XCEL ENERGY INC
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
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, 2026 · Filed Jul 30, 2026
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 2026-03-31; filed 2026-04-30.
0000072903-26-000073
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0000072903-26-000154
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 230 previous paragraphs and 217 current paragraphs.
138 unchanged; 50 reworded; 27 added; 40 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 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 (27)
Current report
•Decrease in natural gas sales was driven primarily by reduced use per customer in most jurisdictions and customer classes.
Current report
(a)Decrease primarily due to recognition of interim rate refunds in the Minnesota Electric Rate Case. Reduced electric revenue was more than offset by corresponding reductions in depreciation expense due to nuclear life extensions approved in the case.
Current report
Depreciation and Amortization— Depreciation and amortization decreased $60 million for the second quarter of 2026 and $20 million year-to-date. The year-to-date change was primarily due to the recognition of 2025 and 2026 depreciation reductions (nuclear life extensions) in the second quarter of 2026, partially offset by system expansion.
Current report
Earnings from Equity Method Investments— Earnings from equity method investments increased $84 million for the second quarter of 2026 and $98 million year-to-date. The year-to-date change was primarily due to unrealized gains on investment funds’ interests in energy technology companies in the first six months of 2026 and losses in the first six months of 2025.
Current report
AFUDC, Equity and Debt— AFUDC increased $54 million for the second quarter of 2026 and $115 million year-to-date. The year-to-date change was primarily due to system investment.
Current report
In June 2026, the MPUC issued a verbal decision. Terms of the decision include:
Current report
•Estimated rate increase of approximately $211 million over two years (annual average increase of 2.9%).
Current report
•ROE of 9.60%, an increase from the current 9.25% ROE, while maintaining the equity ratio of 52.5%.
Current report
•Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms.
Current report
A final written MPUC order is expected by July 31, 2026.
Current report
In May 2026, NSP-Minnesota and certain intervenors reached a non-unanimous settlement, based on a total revenue increase of $38 million (4.9%) and a weighted average cost of capital of 7.21% (an increase from the previously authorized 7.16%).
Current report
In June 2026, PSCo, CPUC Staff and various other parties filed a comprehensive non-unanimous settlement agreement. The AARP, City of Boulder and the UCA oppose the settlement. Other parties either support portions of the settlement or do not oppose it. Terms of the settlement include:
Current report
•Revenue increase (excluding rider roll-ins) of $225 million (6.3% total, or an annual average of 2.05% since the last rate case), based on a 2025 historic test year using year-end rate base with limited forward looking known and measurable adjustments.
Current report
•ROE of 9.3% and equity ratio of 54.5%.
Current report
•A performance framework applicable to the operation of Comanche Unit 3 coal facility from effective date of rates through 2029.
Current report
•Transfer of the previous Transmission Cost Adjustment investments into rate base.
Current report
•Continuation of previously authorized trackers and deferrals.
Current report
In July 2026, PSCo, CPUC Staff, the UCA, the Colorado Energy Office, Western Resource Advocates/Sierra Club, Energy Outreach Colorado and various other parties filed a comprehensive non-unanimous settlement agreement. Several parties either do not oppose or take no position on the settlement, and one transportation shipper opposes it. Key terms of the settlement include:
Current report
•Revenue increase of $123 million (7.5% total, or an annual average of 3.7% since the last rate case), based on a 2025 historic test year using average rate base with forward looking known and measurable adjustments.
Current report
•ROE of 9.2% and equity ratio of 54.5%.
Current report
In June 2026, SPS, New Mexico Department of Justice, New Mexico Large Customer Group and various other parties filed a comprehensive non-unanimous stipulation. NMPRC Staff opposes certain components of the stipulation.
Current report
Terms of the stipulation include:
Current report
•Base rate revenue increase of $90 million (7.7% total, or an annual average of 2.4% since the last rate case), based on the filed future test year.
Current report
•ROE of 9.5%.
Current report
•Equity ratio of 54.70%.
Current report
The following resources are included in SPS’ preferred portfolio:
Current report
•Depreciation expense is projected to increase approximately $140 million to $150 million. The decrease from prior guidance is primarily due to nuclear life extensions, which is offset by lower revenue.
Removed paragraphs (40)
Previous report
(a)The sales true-up mechanism in NSP-Minnesota is proposed in the pending Minnesota electric rate case to be reestablished in 2026.
Previous report
•Residential sales — Decrease is due to lower use per customer in SPS (6.1%) and PSCo (2.5%), partially offset by customer growth in all jurisdictions.
Previous report
•Increase in natural gas sales was driven primarily by customer growth in all jurisdictions, partially offset by decreased use per customer for C&I and residential customers in PSCo and NSP-Wisconsin.
Previous report
Depreciation and Amortization— Depreciation and amortization increased $40 million for the first quarter of 2026. The change was largely the result of system investment.
Previous report
AFUDC, Equity and Debt— AFUDC increased $61 million for the first quarter of 2026, largely the result of system investment.
Previous report
Upcoming, Pending and Recently Concluded Regulatory Proceedings
Previous 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. The DOC and XLI recommended $306 million and $190 million of adjustments, respectively, largely based on a reduction in ROE, certain O&M expenses and other costs offset in trackers. Other parties recommended adjustments based on reduced ROE and issue specific recommendations.
Previous 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 about $50 million is expected to be addressed through trackers. In November 2025, the DOC filed surrebuttal testimony, re-asserting their proposed ROE of 9.25%.
Previous report
On April 29, 2026, the ALJ report was issued. NSP-Minnesota estimates that the ALJ recommendation would result in a rate increase of approximately $248 million, based on a ROE of 9.8% and an equity ratio of 52.5%.
Previous report
Proposed ALJ modifications to NSP-Minnesota’s request were as follows:
Previous report
(a)Adjustments largely offset in trackers.
Previous report
In March 2026, the DOC, OAG and CUB filed direct testimony and recommended financial adjustments. The DOC recommended a total rate increase of $31 million, and an ROE of 9.3%. The OAG and CUB provided limited comments, with the OAG recommending a reduction of approximately $6 million in O&M expenses and CUB recommending an ROE of 9.0%.
Previous report
Next steps in the procedural schedule are as follows:
Previous report
•Surrebuttal testimony: May 1, 2026
Previous report
•Evidentiary hearing: May 11-12, 2026
Previous report
•ALJ Report: September 1, 2026
Previous report
•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 retirement of Sherco and A.S King coal units. NSP-Minnesota and NSP-Wisconsin announced the short listed projects in January 2025. NSP-Minnesota received MPUC approval of the selected resources in March 2026 and NSP-Wisconsin expects to file for approvals with the PSCW in the second quarter of 2026.
Previous report
On April 28, 2026, eight intervenors filed testimony, with CPUC Staff, UCA, and CEC filing comprehensive testimony. The FEA additionally proposed certain financial adjustments.
Previous report
The following modifications were proposed:
Previous report
The remaining procedural schedule is as follows::
Previous report
•Rebuttal testimony: May 20, 2026
Previous report
•Settlement deadline: May 28, 2026
Previous report
•Hearing: June 11-18, 2026
Previous report
The procedural schedule is as follows:
Previous report
•Answer testimony: June 5, 2026
Previous report
•Rebuttal testimony: July 2, 2026
Previous report
•Settlement deadline: July 8, 2026
Previous report
•Hearing: July 23-30, 2026
Previous 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 nameplate MW of clean energy resources, 200 accredited MW of firm, dispatchable resources, and up to 300 accredited MW of other dispatchable resources.
Previous report
In February 2026, the CPUC approved 3,200 MW of resources, which included PPAs and a 200 MW company-owned natural gas combustion turbine. In April 2026, the CPUC verbally approved an additional 600 MW company-owned wind facility.
Previous report
The procedural schedule is as follows:
Previous report
•Staff and Intervenor direct testimony: May 1, 2026
Previous report
•Rebuttal testimony: May 29, 2026
Previous report
•Public Evidentiary Hearing: July 7, 2026
Previous report
SPS filed Certificate of Convenience and Necessity filings for the specific assets with the PUCT and NMPRC in 2025, with approvals expected in 2026.
Previous report
Waste-to-Energy Air Regulations— In January 2024, the EPA proposed air regulations addressing new and existing large municipal waste combustors. The proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station, Red Wing Generating Plant and Wilmarth Generating Plant.
Previous report
In March 2026, the EPA issued a final rule tightening the emission limit for several pollutants from large municipal waste combustors. Xcel Energy is assessing whether and what additional controls may be required to comply, but believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Previous report
Regional Haze — In January 2026, the EPA issued a final rule fully disapproving the 2022 Colorado SIP revision, thereby removing the mandatory retirement dates. The removal of the retirement dates from a federally approved SIP would only impact whether the SIP provisions become federally enforceable. Colorado has a state regulation that reflects the SIP requirements, including retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2 at a state level and would require amendment to modify or remove retirement dates.
Previous report
(a)NSP-Wisconsin priced a 15 year first mortgage bond on April 1, 2026 and expects to close and fund the transaction in June 2026.
Previous report
•Depreciation expense is projected to increase approximately $330 million to $340 million.
Reworded paragraphs (50)
Previous wording
Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Current wording
Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Previous wording
Prairie Island Outage Refunds —In March 2026, the ALJ recommended a disallowance of $41 million for estimated replacement power costs incurred during a 2023-2024 outage at NSP-Minnesota’s Prairie Island nuclear facility. A non-recurring charge of $37 million was recorded to electric revenues in the first quarter of 2026 for incremental customer refunds, including interest.
Current wording
Prairie Island Outage Refunds —In March 2026, the ALJ recommended a disallowance of $41 million for estimated replacement power costs incurred during a 2023-2024 outage at NSP-Minnesota’s Prairie Island nuclear facility. The MPUC ordered the ALJ-recommended disallowance in May 2026. Total non-recurring charges of $38 million were recorded to electric revenues during the six months ended June 30, 2026 for incremental customer refunds, including interest.
Previous wording
Marshall Wildfire Litigation— In the first quarter of 2026, PSCo recognized a $22 million reduction to operating expenses due to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.
Current wording
Marshall Wildfire Litigation— In the six months ended June 30, 2026, PSCo recognized $19 million of net reductions to operating expenses due primarily to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.
Previous wording
Xcel Energy’s first quarter GAAP earnings were $0.89 per share compared with $0.84 per share in the same period in 2025 and ongoing earnings were $0.91 compared with $0.84 per share in 2025. Despite the impact of unseasonably warm weather in the first quarter, ongoing earnings per share was primarily driven by increased recovery of electric infrastructure investments and electric sales growth, partially offset by higher financing costs and increased depreciation expense. 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 second quarter diluted GAAP and ongoing earnings were $0.93 per share compared with $0.75 per share in the same period in 2025. The change in earnings per share was primarily driven by increased recovery of electric infrastructure investments, partially offset by higher financing costs. 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 earnings decreased $0.03 per share and ongoing earnings decreased $0.06 per share for the first quarter of 2026. The change was driven by unfavorable weather, which was partially offset by higher recovery of electric infrastructure investments. The difference between GAAP and ongoing earnings was driven by the increase in estimated Marshall Wildfire insurance amounts recoverable.
Current wording
PSCo— GAAP and ongoing earnings increased $0.06 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.01 per share. The increase in year-to-date ongoing earnings was driven by higher recovery of electric infrastructure investments which was partially offset by unfavorable weather. The difference between GAAP and ongoing earnings was driven by an increase in the estimated amount recoverable from insurance for Marshall Wildfire costs.
Previous wording
NSP-Minnesota— GAAP earnings decreased $0.02 per share and ongoing earnings increased $0.02 per share for the first quarter of 2026. The ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased interest charges. The difference between GAAP and ongoing earnings was driven by recognition of customer refunds related to the 2023-2024 Prairie Island nuclear facility outage.
Current wording
NSP-Minnesota— GAAP and ongoing earnings increased $0.05 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.07 per share. 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 interest charges. The difference between GAAP and ongoing earnings was driven by recognition of customer refunds related to the 2023-2024 Prairie Island nuclear facility outage.
Previous wording
SPS— GAAP and ongoing earnings increased $0.03 per share for the first quarter of 2026. The change was driven by sales growth, partially offset by increased depreciation expense and unfavorable weather.
Current wording
SPS— GAAP and ongoing earnings increased $0.02 per share for the second quarter and $0.06 per share year-to-date. The year-to-date change was driven by sales growth and higher recovery of electric infrastructure investments, partially offset by increased depreciation expense.
Previous wording
NSP-Wisconsin— GAAP and ongoing earnings increased $0.03 per share for the first quarter of 2026. The change was driven by higher recovery of electric and natural gas infrastructure investments, partially offset by increased depreciation expense.
Current wording
NSP-Wisconsin— GAAP and ongoing earnings increased $0.01 per share for the second quarter and $0.05 year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, partially offset by increased depreciation expense and interest charges.
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.
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 unrealized gains on the investment funds’ interests in energy technology companies, partially offset by higher debt levels.
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
Sales— Sales growth (decline) for actual and weather-normalized sales in 2026 compared to 2025:
Current wording
Sales— Sales growth (decline) for actual and weather-normalized sales volumes in 2026 compared to 2025:
Previous wording
•C&I sales — Increase is due to higher use per customer in SPS (10.6%) and NSP-Minnesota (1.8%) and customer growth in NSP-Wisconsin (1.1%). Increased activity in the energy sector in SPS and various sectors in all jurisdictions contributed to the sales growth.
Current wording
•C&I sales — Increase is due to higher use per customer in SPS (6.0%) and NSP-Minnesota (2.0%) and customer growth in NSP-Wisconsin (1.0%). Increased activity in the energy sector in SPS and the manufacturing sector in all jurisdictions contributed to the sales growth.
Previous wording
Electric Fuel and Purchased Power— Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of electricity, natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact. Electric fuel and purchased power expenses decreased $1 million for the first quarter of 2026.
Current wording
Electric Fuel and Purchased Power— Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of electricity, natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact. Electric fuel and purchased power expenses decreased $240 million for the second quarter of 2026 and $241 million year-to-date. The year-to-date change was primarily due to lower commodity prices, largely in SPS..
Previous wording
Natural gas sold and transported increased $7 million for the first quarter of 2026. The change was primarily due to higher commodity prices partially offset by decreased volumes in PSCo.
Current wording
Natural gas sold and transported decreased $41 million for the second quarter of 2026 and $34 million year-to-date. The year-to-date change was primarily due to decreased volumes in PSCo, partially offset by higher commodity prices.
Previous wording
O&M Expenses — O&M expenses decreased $11 million for the first quarter of 2026. The change was primarily due to lower benefits and bad debt expenses.
Current wording
O&M Expenses — O&M expenses increased $16 million for the second quarter of 2026 and $5 million year-to-date. The year-to-date change was primarily due to increased generation costs.
Previous wording
Interest Charges— Interest charges increased $80 million for the first quarter of 2026, largely due to higher debt levels and interest rates.
Current wording
Interest Charges— Interest charges increased $94 million for the second quarter of 2026 and $174 million year-to-date. The year-to-date change was primarily due to higher debt levels.
Previous 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.
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 October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million.
Previous wording
A MPUC decision is expected in the third quarter of 2026.
Current wording
An ALJ report is expected by September 2026 and a MPUC decision is expected in November 2026.
Previous wording
NSP-Minnesota appealed certain aspects of the MPUC decision. In January 2025, the Minnesota Court of Appeals issued its opinion, which included reversing and remanding decisions related to executive compensation and prepaid pension asset back to the MPUC. In March 2026, the MPUC declined to modify the treatment of executive compensation. A commission decision on prepaid pension asset is expected in mid-2026.
Current wording
NSP-Minnesota appealed certain aspects of the MPUC decision. In January 2025, the Minnesota Court of Appeals issued its opinion, which included reversing and remanding decisions related to executive compensation and prepaid pension asset back to the MPUC. In March 2026, the MPUC declined to modify the treatment of executive compensation. In July 2026, the MPUC declined to modify the treatment of prepaid pension asset.
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%, an equity ratio of 52.87% and rate base of approximately $1.2 billion. Interim rates were implemented 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%, an equity ratio of 52.87% and rate base of approximately $1.2 billion. Interim rates were implemented on Jan. 1, 2026.
Previous wording
In April 2026, NSP-Minnesota and SDPUC Staff filed a black box settlement agreement with the SDPUC, including a net annual electric rate increase of $26 million. A SDPUC decision is expected in the second quarter of 2026.
Current wording
In April 2026, NSP-Minnesota and SDPUC Staff filed a black box settlement agreement with the SDPUC, including a net annual electric rate increase of $26 million. In May 2026, the SDPUC approved the settlement agreement, and rates became effective July 1, 2026.
Previous wording
2026 North Dakota Natural Gas Rate Case— In January 2026, NSP-Minnesota filed a natural gas rate case in North Dakota, for an annual rate increase of $14 million (11.9%). The filing is based on a 2026 forecast test year and includes an ROE of 10.85%, a 52.5% equity ratio and rate base of $235 million. In March 2026, the NDPSC approved interim rates of $12 million effective April 1, 2026.
Current wording
2026 North Dakota Natural Gas Rate Case— In January 2026, NSP-Minnesota filed a natural gas rate case in North Dakota, for an annual rate increase of $14 million (11.9%). The filing is based on a 2026 forecast test year and includes an ROE of 10.85%, a 52.5% equity ratio and rate base of $235 million. In March 2026, the NDPSC approved interim rates of $12 million effective April 1, 2026. The procedural schedule is yet to be determined.
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. NSP-Minnesota filed for approval of recommended projects in March 2026.
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. NSP-Minnesota filed for approval of recommended projects in March 2026. A decision is expected in the third quarter of 2026.
Previous wording
•In December 2025, NSP-Minnesota and NSP-Wisconsin jointly issued an RFP seeking up to 3,500 MW of wind, solar, hydro, standalone storage, or hybrid capacity that will achieve commercial operation by December 31, 2030. Additionally, NSP-Minnesota is seeking to procure up to 600 MW of solar or solar plus storage capacity that will achieve commercial operation by December 31, 2029, and meet Minnesota’s Distributed Solar Energy Standard eligibility requirements. Bids were submitted in March 2026, and filing for requisite regulatory approval is expected by the end of 2026.
Current wording
•In December 2025, NSP-Minnesota and NSP-Wisconsin jointly issued an RFP seeking up to 3,500 MW of wind, solar, hydro, standalone storage, or hybrid capacity that will achieve commercial operation by December 31, 2030. Short-listed projects were announced in June 2026, and filing for requisite regulatory approval is expected by the end of 2026.
Previous wording
Large Load Agreement —In the first quarter of 2026, NSP-Minnesota entered into an electric service agreement to power a new Google data center in Minnesota. Under the agreement, Google will pay all costs for its new service for the duration of the agreement, in accordance with Minnesota’s regulatory and legislative requirements for large loads. If approved, the agreement is expected to result in approximately $1.1 billion of benefits to NSP-Minnesota’s customers. A request for approval of the Electric Service Agreement, including a proposed Clean Energy Accelerator Charge for 1,900 MW of clean energy resources, was filed with the MPUC in April 2026. Approvals for 1,000 MW of resources for the Clean Energy Accelerator program are pending as part of existing resource acquisition processes. The remaining resources are expected to be requested in those processes by the end of 2026.
Current wording
Large Load Agreement —In the first quarter of 2026, NSP-Minnesota entered into an electric service agreement to power a new Google data center in Minnesota. Under the agreement, Google will pay all costs for its new service for the duration of the contract, in accordance with Minnesota’s regulatory and legislative requirements for large loads. If approved, the agreement is expected to result in approximately $1.1 billion of benefits to NSP-Minnesota’s customers. A request for approval of the electric service agreement, including a proposed Clean Energy Accelerator Charge for 1,900 MW of clean energy resources, was filed with the MPUC in April 2026. A decision is expected in early 2027.
Previous wording
A CPUC decision and implementation of final rates is anticipated in the fourth quarter of 2026.
Current wording
Hearings to discuss the settlement took place in July 2026. A CPUC decision and implementation of final rates is anticipated in the fourth quarter of 2026.
Previous wording
2024 Colorado Electric Resource Plan — In October 2024, PSCo filed its Phase I electric resource plan with the CPUC. In November 2025, the CPUC approved a load forecast that reflects a 3% compound annual sales growth through 2031 and generation capacity need of approximately 5,400 MW.
Current wording
2024 Colorado Electric Resource Plan — In October 2024, PSCo filed its Phase I electric resource plan with the CPUC. In November 2025, the CPUC approved a load forecast that reflects 3% compound annual sales growth through 2031 and a generation capacity need of approximately 5,400 MW.
Previous wording
PSCo filed a request for reconsideration of various aspects of the decision which were approved in February 2026. This decision is expected to initiate the Phase II competitive solicitation process with an RFP expected to be issued in the third quarter of 2026. This RFP will seek to acquire the balance of resource needs through 2031 (after consideration of any approved acquisitions from the Near-Term Procurement RFP).
Current wording
PSCo filed a request for reconsideration of various aspects of the decision which were approved in February 2026. The RFP for the Phase II competitive solicitation process is expected to be issued in the third quarter of 2026. This RFP will seek to acquire the balance of resource needs through 2031 (after consideration of 3,800 MW of approved acquisitions from the Near-Term Procurement RFP).
Previous wording
2025 New Mexico Electric Rate Case— In November 2025, SPS filed an electric rate case with the NMPRC seeking a revenue increase of $168 million (16.0%) as updated in March 2026. The request is based on a future test year period ending Nov. 30, 2027, a ROE of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.
Current wording
2025 New Mexico Electric Rate Case— In November 2025, SPS filed an electric rate case with the NMPRC. As updated in March 2026, SPS requested a revenue increase of $168 million (16.0%). The request was based on a future test year period ending Nov. 30, 2027, a ROE of 10.5%, an equity ratio of 56% and retail rate base of $3.9 billion.
Previous wording
A NMPRC decision and implementation of final rates is anticipated in the fourth quarter of 2026.
Current wording
A hearing on the non-unanimous stipulation took place in July 2026. An NMPRC decision is anticipated in the fourth quarter of 2026, with implementation of rates expected in December 2026.
Previous wording
In July 2024, SPS issued a RFP, seeking approximately 3,200 MW of accredited capacity by 2030. 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 2024, SPS issued a RFP, seeking approximately 3,200 MW of accredited capacity by 2030. In July 2025, the portfolio selection report was publicly filed with the NMPRC. SPS has received NMPRC approval of the CCN filings for the specific assets, and PUCT approval is expected in the third quarter. SPS is continuing to pursue approximately 2,800 MW of accredited resources, including approximately 4,000 MW of nameplate capacity company owned resources and approximately 500 MW of nameplate capacity PPAs.
Previous wording
In October 2025, SPS issued a 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 were received in January 2026, and the portfolio is expected to be filed in the second half of 2026.
Current wording
In October 2025, SPS issued a RFP to solicit 870 MW of accredited capacity through 2032 (approximately 1,500 MW to 3,000 MW nameplate capacity, or more depending on resource mix), with additional resources to be evaluated to meet the New Mexico RPS compliance need. Bids were received in January 2026, and the portfolio selection report was publicly filed with the NMPRC in July 2026. Project CCNs are expected to be filed in late 2026 or early 2027.
Previous wording
Excess Liability Insurance Deferral– In early 2025, SPS filed requests with the NMPRC and PUCT 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 and $3 million in the first quarter of 2026. In January 2026, SPS, PUCT Staff and other intervenors filed a black box settlement expected to result in annual deferrals of approximately $8 million in 2026 and 2027. A PUCT decision is expected in the first half of 2026.
Current wording
Excess Liability Insurance Deferral– In early 2025, SPS filed requests with the NMPRC and PUCT 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 and $7 million in the six months ended June 30, 2026. In January 2026, SPS, PUCT Staff and other intervenors filed a black box settlement expected to result in annual deferrals of approximately $8 million in 2026 and 2027. A PUCT decision is forthcoming.
Previous wording
NSP-Minnesota —The proposed tariff, filed in the third quarter of 2025, would be mandatory for new loads over 100 MW and includes an incremental cost test, minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements. A MPUC decision is expected in the second quarter of 2026.
Current wording
NSP-Minnesota —The tariff, which was approved by the MPUC in June 2026, is mandatory for new loads over 100 MW and includes an incremental cost test, minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements.
Previous wording
Similar large load tariff requests are expected to be filed in Wisconsin, New Mexico, and Texas in the second quarter of 2026.
Current wording
Similar large load tariff requests are expected to be filed in New Mexico and Texas by the end of 2026.
Previous wording
Throughout 2025 and 2026, 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.
Current wording
Throughout 2025 and 2026, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. Xcel Energy will continue to monitor 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
Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, Xcel Energy believes the costs will be recoverable through rates based on prior state commission practices.
Current wording
Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, Xcel Energy believes the costs would be recoverable through rates based on prior state commission practices.
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 100-basis point change in the benchmark rate on Xcel Energy’s variable rate debt would impact pretax interest expense annually by approximately $15 million and $8 million at March 31, 2026 and 2025, respectively
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 $25 million and $8 million at June 30, 2026 and 2025, respectively
Previous wording
Fluctuations in equity prices or interest rates affecting the nuclear decommissioning fund do not have a direct impact on earnings due to the application of regulatory accounting. Realized and unrealized gains on the decommissioning fund investments are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs.
Current wording
Fluctuations in equity prices or interest rates affecting the nuclear decommissioning fund do not have a direct impact on earnings due to the application of regulatory accounting. Realized and unrealized gains on the decommissioning fund investments are deferred as an offset of NSP-Minnesota’s regulatory liability for nuclear decommissioning costs.
Showing the first 40 of 50 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Approvals for 1,000 MW of resources for the Clean Energy Accelerator program are pending as part of existing resource acquisition processes. The remaining resources are expected to be requested in those processes by the end of 2026.
Current report — wording carried from elsewhere
NSP-Wisconsin — NSP-Wisconsin filed a proposed tariff in the second quarter of 2026, which would be mandatory for new loads over 100 MW and requires the customer pay for generation and other infrastructure costs needed to serve the load, if approved as filed. The proposed tariff also includes a minimum initial term of 15 years, minimum bill provisions, termination and exit fees, and credit requirements. A PSCW decision is expected in early 2027.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
(a)Amounts may not add due to rounding.
Previous report — wording carried elsewhere
A MPUC decision is expected in November 2026.