciation and amortization increased $69 million for the third quarter of 2025 and $158 million year-to-date. The year-to-date increase was largely the result of system investment.
Previous wording
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 wording
Other Income— Other income increased $7 million for the third quarter of 2025 and $46 million year-to-date, largely due to gains on debt repurchases in the second quarter of 2025.
Previous 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.
Current wording
Interest Charges— Interest charges increased $58 million for the third quarter of 2025 and $129 million year-to-date, largely due to higher debt levels and interest rates.
Previous wording
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 wording
AFUDC, Equity and Debt— AFUDC increased $50 million for the third quarter of 2025 and $112 million year-to-date, largely the result of system investment.
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. 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.
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 fourth quarter of 2025.
Previous wording
2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota, seeking a total revenue increase of $491 million (13.2%) over two years, based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. NSP-Minnesota also requested interim rates of $224 million for 2025. In December 2024, the MPUC reduced the interim rate request for wildfire mitigation costs (as these costs were deemed as new costs not previously approved in a rate case) and approved interim rates of $192 million, effective January 1, 2025.
Current wording
2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. In December 2024, the MPUC approved interim rates of $192 million, effective Jan. 1, 2025. In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million.
Previous wording
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 wording
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 will request interim 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.
Previous wording
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 wording
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. A NDPSC decision is expected in early 2026.
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 anticipated 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. The PSCW verbally approved the request in August 2025.
Previous wording
•In 2024, NSP-Minnesota and NSP-Wisconsin each issued an RFP collectively seeking up to 1,600 MW of wind, solar, storage or hybrid resources to interconnect to the NSP System, including reutilization of the interconnection rights associated with the retiring Sherco coal units, and 650 MW of solar and storage resources to specifically reutilize the interconnection rights associated with the retiring King coal unit. NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025 and plan to file for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the second half of 2025.
Current wording
•In 2024, NSP-Minnesota and NSP-Wisconsin each issued an RFP collectively seeking up to 1,600 MW of wind, solar, storage or hybrid resources to interconnect to the NSP System, including reutilization of the interconnection rights associated with the retiring Sherco coal units, and 650 MW of solar and storage resources to specifically reutilize the interconnection rights associated with the retiring King coal unit. NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025 and plan to file for the requisite approvals of the selected resources with the MPUC and PSCW, respectively, in the fourth quarter of 2025.
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. 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.
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 fourth quarter of 2025.
Previous wording
In September 2024, PSCo filed a proposed framework for CPUC review of pricing adjustments for both company-owned and PPA resources to enable delivery of the approved portfolio in light of supply chain and geopolitical developments. In January 2025, the CPUC issued a decision granting limited potential pricing relief including potential tariff impacts, subject to evaluation in future CPCN proceedings for company owned projects.
Current wording
In September 2024, PSCo filed a proposed framework for CPUC review of pricing adjustments for both company-owned and PPA resources to enable delivery of the approved portfolio in light of supply chain and geopolitical developments. In January 2025, the CPUC issued a decision granting limited potential pricing relief including potential tariff impacts, subject to evaluation in future CPCN proceedings for company owned projects. In September 2025, the CPUC authorized the process for company-owned and PPA resources to seek up to 15% relief for tariff impacts to projects. Relief requests are due by Dec. 31, 2025 or 18 months prior to COD. The CPUC will ultimately review and approve/deny requests.
Previous 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.
Current wording
A hearing was held in June 2025 and a CPUC decision on the resource need is expected in the fourth quarter of 2025 with the competitive solicitation for resource additions expected in 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 expected to commence later 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 in the fourth quarter of 2025.
Previous wording
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 wording
In July 2025, the portfolio selection report was publicly filed with the NMPRC with 3,121 MW of accredited capacity resources, including the following:
Previous wording
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 wording
SPS filed or expects to file Certificate of Convenience and Necessity filings for the specific assets with the PUCT and NMPRC in 2025, with approvals expected in 2026.
Previous wording
Excess Liability Insurance Deferral– In March 2025, SPS filed a request with the PUCT and in April 2025, SPS filed a request with the NMPRC for deferred accounting treatment for incremental excess liability insurance expense incurred as a result of the October 2024 policy renewal, estimated at approximately $30 million across the two jurisdictions. SPS has requested commission decisions by September 2025.
Current wording
Excess Liability Insurance Deferral– In March 2025, SPS filed a request with the PUCT and in April 2025, SPS filed a request with the NMPRC for deferred accounting treatment for incremental excess liability insurance expense incurred as a result of the October 2024 policy renewal, estimated at approximately $30 million across the two jurisdictions. In October 2025, the NMPRC approved the request, resulting in a deferral of approximately $15 million of incremental excess liability insurance costs in 2025. A PUCT decision is expected in the first quarter of 2026.
Previous wording
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 wording
Several trade cases related to anti-dumping and countervailing duty investigations are ongoing and we continue to monitor the potential impacts of these cases.
Previous wording
Xcel Energy maintains excess liability coverage, which is intended to insure against liability to third parties. Through the third quarter of 2024, Xcel Energy had approximately $600 million of excess liability coverage; including $520 million of wildfire coverage with an annual premium of approximately $40 million. Examples of claims paid under this policy include property damage or bodily injury to members of the public caused by Xcel Energy’s employees, equipment or facilities. The increased wildfire liability risk and claims are driving a significant increase of premiums and reductions in insurance coverage in the excess liability markets, especially in the western United States. In October 2024, Xcel Energy renewed its excess liability coverage and now has $450 million of total coverage; including $450 million of wildfire coverage for the NSP System and $300 million of wildfire coverage for PSCo and SPS. The annual premium for this excess liability insurance is approximately $130 million. Xcel Energy has received an approved deferral at PSCo, and has filed for recovery through a deferral request or rate filings in other jurisdictions.
Current wording
Xcel Energy maintains excess liability coverage, which is intended to insure against liability to third parties. Through the third quarter of 2024, Xcel Energy had approximately $600 million of excess liability coverage; including $520 million of wildfire coverage with an annual premium of approximately $40 million. Examples of claims paid under this policy include property damage or bodily injury to members of the public caused by Xcel Energy’s employees, equipment or facilities. The increased wildfire liability risk and claims are driving a significant increase of premiums and reductions in insurance coverage in the excess liability markets, especially in the western United States.
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. 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.
Current wording
Throughout 2025, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. 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 the EPA.
Previous wording
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 wording
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.
Previous wording
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 wording
In July 2025, the EPA additionally proposed to repeal the 2009 Endangerment Finding and associated regulations addressing GHG emissions under the Clean Air Act. Xcel Energy will monitor the proposed rules and evaluate the impacts of any final rule.
Previous wording
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 wording
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 comment period for the proposal has concluded, but the EPA has yet to make a final decision. 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.
Previous wording
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the six months ended June 30:
Current wording
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the nine months ended Sept. 30:
Previous 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.
Current 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 $2 million at Sept. 30, 2025 and Sept. 30, 2024.
Previous wording
A 100-basis point change in the benchmark rate on Xcel Energy’s variable rate debt would impact pretax interest expense annually by approximately $8 million in June 30, 2025 and June 30, 2024.
Current wording
A 100-basis point change in the benchmark rate on Xcel Energy’s variable rate debt would impact pretax interest expense annually by approximately $13 million and $1 million at Sept. 30, 2025 and 2024, respectively
Previous 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.
Current wording
At Sept. 30, 2025, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $33 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $32 million. At Sept. 30, 2024, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $31 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $30 million.
Previous 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.
Current wording
Net cash provided by operating activities decreased $103 million for the nine months ended Sept. 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.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
In October 2024, Xcel Energy renewed its excess liability coverage and now has $450 million of total coverage; including $450 million of wildfire coverage for the NSP System and $300 million of wildfire coverage for PSCo and SPS. The annual premium for this excess liability insurance is approximately $130 million. In October 2025, Xcel Energy renewed its excess liability coverage for the same level with an annual premium of approximately $135 million. Xcel Energy has received approved deferrals in Colorado, Wisconsin and New Mexico and has filed for recovery through a deferral request or rate filings in other jurisdictions.
Current report — wording carried from elsewhere
•Weather-normalized retail firm natural gas sales are projected to be flat.
Current report — wording carried from elsewhere
•Interest expense (net of AFUDC - debt) is projected to increase $160 million to $170 million, net of interest income. The increase from prior guidance is largely earnings neutral and is offset by changes in electric fuel and purchased power.
Current report — wording carried from elsewhere
Xcel Energy 2026 Earnings Guidance —Xcel Energy’s 2026 ongoing earnings guidance is a range of $4.04 to $4.16 per share.(a)
Current report — wording carried from elsewhere
Key assumptions as compared with 2025 actual levels unless noted:
Current report — wording carried from elsewhere
•Constructive outcomes in all pending rate case and regulatory proceedings.
Current report — wording carried from elsewhere
•Normal weather patterns for the year.
Current report — wording carried from elsewhere
•Weather-normalized retail electric sales are projected to increase ~3%.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In March 2025, NSP-Minnesota filed supplemental direct testimony, updating its total revenue request to $473 million. The procedural schedule is as follows:
Previous report — wording carried 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.