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As Of Filer Filing For·On·As Docs:Size 2/21/24 Xcel Energy Inc. 10-K 12/31/23 134:29M |
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xel-20231231 |
i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i 001-3034 | ||
(Commission File Number) |
Xcel Energy Inc. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
i Minnesota | i 41-0448030 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |||||||||||||
i 414 Nicollet Mall | i Minneapolis | i Minnesota | i 55401 | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
i 612 | i 330-5500 | ||||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, $2.50 par value per share | i XEL | i Nasdaq
Stock Market LLC |
PART I | ||||||||
Item 1 — | ||||||||
Item 1A — | ||||||||
Item 1B — | ||||||||
Item 1C — | ||||||||
Item 2 — | ||||||||
Item 3 — | ||||||||
Item 4 — | ||||||||
PART II | ||||||||
Item 5 — | ||||||||
Item 6 — | ||||||||
Item 7 — | ||||||||
Item 7A — | ||||||||
Item 8 — | ||||||||
Item 9 — | ||||||||
Item 9A — | ||||||||
Item 9B — | ||||||||
Item 9C — | ||||||||
PART III | ||||||||
Item 10 — | ||||||||
Item 11 — | ||||||||
Item 12 — | ||||||||
Item 13 — | ||||||||
Item 14 — | ||||||||
PART IV | ||||||||
Item 15 — | ||||||||
Item 16 — | ||||||||
ITEM 1 — BUSINESS |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
Capital Services | Capital Services, LLC | ||||
Eloigne | Eloigne Company | ||||
e prime | e prime inc. | ||||
Nicollet Project Holdings | Nicollet Project Holdings, LLC | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
Operating companies | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Co. | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WGI | WestGas InterState, Inc. | ||||
WYCO | WYCO Development, LLC | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |||||
CPUC | Colorado Public Utilities Commission | ||||
DOC | Minnesota Department of Commerce | ||||
DOE | United States Department of Energy | ||||
DOT | United States Department of Transportation | ||||
EPA | United States Environmental Protection Agency | ||||
ERCOT | Electric Reliability Council of Texas | ||||
FERC | Federal Energy Regulatory Commission | ||||
IRS | Internal Revenue Service | ||||
MPCA | Minnesota Pollution Control Agency | ||||
MPUC | Minnesota Public Utilities Commission | ||||
NDPSC | North Dakota Public Service Commission | ||||
NERC | North American Electric Reliability Corporation | ||||
NMPRC | New Mexico Public Regulation Commission | ||||
NRC | Nuclear Regulatory Commission | ||||
OAG | Minnesota Office of Attorney General | ||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
PSCW | Public Service Commission of Wisconsin | ||||
PUCT | Public Utility Commission of Texas | ||||
SDPUC | South Dakota Public Utility Commission | ||||
SEC | Securities and Exchange Commission | ||||
Electric, Purchased Gas and Resource Adjustment Clauses | |||||
CIP | Conservation improvement program | ||||
DSM | Demand side management | ||||
ECA | Retail electric commodity adjustment | ||||
FCA | Fuel clause adjustment | ||||
GCA | Gas cost adjustment | ||||
GUIC | Gas utility infrastructure cost rider | ||||
RES | Renewable energy standard | ||||
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
AMI | Advanced metering infrastructure | ||||
ALJ | Administrative Law Judge | ||||
ARO | Asset retirement obligation | ||||
ARRR | Application for Rehearing, Reargument, or Reconsideration | ||||
ASC | Financial Accounting Standards Board Accounting Standards Codification | ||||
ATM | At-the-market | ||||
BART | Best available retrofit technology |
C&I | Commercial and Industrial | ||||
CapX2020 | Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort | ||||
CCN | Certificates of Convenience and Necessity | ||||
CCR | Coal combustion residuals | ||||
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste | ||||
CDD | Cooling degree-days | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
CIG | Colorado Interstate Gas Company, LLC | ||||
CON | Certificate of Need | ||||
CSPV | Crystalline Silicon Photovoltaic | ||||
CWIP | Construction work in progress | ||||
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | ||||
DECON | Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level | ||||
DRIP | Dividend Reinvestment Program | ||||
EEI | Edison Electric Institute | ||||
EIP | Energy Impact Partners | ||||
EMANI | European Mutual Association for Nuclear Insurance | ||||
EPS | Earnings per share | ||||
ETR | Effective tax rate | ||||
FTR | Financial transmission right | ||||
GAAP | Generally accepted accounting principles | ||||
GE | General Electric | ||||
GHG | Greenhouse gas | ||||
HDD | Heating degree-days | ||||
INPO | Institute of Nuclear Power Operations | ||||
IPP | Independent power producing entity | ||||
IRP | Integrated Resource Plan | ||||
ISO | Independent System Operator | ||||
ITC | Investment Tax Credit | ||||
JTIQ | Joint Target Interconnection Queue | ||||
LP&L | Lubbock Power & Light | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
Native load | Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract | ||||
NAV | Net asset value | ||||
NEIL | Nuclear Electric Insurance Ltd. | ||||
NOL | Net operating loss | ||||
NOx | Nitrogen Oxides | ||||
O&M | Operating and maintenance | ||||
OATT | Open Access Transmission Tariff | ||||
ONES | Operations, Nuclear, Environmental and Safety | ||||
PFAS | Per- and Polyfluoroalkyl Substances | ||||
PI | Prairie Island nuclear generating plant | ||||
PIM | Performance Incentive Mechanism | ||||
Post-65 | Post-Medicare | ||||
PPA | Power purchase agreement | ||||
Pre-65 | Pre-Medicare | ||||
PTC | Production tax credit | ||||
RDF | Refuse-derived fuel | ||||
REC | Renewable energy credit | ||||
RFP | Request for proposal | ||||
ROE | Return on equity |
ROU | Right-of-use | ||||
RTO | Regional Transmission Organization | ||||
S&P | Standard & Poor’s Global Ratings | ||||
SERP | Supplemental executive retirement plan | ||||
SPP | Southwest Power Pool, Inc. | ||||
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act | ||||
THI | Temperature-humidity index | ||||
TSR | Total shareholder return | ||||
VaR | Value at Risk | ||||
VIE | Variable interest entity | ||||
WACC | Weighted Average Cost of Capital |
Measurements | |||||
Bcf | Billion cubic feet | ||||
KV | Kilovolts | ||||
KWh | Kilowatt hours | ||||
MMBtu | Million British thermal units | ||||
MW | Megawatts | ||||
MWh | Megawatt hours |
Where
to Find More Information |
Forward-Looking
Statements |
Overview |
Subsidiary / Affiliate | Function | |||||||
NSP-Minnesota | Electric & Gas | |||||||
NSP-Wisconsin | Electric & Gas | |||||||
PSCo | Electric & Gas | |||||||
SPS | Electric | |||||||
WGI | Interstate gas pipeline | |||||||
WYCO | Gas storage and transportation | |||||||
Other Subsidiaries | See Note 1 to the consolidated financial statements for further information. |
Utility Subsidiary Overview | ||||||||
Electric customers | 3.8 million | |||||||
Natural gas customers | 2.2 million | |||||||
Total assets | $64 billion | |||||||
Electric generating capacity | 20,935 MW | |||||||
Natural gas storage capacity | 53.5 Bcf | |||||||
Electric transmission lines (conductor miles) | 111,000 miles | |||||||
Electric distribution lines (conductor miles) | 216,000 miles | |||||||
Natural gas transmission lines | 2,200 miles | |||||||
Natural gas distribution lines | 37,000 miles |
Service Territory |
Strategy |
LEAD THE CLEAN ENERGY TRANSITION | ENHANCE THE CUSTOMER EXPERIENCE | KEEP BILLS LOW |
Female | Ethnically Diverse | |||||||
Board of Directors | 31 | % | 15 | % | ||||
CEO direct reports | 30 | 10 | ||||||
Management | 26 | 13 | ||||||
Employees | 23 | 19 | ||||||
New hires | 35 | 29 | ||||||
Interns (hired throughout 2023) | 33 | 14 |
Employee Turnover | Retirement Eligibility | |||||||||||||
Bargaining | 6 | % | Within next 5 years | 19 | % | |||||||||
Non-Bargaining
(a) | 22 | Within next 10 years | 31 | |||||||||||
Overall (b) | 15 |
NSP-Minnesota | |||||||||||||||||
Electric customers | 1.5 million | NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota. | |||||||||||||||
Natural gas customers | 0.6 million | ||||||||||||||||
Total assets | $25.0 billion | ||||||||||||||||
Rate Base (estimated) | $15.7 billion | ||||||||||||||||
GAAP ROE | 8.82% | ||||||||||||||||
Electric generating capacity | 9,081 MW | ||||||||||||||||
Gas storage capacity | 17.1 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | 33,000 miles | ||||||||||||||||
Electric distribution lines (conductor miles) | 84,000 miles | ||||||||||||||||
Natural gas transmission lines | 78 miles | ||||||||||||||||
Natural gas distribution lines | 11,000 miles |
NSP-Wisconsin | |||||||||||||||||
Electric customers | 0.3 million | NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. | |||||||||||||||
Natural gas customers | 0.1 million | ||||||||||||||||
Total assets | $3.7 billion | ||||||||||||||||
Rate Base (estimated) | $2.4 billion | ||||||||||||||||
GAAP ROE | 10.38% | ||||||||||||||||
Electric generating capacity | 551 MW | ||||||||||||||||
Gas storage capacity | 4.3 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | 12,000 miles | ||||||||||||||||
Electric distribution lines (conductor miles) | 28,000 miles | ||||||||||||||||
Natural gas transmission lines | 3 miles | ||||||||||||||||
Natural gas distribution lines | 3,000 miles |
PSCo | |||||||||||||||||
Electric customers | 1.6 million | PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. | |||||||||||||||
Natural gas customers | 1.5 million | ||||||||||||||||
Total assets | $24.6 billion | ||||||||||||||||
Rate Base (estimated) | $16.9 billion | ||||||||||||||||
GAAP ROE | 7.32% | ||||||||||||||||
Electric generating capacity | 6,203 MW | ||||||||||||||||
Gas storage capacity | 32.1 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | 25,000 miles | ||||||||||||||||
Electric distribution lines (conductor miles) | 80,000 miles | ||||||||||||||||
Natural gas transmission lines | 2,000 miles | ||||||||||||||||
Natural gas distribution lines | 23,000 miles |
SPS | |||||||||||||||||
SPS
conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity. | |||||||||||||||||
Electric customers | 0.4 million | ||||||||||||||||
Total assets | $9.9 billion | ||||||||||||||||
Rate Base (estimated) | $7.2 billion | ||||||||||||||||
GAAP ROE | 9.80% | ||||||||||||||||
Electric generating capacity | 5,100 MW | ||||||||||||||||
Electric transmission lines (conductor miles) | 41,000 miles | ||||||||||||||||
Electric distribution lines (conductor miles) | 24,000 miles | ||||||||||||||||
Operations Overview |
Electric Operations |
Electric Operations (percentage of total) | Sales Volume | Number of Customers | Revenues | |||||||||||||||||
Residential | 22 | % | 86 | % | 31 | % | ||||||||||||||
C&I | 56 | 12 | 50 | |||||||||||||||||
Other | 22 | 2 | 19 |
2023 | 2022 | |||||||||||||
KWh sales per retail customer | 23,939 | 24,285 | ||||||||||||
Revenue per retail customer | $ | 2,464 | $ | 2,513 | ||||||||||
Residential revenue per KWh | 13.80 | ¢ | 13.41 | ¢ | ||||||||||
C&I revenue per KWh | 8.82 | ¢ | 9.02 | ¢ | ||||||||||
Total retail revenue per KWh | 10.29 | ¢ | 10.35 | ¢ |
Utility Subsidiary | 2023 | 2022 | ||||||||||||||||||||||||
Wind Farms | Capacity (MW) | Wind Farms | Capacity (MW) | |||||||||||||||||||||||
NSP System | 17 | 2,444 | 16 | 2,352 | ||||||||||||||||||||||
PSCo | 2 | 1,059 | 2 | 1,059 | ||||||||||||||||||||||
SPS | 2 | 985 | 2 | 984 | ||||||||||||||||||||||
Total | 21 | 4,488 | 20 | 4,395 |
Utility Subsidiary | 2023 | 2022 | ||||||||||||||||||||||||
PPAs | Range (MW) | PPAs | Range (MW) | |||||||||||||||||||||||
NSP System | 120 | 1 — 206 | 129 | 1 — 206 | ||||||||||||||||||||||
PSCo | 17 | 23 — 301 | 17 | 23 — 301 | ||||||||||||||||||||||
SPS | 16 | 1 — 250 | 17 | 1 — 250 |
Utility Subsidiary | 2023 | 2022 | ||||||||||||
NSP System | 2,066 | 2,163 | ||||||||||||
PSCo | 3,026 | 3,023 | ||||||||||||
SPS | 1,562 | 1,564 |
Type: | Utility Subsidiary | 2023 | 2022 | |||||||||||||||||
Owned Generation | NSP System | $ | 7 | $ | 18 | |||||||||||||||
PPA | NSP System | 33 | 37 | |||||||||||||||||
Owned Generation | PSCo | 7 | 11 | |||||||||||||||||
PPA | PSCo | 42 | 38 | |||||||||||||||||
Owned Generation | SPS | 6 | 13 | |||||||||||||||||
PPA | SPS | 26 | 27 |
Project | Utility Subsidiary | Capacity (MW) | ||||||||||||
Northern Wind | NSP-Minnesota | 92 | ||||||||||||
Grand Meadow Repower | NSP-Minnesota | 99 | ||||||||||||
Type | Utility Subsidiary | Capacity (MW) | |||||||||||||||
Distributed Generation | NSP System | 1,117 | |||||||||||||||
Utility-Scale | NSP System | 269 | |||||||||||||||
Distributed Generation | PSCo | 887 | |||||||||||||||
Utility-Scale | PSCo | 1,530 | (a) | ||||||||||||||
Distributed Generation | SPS | 28 | |||||||||||||||
Utility-Scale | SPS | 192 | |||||||||||||||
Total | 4,023 |
Utility Subsidiary | 2023 | 2022 | ||||||||||||
NSP System | $ | 90 | $ | 79 | ||||||||||
PSCo | 34 | 69 | ||||||||||||
SPS | 67 | 62 |
Utility Subsidiary | Nuclear | |||||||||||||
NSP System | Cost | Percent | ||||||||||||
2023 | $ | 0.76 | 50 | % | ||||||||||
2022 | 0.76 | 51 |
Year | Utility Subsidiary | Plant Unit | Capacity (MW) | ||||||||||||||||||||
2024 | SPS | Harrington (a) | 1,018 | ||||||||||||||||||||
2025 | PSCo | Comanche 2 | 330 | ||||||||||||||||||||
2025 | PSCo | Craig 1 | 42 | (b) | |||||||||||||||||||
2025 | PSCo | Pawnee (a) | 505 | ||||||||||||||||||||
2026 | NSP-Minnesota | Sherco 1 | 680 | ||||||||||||||||||||
2027 | PSCo | Hayden 2 | 98 | (b) | |||||||||||||||||||
2028 | PSCo | Hayden 1 | 135 | (b) | |||||||||||||||||||
2028 | PSCo | Craig 2 | 40 | (b) | |||||||||||||||||||
2028 | NSP-Minnesota | A.S. King | 511 | ||||||||||||||||||||
2030 | NSP-Minnesota | Sherco 3 | 517 | (b) | |||||||||||||||||||
2030 | PSCo | Comanche 3 | 500 | (b) | |||||||||||||||||||
2034 | SPS | Tolk
1 (c) | 532 | ||||||||||||||||||||
2034 | SPS | Tolk 2 (c) | 535 |
Coal (a) | ||||||||||||||
Utility Subsidiary | Cost | Percent | ||||||||||||
NSP System | ||||||||||||||
2023 | $ | 2.43 | 29 | % | ||||||||||
2022 | 2.27 | 37 | ||||||||||||
PSCo | ||||||||||||||
2023 | 1.57 | 54 | ||||||||||||
2022 | 1.48 | 55 | ||||||||||||
SPS | ||||||||||||||
2023 | 2.73 | 48 | ||||||||||||
2022 | 2.37 | 59 |
Natural Gas | ||||||||||||||
Utility Subsidiary | Cost | Percent | ||||||||||||
NSP System | ||||||||||||||
2023 | $ | 3.91 | 21 | % | ||||||||||
2022 | 7.58 | 12 | ||||||||||||
PSCo | ||||||||||||||
2023 | 3.06 | 46 | ||||||||||||
2022 | 7.09 | 45 | ||||||||||||
SPS | ||||||||||||||
2023 | 2.35 | 52 | ||||||||||||
2022 | 5.87 | 41 |
System Peak Demand (MW) | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
NSP System | 9,231 | Aug. 23 | 9,245 | June 20 | ||||||||||||||||||||||
PSCo | 6,909 | July 24 | 6,821 | Sept. 6 | ||||||||||||||||||||||
SPS | 4,372 | Aug. 17 | 4,280 | July 19 |
Natural Gas Operations |
Natural
Gas (percentage of total) | Deliveries | Number of Customers | Revenues | |||||||||||||||||
Residential | 37 | % | 92 | % | 59 | % | ||||||||||||||
C&I | 24 | 8 | 31 | |||||||||||||||||
Transportation and other | 39 | <1 | 10 |
2023 | 2022 | |||||||||||||
MMBtu sales per retail customer | 115 | 116 | ||||||||||||
Revenue per retail customer | $ | 1,113 | $ | 1,318 | ||||||||||
Residential revenue per MMBtu | 10.54 | 11.97 | ||||||||||||
C&I revenue per MMBtu | 8.48 | 10.45 | ||||||||||||
Transportation and other revenue per MMBtu | 1.01 | 1.16 |
2023 | 2022 | |||||||||||||||||||||||||
Utility Subsidiary | MMBtu | Date | MMBtu | Date | ||||||||||||||||||||||
NSP-Minnesota | 753,642 | Feb. 3 | 867,385 | Feb. 12 | ||||||||||||||||||||||
NSP-Wisconsin | 158,029 | Jan. 30 | 187,961 | Jan. 6 | ||||||||||||||||||||||
PSCo | 2,190,155 | Jan. 30 | 2,243,552 | Dec. 22 |
Utility Subsidiary | 2023 | 2022 | ||||||||||||
NSP-Minnesota | $ | 5.31 | $ | 7.00 | ||||||||||
NSP-Wisconsin | 5.26 | 6.68 | ||||||||||||
PSCo | 4.91 | 6.33 |
General |
Governmental Regulations |
Capital Spending and Financing |
Information
about our Executive Officers (a) | ||||||||||||||||||||
Name | Age | Current and Recent Positions | Time in Position | |||||||||||||||||
Robert C. Frenzel | 53 | Chairman of the Board of Directors, Xcel Energy Inc. | December 2021 — Present | |||||||||||||||||
President and Chief Executive Officer and Director, Xcel Energy Inc. | August 2021 — Present | |||||||||||||||||||
Chief Executive Officer, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS | August 2021 — Present | |||||||||||||||||||
President and Chief Operating Officer, Xcel Energy Inc. | March 2020 — August 2021 | |||||||||||||||||||
Executive Vice President, Chief Financial Officer, Xcel Energy Inc. | May 2016 — March 2020 | |||||||||||||||||||
Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp.
(b) | February 2012 — April 2016 | |||||||||||||||||||
Patricia Correa | 50 | Senior Vice President, Chief Human Resources Officer, Xcel Energy Inc. | February 2022 — Present | |||||||||||||||||
Senior Vice President, Human Resources, Eaton Corporation, a power management company | July 2019 — January 2022 | |||||||||||||||||||
Vice President, Human Resources, Eaton Corporation | March 2016 — July 2019 | |||||||||||||||||||
Timothy O’Connor | 64 | Executive Vice President, Chief Operations Officer, Xcel Energy Inc. | August 2021 — Present | |||||||||||||||||
Executive Vice President, Chief Generation Officer, Xcel Energy Inc. | March 2020 — August 2021 | |||||||||||||||||||
Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc | February 2013 — March 2020 | |||||||||||||||||||
Frank Prager | 61 | Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer, Xcel Energy Inc. | March 2022 — Present | |||||||||||||||||
Senior Vice President, Strategy, Planning and External Affairs, Xcel Energy Inc. | March 2020 — March 2022 | |||||||||||||||||||
Vice President, Policy and Federal Affairs, Xcel Energy Services Inc. | January 2015 — March 2020 | |||||||||||||||||||
Amanda Rome | 43 | Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc. | October 2023 — Present | |||||||||||||||||
Interim General Counsel, Xcel Energy Inc. | January 2024 — Present | |||||||||||||||||||
Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc. | June 2022 — October 2023 | |||||||||||||||||||
Executive Vice President, General Counsel, Xcel Energy Inc. | June 2020 — June 2022 | |||||||||||||||||||
Vice President and Deputy General Counsel, Xcel Energy Services Inc. | October 2019 — June 2020 | |||||||||||||||||||
Positions of increasing responsibility in the Legal Department, Xcel Energy Services Inc. | July 2015 — October 2019 | |||||||||||||||||||
Brian J. Van Abel | 42 | Executive Vice President, Chief Financial Officer, Xcel Energy Inc. | March 2020 — Present | |||||||||||||||||
Senior Vice President, Finance and Corporate Development, Xcel Energy Services Inc. | September 2018 — March 2020 | |||||||||||||||||||
Vice President, Treasurer, Xcel Energy Services Inc. | July 2015 — September 2018 |
ITEM
1A — RISK FACTORS |
ITEM 1B — UNRESOLVED STAFF COMMENTS |
ITEM 1C — CYBERSECURITY |
ITEM 2 — PROPERTIES |
NSP-Minnesota Station,
Location and Unit at Dec. 31, 2023 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
A.S. King-Bayport, MN, 1 Unit | Coal | 1968 | 511 | ||||||||||||||||||||
Sherco-Becker, MN | |||||||||||||||||||||||
Unit 1 | Coal | 1976 | 680 | ||||||||||||||||||||
Unit 2 | Coal | 1977 | 682 | (b) | |||||||||||||||||||
Unit 3 | Coal | 1987 | 517 | (c) | |||||||||||||||||||
Monticello, MN, 1 Unit | Nuclear | 1971 | 617 | ||||||||||||||||||||
PI-Welch, MN | |||||||||||||||||||||||
Unit 1 | Nuclear | 1973 | 521 | ||||||||||||||||||||
Unit 2 | Nuclear | 1974 | 519 | ||||||||||||||||||||
Various locations, 4 Units | Wood/RDF | Various | 36 | (d) | |||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Angus Anson-Sioux Falls, SD, 3 Units | Natural Gas | 1994 - 2005 | 343 | ||||||||||||||||||||
Black Dog-Burnsville, MN, 3 Units | Natural Gas | 1987 - 2018 | 491 | ||||||||||||||||||||
Blue Lake-Shakopee, MN, 6 Units | Natural Gas/Oil | 1974 - 2005 | 454 | ||||||||||||||||||||
High Bridge-St. Paul, MN, 3 Units | Natural Gas | 2008 | 530 | ||||||||||||||||||||
Inver Hills-Inver Grove Heights, MN, 8 Units | Natural Gas/ Oil | 1972 - 1996 | 276 | ||||||||||||||||||||
Riverside-Minneapolis, MN, 3 Units | Natural Gas | 2009 | 454 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Hennepin Island-Minneapolis, MN 5 Units | Hydro | 1954-1955 | 6 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Blazing Star 1-Lincoln County, MN, 100 Units | Wind | 2020 | 200 | (e) | |||||||||||||||||||
Blazing Star 2-Lincoln County, MN, 100 Units | Wind | 2021 | 200 | (e) | |||||||||||||||||||
Border-Rolette County, ND, 75 Units | Wind | 2015 | 148 | (e) | |||||||||||||||||||
Community Wind North-Lincoln County, MN, 12 Units | Wind | 2020 | 26 | (e) | |||||||||||||||||||
Courtenay Wind-Stutsman County, ND, 100 Units | Wind | 2016 | 190 | (e) | |||||||||||||||||||
Crowned Ridge 2-Grant County, SD, 88 Units | Wind | 2020 | 192 | (e) | |||||||||||||||||||
Dakota Range, SD, 72 Units | Wind | 2022 | 298 | (e) | |||||||||||||||||||
Foxtail-Dickey County, ND, 75 Units | Wind | 2019 | 150 | (e) | |||||||||||||||||||
Freeborn-Freeborn County, MN, 100 Units | Wind | 2021 | 200 | (e) | |||||||||||||||||||
Grand
Meadow-Mower County, MN, 67 Units (f) | Wind | 2008 | 99 | (e) | |||||||||||||||||||
Jeffers-Cottonwood County, MN, 20 Units | Wind | 2020 | 43 | (e) | |||||||||||||||||||
Lake Benton-Pipestone County, MN, 44 Units | Wind | 2019 | 99 | (e) | |||||||||||||||||||
Mower-Mower County, MN, 43 Units | Wind | 2021 | 91 | (e) | |||||||||||||||||||
Nobles-Nobles County, MN, 133 Units | Wind | 2010 | 200 | (e) | |||||||||||||||||||
Northern
Wind-Murray County, MN, 37 Units (g) | Wind | 2023 | 92 | (e) | |||||||||||||||||||
Pleasant Valley-Mower County, MN, 100 Units | Wind | 2015 | 196 | (e) | |||||||||||||||||||
Rock Aetna - Murray County, MN, 8 Units | Wind | 2022 | 20 | (e) | |||||||||||||||||||
Total | 9,081 |
NSP-Wisconsin Station, Location and Unit at Dec. 31, 2023 | Fuel | Installed | MW
(a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Bay Front-Ashland, WI, 2 Units | Wood/Natural Gas | 1948 - 1956 | 41 | ||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Wood/RDF | 1940 - 1948 | 16 | (b) | |||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Oil | 1974 | 119 | ||||||||||||||||||||
Wheaton-Eau Claire, WI, 5 Units | Natural Gas/Oil | 1973 | 240 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Various locations, 62 Units | Hydro | Various | 135 | ||||||||||||||||||||
Total | 551 |
PSCo Station, Location and Unit at Dec. 31, 2023 | Fuel | Installed | MW
(a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Comanche-Pueblo, CO | |||||||||||||||||||||||
Unit 2 | Coal | 1975 | 330 | ||||||||||||||||||||
Unit 3 | Coal | 2010 | 500 | (b) | |||||||||||||||||||
Craig-Craig, CO, 2 Units | Coal | 1979 - 1980 | 82 | (c) | |||||||||||||||||||
Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | (d) | |||||||||||||||||||
Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | ||||||||||||||||||||
Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 | ||||||||||||||||||||
Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 | ||||||||||||||||||||
Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 1,022 | ||||||||||||||||||||
Manchief, CO, 2 Units | Natural Gas | 2000 | 250 | ||||||||||||||||||||
Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 592 | ||||||||||||||||||||
Various locations, 8 Units | Natural Gas | Various | 247 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Cabin Creek-Georgetown, CO | |||||||||||||||||||||||
Pumped Storage, 2 Units | Hydro | 1967 | 210 | ||||||||||||||||||||
Various locations, 6 Units | Hydro | Various | 23 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Rush Creek, CO, 300 units | Wind | 2018 | 582 | (e) | |||||||||||||||||||
Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | (e) | |||||||||||||||||||
Total | 6,203 |
SPS Station, Location and Unit at Dec. 31, 2023 | Fuel | Installed | MW
(a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 1 Unit | Natural Gas | 1957 - 1965 | 183 | (b) | |||||||||||||||||||
Harrington-Amarillo, TX, 3 Units | Coal | 1976 - 1980 | 1,018 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 1971 - 1974 | 486 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1967 | 112 | ||||||||||||||||||||
Nichols-Amarillo, TX, 3 Units | Natural Gas | 1960 - 1968 | 457 | ||||||||||||||||||||
Plant X-Earth, TX, 1 Unit | Natural Gas | 1952 - 1964 | 190 | (b) | |||||||||||||||||||
Tolk-Muleshoe, TX, 2 Units | Coal | 1982 - 1985 | 1,067 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1997 | 207 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 2011 - 2013 | 334 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1963 - 1976 | 61 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Hale-Plainview, TX, 239 Units | Wind | 2019 | 478 | (c) | |||||||||||||||||||
Sagamore-Dora, NM, 240 Units | Wind | 2020 | 507 | (c) | |||||||||||||||||||
Total | 5,100 |
Conductor Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | ||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
500 KV | 2,916 | — | — | — | ||||||||||||||||||||||
345 KV | 12,845 | 3,019 | 5,421 | 11,701 | ||||||||||||||||||||||
230 KV | 2,300 | — | 12,244 | 9,854 | ||||||||||||||||||||||
161 KV | 626 | 1,818 | — | — | ||||||||||||||||||||||
138 KV | — | — | 92 | — | ||||||||||||||||||||||
115 KV | 8,071 | 1,862 | 4,994 | 14,896 | ||||||||||||||||||||||
Less than 115 KV | 6,640 | 5,467 | 1,782 | 4,494 | ||||||||||||||||||||||
Total Transmission | 33,398 | 12,166 | 24,533 | 40,945 | ||||||||||||||||||||||
Distribution | ||||||||||||||||||||||||||
Less than 115 KV | 83,854 | 27,971 | 80,176 | 23,965 | ||||||||||||||||||||||
Total | 117,252 | 40,137 | 104,709 | 64,910 |
NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | |||||||||||||||||||||||
Substations | 353 | 201 | 233 | 449 |
Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | WGI | |||||||||||||||||||||||||||
Transmission | 78 | 3 | 2,024 | 20 | 11 | |||||||||||||||||||||||||||
Distribution | 10,894 | 2,564 | 23,494 | — | — |
ITEM
3 — LEGAL PROCEEDINGS |
ITEM 4 — MINE SAFETY DISCLOSURES |
ITEM
5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
ITEM 6 — [RESERVED] |
ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
GAAP net income | $ | 1,771 | $ | 1,736 | ||||||||||
Loss on Comanche Unit 3 litigation | 35 | — | ||||||||||||
Workforce reduction expenses | 72 | — | ||||||||||||
Less: tax effect of adjustments | (27) | — | ||||||||||||
Ongoing earnings | $ | 1,851 | $ | 1,736 |
Twelve Months Ended Dec. 31, 2023 | ||||||||||||||||||||
Diluted Earnings (Loss) Per Share | GAAP Diluted EPS | Impact of Adjustments | Ongoing Diluted EPS | |||||||||||||||||
NSP-Minnesota | $ | 1.28 | $ | 0.04 | $ | 1.32 | ||||||||||||||
PSCo (a) | 1.26 | 0.08 | 1.33 | |||||||||||||||||
SPS | 0.70 | 0.01 | 0.71 | |||||||||||||||||
NSP-Wisconsin | 0.25 | — | 0.25 | |||||||||||||||||
Earnings from equity method investments — WYCO | 0.04 | — | 0.04 | |||||||||||||||||
Regulated utility (a) | 3.52 | 0.14 | 3.66 | |||||||||||||||||
Xcel Energy Inc. and Other | (0.31) | — | (0.31) | |||||||||||||||||
Total
(a) | $ | 3.21 | 0.14 | $ | 3.35 |
Twelve Months Ended Dec. 31, 2022 | ||||||||||||||||||||
Diluted Earnings (Loss) Per Share | GAAP Diluted EPS | Impact of Adjustments | Ongoing Diluted EPS | |||||||||||||||||
NSP-Minnesota | $ | 1.23 | $ | — | $ | 1.23 | ||||||||||||||
PSCo | 1.33 | — | 1.33 | |||||||||||||||||
SPS | 0.64 | — | 0.64 | |||||||||||||||||
NSP-Wisconsin | 0.23 | — | 0.23 | |||||||||||||||||
Earnings from equity method investments — WYCO | 0.04 | — | 0.04 | |||||||||||||||||
Regulated utility (a) | 3.47 | — | 3.47 | |||||||||||||||||
Xcel Energy Inc. and Other | (0.29) | — | (0.29) | |||||||||||||||||
Total
(a) | $ | 3.17 | — | $ | 3.17 |
Results of Operations |
2023 | 2022 | |||||||||||||
Diluted Earnings (Loss) Per Share | GAAP Diluted EPS | GAAP Diluted EPS | ||||||||||||
NSP-Minnesota | $ | 1.28 | $ | 1.23 | ||||||||||
PSCo | 1.26 | 1.33 | ||||||||||||
SPS | 0.70 | 0.64 | ||||||||||||
NSP-Wisconsin | 0.25 | 0.23 | ||||||||||||
Earnings from equity method investments — WYCO | 0.04 | 0.04 | ||||||||||||
Regulated utility (a) | 3.52 | 3.47 | ||||||||||||
Xcel Energy Inc. and Other | (0.31) | (0.29) | ||||||||||||
GAAP Diluted EPS (a) | 3.21 | 3.17 | ||||||||||||
Loss on Comanche Unit 3 litigation | 0.05 | — | ||||||||||||
Workforce reduction expenses | 0.09 | — | ||||||||||||
Ongoing Diluted EPS (a) | $ | 3.35 | $ | 3.17 |
2023 vs. 2022 | ||||||||
Diluted Earnings (Loss) Per Share | Dec. 31 | |||||||
GAAP and ongoing diluted EPS — 2022 | $ | 3.17 | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Higher electric revenues, net of electric fuel and purchased power | 0.07 | |||||||
Lower O&M expenses | 0.06 | |||||||
Lower conservation and demand side management expenses (offset in electric revenues) | 0.06 | |||||||
Higher other income (expense) | 0.05 | |||||||
Lower taxes (other than income taxes) | 0.04 | |||||||
Higher natural gas revenues, net of cost of natural gas sold and transported | 0.03 | |||||||
Higher interest expense | (0.14) | |||||||
Higher depreciation and amortization | (0.05) | |||||||
Workforce reduction expenses | (0.09) | |||||||
Loss on Comanche Unit 3 litigation | (0.05) | |||||||
Other (net) | 0.06 | |||||||
GAAP diluted EPS — 2023 | $ | 3.21 | ||||||
Workforce reduction expenses | 0.09 | |||||||
Loss on Comanche Unit 3 litigation | 0.05 | |||||||
Ongoing diluted EPS — 2023 | $ | 3.35 |
2023 | 2022 | |||||||||||||||||||
ROE | GAAP ROE | Ongoing ROE | GAAP and Ongoing ROE | |||||||||||||||||
NSP-Minnesota | 8.82 | % | 9.11 | % | 8.76 | % | ||||||||||||||
PSCo | 7.32 | 7.77 | 8.23 | |||||||||||||||||
SPS | 9.80 | 9.98 | 9.36 | |||||||||||||||||
NSP-Wisconsin | 10.38 | 10.67 | 10.57 | |||||||||||||||||
Operating Companies | 8.45 | 8.79 | 8.74 | |||||||||||||||||
Xcel Energy | 10.33 | 10.79 | 10.76 |
2023
vs. Normal | 2022 vs. Normal | 2023 vs. 2022 | |||||||||||||||
HDD | (7.3) | % | 6.5 | % | (12.9) | % | |||||||||||
CDD | 5.2 | 23.7 | (13.8) | ||||||||||||||
THI | 16.0 | 5.6 | 9 |
2023 vs. Normal | 2022 vs. Normal | 2023 vs. 2022 | |||||||||||||||
Retail electric | $ | 0.013 | $ | 0.138 | $ | (0.125) | |||||||||||
Decoupling and sales true-up | (0.007) | (0.061) | 0.054 | ||||||||||||||
Electric total | $ | 0.006 | $ | 0.077 | $ | (0.071) | |||||||||||
Firm natural gas | (0.010) | 0.037 | (0.047) | ||||||||||||||
Decoupling | $ | 0.013 | $ | — | $ | 0.013 | |||||||||||
Gas total | $ | 0.003 | $ | 0.037 | $ | (0.034) | |||||||||||
Total | $ | 0.009 | $ | 0.114 | $ | (0.105) |
2023 vs. 2022 | ||||||||||||||||||||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | (0.5) | % | (4.0) | % | (3.0) | % | (2.6) | % | (2.3) | % | ||||||||||||||||||||||
Electric C&I | (1.1) | (1.9) | 5.2 | (0.5) | 0.5 | |||||||||||||||||||||||||||
Total retail electric sales | (0.9) | (2.6) | 3.6 | (1.1) | (0.3) | |||||||||||||||||||||||||||
Firm natural gas sales | (12.0) | (1.5) | N/A | (12.6) | (5.7) |
2023
vs. 2022 | ||||||||||||||||||||||||||||||||
NSP-Minnesota | PSCo | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.0 | % | 1.6 | % | 1.1 | % | 0.1 | % | 1.2 | % | ||||||||||||||||||||||
Electric C&I | (1.1) | (0.4) | 5.3 | (0.4) | 1.0 | |||||||||||||||||||||||||||
Total retail electric sales | (0.4) | 0.3 | 4.5 | (0.3) | 1.0 | |||||||||||||||||||||||||||
Firm natural gas sales | — | 2.3 | N/A | (0.4) | 1.4 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Electric revenues | $ | 11,446 | $ | 12,123 | ||||||||||
Electric fuel and purchased power | (4,278) | (5,005) | ||||||||||||
Electric margin | $ | 7,168 | $ | 7,118 |
(Millions of Dollars) | 2023 vs. 2022 | |||||||
Regulatory rate outcomes (MN, CO, TX, NM, WI, SD and MI) | $ | 100 | ||||||
Non-fuel riders | 89 | |||||||
Sales
and demand (a) | 57 | |||||||
Wholesale transmission (net) | 28 | |||||||
Revenue recognition of the Texas rate case surcharge (b) | (85) | |||||||
Estimated impact of weather (net of decoupling/sales true-up) | (51) | |||||||
Conservation and demand side management (offset in expense) | (43) | |||||||
PTCs flowed back to customers (offset by lower ETR) | (28) | |||||||
Other (net) | (17) | |||||||
Total increase | $ | 50 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Natural gas revenues | $ | 2,645 | $ | 3,080 | ||||||||||
Cost of natural gas sold and transported | (1,456) | (1,910) | ||||||||||||
Natural gas margin | $ | 1,189 | $ | 1,170 |
(Millions of Dollars) | 2023 vs. 2022 | |||||||
Regulatory rate outcomes (CO, WI, MI) | $ | 50 | ||||||
Estimated impact of weather (net of decoupling) | (25) | |||||||
Other (net) | (6) | |||||||
Total increase | $ | 19 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Xcel Energy Inc. financing costs | $ | (174) | $ | (153) | ||||||||||
Venture Holdings (a) | 3 | 5 | ||||||||||||
Xcel Energy Inc. taxes and other results | (2) | (12) | ||||||||||||
Total Xcel Energy Inc. and other costs | $ | (173) | $ | (160) |
(Diluted Earnings (Loss) Per Share) | 2023 | 2022 | ||||||||||||
Xcel Energy Inc. financing costs | $ | (0.32) | $ | (0.28) | ||||||||||
Venture Holdings (a) | 0.01 | 0.01 | ||||||||||||
Xcel Energy Inc. taxes and other results | — | (0.02) | ||||||||||||
Total Xcel Energy Inc. and other costs | $ | (0.31) | $ | (0.29) |
Public Utility Regulation |
Regulatory Body / RTO | Additional Information | |||||||
MPUC | Retail rates, services, security issuances, property transfers, mergers, disposition of assets, affiliate transactions, and other aspects of electric and natural gas operations. Reviews and approves Integrated Resource Plans for meeting future energy needs. Certifies
the need and siting for generating plants greater than 50 MW and transmission lines greater than 100 KV in Minnesota. Reviews and approves natural gas supply plans. | |||||||
NDPSC | Retail rates, services and other aspects of electric and natural gas operations. Reviews and approves Integrated Resource Plans for meeting future energy needs. Regulatory authority over generation and transmission facilities, along with the siting and routing of new generation and transmission facilities in North Dakota. Pipeline safety compliance. | |||||||
SDPUC | Retail
rates, services and other aspects of electric operations. Regulatory authority over generation and transmission facilities, along with the siting and routing of new generation and transmission facilities in South Dakota. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, hydroelectric licensing, accounting practices, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transfers and mergers, and natural gas transactions in interstate commerce. | |||||||
MISO | NSP-Minnesota
is a transmission owning member of the MISO RTO and operates within the MISO RTO and wholesale markets. NSP-Minnesota makes wholesale sales in other RTO markets at market-based rates. NSP-Minnesota and NSP-Wisconsin also make wholesale electric sales at market-based prices to customers outside of their balancing authority as jointly authorized by the FERC. | |||||||
DOT | Pipeline safety compliance. | |||||||
Minnesota Office of Pipeline Safety | Pipeline safety compliance. |
Mechanism | Additional
Information | |||||||
CIP Rider (a) | Recovers costs of conservation and DSM programs. | |||||||
Customer Protection Mechanisms | MISO capacity revenue tracker, property tax tracker, annual incentive plan, capital true-up, and deferred tax asset refund are all mechanisms that mitigate the impact of changes to costs as compared to a baseline for NSP-Minnesota customers. | |||||||
Decoupling | Measures natural gas revenues against a baseline revenue per-customer for all Minnesota gas customers in classes with more than 50 customers. | |||||||
FCA | Recovers prudently incurred costs of fuel related items and purchased energy (Minnesota, North Dakota and South Dakota). | |||||||
GUIC Rider | Recovers costs for transmission and distribution pipeline integrity management programs, including funding for pipeline assessments, deferred costs for sewer separation and pipeline integrity management programs in Minnesota. | |||||||
Infrastructure Rider | Recovers
costs for investments in generation in South Dakota. | |||||||
Purchased Gas Adjustment | Provides for prospective monthly rate adjustments in Minnesota and North Dakota for costs of purchased natural gas, transportation and storage service. Includes a true-up process for difference between projected and actual costs. | |||||||
Renewable Development Fund | Allocates money collected from customers to support research and development of emerging renewable energy projects and technologies in Minnesota. | |||||||
Renewable Energy Rider | Recovers
cost of renewable generation in North Dakota. | |||||||
RES | Recovers cost of renewable generation in Minnesota. | |||||||
Sales True-up | Mitigates the impact of changes to sales levels as compared to a baseline for all Minnesota electric customers. | |||||||
Transmission Cost Recovery | Recovers costs for investments in Minnesota, North Dakota, and South Dakota for electric transmission and distribution grid modernization. |
Regulatory Body / RTO | Additional Information | |||||||
PSCW | Retail rates, services and other aspects of electric and natural gas operations. Certifies the need for new generating plants and electric transmission lines before the facilities may be sited and built. The PSCW has a biennial
base rate filing requirement. By June of each odd numbered year, NSP-Wisconsin must submit a rate filing for the test year beginning the following January. Pipeline safety compliance. | |||||||
Michigan Public Service Commission | Retail rates, services and other aspects of electric and natural gas operations. Certifies the need for new generating plants and electric transmission lines before the facilities may be sited and built. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, hydroelectric generation licensing,
accounting practices, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transactions and mergers and natural gas transactions in interstate commerce. | |||||||
MISO | NSP-Wisconsin is a transmission owning member of the MISO RTO that operates within the MISO RTO and wholesale energy market. NSP-Wisconsin and NSP-Minnesota are jointly authorized by the FERC to make wholesale electric sales at market-based prices. | |||||||
DOT | Pipeline safety compliance. |
Mechanism | Additional
Information | |||||||
Annual Fuel Cost Plan | NSP-Wisconsin does not have an automatic electric fuel adjustment clause. Under Wisconsin rules, utilities submit a forward-looking annual fuel cost plan to the PSCW. Once the PSCW approves the plan, utilities defer the amount of any fuel cost under-recovery or over-recovery in excess of a 2% annual tolerance band, for future rate recovery or refund. Approval of a fuel cost plan and any rate adjustment for refund or recovery of deferred costs is determined by the PSCW. Rate recovery of deferred fuel cost is subject to an earnings test based on the most recently authorized ROE. Under-collections that exceed the 2% annual tolerance band may not be recovered if the utility earnings for that year exceed the authorized ROE. | |||||||
Natural Gas Cost-Recovery Factor (MI) | NSP-Wisconsin’s natural gas rates for Michigan customers include a natural gas cost-recovery factor, based on 12-month projections and trued-up to actual amounts on an annual basis. | |||||||
Power Supply Cost Recovery Factors | NSP-Wisconsin’s retail electric rate schedules for Michigan customers include power supply cost recovery factors, based on 12-month projections. After each 12-month period, a reconciliation is submitted whereby over-recoveries are refunded and any under-recoveries are collected from customers. | |||||||
Purchased Gas Adjustment | A
retail cost-recovery mechanism to recover the actual cost of natural gas, transportation, and storage services. | |||||||
Wisconsin Energy Efficiency Program | The primary energy efficiency program is funded by the utilities, but operated by independent contractors subject to oversight by the PSCW and utilities. NSP-Wisconsin recovers these costs from customers. |
Regulatory Body / RTO | Additional Information on Regulatory Authority | |||||||
CPUC | Retail rates, accounts, services, issuance of securities and other aspects of electric, natural gas and steam operations. Reviews and approves Integrated Resource Plans for meeting future energy needs. Certifies the need and siting for generating plans greater than 50 MW. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, accounting practices, hydroelectric
licensing, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with the NERC electric reliability standards, asset transactions and mergers and natural gas transactions in interstate commerce. Wholesale electric sales at cost-based prices to customers inside PSCo’s balancing authority area and at market-based prices to customers outside PSCo’s balancing authority area. PSCo holds a FERC certificate that allows it to transport natural gas in interstate commerce without PSCo becoming subject to full FERC jurisdiction. | |||||||
RTO | PSCo is not presently a member of an RTO and does not operate within an RTO energy market. However, PSCo does make certain sales to other RTO’s, including SPP and
participates in the SPP Western Energy Imbalance Service market, an energy imbalance market. | |||||||
DOT | Pipeline safety compliance. |
Mechanism | Additional
Information | |||||||
Colorado Energy Plan Adjustment | Recovers the early retirement costs of Comanche Units 1 and 2 to a maximum of 1% of the customer’s bill. | |||||||
Decoupling | Mechanism to true-up revenue to a baseline amount for residential (excluding lighting and demand) and metered non-demand small C&I classes (pilot program ended Sept. 2023, with amortization of previously deferred amounts expected through 2026). | |||||||
DSM Cost Adjustment | Recovers electric and gas DSM, interruptible service costs and performance incentives for achieving energy
savings goals. | |||||||
ECA | Recovers fuel and purchased energy costs. Short-term sales margins are shared with customers. The ECA is revised quarterly. | |||||||
FCA | PSCo recovers fuel and purchased energy costs from wholesale electric customers through a fuel cost adjustment clause approved by the FERC. Wholesale customers pay production costs through a forecasted formula rate subject to true-up. | |||||||
GCA | Recovers costs of purchased natural gas and transportation and is revised quarterly to allow for changes
in natural gas rates. | |||||||
Purchased Capacity Cost Adjustment | Recovers purchased capacity payments. | |||||||
RES Adjustment | Recovers the incremental costs of compliance with the RES with a maximum of 1% of the customer’s bill. | |||||||
Steam Cost Adjustment | Recovers fuel costs to operate the steam system. The Steam Cost Adjustment rate is revised quarterly. | |||||||
Transmission Cost Adjustment | Recovers costs between rate cases for transmission projects that result in a net increase in capacity or are part of an approved wildfire mitigation plan. | |||||||
Transportation Electrification Plan | Recovers costs associated with the investment in and adoption of transportation electrification infrastructure. | |||||||
Generation Resource (in MW) | Company Owned | PPAs | Total | ||||||||
Wind Resources | 1,325 | 375 | 1,700 | ||||||||
Solar | 858 | 760 | 1,618 | ||||||||
Storage | 500 | 1,348 | 1,848 | ||||||||
Natural Gas | 450 | 219 | 669 | ||||||||
Total | 3,133 | 2,702 | 5,835 |
Revenue Request (millions of dollars) | ||||||||
Changes since 2022 rate case: | ||||||||
Plant related investments (a) | $ | 145 | ||||||
Operations and maintenance, amortization and other expenses | 23 | |||||||
Property tax expense | 10 | |||||||
Sales growth | (7) | |||||||
Total base revenue request | $ | 171 | ||||||
Regulatory Body / RTO | Additional Information | |||||||
PUCT | Retail electric operations, rates, services, construction of transmission or generation and other aspects of SPS’ electric operations. The municipalities in which SPS operates in Texas have original jurisdiction over rates in those communities. The municipalities’ rate setting decisions are subject to PUCT review. | |||||||
NMPRC | Retail
electric operations, retail rates and services and the construction of transmission or generation. Reviews Integrated Resource Plans for meeting future energy needs. | |||||||
FERC | Wholesale electric operations, accounting practices, wholesale sales for resale, the transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transactions and mergers, and natural gas transactions in interstate commerce. | |||||||
SPP RTO and SPP Integrated and Wholesale Markets | SPS is a transmission owning member of the SPP RTO and operates within the SPP RTO and SPP integrated and wholesale
markets. SPS is authorized to make wholesale electric sales at market-based prices. | |||||||
DOT | Pipeline safety compliance. |
Mechanism | Additional Information | |||||||
Advanced Metering System Surcharge | Recovers costs incurred in deployment of the Advanced Metering System in Texas. | |||||||
Consulting Fee Rider | Recovers consulting fees and carrying charges incurred by SPS on behalf of the PUCT. | |||||||
Distribution Cost Recovery Factor | Recovers distribution costs not included in rates in Texas. | |||||||
Electric Vehicle Rider | Recovers costs of the Transportation Electrification Plan in New Mexico. | |||||||
Energy Efficiency Cost Recovery Factor | Recovers costs
for energy efficiency programs in Texas. | |||||||
Energy Efficiency Rider | Recovers costs for energy efficiency programs in New Mexico. | |||||||
Fixed Fuel and Purchased Recovery Factor | Provides for the over- or under-recovery of energy expenses in Texas. Regulations require refunding or surcharging over- or under- recovery amounts, including interest, when they exceed 4% of the utility’s annual fuel and purchased energy costs on a rolling 12-month basis if this condition is expected to continue. | |||||||
Fuel and Purchased Power Cost Adjustment Clause | Adjusts
monthly to recover actual fuel and purchased power costs in New Mexico. | |||||||
Generation Cost Recovery Rider | Allows recovery of investment in power generation facilities outside of a base rate case proceeding. | |||||||
Purchased Power Capacity Cost Recovery Factor | Allows recovery of purchased power capacity costs not included in Texas rates. | |||||||
Renewable Portfolio Standards | Recovers deferred costs for renewable energy programs in New Mexico. | |||||||
Transmission Cost Recovery Factor | Recovers certain transmission infrastructure improvement costs and changes in wholesale transmission charges not included in Texas base rates. | |||||||
Wholesale Fuel and Purchased Energy Cost Adjustment | SPS recovers fuel and purchased energy costs from its wholesale customers through a monthly wholesale fuel and purchased energy cost adjustment clause accepted by the FERC. Wholesale customers also pay the jurisdictional allocation of production costs. |
Other |
Critical Accounting Policies and Estimates |
Pension Costs | ||||||||||||||
(Millions of Dollars) | +1% | -1% | ||||||||||||
Rate of return (a) | $ | (10) | $ | 26 | ||||||||||
Discount
rate (a) | 3 | 8 |
Derivatives,
Risk Management and Market Risk |
Futures / Forwards Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less
Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (a) | $ | 1 | $ | (3) | $ | (3) | $ | — | $ | (5) | ||||||||||||||||||||||
NSP-Minnesota
(b) | (1) | (8) | (6) | (1) | (16) | |||||||||||||||||||||||||||
PSCo (a) | — | 1 | 2 | — | 3 | |||||||||||||||||||||||||||
PSCo
(b) | (10) | 6 | 2 | — | (2) | |||||||||||||||||||||||||||
$ | (10) | $ | (4) | $ | (5) | $ | (1) | $ | (20) |
Options Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (b) | $ | — | $ | — | $ | 9 | $ | 8 | $ | 17 | ||||||||||||||||||||||
PSCo
(b) | 4 | — | — | — | 4 | |||||||||||||||||||||||||||
$ | 4 | $ | — | $ | 9 | $ | 8 | $ | 21 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Fair value of commodity trading net contracts outstanding at Jan. 1 | $ | (10) | $ | (33) | ||||||||||
Contracts realized or settled during the period | (2) | (15) | ||||||||||||
Commodity trading contract additions and changes during the period | 13 | 38 | ||||||||||||
Fair value of commodity trading net contracts outstanding at Dec. 31 | $ | 1 | $ | (10) |
(Millions of Dollars) | Year Ended Dec. 31 | Average | High | Low | ||||||||||||||||||||||||||||
2023 | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||||||
2022 | 2 | 1 | 5 | — |
Liquidity and Capital Resources |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash provided by operating activities — 2022 | $ | 3,932 | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Higher net income | 35 | |||||||
Non-cash transactions | 88 | |||||||
Changes in working capital | 900 | |||||||
Changes in net regulatory and other assets and liabilities | 372 | |||||||
Cash provided by operating activities — 2023 | $ | 5,327 |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash used in investing activities — 2022 | $ | (4,653) | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Increased capital expenditures | (1,216) | |||||||
Other investing activities | (57) | |||||||
Cash used in investing activities — 2023 | $ | (5,926) |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash provided by financing activities — 2022 | $ | 666 | ||||||
Components of change — 2023 vs. 2022 | ||||||||
Higher debt issuances, net of repayments | 80 | |||||||
Lower proceeds from issuance of common stock | (52) | |||||||
Higher dividends paid to shareholders | (80) | |||||||
Other financing activities | 3 | |||||||
Cash provided by financing activities — 2023 | $ | 617 |
Payments Due by Period (as of Dec. 31, 2023) | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | After 5 Years | |||||||||||||||||||||||||||
Long-term debt, principal and interest payments | $ | 43,659 | $ | 1,567 | $ | 3,631 | $ | 3,564 | $ | 34,897 | ||||||||||||||||||||||
Finance lease obligations | 218 | 10 | 19 | 16 | 173 | |||||||||||||||||||||||||||
Operating leases obligations (a) | 1,520 | 277 | 509 | 313 | 421 | |||||||||||||||||||||||||||
Unconditional
purchase obligations (b) (c) | 4,022 | 1,429 | 1,267 | 686 | 640 | |||||||||||||||||||||||||||
Other long-term obligations, including current portion (d) | 57 | 18 | 27 | 12 | — | |||||||||||||||||||||||||||
Other short-term obligations | 591 | 591 | — | — | — | |||||||||||||||||||||||||||
Short-term debt | 785 | 785 | — | — | — | |||||||||||||||||||||||||||
Total contractual cash obligations | $ | 50,852 | $ | 4,677 | $ | 5,453 | $ | 4,591 | $ | 36,131 |
Actual | Base Capital Forecast (Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||||
By Regulated Utility | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2024 - 2028 Total | |||||||||||||||||||||||||||||||||||||
PSCo | $ | 2,310 | $ | 3,300 | $ | 5,230 | $ | 4,320 | $ | 3,620 | $ | 2,730 | $ | 19,200 | ||||||||||||||||||||||||||||||
NSP-Minnesota | 2,370 | 2,660 | 2,970 | 2,380 | 2,500 | 2,540 | 13,050 | |||||||||||||||||||||||||||||||||||||
SPS | 750 | 910 | 780 | 660 | 870 | 830 | 4,050 | |||||||||||||||||||||||||||||||||||||
NSP-Wisconsin | 450 | 570 | 600 | 570 | 600 | 650 | 2,990 | |||||||||||||||||||||||||||||||||||||
Other
(a) | 330 | (20) | (300) | 10 | 10 | 10 | (290) | |||||||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 6,210 | $ | 7,420 | $ | 9,280 | $ | 7,940 | $ | 7,600 | $ | 6,760 | $ | 39,000 |
Actual | Base Capital Forecast (Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||||
By Function | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2024 - 2028 Total | |||||||||||||||||||||||||||||||||||||
Electric transmission | $ | 1,320 | $ | 1,710 | $ | 2,020 | $ | 2,450 | $ | 2,850 | $ | 2,470 | $ | 11,500 | ||||||||||||||||||||||||||||||
Electric distribution | 1,730 | 1,770 | 1,960 | 2,200 | 2,200 | 2,470 | 10,600 | |||||||||||||||||||||||||||||||||||||
Renewables | 350 | 1,500 | 2,910 | 940 | 240 | 20 | 5,610 | |||||||||||||||||||||||||||||||||||||
Electric generation | 780 | 940 | 1,290 | 1,050 | 1,060 | 600 | 4,940 | |||||||||||||||||||||||||||||||||||||
Natural gas | 780 | 740 | 680 | 630 | 620 | 570 | 3,240 | |||||||||||||||||||||||||||||||||||||
Other | 1,250 | 760 | 420 | 670 | 630 | 630 | 3,110 | |||||||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 6,210 | $ | 7,420 | $ | 9,280 | $ | 7,940 | $ | 7,600 | $ | 6,760 | $ | 39,000 |
(Millions of Dollars) | ||||||||
Funding Capital Expenditures | ||||||||
Cash from operations (a) | $ | 22,000 | ||||||
New debt (b) | 13,000 | |||||||
Equity through the DRIP and benefit program | 500 | |||||||
Other equity | 3,500 | |||||||
Base capital expenditures 2024 - 2028 | $ | 39,000 | ||||||
Maturing Debt | $ | 3,780 |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
Fair value of pension assets | $ | 2,690 | $ | 2,685 | ||||||||||
Projected pension obligation (a) | 2,943 | 2,871 | ||||||||||||
Funded status | $ | (253) | $ | (186) |
Pension Assumptions | 2023 | 2022 | ||||||||||||
Discount rate | 5.49 | % | 5.80 | % | ||||||||||
Expected long-term rate of return | 6.93 | 6.93 |
(Millions of Dollars) | Facility
(a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,500 | $ | 486 | $ | 1,014 | $ | 2 | $ | 1,016 | ||||||||||||||||||||||
PSCo | 700 | 258 | 442 | 6 | 448 | |||||||||||||||||||||||||||
NSP-Minnesota | 700 | 273 | 427 | 10 | 437 | |||||||||||||||||||||||||||
SPS | 500 | 99 | 401 | 3 | 404 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | 43 | 107 | 8 | 115 | |||||||||||||||||||||||||||
Total | $ | 3,550 | $ | 1,159 | $ | 2,391 | $ | 29 | $ | 2,420 |
Issuer | Security | Amount (Millions of Dollars) | Anticipated Timing | Expected Tenor | ||||||||||||||||||||||
Xcel Energy Inc. | Senior Unsecured Notes | $ | 900 | First Quarter | 10 Year | |||||||||||||||||||||
PSCo | First Mortgage Bonds | 1,200 | Second Quarter | 10 Year and 30 Year | ||||||||||||||||||||||
NSP-Minnesota | First Mortgage Bonds | 700 | First Quarter | 30 Year | ||||||||||||||||||||||
SPS | First Mortgage Bonds | 550 | Second Quarter | 30 Year | ||||||||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds | 400 | Second Quarter | 30 Year |
ITEM
7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
/s/ ROBERT C. FRENZEL | /s/ BRIAN J. VAN ABEL | |||||||||||||
Robert C. Frenzel | Brian J. Van Abel | |||||||||||||
Chairman, President, Chief Executive Officer and Director | Executive Vice President, Chief Financial Officer | |||||||||||||
Feb. 21, 2024 | Feb. 21, 2024 | |||||||||||||
/s/ i DELOITTE & TOUCHE LLP | ||
i Minneapolis, Minnesota | ||
February 21, 2024 | ||
We have served as the Company’s auditor since 2002. |
Year Ended Dec. 31 | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Electric | $ | i 11,446 | $ | i 12,123 | $ | i 11,205 | ||||||||||||||
Natural gas | i 2,645 | i 3,080 | i 2,132 | |||||||||||||||||
Other | i 115 | i 107 | i 94 | |||||||||||||||||
Total operating revenues | i 14,206 | i 15,310 | i 13,431 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||
Electric fuel and purchased power | i 4,278 | i 5,005 | i 4,733 | |||||||||||||||||
Cost of natural gas sold and transported | i 1,456 | i 1,910 | i 1,081 | |||||||||||||||||
Cost of sales — other | i 49 | i 44 | i 38 | |||||||||||||||||
Operating and maintenance expenses | i 2,444 | i 2,491 | i 2,321 | |||||||||||||||||
Conservation and demand side management expenses | i 286 | i 331 | i 304 | |||||||||||||||||
Depreciation and amortization | i 2,448 | i 2,413 | i 2,121 | |||||||||||||||||
Taxes (other than income taxes) | i 657 | i 688 | i 630 | |||||||||||||||||
Loss on Comanche Unit 3 litigation | i 35 | i — | i — | |||||||||||||||||
Workforce reduction expenses | i 72 | i — | i — | |||||||||||||||||
Total operating expenses | i 11,725 | i 12,882 | i 11,228 | |||||||||||||||||
Operating income | i 2,481 | i 2,428 | i 2,203 | |||||||||||||||||
Other income (expense), net | i 22 | ( i 13) | i 5 | |||||||||||||||||
Earnings from equity method investments | i 35 | i 36 | i 62 | |||||||||||||||||
Allowance for funds used during construction — equity | i 91 | i 75 | i 73 | |||||||||||||||||
Interest charges and financing costs | ||||||||||||||||||||
Interest charges — includes other financing costs of $ i 32, $ i 31
and $ i 29, respectively | i 1,055 | i 953 | i 842 | |||||||||||||||||
Allowance for funds used during construction — debt | ( i 51) | ( i 28) | ( i 26) | |||||||||||||||||
Total interest charges and financing costs | i 1,004 | i 925 | i 816 | |||||||||||||||||
Income before income taxes | i 1,625 | i 1,601 | i 1,527 | |||||||||||||||||
Income tax benefit | ( i 146) | ( i 135) | ( i 70) | |||||||||||||||||
Net income | $ | i 1,771 | $ | i 1,736 | $ | i 1,597 | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | i 552 | i 547 | i 539 | |||||||||||||||||
Diluted | i 552 | i 547 | i 540 | |||||||||||||||||
Earnings per average common share: | ||||||||||||||||||||
Basic | $ | i 3.21 | $ | i 3.18 | $ | i 2.96 | ||||||||||||||
Diluted | i 3.21 | i 3.17 | i 2.96 | |||||||||||||||||
See Notes to Consolidated Financial Statements |
Year Ended Dec. 31 | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Net income | $ | i 1,771 | $ | i 1,736 | $ | i 1,597 | ||||||||||||||
Other comprehensive income | ||||||||||||||||||||
Pension and retiree medical benefits: | ||||||||||||||||||||
Net pension and retiree medical (losses) gains arising during the period, net of tax | ( i 4) | i 5 | i — | |||||||||||||||||
Reclassification of losses to net income, net of tax | i 2 | i 4 | i 8 | |||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Net fair value (decrease) increase, net of tax | ( i 2) | i 16 | i 4 | |||||||||||||||||
Reclassification of losses to net income, net of tax | i 3 | i 5 | i 6 | |||||||||||||||||
Total other comprehensive (loss) income | ( i 1) | i 30 | i 18 | |||||||||||||||||
Total comprehensive income | $ | i 1,770 | $ | i 1,766 | $ | i 1,615 | ||||||||||||||
See Notes to Consolidated Financial Statements |
Year Ended Dec. 31 | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | i 1,771 | $ | i 1,736 | $ | i 1,597 | |||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | i 2,471 | i 2,436 | i 2,143 | ||||||||||||||
Nuclear fuel amortization | i 96 | i 118 | i 114 | ||||||||||||||
Deferred income taxes | ( i 59) | ( i 140) | ( i 79) | ||||||||||||||
Allowance for equity funds used during construction | ( i 91) | ( i 75) | ( i 73) | ||||||||||||||
Earnings from equity method investments | ( i 35) | ( i 36) | ( i 62) | ||||||||||||||
Dividends from equity method investments | i 35 | i 37 | i 42 | ||||||||||||||
Provision for bad debts | i 79 | i 73 | i 60 | ||||||||||||||
Share-based compensation expense | i 25 | i 20 | i 31 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | ( i 27) | ( i 429) | ( i 164) | ||||||||||||||
Accrued unbilled revenues | i 252 | ( i 243) | ( i 149) | ||||||||||||||
Inventories | ( i 98) | ( i 203) | ( i 126) | ||||||||||||||
Other current assets | i 86 | ( i 58) | ( i 34) | ||||||||||||||
Accounts payable | ( i 149) | i 195 | i 138 | ||||||||||||||
Net regulatory assets and liabilities | i 911 | i 570 | ( i 973) | ||||||||||||||
Other current liabilities | i 200 | i 102 | ( i 1) | ||||||||||||||
Pension and other employee benefit obligations | i 17 | ( i 49) | ( i 135) | ||||||||||||||
Other, net | ( i 157) | ( i 122) | ( i 140) | ||||||||||||||
Net cash provided by operating activities | i 5,327 | i 3,932 | i 2,189 | ||||||||||||||
Investing activities | |||||||||||||||||
Capital/construction expenditures | ( i 5,854) | ( i 4,638) | ( i 4,244) | ||||||||||||||
Purchase of investment securities | ( i 994) | ( i 1,332) | ( i 757) | ||||||||||||||
Proceeds from the sale of investment securities | i 959 | i 1,297 | i 743 | ||||||||||||||
Other, net | ( i 37) | i 20 | ( i 29) | ||||||||||||||
Net cash used in investing activities | ( i 5,926) | ( i 4,653) | ( i 4,287) | ||||||||||||||
Financing activities | |||||||||||||||||
(Repayments of) proceeds from short-term borrowings, net | ( i 28) | ( i 192) | i 421 | ||||||||||||||
Proceeds from issuances of long-term debt | i 2,630 | i 2,164 | i 2,710 | ||||||||||||||
Repayments of long-term debt | ( i 1,151) | ( i 601) | ( i 417) | ||||||||||||||
Proceeds from issuance of common stock | i 270 | i 322 | i 366 | ||||||||||||||
Dividends paid | ( i 1,092) | ( i 1,012) | ( i 935) | ||||||||||||||
Other, net | ( i 12) | ( i 15) | ( i 10) | ||||||||||||||
Net cash provided by financing activities | i 617 | i 666 | i 2,135 | ||||||||||||||
Net change in cash and cash equivalents | i 18 | ( i 55) | i 37 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 111 | i 166 | i 129 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | i 129 | $ | i 111 | $ | i 166 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( i 945) | $ | ( i 887) | $ | ( i 788) | |||||||||||
Cash received (paid) for income taxes, net | i 92 | ( i 15) | ( i 4) | ||||||||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||||||||
Accrued property, plant and equipment additions | $ | i 553 | $ | i 626 | $ | i 501 | |||||||||||
Inventory transfers to property, plant and equipment | i 197 | i 78 | i 87 | ||||||||||||||
Operating lease right-of-use assets | i 238 | i 141 | i 8 | ||||||||||||||
Allowance for equity funds used during construction | i 91 | i 75 | i 73 | ||||||||||||||
Issuance of common stock for reinvested dividends and/or equity awards | i 64 | i 57 | i 60 | ||||||||||||||
See Notes to Consolidated Financial Statements |
Dec. 31 | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | i 129 | $ | i 111 | ||||||||||
Accounts receivable, net | i 1,315 | i 1,373 | ||||||||||||
Accrued unbilled revenues | i 853 | i 1,105 | ||||||||||||
Inventories | i 711 | i 803 | ||||||||||||
Regulatory assets | i 611 | i 1,059 | ||||||||||||
Derivative instruments | i 104 | i 279 | ||||||||||||
Prepaid taxes | i 52 | i 54 | ||||||||||||
Prepayments and other | i 294 | i 360 | ||||||||||||
Total current assets | i 4,069 | i 5,144 | ||||||||||||
Property, plant and equipment, net | i 51,642 | i 48,253 | ||||||||||||
Other assets | ||||||||||||||
Nuclear decommissioning fund and other investments | i 3,599 | i 3,234 | ||||||||||||
Regulatory assets | i 2,798 | i 2,871 | ||||||||||||
Derivative instruments | i 76 | i 93 | ||||||||||||
Operating lease right-of-use assets | i 1,217 | i 1,204 | ||||||||||||
Other | i 678 | i 389 | ||||||||||||
Total other assets | i 8,368 | i 7,791 | ||||||||||||
Total assets | $ | i 64,079 | $ | i 61,188 | ||||||||||
Liabilities and Equity | ||||||||||||||
Current liabilities | ||||||||||||||
Current portion of long-term debt | $ | i 552 | $ | i 1,151 | ||||||||||
Short-term debt | i 785 | i 813 | ||||||||||||
Accounts payable | i 1,668 | i 1,804 | ||||||||||||
Regulatory liabilities | i 528 | i 418 | ||||||||||||
Taxes accrued | i 557 | i 569 | ||||||||||||
Accrued interest | i 251 | i 217 | ||||||||||||
Dividends payable | i 289 | i 268 | ||||||||||||
Derivative instruments | i 74 | i 76 | ||||||||||||
Operating lease liabilities | i 226 | i 217 | ||||||||||||
Other | i 722 | i 545 | ||||||||||||
Total current liabilities | i 5,652 | i 6,078 | ||||||||||||
Deferred credits and other liabilities | ||||||||||||||
Deferred income taxes | i 4,885 | i 4,756 | ||||||||||||
Deferred investment tax credits | i 60 | i 48 | ||||||||||||
Regulatory liabilities | i 5,827 | i 5,569 | ||||||||||||
Asset retirement obligations | i 3,218 | i 3,380 | ||||||||||||
Derivative instruments | i 86 | i 113 | ||||||||||||
Customer advances | i 167 | i 181 | ||||||||||||
Pension and employee benefit obligations | i 469 | i 390 | ||||||||||||
Operating lease liabilities | i 1,038 | i 1,038 | ||||||||||||
Other | i 148 | i 147 | ||||||||||||
Total deferred credits and other liabilities | i 15,898 | i 15,622 | ||||||||||||
Commitments and contingencies | i | i | ||||||||||||
Capitalization | ||||||||||||||
Long-term debt | i 24,913 | i 22,813 | ||||||||||||
Common
stock — i i 1,000,000,000 / shares authorized of $ i i 2.50 /
par value; i 554,941,703 and i 549,578,018 shares outstanding at Dec. 31, 2023 and Dec. 31, 2022, respectively | i 1,387 | i 1,374 | ||||||||||||
Additional paid in capital | i 8,465 | i 8,155 | ||||||||||||
Retained earnings | i 7,858 | i 7,239 | ||||||||||||
Accumulated other comprehensive loss | ( i 94) | ( i 93) | ||||||||||||
Total common stockholders’ equity | i 17,616 | i 16,675 | ||||||||||||
Total liabilities and equity | $ | i 64,079 | $ | i 61,188 | ||||||||||
See Notes to Consolidated Financial Statements |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | i 537,438,394 | $ | i 1,344 | $ | i 7,404 | $ | i 5,968 | $ | ( i 141) | $ | i 14,575 | ||||||||||||||||||||||||
Net income | i 1,597 | i 1,597 | |||||||||||||||||||||||||||||||||
Other comprehensive income | i 18 | i 18 | |||||||||||||||||||||||||||||||||
Dividends
declared on common stock ($ i 1.83 per share) | ( i 989) | ( i 989) | |||||||||||||||||||||||||||||||||
Issuances of common stock | i 6,586,875 | i 16 | i 387 | i 403 | |||||||||||||||||||||||||||||||
Share-based compensation | i 12 | ( i 4) | i 8 | ||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | i 544,025,269 | $ | i 1,360 | $ | i 7,803 | $ | i 6,572 | $ | ( i 123) | $ | i 15,612 | ||||||||||||||||||||||||
Net Income | i 1,736 | i 1,736 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | i 30 | i 30 | |||||||||||||||||||||||||||||||||
Dividends
declared on common stock ($ i 1.95 per share) | ( i 1,066) | ( i 1,066) | |||||||||||||||||||||||||||||||||
Issuances of common stock | i 5,552,749 | i 14 | i 345 | i 359 | |||||||||||||||||||||||||||||||
Share-based compensation | i 7 | ( i 3) | i 4 | ||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | i 549,578,018 | $ | i 1,374 | $ | i 8,155 | $ | i 7,239 | $ | ( i 93) | $ | i 16,675 | ||||||||||||||||||||||||
Net income | i 1,771 | i 1,771 | |||||||||||||||||||||||||||||||||
Other comprehensive income | ( i 1) | ( i 1) | |||||||||||||||||||||||||||||||||
Dividends
declared on common stock ($ i 2.08 per share) | ( i 1,148) | ( i 1,148) | |||||||||||||||||||||||||||||||||
Issuances of common stock | i 5,363,685 | i 13 | i 295 | i 308 | |||||||||||||||||||||||||||||||
Share-based compensation | i 15 | ( i 4) | i 11 | ||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | i 554,941,703 | $ | i 1,387 | $ | i 8,465 | $ | i 7,858 | $ | ( i 94) | $ | i 17,616 | ||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary
of Significant Accounting Policies |
Nonregulated Subsidiary | Purpose | |||||||
Eloigne | Invests in rental housing projects that qualify for low-income housing tax credits. | |||||||
Capital Services | Procures equipment for construction of renewable generation facilities at other subsidiaries. | |||||||
Xcel Energy Venture Holdings, Inc. | Invests in limited partnerships, including EIP funds with portfolios of investments in energy technology companies. | |||||||
Nicollet Project Holdings | Invests in nonregulated assets such as the Minnesota community solar gardens. |
Direct Subsidiary | ||
Xcel Energy Wholesale Group Inc. | ||
Xcel Energy Markets Holdings Inc. | ||
Xcel Energy Ventures Inc. | ||
Xcel Energy Retail Holdings Inc. | ||
Xcel Energy Communication Group Inc. | ||
Xcel Energy International Inc. | ||
Xcel Energy Transmission Holding Company, LLC | ||
Nicollet Holdings Company, LLC | ||
Xcel Energy Nuclear Services Holdings, LLC | ||
Xcel Energy Services Inc. |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | i 377 | $ | i 330 | ||||||||||
Fuel | i 211 | i 201 | ||||||||||||
Natural gas | i 123 | i 272 | ||||||||||||
Total inventories | $ | i 711 | $ | i 803 |
2. Accounting Pronouncements |
3. Property, Plant and Equipment |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | i 52,494 | $ | i 49,639 | ||||||||||
Natural gas plant | i 9,080 | i 8,514 | ||||||||||||
Common and other property | i 3,190 | i 2,970 | ||||||||||||
Plant
to be retired (a) | i 2,055 | i 2,217 | ||||||||||||
CWIP | i 2,873 | i 2,124 | ||||||||||||
Total property, plant and equipment | i 69,692 | i 65,464 | ||||||||||||
Less accumulated depreciation | ( i 18,399) | ( i 17,502) | ||||||||||||
Nuclear fuel | i 3,337 | i 3,183 | ||||||||||||
Less accumulated amortization | ( i 2,988) | ( i 2,892) | ||||||||||||
Property, plant and equipment, net | $ | i 51,642 | $ | i 48,253 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
NSP-Minnesota | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Sherco Unit 3 | $ | i 633 | $ | i 480 | i 59 | % | ||||||||||||||||||||
Sherco common facilities | i 185 | i 121 | i 80 | |||||||||||||||||||||||
Sherco substation | i 5 | i 4 | i 59 | |||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Grand Meadow | i 11 | i 4 | i 50 | |||||||||||||||||||||||
Huntley Wilmarth | i 49 | i 2 | i 50 | |||||||||||||||||||||||
CapX2020 | i 820 | i 141 | i 51 | |||||||||||||||||||||||
Total
NSP-Minnesota (a) | $ | i 1,703 | $ | i 752 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
NSP-Wisconsin | ||||||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
La Crosse, WI to Madison, WI | $ | i 178 | $ | i 25 | i 37 | % | ||||||||||||||||||||
CapX2020 | i 169 | i 39 | i 80 | |||||||||||||||||||||||
Total
NSP-Wisconsin (a) | $ | i 347 | $ | i 64 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
PSCo | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Hayden Unit 1 | $ | i 157 | $ | i 108 | i 76 | % | ||||||||||||||||||||
Hayden Unit 2 | i 151 | i 87 | i 37 | |||||||||||||||||||||||
Hayden common facilities | i 44 | i 31 | i 53 | |||||||||||||||||||||||
Craig Units 1 and 2 | i 82 | i 55 | i 10 | |||||||||||||||||||||||
Craig common facilities | i 39 | i 25 | i 7 | |||||||||||||||||||||||
Comanche Unit 3 | i 916 | i 191 | i 67 | |||||||||||||||||||||||
Comanche common facilities | i 29 | i 4 | i 77 | |||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Transmission and other facilities | i 189 | i 75 | Various | |||||||||||||||||||||||
Gas transmission: | ||||||||||||||||||||||||||
Rifle, CO to Avon, CO | i 28 | i 9 | i 60 | |||||||||||||||||||||||
Gas transmission compressor | i 8 | i 2 | i 50 | |||||||||||||||||||||||
Total
PSCo (a) | $ | i 1,643 | $ | i 587 |
4. Regulatory Assets and Liabilities |
(Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||
Regulatory Assets | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||
Pension and retiree medical obligations | 11 | Various | $ | i 27 | $ | i 1,106 | $ | i 22 | $ | i 1,069 | ||||||||||||||||||||||||||||
Recoverable deferred taxes on AFUDC | Plant lives | i — | i 332 | i — | i 292 | |||||||||||||||||||||||||||||||||
Net
AROs (b) | 1, 12 | Various | i — | i 316 | i — | i 339 | ||||||||||||||||||||||||||||||||
Excess
deferred taxes — TCJA | 7 | Various | i 10 | i 198 | i 13 | i 205 | ||||||||||||||||||||||||||||||||
Depreciation differences | One to i 12 years | i 17 | i 189 | i 17 | i 193 | |||||||||||||||||||||||||||||||||
Environmental remediation costs | 1, 12 | Various | i 15 | i 94 | i 20 | i 92 | ||||||||||||||||||||||||||||||||
Deferred natural gas, electric, steam energy/fuel costs | One to three years | i 239 | i 80 | i 581 | i 299 | |||||||||||||||||||||||||||||||||
Conservation
programs (c) | 1 | One to two years | i 19 | i 54 | i 16 | i 36 | ||||||||||||||||||||||||||||||||
Purchased power contract costs | Term of related contract | i 4 | i 40 | i 10 | i 36 | |||||||||||||||||||||||||||||||||
PI extended power uprate | i 11 years | i 4 | i 38 | i 4 | i 42 | |||||||||||||||||||||||||||||||||
Benson biomass PPA termination and asset purchase | Five years | i 10 | i 36 | i 10 | i 45 | |||||||||||||||||||||||||||||||||
Sales true-up and revenue decoupling | One to two years | i 7 | i 33 | i 54 | i — | |||||||||||||||||||||||||||||||||
State commission adjustments | Plant lives | i 1 | i 32 | i 1 | i 33 | |||||||||||||||||||||||||||||||||
Losses on reacquired debt | Term of related debt | i 2 | i 30 | i 3 | i 32 | |||||||||||||||||||||||||||||||||
MISO capacity revenue tracker | One to two years | i 36 | i 26 | i — | i — | |||||||||||||||||||||||||||||||||
Gas pipeline inspection and remediation costs | One to two years | i 40 | i 25 | i 42 | i 13 | |||||||||||||||||||||||||||||||||
1, 10 | Term of related contract | i 18 | i 22 | i 28 | i 28 | |||||||||||||||||||||||||||||||||
Nuclear refueling outage costs | 1 | One to two years | i 43 | i 19 | i 30 | i 12 | ||||||||||||||||||||||||||||||||
Grid modernization costs | One to two years | i 16 | i 17 | i 14 | i 24 | |||||||||||||||||||||||||||||||||
Renewable resources and environmental initiatives | One to two years | i 38 | i 5 | i 50 | i 6 | |||||||||||||||||||||||||||||||||
Other | Various | i 65 | i 106 | i 144 | i 75 | |||||||||||||||||||||||||||||||||
Total regulatory assets | $ | i 611 | $ | i 2,798 | $ | i 1,059 | $ | i 2,871 |
(Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||
Regulatory Liabilities | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||
Deferred
income tax adjustments and TCJA refunds (a) | 7 | Various | $ | i 7 | $ | i 3,015 | $ | i 9 | $ | i 3,110 | ||||||||||||||||||||||||||||
Plant removal costs | 1, 12 | Various | i — | i 1,984 | i — | i 1,819 | ||||||||||||||||||||||||||||||||
Effects
of regulation on employee benefit costs (b) | Various | i — | i 253 | i — | i 247 | |||||||||||||||||||||||||||||||||
Renewable resources and environmental initiatives | Various | i 9 | i 188 | i 6 | i 173 | |||||||||||||||||||||||||||||||||
Net
AROs (c) | Various | i — | i 90 | i — | i — | |||||||||||||||||||||||||||||||||
Sales true-up and revenue decoupling | Two years | i 18 | i 76 | i — | i 77 | |||||||||||||||||||||||||||||||||
ITC
deferrals | 1 | Various | i 1 | i 60 | i 1 | i 61 | ||||||||||||||||||||||||||||||||
LP&L departure payment | Up to i 10 years | i 33 | i 33 | i — | i — | |||||||||||||||||||||||||||||||||
Formula rates | One to two years | i 29 | i 18 | i 32 | i 17 | |||||||||||||||||||||||||||||||||
DOE settlement | One to two years | i 18 | i 6 | i 12 | i 3 | |||||||||||||||||||||||||||||||||
Deferred natural gas, electric, steam energy/fuel costs | Less than one year | i 220 | i — | i 39 | i — | |||||||||||||||||||||||||||||||||
Contract
valuation adjustments (d) | 1, 10 | Less than one year | i 56 | i — | i 175 | i 1 | ||||||||||||||||||||||||||||||||
Conservation
programs (e) | 1 | Less than one year | i 47 | i — | i 72 | i — | ||||||||||||||||||||||||||||||||
Other | Various | i 90 | i 104 | i 72 | i 61 | |||||||||||||||||||||||||||||||||
Total
regulatory liabilities (f) | $ | i 528 | $ | i 5,827 | $ | i 418 | $ | i 5,569 |
5. Borrowings and Other Financing Instruments |
(Millions of Dollars, Except Interest Rates) | Three Months Ended Dec. 31, 2023 | Year Ended Dec. 31 | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||
Borrowing limit | $ | i 3,550 | $ | i 3,550 | $ | i 3,550 | $ | i 3,100 | ||||||||||||||||||
Amount outstanding at period end | i 785 | i 785 | i 813 | i 1,005 | ||||||||||||||||||||||
Average amount outstanding | i 339 | i 491 | i 552 | i 1,399 | ||||||||||||||||||||||
Maximum amount outstanding | i 785 | i 1,241 | i 1,357 | i 2,054 | ||||||||||||||||||||||
Weighted average interest rate, computed on a daily basis | i 5.51 | % | i 5.12 | % | i 1.47 | % | i 0.57 | % | ||||||||||||||||||
Weighted average interest rate at period end | i 5.52 | i 5.52 | i 4.66 | i 0.31 |
Debt-to-Total Capitalization Ratio (a) | Amount Facility May Be Increased (millions of dollars) (b) | Additional
Periods for Which a One-Year Extension May Be Requested (c) | ||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Xcel Energy Inc. (d) | i 59.8 | % | i 59.7 | % | $ | i 350 | i 2 | |||||||||||||||||||
NSP-Minnesota | i 47.7 | i 47.7 | i 150 | i 2 | ||||||||||||||||||||||
NSP-Wisconsin | i 48.2 | i 47.4 | N/A | i 1 | ||||||||||||||||||||||
SPS | i 46.1 | i 45.7 | i 50 | i 2 | ||||||||||||||||||||||
PSCo | i 44.8 | i 44.0 | i 100 | i 2 |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | |||||||||||||||||
Xcel Energy Inc. | $ | i 1,500 | $ | i 165 | $ | i 1,335 | ||||||||||||||
PSCo | i 700 | i 349 | i 351 | |||||||||||||||||
NSP-Minnesota | i 700 | i 180 | i 520 | |||||||||||||||||
SPS | i 500 | i 75 | i 425 | |||||||||||||||||
NSP-Wisconsin | i 150 | i 60 | i 90 | |||||||||||||||||
Total | $ | i 3,550 | $ | i 829 | $ | i 2,721 |
Xcel Energy Inc. | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
Unsecured senior notes | i 0.50 | % | Oct. 15, 2023 | $ | i — | $ | i 500 | |||||||||||||||||||
Unsecured senior notes | i 3.30 | June 1, 2025 | i 250 | i 250 | ||||||||||||||||||||||
Unsecured senior notes | i 3.30 | June 1, 2025 | i 350 | i 350 | ||||||||||||||||||||||
Unsecured senior notes | i 3.35 | Dec. 1, 2026 | i 500 | i 500 | ||||||||||||||||||||||
Unsecured senior notes | i 1.75 | March 15, 2027 | i 500 | i 500 | ||||||||||||||||||||||
Unsecured senior notes | i 4.00 | June 15, 2028 | i 130 | i 130 | ||||||||||||||||||||||
Unsecured senior notes | i 4.00 | June 15, 2028 | i 500 | i 500 | ||||||||||||||||||||||
Unsecured senior notes | i 2.60 | Dec. 1, 2029 | i 500 | i 500 | ||||||||||||||||||||||
Unsecured senior notes | i 3.40 | June 1, 2030 | i 600 | i 600 | ||||||||||||||||||||||
Unsecured
senior notes | i 2.35 | Nov. 15, 2031 | i 300 | i 300 | ||||||||||||||||||||||
Unsecured
senior notes (a) | i 4.60 | June 1, 2032 | i 700 | i 700 | ||||||||||||||||||||||
Unsecured
senior notes (b) | i 5.45 | Aug. 15, 2033 | i 800 | i — | ||||||||||||||||||||||
Unsecured senior notes | i 6.50 | July 1, 2036 | i 300 | i 300 | ||||||||||||||||||||||
Unsecured senior notes | i 4.80 | Sept. 15, 2041 | i 250 | i 250 | ||||||||||||||||||||||
Unsecured senior notes | i 3.50 | Dec. 1, 2049 | i 500 | i 500 | ||||||||||||||||||||||
Unamortized discount | ( i 8) | ( i 7) | ||||||||||||||||||||||||
Unamortized debt issuance cost | ( i 36) | ( i 35) | ||||||||||||||||||||||||
Current maturities | i — | ( i 500) | ||||||||||||||||||||||||
Total long-term debt | $ | i 6,136 | $ | i 5,338 |
NSP-Minnesota | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
First mortgage bonds | i 2.60 | % | May 15, 2023 | $ | i — | $ | i 400 | |||||||||||||||||||
First mortgage bonds | i 7.125 | July 1, 2025 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 6.50 | March 1, 2028 | i 150 | i 150 | ||||||||||||||||||||||
First mortgage bonds | i 2.25 | April 1, 2031 | i 425 | i 425 | ||||||||||||||||||||||
First mortgage bonds | i 5.25 | July 15, 2035 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 6.25 | June 1, 2036 | i 400 | i 400 | ||||||||||||||||||||||
First mortgage bonds | i 6.20 | July 1, 2037 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 5.35 | Nov. 1, 2039 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 4.85 | Aug. 15, 2040 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 3.40 | Aug. 15, 2042 | i 500 | i 500 | ||||||||||||||||||||||
First mortgage bonds | i 4.125 | May 15, 2044 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 4.00 | Aug. 15, 2045 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 3.60 | May 15, 2046 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 3.60 | Sept. 15, 2047 | i 600 | i 600 | ||||||||||||||||||||||
First mortgage bonds | i 2.90 | March 1, 2050 | i 600 | i 600 | ||||||||||||||||||||||
First mortgage bonds | i 2.60 | June 1, 2051 | i 700 | i 700 | ||||||||||||||||||||||
First mortgage bonds | i 3.20 | April 1, 2052 | i 425 | i 425 | ||||||||||||||||||||||
First
mortgage bonds (a) | i 4.50 | June 1, 2052 | i 500 | i 500 | ||||||||||||||||||||||
First
mortgage bonds (b) | i 5.10 | May 15, 2053 | i 800 | i — | ||||||||||||||||||||||
Other long-term debt | i 2 | i 3 | ||||||||||||||||||||||||
Unamortized discount | ( i 49) | ( i 45) | ||||||||||||||||||||||||
Unamortized debt issuance cost | ( i 73) | ( i 66) | ||||||||||||||||||||||||
Current maturities | i — | ( i 400) | ||||||||||||||||||||||||
Total long-term debt | $ | i 7,330 | $ | i 6,542 |
NSP-Wisconsin | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
First mortgage bonds | i 3.30 | % | June 15, 2024 | $ | i 100 | $ | i 100 | |||||||||||||||||||
First mortgage bonds | i 3.30 | June 15, 2024 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 6.375 | Sept. 1, 2038 | i 200 | i 200 | ||||||||||||||||||||||
First mortgage bonds | i 3.70 | Oct. 1, 2042 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 3.75 | Dec. 1, 2047 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 4.20 | Sept. 1, 2048 | i 200 | i 200 | ||||||||||||||||||||||
First mortgage bonds | i 3.05 | May 1, 2051 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 2.82 | May 1, 2051 | i 100 | i 100 | ||||||||||||||||||||||
First
mortgage bonds (a) | i 4.86 | Sept. 15, 2052 | i 100 | i 100 | ||||||||||||||||||||||
First
mortgage bonds (b) | i 5.30 | June 15, 2053 | i 125 | i — | ||||||||||||||||||||||
Unamortized discount | ( i 3) | ( i 3) | ||||||||||||||||||||||||
Unamortized debt issuance cost | ( i 11) | ( i 11) | ||||||||||||||||||||||||
Current maturities | ( i 200) | i — | ||||||||||||||||||||||||
Total long-term debt | $ | i 1,011 | $ | i 1,086 |
PSCo | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
First mortgage bonds | i 2.50 | % | March 15, 2023 | $ | i — | $ | i 250 | |||||||||||||||||||
First mortgage bonds | i 2.90 | May 15, 2025 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 3.70 | June 15, 2028 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 1.90 | Jan. 15, 2031 | i 375 | i 375 | ||||||||||||||||||||||
First mortgage bonds | i 1.875 | June 15, 2031 | i 750 | i 750 | ||||||||||||||||||||||
First
mortgage bonds (a) | i 4.10 | June 1, 2032 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 6.25 | Sept. 1, 2037 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 6.50 | Aug. 1, 2038 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 4.75 | Aug. 15, 2041 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 3.60 | Sept. 15, 2042 | i 500 | i 500 | ||||||||||||||||||||||
First mortgage bonds | i 3.95 | March 15, 2043 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 4.30 | March 15, 2044 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 3.55 | June 15, 2046 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 3.80 | June 15, 2047 | i 400 | i 400 | ||||||||||||||||||||||
First mortgage bonds | i 4.10 | June 15, 2048 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 4.05 | Sept. 15, 2049 | i 400 | i 400 | ||||||||||||||||||||||
First mortgage bonds | i 3.20 | March 1, 2050 | i 550 | i 550 | ||||||||||||||||||||||
First mortgage bonds | i 2.70 | Jan. 15, 2051 | i 375 | i 375 | ||||||||||||||||||||||
First
mortgage bonds (a) | i 4.50 | June 1, 2052 | i 400 | i 400 | ||||||||||||||||||||||
First
mortgage bonds (b) | i 5.25 | April 1, 2053 | i 850 | i — | ||||||||||||||||||||||
Unamortized discount | ( i 41) | ( i 37) | ||||||||||||||||||||||||
Unamortized debt issuance cost | ( i 59) | ( i 53) | ||||||||||||||||||||||||
Current maturities | i — | ( i 250) | ||||||||||||||||||||||||
Total long-term debt | $ | i 7,450 | $ | i 6,610 |
SPS | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
First mortgage bonds | i 3.30 | % | June 15, 2024 | $ | i 150 | $ | i 150 | |||||||||||||||||||
First mortgage bonds | i 3.30 | June 15, 2024 | i 200 | i 200 | ||||||||||||||||||||||
Unsecured senior notes | i 6.00 | Oct. 1, 2033 | i 100 | i 100 | ||||||||||||||||||||||
Unsecured senior notes | i 6.00 | Oct. 1, 2036 | i 250 | i 250 | ||||||||||||||||||||||
First mortgage bonds | i 4.50 | Aug. 15, 2041 | i 200 | i 200 | ||||||||||||||||||||||
First mortgage bonds | i 4.50 | Aug. 15, 2041 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 4.50 | Aug. 15, 2041 | i 100 | i 100 | ||||||||||||||||||||||
First mortgage bonds | i 3.40 | Aug. 15, 2046 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 3.70 | Aug. 15, 2047 | i 450 | i 450 | ||||||||||||||||||||||
First mortgage bonds | i 4.40 | Nov. 15, 2048 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 3.75 | June 15, 2049 | i 300 | i 300 | ||||||||||||||||||||||
First mortgage bonds | i 3.15 | May 1, 2050 | i 350 | i 350 | ||||||||||||||||||||||
First mortgage bonds | i 3.15 | May 1, 2050 | i 250 | i 250 | ||||||||||||||||||||||
First
mortgage bonds (a) | i 5.15 | June 1, 2052 | i 200 | i 200 | ||||||||||||||||||||||
First
mortgage bonds (b) | i 6.00 | Sept. 15, 2053 | i 100 | i — | ||||||||||||||||||||||
Unamortized discount | ( i 10) | ( i 10) | ||||||||||||||||||||||||
Unamortized debt issuance cost | ( i 29) | ( i 29) | ||||||||||||||||||||||||
Current maturities | ( i 350) | i — | ||||||||||||||||||||||||
Total long-term debt | $ | i 2,961 | $ | i 3,211 |
Other Subsidiaries | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2023 | 2022 | ||||||||||||||||||||||
Various Eloigne affordable housing project notes | 0.00% - 8.00% | 2024 - 2055 | $ | i 27 | $ | i 27 | ||||||||||||||||||||
Current maturities | ( i 2) | ( i 1) | ||||||||||||||||||||||||
Total long-term debt | $ | i 25 | $ | i 26 |
(Millions of Dollars) | ||||||||
2024 | $ | i 552 | ||||||
2025 | i 1,103 | |||||||
2026 | i 501 | |||||||
2027 | i 501 | |||||||
2028 | i 1,133 |
Preferred Stock Authorized (Shares) | Par Value of Preferred Stock | Preferred Stock Outstanding (Shares) 2023 and 2022 | ||||||||||||||||||
Xcel Energy Inc. | i 7,000,000 | $ | i 100 | i i — / | ||||||||||||||||
PSCo | i 10,000,000 | i 0.01 | i i — / | |||||||||||||||||
SPS | i 10,000,000 | i 1.00 | i i — / |
Common Stock Authorized (Shares) | Par Value of Common Stock | Common Stock Outstanding (Shares) as of Dec. 31, 2023 | Common Stock Outstanding (Shares) as of Dec. 31, 2022 | |||||||||||||||||
i i 1,000,000,000 / | $ | i i 2.50 / | i 554,941,703 | i 549,578,018 |
Equity to Total Capitalization Ratio Required Range | Equity to Total Capitalization Ratio Actual | |||||||||||||||||||
Low | High | 2023 | ||||||||||||||||||
NSP-Minnesota | i 47.2 | % | i 57.6 | % | i 52.3 | % | ||||||||||||||
NSP-Wisconsin
(a) | i 52.5 | N/A | i 52.7 | |||||||||||||||||
SPS
(b) | i 45.0 | i 55.0 | i 54.6 |
(Amounts in Millions) | Unrestricted Retained Earnings | Total Capitalization | Limit on Total Capitalization | |||||||||||||||||
NSP-Minnesota | $ | i 1,508 | $ | i 15,702 | $ | i 16,140 | ||||||||||||||
NSP-Wisconsin | i 9 | i 2,520 | N/A | |||||||||||||||||
SPS
(a) | i 617 | i 7,298 | N/A |
(Millions of Dollars) | Long-Term Debt | Short-Term Debt | |||||||||||||||
NSP-Minnesota | 52.8% of total capitalization | (a) | $ | i 2,400 | (a) | ||||||||||||
NSP-Wisconsin | $ | i 625 | i 150 | ||||||||||||||
PSCo | i 450 | i 800 | |||||||||||||||
SPS | i 100 | i 600 |
6. Revenues |
Year Ended Dec. 31, 2023 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | i 3,560 | $ | i 1,560 | $ | i 59 | $ | i 5,179 | ||||||||||||||||||
C&I | i 5,703 | i 833 | i 30 | i 6,566 | ||||||||||||||||||||||
Other | i 150 | i — | i 13 | i 163 | ||||||||||||||||||||||
Total retail | i 9,413 | i 2,393 | i 102 | i 11,908 | ||||||||||||||||||||||
Wholesale | i 815 | i — | i — | i 815 | ||||||||||||||||||||||
Transmission | i 649 | i — | i — | i 649 | ||||||||||||||||||||||
Other | i 63 | i 156 | i — | i 219 | ||||||||||||||||||||||
Total revenue from contracts with customers | i 10,940 | i 2,549 | i 102 | i 13,591 | ||||||||||||||||||||||
Alternative revenue and other | i 506 | i 96 | i 13 | i 615 | ||||||||||||||||||||||
Total revenues | $ | i 11,446 | $ | i 2,645 | $ | i 115 | $ | i 14,206 |
Year Ended Dec. 31, 2022 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | i 3,542 | $ | i 1,814 | $ | i 53 | $ | i 5,409 | ||||||||||||||||||
C&I | i 5,807 | i 998 | i 32 | i 6,837 | ||||||||||||||||||||||
Other | i 148 | i — | i 10 | i 158 | ||||||||||||||||||||||
Total retail | i 9,497 | i 2,812 | i 95 | i 12,404 | ||||||||||||||||||||||
Wholesale | i 1,354 | i — | i — | i 1,354 | ||||||||||||||||||||||
Transmission | i 675 | i — | i — | i 675 | ||||||||||||||||||||||
Other | i 97 | i 178 | i — | i 275 | ||||||||||||||||||||||
Total revenue from contracts with customers | i 11,623 | i 2,990 | i 95 | i 14,708 | ||||||||||||||||||||||
Alternative revenue and other | i 500 | i 90 | i 12 | i 602 | ||||||||||||||||||||||
Total revenues | $ | i 12,123 | $ | i 3,080 | $ | i 107 | $ | i 15,310 |
Year Ended Dec. 31, 2021 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | i 3,194 | $ | i 1,222 | $ | i 45 | $ | i 4,461 | ||||||||||||||||||
C&I | i 5,050 | i 640 | i 30 | i 5,720 | ||||||||||||||||||||||
Other | i 127 | i — | i 7 | i 134 | ||||||||||||||||||||||
Total retail | i 8,371 | i 1,862 | i 82 | i 10,315 | ||||||||||||||||||||||
Wholesale | i 1,540 | i — | i — | i 1,540 | ||||||||||||||||||||||
Transmission | i 604 | i — | i — | i 604 | ||||||||||||||||||||||
Other | i 61 | i 148 | i — | i 209 | ||||||||||||||||||||||
Total revenue from contracts with customers | i 10,576 | i 2,010 | i 82 | i 12,668 | ||||||||||||||||||||||
Alternative revenue and other | i 629 | i 122 | i 12 | i 763 | ||||||||||||||||||||||
Total revenues | $ | i 11,205 | $ | i 2,132 | $ | i 94 | $ | i 13,431 |
7. Income
Taxes |
2023 | 2022 | 2021 | ||||||||||||||||||
Federal statutory rate | i 21.0 | % | i 21.0 | % | i 21.0 | % | ||||||||||||||
State income tax on pretax income, net of federal tax effect | i 4.9 | i 4.9 | i 5.0 | |||||||||||||||||
(Decreases) increases in tax from: | ||||||||||||||||||||
Wind PTCs (a) | ( i 28.1) | ( i 27.4) | ( i 23.4) | |||||||||||||||||
Plant
regulatory differences (b) | ( i 5.6) | ( i 5.5) | ( i 6.2) | |||||||||||||||||
Other tax credits, net NOL & tax credit allowances | ( i 1.3) | ( i 1.3) | ( i 1.1) | |||||||||||||||||
Other, net | i 0.1 | ( i 0.1) | i 0.1 | |||||||||||||||||
Effective income tax rate | ( i 9.0) | % | ( i 8.4) | % | ( i 4.6) | % |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Current federal tax expense | $ | i 113 | $ | i 1 | $ | i 15 | ||||||||||||||
Current state tax expense (benefit) | i 16 | i 3 | ( i 2) | |||||||||||||||||
Current change in unrecognized tax (benefit) expense | ( i 21) | i 5 | i 1 | |||||||||||||||||
Deferred federal tax benefit | ( i 331) | ( i 239) | ( i 183) | |||||||||||||||||
Deferred state tax expense | i 75 | i 96 | i 99 | |||||||||||||||||
Deferred change in unrecognized tax expense | i 7 | i 3 | i 5 | |||||||||||||||||
Deferred ITCs | ( i 5) | ( i 4) | ( i 5) | |||||||||||||||||
Total income tax benefit | $ | ( i 146) | $ | ( i 135) | $ | ( i 70) |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Deferred tax expense (benefit) excluding items below | $ | i 129 | $ | ( i 138) | $ | i 148 | ||||||||||||||
Adjustments
to deferred income taxes for wind production tax credit cash transfers (a) | ( i 190) | i — | i — | |||||||||||||||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | ( i 188) | i 8 | ( i 221) | |||||||||||||||||
Tax benefit allocated to other comprehensive income and other | i — | ( i 10) | ( i 6) | |||||||||||||||||
Deferred tax benefit | $ | ( i 249) | $ | ( i 140) | $ | ( i 79) |
(Millions of Dollars) | 2023 | 2022
(a) | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Differences between book and tax bases of property | $ | i 6,744 | $ | i 6,442 | ||||||||||
Regulatory assets | i 538 | i 484 | ||||||||||||
Operating lease assets | i 327 | i 325 | ||||||||||||
Pension expense | i 151 | i 159 | ||||||||||||
Deferred fuel costs | i 67 | i 222 | ||||||||||||
Other | i 84 | i 90 | ||||||||||||
Total deferred tax liabilities | $ | i 7,911 | $ | i 7,722 | ||||||||||
Deferred tax assets: | ||||||||||||||
Tax credit carryforward | $ | i 1,718 | $ | i 1,679 | ||||||||||
Regulatory liabilities | i 730 | i 718 | ||||||||||||
Operating lease liabilities | i 327 | i 325 | ||||||||||||
Other employee benefits | i 117 | i 102 | ||||||||||||
Deferred investment tax credits | i 16 | i 14 | ||||||||||||
NOL carryforward | i — | i 57 | ||||||||||||
NOL and tax credit valuation allowances | ( i 70) | ( i 62) | ||||||||||||
Other | i 188 | i 133 | ||||||||||||
Total deferred tax assets | i 3,026 | i 2,966 | ||||||||||||
Net deferred tax liability | $ | i 4,885 | $ | i 4,756 |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
Federal NOL carryforward | $ | i — | $ | i 20 | ||||||||||
Federal tax credit carryforwards | i 1,644 | i 1,593 | ||||||||||||
Valuation allowances for federal credit carryforwards | ( i 10) | i — | ||||||||||||
State NOL carryforwards | i 11 | i 1,022 | ||||||||||||
Valuation allowances for state NOL carryforwards | ( i 2) | ( i 3) | ||||||||||||
State
tax credit carryforwards, net of federal detriment (a) | i 74 | i 85 | ||||||||||||
Valuation
allowances for state credit carryforwards, net of federal benefit (b) | ( i 60) | ( i 62) |
Tax Year(s) | Expiration | |||||||
2014 - 2016 | March 2025 | |||||||
2020 | September 2024 |
State | Tax Year(s) | Expiration | ||||||||||||
Colorado | 2014 - 2016 | March 2026 | ||||||||||||
Colorado | 2019 | October 2024 | ||||||||||||
Minnesota | 2014 - 2016 | September 2025 | ||||||||||||
Minnesota | 2019 | May 2024 | ||||||||||||
Texas | 2016, 2018 | May 2024 | ||||||||||||
Texas | 2017 | July 2025 | ||||||||||||
Texas | 2019 | August 2024 | ||||||||||||
Wisconsin | 2016 - 2018 | May 2024 | ||||||||||||
Wisconsin | 2019 | October 2024 |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | i 41 | $ | i 55 | ||||||||||
Unrecognized tax benefit — Temporary tax positions | i — | i 12 | ||||||||||||
Total unrecognized tax benefit | $ | i 41 | $ | i 67 |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Balance at Jan. 1 | $ | i 67 | $ | i 58 | $ | i 52 | ||||||||||||||
Additions based on tax positions related to the current year | i 5 | i 7 | i 5 | |||||||||||||||||
Additions for tax positions of prior years | i 1 | i 6 | i 2 | |||||||||||||||||
Reductions for tax positions of prior years | ( i 29) | ( i 1) | ( i 1) | |||||||||||||||||
Reductions for tax positions related to settlements with taxing authorities | ( i 1) | ( i 1) | i — | |||||||||||||||||
Reductions for tax positions related to statute of limitations | ( i 2) | ( i 2) | i — | |||||||||||||||||
Balance at Dec. 31 | $ | i 41 | $ | i 67 | $ | i 58 |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
NOL and tax credit carryforwards | $ | ( i 35) | $ | ( i 40) |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Payable for interest related to unrecognized tax benefits at Jan. 1 | $ | ( i 4) | $ | ( i 3) | $ | ( i 3) | ||||||||||||||
Interest benefit (expense) related to unrecognized tax benefits | i 3 | ( i 1) | i — | |||||||||||||||||
Payable for interest related to unrecognized tax benefits at Dec. 31 | $ | ( i 1) | $ | ( i 4) | $ | ( i 3) |
8. Share-Based Compensation |
(Units in Thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Granted units | i 586 | i 395 | i 421 | |||||||||||||||||
Weighted average grant date fair value | $ | i 67.06 | $ | i 68.43 | $ | i 66.03 |
(Units in Thousands, Fair Value in Millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Vested Units | i 329 | i 319 | i 392 | |||||||||||||||||
Total Fair Value | $ | i 20 | $ | i 22 | $ | i 27 |
(Units in Thousands) | Units | Weighted Average Grant Date Fair Value | ||||||||||||
Nonvested Units at Jan. 1, 2023 | i 708 | $ | i 67.35 | |||||||||||
Granted | i 586 | i 67.06 | ||||||||||||
Forfeited | ( i 184) | i 68.42 | ||||||||||||
Vested | ( i 329) | i 66.23 | ||||||||||||
Dividend equivalents | i 38 | i 67.65 | ||||||||||||
Nonvested Units at Dec. 31, 2023 | i 819 | i 67.36 |
(Units in Thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Granted units | i 38 | i 29 | i 31 | |||||||||||||||||
Weighted average grant date fair value | $ | i 63.12 | $ | i 71.97 | $ | i 68.15 |
(Units in Thousands) | Units | Weighted Average Grant Date Fair Value | ||||||||||||
Stock equivalent units at Jan. 1, 2023 | i 597 | $ | i 41.75 | |||||||||||
Granted | i 38 | i 63.12 | ||||||||||||
Units distributed | ( i 134) | i 33.90 | ||||||||||||
Dividend equivalents | i 16 | i 64.95 | ||||||||||||
Stock equivalent units at Dec. 31, 2023 | i 517 | i 46.07 |
(In Thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Awards granted | i 216 | i 165 | i 221 |
(Units In Thousands, Settlement Amount in Millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Awards settled | i 282 | i 411 | i 446 | |||||||||||||||||
Settlement amount (cash, common stock and deferred amounts) | $ | i 19 | $ | i 27 | $ | i 27 |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Cost for share-based awards (a) | $ | i 27 | $ | i 36 | $ | i 31 | ||||||||||||||
Tax benefit recognized in income | i 7 | i 9 | i 8 |
9. Earnings Per Share |
(Shares in Millions) | 2023 | 2022 | 2021 | |||||||||||||||||
Basic | i 552 | i 547 | i 539 | |||||||||||||||||
Diluted
(a) | i 552 | i 547 | i 540 |
10. Fair Value of Financial Assets and Liabilities |
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | i 41 | $ | i 41 | $ | i — | $ | i — | $ | i — | $ | i 41 | ||||||||||||||||||||||||||
Commingled funds | i 721 | i — | i — | i — | i 1,049 | i 1,049 | ||||||||||||||||||||||||||||||||
Debt securities | i 784 | i — | i 771 | i 9 | i — | i 780 | ||||||||||||||||||||||||||||||||
Equity securities | i 508 | i 1,339 | i 2 | i — | i — | i 1,341 | ||||||||||||||||||||||||||||||||
Total | $ | i 2,054 | $ | i 1,380 | $ | i 773 | $ | i 9 | $ | i 1,049 | $ | i 3,211 |
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | i 29 | $ | i 29 | $ | i — | $ | i — | $ | i — | $ | i 29 | ||||||||||||||||||||||||||
Commingled funds | i 803 | i — | i — | i — | i 1,178 | i 1,178 | ||||||||||||||||||||||||||||||||
Debt securities | i 738 | i — | i 669 | i 6 | i — | i 675 | ||||||||||||||||||||||||||||||||
Equity securities | i 406 | i 999 | i 1 | i — | i — | i 1,000 | ||||||||||||||||||||||||||||||||
Total | $ | i 1,976 | $ | i 1,028 | $ | i 670 | $ | i 6 | $ | i 1,178 | $ | i 2,882 |
Final Contractual Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Due in 1 Year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 Years | Total | |||||||||||||||||||||||||||
Debt securities | $ | i 4 | $ | i 261 | $ | i 269 | $ | i 246 | $ | i 780 |
(Amounts in Millions) (a)(b) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
MWh of electricity | i 48 | i 61 | ||||||||||||
MMBtu of natural gas | i 84 | i 131 |
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||||||||
Year Ended Dec. 31, 2023 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | ( i 2) | $ | i — | ||||||||||
Total | $ | ( i 2) | $ | i — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | i — | $ | ( i 137) | ||||||||||
Natural gas commodity | i — | ( i 13) | ||||||||||||
Total | $ | i — | $ | ( i 150) | ||||||||||
Year Ended Dec. 31, 2022 | ||||||||||||||
Interest rate | $ | i 22 | $ | i — | ||||||||||
Total | $ | i 22 | $ | i — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | i — | $ | ( i 10) | ||||||||||
Natural gas commodity | i — | ( i 16) | ||||||||||||
Total | $ | i — | $ | ( i 26) | ||||||||||
Year Ended Dec. 31, 2021 | ||||||||||||||
Interest rate | $ | i 5 | $ | i — | ||||||||||
Total | $ | i 5 | $ | i — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | i — | $ | i 32 | ||||||||||
Natural gas commodity | i — | ( i 4) | ||||||||||||
Total | $ | i — | $ | i 28 |
Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | ||||||||||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||||||
Year Ended Dec. 31, 2023 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | i 5 | (a) | $ | i — | $ | i — | ||||||||||||||||
Total | $ | i 5 | $ | i — | $ | i — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | i — | $ | i — | $ | ( i 7) | (b) | ||||||||||||||||
Electric commodity | i — | i 123 | (c) | i — | |||||||||||||||||||
Natural gas commodity | i — | i 15 | (d) | ( i 27) | (d)(e) | ||||||||||||||||||
Total | $ | i — | $ | i 138 | $ | ( i 34) | |||||||||||||||||
Year Ended Dec. 31, 2022 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | i 7 | (a) | $ | i — | $ | i — | ||||||||||||||||
Total | $ | i 7 | $ | i — | $ | i — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 25 | (b) | ||||||||||||||||
Electric commodity | i — | i 3 | (c) | i — | |||||||||||||||||||
Natural gas commodity | i — | i 10 | (d) | ( i 27) | (d)(e) | ||||||||||||||||||
Total | $ | i — | $ | i 13 | $ | ( i 2) | |||||||||||||||||
Year Ended Dec. 31, 2021 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | i 8 | (a) | $ | i — | $ | i — | ||||||||||||||||
Total | $ | i 8 | $ | i — | $ | i — | |||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | i — | $ | i — | $ | i 63 | (b) | ||||||||||||||||
Electric commodity | i — | ( i 23) | (c) | i — | |||||||||||||||||||
Natural gas commodity | i — | i 5 | (d) | ( i 22) | (d)(e) | ||||||||||||||||||
Total | $ | i — | $ | ( i 18) | $ | i 41 |
Dec. 31, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting
(a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | i 8 | $ | i 51 | $ | i 32 | $ | i 91 | $ | ( i 59) | $ | i 32 | $ | i 32 | $ | i 259 | $ | i 33 | $ | i 324 | $ | ( i 242) | $ | i 82 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | i — | i — | i 62 | i 62 | ( i 7) | i 55 | i — | i — | i 177 | i 177 | ( i 2) | i 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | i — | i 14 | i — | i 14 | i — | i 14 | i — | i 19 | i — | i 19 | i — | i 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | i 8 | $ | i 65 | $ | i 94 | $ | i 167 | $ | ( i 66) | i 101 | $ | i 32 | $ | i 278 | $ | i 210 | $ | i 520 | $ | ( i 244) | i 276 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs
(b) | i 3 | i 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | i 104 | $ | i 279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | i 14 | $ | i 51 | $ | i 45 | $ | i 110 | $ | ( i 34) | $ | i 76 | $ | i 34 | $ | i 71 | $ | i 74 | $ | i 179 | $ | ( i 89) | $ | i 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | i 14 | $ | i 51 | $ | i 45 | $ | i 110 | $ | ( i 34) | i 76 | $ | i 34 | $ | i 71 | $ | i 74 | $ | i 179 | $ | ( i 89) | i 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs
(b) | i — | i 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | i 76 | $ | i 93 |
Dec. 31, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting
(a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | i — | $ | i 17 | $ | i — | $ | i 17 | $ | i — | $ | i 17 | $ | i — | $ | i 1 | $ | i — | $ | i 1 | $ | i — | $ | i 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | i 6 | i 86 | i 5 | i 97 | ( i 60) | i 37 | i 29 | i 297 | i 6 | i 332 | ( i 287) | i 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | i — | i — | i 7 | i 7 | ( i 7) | i — | i — | i — | i 2 | i 2 | ( i 2) | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | i — | i 12 | i — | i 12 | i — | i 12 | i — | i 13 | i — | i 13 | i — | i 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | i 6 | $ | i 115 | $ | i 12 | $ | i 133 | $ | ( i 67) | i 66 | $ | i 29 | $ | i 311 | $ | i 8 | $ | i 348 | $ | ( i 289) | i 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs
(b) | i 8 | i 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | i 74 | $ | i 76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | i 16 | $ | i 50 | $ | i 37 | $ | i 103 | $ | ( i 39) | $ | i 64 | $ | i 43 | $ | i 97 | $ | i 41 | $ | i 181 | $ | ( i 98) | $ | i 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | i 16 | $ | i 50 | $ | i 37 | $ | i 103 | $ | ( i 39) | i 64 | $ | i 43 | $ | i 97 | $ | i 41 | $ | i 181 | $ | ( i 98) | i 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs
(b) | i 22 | i 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | i 86 | $ | i 113 |
Year Ended Dec. 31 | ||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Balance at Jan. 1 | $ | i 236 | $ | i 19 | $ | ( i 49) | ||||||||||||||
Purchases
(a) | i 176 | i 406 | i 65 | |||||||||||||||||
Settlements
(a) | ( i 154) | ( i 350) | ( i 158) | |||||||||||||||||
Net transactions recorded during the period: | ||||||||||||||||||||
Gains recognized in earnings (b) | i 6 | i 151 | i 49 | |||||||||||||||||
Net
(losses) gains recognized as regulatory assets and liabilities (a) | ( i 174) | i 10 | i 112 | |||||||||||||||||
Balance at Dec. 31 | $ | i 90 | $ | i 236 | $ | i 19 |
2023 | 2022 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | i 25,465 | $ | i 22,927 | $ | i 23,964 | $ | i 20,897 |
11. Benefit
Plans and Other Postretirement Benefits |
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | i 233 | $ | i — | $ | i — | $ | i — | $ | i 233 | $ | i 129 | $ | i — | $ | i — | $ | i — | $ | i 129 | ||||||||||||||||||||||||||||||||||||||||||
Commingled funds | i 491 | i — | i — | i 1,235 | i 1,726 | i 935 | i — | i — | i 882 | i 1,817 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | i — | i 683 | i 4 | i — | i 687 | i — | i 682 | i 3 | i — | i 685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | i 35 | i — | i — | i — | i 35 | i 47 | i — | i — | i — | i 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i — | i 9 | i — | i — | i 9 | i — | i 7 | i — | i — | i 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 759 | $ | i 692 | $ | i 4 | $ | i 1,235 | $ | i 2,690 | $ | i 1,111 | $ | i 689 | $ | i 3 | $ | i 882 | $ | i 2,685 |
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | i 33 | $ | i — | $ | i — | $ | i — | $ | i 33 | $ | i 31 | $ | i — | $ | i — | $ | i — | $ | i 31 | ||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | i — | i 40 | i — | i — | i 40 | i — | i 41 | i — | i — | i 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled funds | i 22 | i — | i — | i 72 | i 94 | i 54 | i — | i — | i 63 | i 117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | i — | i 187 | i 1 | i — | i 188 | i — | i 175 | i 1 | i — | i 176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | i — | i 1 | i — | i — | i 1 | i — | ( i 1) | i — | i — | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | i 55 | $ | i 228 | $ | i 1 | $ | i 72 | $ | i 356 | $ | i 85 | $ | i 215 | $ | i 1 | $ | i 63 | $ | i 364 |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||
Obligation at Jan. 1 | $ | i 2,871 | $ | i 3,718 | $ | i 405 | $ | i 511 | ||||||||||||||||||
Service cost | i 74 | i 97 | i 1 | i 2 | ||||||||||||||||||||||
Interest cost | i 158 | i 110 | i 22 | i 15 | ||||||||||||||||||||||
Plan amendments | ( i 3) | i 1 | i — | i — | ||||||||||||||||||||||
Actuarial (gain) loss | i 126 | ( i 703) | i 14 | ( i 85) | ||||||||||||||||||||||
Plan participants’ contributions | i — | i — | i 8 | i 8 | ||||||||||||||||||||||
Medicare subsidy reimbursements | i — | i — | i — | i 2 | ||||||||||||||||||||||
Benefit
payments (a) | ( i 283) | ( i 352) | ( i 56) | ( i 48) | ||||||||||||||||||||||
Obligation at Dec. 31 | $ | i 2,943 | $ | i 2,871 | $ | i 394 | $ | i 405 | ||||||||||||||||||
Change in Fair Value of Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at Jan. 1 | $ | i 2,685 | $ | i 3,670 | $ | i 364 | $ | i 442 | ||||||||||||||||||
Actual return on plan assets | i 238 | ( i 683) | i 29 | ( i 51) | ||||||||||||||||||||||
Employer contributions | i 50 | i 50 | i 11 | i 13 | ||||||||||||||||||||||
Plan participants’ contributions | i — | i — | i 8 | i 8 | ||||||||||||||||||||||
Benefit payments | ( i 283) | ( i 352) | ( i 56) | ( i 48) | ||||||||||||||||||||||
Fair value of plan assets at Dec. 31 | i 2,690 | i 2,685 | i 356 | i 364 | ||||||||||||||||||||||
Funded status of plans at Dec. 31 | $ | ( i 253) | $ | ( i 186) | $ | ( i 38) | $ | ( i 41) | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheet at Dec. 31: | ||||||||||||||||||||||||||
Noncurrent assets | $ | i 1 | $ | i 15 | $ | i 28 | $ | i 33 | ||||||||||||||||||
Current liabilities | i — | i — | ( i 3) | ( i 2) | ||||||||||||||||||||||
Noncurrent liabilities | ( i 254) | ( i 201) | ( i 63) | ( i 72) | ||||||||||||||||||||||
Net amounts recognized | $ | ( i 253) | $ | ( i 186) | $ | ( i 38) | $ | ( i 41) |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
Significant Assumptions Used to Measure Benefit Obligations: | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Discount rate for year-end valuation | i 5.49 | % | i 5.80 | % | i 5.54 | % | i 5.80 | % | ||||||||||||||||||
Expected average long-term increase in compensation level | i 4.25 | % | i 4.25 | % | N/A | N/A | ||||||||||||||||||||
Mortality table | PRI-2012 | PRI-2012 | PRI-2012 | PRI-2012 | ||||||||||||||||||||||
Health care costs trend rate — initial: Pre-65 | N/A | N/A | i 6.50 | % | i 6.50 | % | ||||||||||||||||||||
Health care costs trend rate — initial: Post-65 | N/A | N/A | i 5.50 | % | i 5.50 | % | ||||||||||||||||||||
Ultimate trend assumption — initial: Pre-65 | N/A | N/A | i 4.50 | % | i 4.50 | % | ||||||||||||||||||||
Ultimate trend assumption — initial: Post-65 | N/A | N/A | i 4.50 | % | i 4.50 | % | ||||||||||||||||||||
Years until ultimate trend is reached | N/A | N/A | i 6 | i 7 |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Service cost | $ | i 74 | $ | i 97 | $ | i 104 | $ | i 1 | $ | i 2 | $ | i 2 | ||||||||||||||||||||||||||
Interest cost | i 158 | i 110 | i 104 | i 22 | i 15 | i 15 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | ( i 209) | ( i 208) | ( i 206) | ( i 17) | ( i 18) | ( i 18) | ||||||||||||||||||||||||||||||||
Amortization of prior service credit | ( i 1) | ( i 1) | ( i 1) | ( i 1) | ( i 6) | ( i 8) | ||||||||||||||||||||||||||||||||
Amortization of net loss | i 22 | i 75 | i 107 | i 1 | i 2 | i 5 | ||||||||||||||||||||||||||||||||
Settlement
charge (a) | i — | i 71 | i 59 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Net periodic pension cost (credit) | i 44 | i 144 | i 167 | i 6 | ( i 5) | ( i 4) | ||||||||||||||||||||||||||||||||
Effects of regulation | i 30 | ( i 30) | ( i 46) | i — | i 3 | i 2 | ||||||||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | i 74 | $ | i 114 | $ | i 121 | $ | i 6 | $ | ( i 2) | $ | ( i 2) | ||||||||||||||||||||||||||
Significant Assumptions Used to Measure Costs: | ||||||||||||||||||||||||||||||||||||||
Discount rate | i 5.80 | % | i 3.08 | % | i 2.71 | % | i 5.80 | % | i 3.09 | % | i 2.65 | % | ||||||||||||||||||||||||||
Expected average long-term increase in compensation level | i 4.25 | i 3.75 | i 3.75 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Expected average long-term rate of return on assets | i 6.93 | i 6.49 | i 6.49 | i 5.00 | i 4.10 | i 4.10 |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | ||||||||||||||||||||||||||
Net loss | $ | i 1,096 | $ | i 1,021 | $ | i 64 | $ | i 63 | ||||||||||||||||||
Prior service credit | ( i 9) | ( i 7) | i — | ( i 1) | ||||||||||||||||||||||
Total | $ | i 1,087 | $ | i 1,014 | $ | i 64 | $ | i 62 | ||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||||||||||||||||||||
Current regulatory assets | $ | i 20 | $ | i 21 | $ | i 2 | $ | i — | ||||||||||||||||||
Noncurrent regulatory assets | i 1,014 | i 943 | i 79 | i 78 | ||||||||||||||||||||||
Current regulatory liabilities | i — | i — | ( i 1) | ( i 1) | ||||||||||||||||||||||
Noncurrent regulatory liabilities | i — | i — | ( i 19) | ( i 20) | ||||||||||||||||||||||
Deferred income taxes | i 14 | i 14 | i 1 | i 1 | ||||||||||||||||||||||
Net-of-tax accumulated other comprehensive income | i 39 | i 36 | i 2 | i 4 | ||||||||||||||||||||||
Total | $ | i 1,087 | $ | i 1,014 | $ | i 64 | $ | i 62 |
Measurement date | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Long-duration fixed income securities | i 38 | % | i 38 | % | i — | % | i — | % | ||||||||||||||||||
Domestic and international equity securities | i 31 | i 33 | i 9 | i 16 | ||||||||||||||||||||||
Alternative investments | i 20 | i 18 | i 13 | i 12 | ||||||||||||||||||||||
Short-to-intermediate fixed income securities | i 9 | i 9 | i 77 | i 71 | ||||||||||||||||||||||
Cash | i 2 | i 2 | i 1 | i 1 | ||||||||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
(Millions of Dollars) | Projected Pension Benefit Payments | Gross Projected Postretirement Health Care Benefit Payments | Expected Medicare Part D Subsidies | Net Projected Postretirement Health Care Benefit Payments | ||||||||||||||||||||||
2024 | $ | i 398 | $ | i 42 | $ | i 2 | $ | i 40 | ||||||||||||||||||
2025 | i 214 | i 40 | i 2 | i 38 | ||||||||||||||||||||||
2026 | i 217 | i 39 | i 2 | i 37 | ||||||||||||||||||||||
2027 | i 223 | i 37 | i 2 | i 35 | ||||||||||||||||||||||
2028 | i 226 | i 36 | i 2 | i 34 | ||||||||||||||||||||||
2029 - 2033 | i 1,131 | i 161 | i 12 | i 149 |
Significant Assumptions to Measure Benefit Obligations: | 2023 | |||||||
Discount rate for year-end valuation | i 5.50 | % | ||||||
Mortality table | PRI-2012 | |||||||
Health care costs trend rate and ultimate trend assumption | i 7.00 | % |
12. Commitments
and Contingencies |
(Millions of Dollars) | Jan. 1, 2023 | Amounts Incurred (a) | Amounts Settled | Accretion | Cash Flow Revisions (b) | Dec. 31, 2023 | ||||||||||||||||||||||||||||||||
Electric | ||||||||||||||||||||||||||||||||||||||
Nuclear | $ | i 2,160 | $ | i — | $ | i — | $ | i 105 | $ | ( i 158) | $ | i 2,107 | ||||||||||||||||||||||||||
Wind | i 514 | i 10 | i — | i 19 | ( i 17) | i 526 | ||||||||||||||||||||||||||||||||
Steam, hydro and other production | i 348 | i — | ( i 1) | i 15 | ( i 1) | i 361 | ||||||||||||||||||||||||||||||||
Distribution | i 48 | i — | i — | i 1 | i — | i 49 | ||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||||||||
Transmission and distribution | i 307 | i — | i | i 14 | ( i 149) | i 172 | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | i 3 | i — | i — | i — | i — | i 3 | ||||||||||||||||||||||||||||||||
Total liability | $ | i 3,380 | $ | i 10 | $ | ( i 1) | $ | i 154 | $ | ( i 325) | $ | i 3,218 |
(Millions of Dollars) | Jan. 1, 2022 | Amounts Incurred (a) | Accretion | Cash Flow Revisions (b) | Dec. 31, 2022 | |||||||||||||||||||||||||||||||||
Electric | ||||||||||||||||||||||||||||||||||||||
Nuclear | $ | i 2,056 | $ | i — | $ | i 104 | $ | i — | $ | i 2,160 | ||||||||||||||||||||||||||||
Wind | i 478 | i 25 | i 19 | ( i 8) | i 514 | |||||||||||||||||||||||||||||||||
Steam, hydro and other production | i 288 | i 34 | i 12 | i 14 | i 348 | |||||||||||||||||||||||||||||||||
Distribution | i 47 | i — | i 1 | i — | i 48 | |||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||||||||
Transmission and distribution (c) | i 279 | i — | i 12 | i 16 | i 307 | |||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | i 3 | i — | i — | i — | i 3 | |||||||||||||||||||||||||||||||||
Total liability | $ | i 3,151 | $ | i 59 | $ | i 148 | $ | i 22 | $ | i 3,380 |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
PPAs | $ | i 1,832 | $ | i 1,669 | ||||||||||
Other | i 315 | i 244 | ||||||||||||
Gross operating lease ROU assets | i 2,147 | i 1,913 | ||||||||||||
Accumulated amortization | ( i 930) | ( i 709) | ||||||||||||
Net operating lease ROU assets | $ | i 1,217 | $ | i 1,204 |
(Millions of Dollars) | Dec. 31, 2023 | Dec. 31, 2022 | ||||||||||||
Gas storage facilities | $ | i 160 | $ | i 160 | ||||||||||
Gas pipeline | i 21 | i 21 | ||||||||||||
Gross finance lease ROU assets | i 181 | i 181 | ||||||||||||
Accumulated amortization | ( i 67) | ( i 64) | ||||||||||||
Net finance lease ROU assets | $ | i 114 | $ | i 117 |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Operating leases | ||||||||||||||||||||
PPA capacity payments | $ | i 241 | $ | i 241 | $ | i 251 | ||||||||||||||
Other
operating leases (a) | i 42 | i 39 | i 36 | |||||||||||||||||
Total
operating lease expense (b) | $ | i 283 | $ | i 280 | $ | i 287 | ||||||||||||||
Finance leases | ||||||||||||||||||||
Amortization of ROU assets | $ | i 3 | $ | i 4 | $ | i 7 | ||||||||||||||
Interest expense on lease liability | i 15 | i 16 | i 17 | |||||||||||||||||
Total finance lease expense | $ | i 18 | $ | i 20 | $ | i 24 |
(Millions of Dollars) | PPA
(a) (b) Operating Leases | Other Operating Leases | Total Operating Leases | Finance Leases (c) | ||||||||||||||||||||||
2024 | $ | i 244 | $ | i 33 | $ | i 277 | $ | i 10 | ||||||||||||||||||
2025 | i 245 | i 26 | i 271 | i 10 | ||||||||||||||||||||||
2026 | i 216 | i 22 | i 238 | i 9 | ||||||||||||||||||||||
2027 | i 162 | i 22 | i 184 | i 8 | ||||||||||||||||||||||
2028 | i 107 | i 22 | i 129 | i 8 | ||||||||||||||||||||||
Thereafter | i 259 | i 162 | i 421 | i 173 | ||||||||||||||||||||||
Total minimum obligation | i 1,233 | i 287 | i 1,520 | i 218 | ||||||||||||||||||||||
Interest component of obligation | ( i 157) | ( i 99) | ( i 256) | ( i 154) | ||||||||||||||||||||||
Present value of minimum obligation | $ | i 1,076 | i 188 | i 1,264 | i 64 | |||||||||||||||||||||
Less current portion | ( i 226) | ( i 2) | ||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | $ | i 1,038 | $ | i 62 | ||||||||||||||||||||||
Weighted-average remaining lease term in years | i 8.2 | i 36.8 |
(Millions of Dollars) | Capacity | Energy
(a) | ||||||||||||
2024 | $ | i 80 | $ | i 207 | ||||||||||
2025 | i 45 | i 94 | ||||||||||||
2026 | i 28 | i 47 | ||||||||||||
2027 | i 9 | i 10 | ||||||||||||
2028 | i 1 | i 10 | ||||||||||||
Thereafter | i 2 | i 18 | ||||||||||||
Total | $ | i 165 | $ | i 386 |
(Millions of Dollars) | Coal | Nuclear fuel | Natural gas supply | Natural gas storage and transportation | ||||||||||||||||||||||
2024 | $ | i 350 | $ | i 142 | $ | i 339 | $ | i 311 | ||||||||||||||||||
2025 | i 157 | i 179 | i 13 | i 284 | ||||||||||||||||||||||
2026 | i 81 | i 63 | i — | i 276 | ||||||||||||||||||||||
2027 | i 56 | i 180 | i — | i 238 | ||||||||||||||||||||||
2028 | i 21 | i 50 | i — | i 111 | ||||||||||||||||||||||
Thereafter | i 1 | i 177 | i — | i 442 | ||||||||||||||||||||||
Total | $ | i 666 | $ | i 791 | $ | i 352 | $ | i 1,662 |
(Millions of Dollars) | Minimum Payments | |||||||
2024 | $ | i 18 | ||||||
2025 | i 14 | |||||||
2026 | i 13 | |||||||
2027 | i 12 | |||||||
2028 | i — | |||||||
Thereafter | i — |
13. Other Comprehensive Income |
2023 | ||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Interest Rate Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | ( i 54) | $ | ( i 39) | $ | ( i 93) | ||||||||||||||
Other comprehensive loss before reclassifications | ( i 2) | ( i 4) | ( i 6) | |||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||
Amortization of interest rate hedges | i 3 | (a) | i — | i 3 | ||||||||||||||||
Amortization of net actuarial loss | i — | i 2 | (b) | i 2 | ||||||||||||||||
Net current period other comprehensive income (loss) | i 1 | ( i 2) | ( i 1) | |||||||||||||||||
Accumulated other comprehensive loss at Dec. 31 | $ | ( i 53) | $ | ( i 41) | $ | ( i 94) |
2022 | ||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Interest Rate Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | |||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | ( i 75) | $ | ( i 48) | $ | ( i 123) | ||||||||||||||
Other comprehensive gain before reclassifications | i 16 | i 5 | i 21 | |||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||
Amortization of interest rate hedges | i 5 | (a) | i — | i 5 | ||||||||||||||||
Amortization of net actuarial loss | i — | i 4 | (b) | i 4 | ||||||||||||||||
Net current period other comprehensive income | i 21 | i 9 | i 30 | |||||||||||||||||
Accumulated other comprehensive loss at Dec. 31 | $ | ( i 54) | $ | ( i 39) | $ | ( i 93) |
14. Segment Information |
(Millions of Dollars) | 2023 | 2022 | 2021 | |||||||||||||||||
Regulated Electric | ||||||||||||||||||||
Operating revenues — external | $ | i 11,446 | $ | i 12,123 | $ | i 11,205 | ||||||||||||||
Intersegment revenue | i 2 | i 2 | i 2 | |||||||||||||||||
Total revenues | $ | i 11,448 | $ | i 12,125 | $ | i 11,207 | ||||||||||||||
Depreciation and amortization | i 2,111 | i 2,122 | i 1,855 | |||||||||||||||||
Interest charges and financing costs | i 670 | i 636 | i 568 | |||||||||||||||||
Income tax benefit | ( i 135) | ( i 162) | ( i 96) | |||||||||||||||||
Net income | i 1,686 | i 1,631 | i 1,478 | |||||||||||||||||
Regulated Natural Gas | ||||||||||||||||||||
Operating revenues — external | $ | i 2,645 | $ | i 3,080 | $ | i 2,132 | ||||||||||||||
Intersegment revenue | i 3 | i 2 | i 2 | |||||||||||||||||
Total revenues | $ | i 2,648 | $ | i 3,082 | $ | i 2,134 | ||||||||||||||
Depreciation and amortization | i 323 | i 276 | i 254 | |||||||||||||||||
Interest charges and financing costs | i 96 | i 86 | i 75 | |||||||||||||||||
Income tax expense | i 50 | i 68 | i 54 | |||||||||||||||||
Net income | i 219 | i 264 | i 231 | |||||||||||||||||
All Other | ||||||||||||||||||||
Total revenues | $ | i 115 | $ | i 107 | $ | i 94 | ||||||||||||||
Depreciation and amortization | i 14 | i 15 | i 12 | |||||||||||||||||
Interest charges and financing costs | i 238 | i 203 | i 173 | |||||||||||||||||
Income tax benefit | ( i 61) | ( i 41) | ( i 28) | |||||||||||||||||
Net loss | ( i 134) | ( i 159) | ( i 112) | |||||||||||||||||
Consolidated Total | ||||||||||||||||||||
Total revenues | $ | i 14,211 | $ | i 15,314 | $ | i 13,435 | ||||||||||||||
Reconciling eliminations | ( i 5) | ( i 4) | ( i 4) | |||||||||||||||||
Total operating revenues | $ | i 14,206 | $ | i 15,310 | $ | i 13,431 | ||||||||||||||
Depreciation and amortization | i 2,448 | i 2,413 | i 2,121 | |||||||||||||||||
Interest charges and financing costs | i 1,004 | i 925 | i 816 | |||||||||||||||||
Income tax benefit | ( i 146) | ( i 135) | ( i 70) | |||||||||||||||||
Net income | i 1,771 | i 1,736 | i 1,597 |
15. Workforce
Reduction |
ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A — CONTROLS AND PROCEDURES |
ITEM 9B — OTHER INFORMATION |
ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11 — EXECUTIVE COMPENSATION |
ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15 — EXHIBIT AND FINANCIAL STATEMENT SCHEDULES |
1 | Consolidated Financial Statements | ||||||||||
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, 2023. | |||||||||||
Report of Independent Registered Public Accounting Firm — Financial Statements and Internal Controls Over Financial Reporting | |||||||||||
Consolidated Statements of Income — For each of the three years ended Dec. 31, 2023, 2022, and 2021. | |||||||||||
Consolidated Statements of Comprehensive Income —
For each of the three years ended Dec. 31, 2023, 2022, and 2021. | |||||||||||
Consolidated Statements of Cash Flows — For each of the three years ended Dec. 31, 2023, 2022, and 2021. | |||||||||||
Consolidated Balance Sheets — As of Dec. 31, 2023, 2022. | |||||||||||
Consolidated Statements of Common Stockholders’ Equity
— For each of the three years ended Dec. 31, 2023, 2022, and 2021. | |||||||||||
2 | Schedule I — Condensed Financial Information of Registrant. | ||||||||||
Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2023, 2022, and 2021. | |||||||||||
3 | Exhibits | ||||||||||
* | Indicates incorporation by reference | ||||||||||
+ | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors | ||||||||||
Xcel Energy Inc. | |||||||||||
Exhibit Number | Description | Report or Registration Statement | Exhibit Reference | ||||||||
3.01* | Xcel Energy Inc. Form 8-K dated May 16, 2012 | 3.01 | |||||||||
3.02* | Xcel Energy Inc. Form 8-K dated August 23, 2023 | 3.02 | |||||||||
4.01* | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | 4.01 | |||||||||
4.02* | Xcel Energy Inc. Form 8-K dated Dec. 14, 2000 | 4.01 | |||||||||
4.03* | Xcel Energy Inc. Form 8-K dated June 6, 2006 | 4.01 | |||||||||
4.04* | Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 | 4.01 | |||||||||
4.05* | Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 | 4.03 | |||||||||
4.06* | Xcel Energy Inc. Form 8-K dated Sept. 12, 2011 | 4.01 | |||||||||
4.07* | Xcel Energy Inc. Form 8-K dated June 1, 2015 | 4.01 | |||||||||
4.08* | Xcel Energy Inc. Form 8-K dated Dec. 1, 2016 | 4.01 | |||||||||
4.09* | Xcel Energy Inc. Form 8-K dated June 25, 2018 | 4.01 |
4.10* | Xcel Energy Inc. Form 8-K dated Nov. 7, 2019 | 4.01 | |||||||||
4.11* | Xcel Energy Inc. Form 8-K dated April 1, 2020 | 4.01 | |||||||||
4.12* | Xcel Energy Inc. Form 8-K dated Nov. 3, 2021 | 4.01 | |||||||||
4.13* | Xcel Energy Form 8-K dated May 6, 2022 | 4.01 | |||||||||
Xcel Energy Form 8-K dated August 3, 2023 | 4.01 | ||||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.02 | ||||||||||
10.02*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.05 | |||||||||
10.03*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.18 | |||||||||
10.04*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2016 | 10.01 | |||||||||
10.05*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2018 | 10.01 | |||||||||
10.06*+ | Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2020 | 10.02 | |||||||||
10.07*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2020 | 10.01 | |||||||||
10.08*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.17 | |||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.07 | ||||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.17 | ||||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2013 | 10.22 | ||||||||||
10.12*+ | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2016 | 10.01 | |||||||||
10.13*+ | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2017 | 10.1 | |||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.34 | ||||||||||
10.15*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | 10.32 | |||||||||
10.17*+ | Xcel Energy Inc. Form 8-K dated Dec. 10, 2021 | 10.01 | |||||||||
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2023 | 10.01 | ||||||||||
10.20*+ | Xcel Energy Inc. Definitive Proxy Statement dated April 5, 2011 | Appendix A | |||||||||
10.21*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.36 | |||||||||
10.22*+ | Xcel Energy Inc. Form U5B dated Nov. 16, 2000 | H-1 | |||||||||
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 | 99.01 | ||||||||||
NSP-Minnesota | |||||||||||
4.15* | Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(b)(3) | |||||||||
4.16* | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 | 4.11 |
4.17* | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 | 4.12 | |||||||||
4.18* | NSP-Minnesota Form 10-12G dated Oct. 5, 2000 | 4.51 | |||||||||
4.19* | Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(b)(7) | |||||||||
4.20* | NSP-Minnesota Form 10-12G dated Oct. 5, 2000 | 4.63 | |||||||||
4.21* | NSP-Minnesota Form 8-K dated July 14, 2005 | 4.01 | |||||||||
4.22* | NSP-Minnesota Form 8-K dated May 18, 2006 | 4.01 | |||||||||
4.23* | NSP-Minnesota Form 8-K dated June 19, 2007 | 4.01 | |||||||||
4.24* | NSP-Minnesota Form 8-K dated Nov. 16, 2009 | 4.01 | |||||||||
4.25* | NSP-Minnesota Form 8-K dated Aug. 4, 2010 | 4.01 | |||||||||
4.26* | NSP-Minnesota Form 8-K dated Aug. 13, 2012 | 4.01 | |||||||||
4.27* | NSP-Minnesota Form 8-K dated May 13, 2014 | 4.01 | |||||||||
4.28* | NSP-Minnesota Form 8-K dated Aug. 11, 2015 | 4.01 | |||||||||
4.29* | NSP-Minnesota Form 8-K dated May 31, 2016 | 4.01 | |||||||||
4.30* | NSP-Minnesota Form 8-K dated Sept. 13, 2017 | 4.01 | |||||||||
4.31* | NSP-Minnesota Form 8-K dated Sept. 10, 2019 | 4.01 | |||||||||
4.32* | NSP-Minnesota 8-K dated June 15, 2020 | 4.01 | |||||||||
4.33* | NSP-Minnesota 8-K dated March 30, 2021 | 4.01 | |||||||||
4.34* | NSP-Minnesota 8-K dated May 9, 2022 | 4.01 | |||||||||
4.35* | NSP-Minnesota 8-K dated May 8, 2023 | 4.01 | |||||||||
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 10.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 | 99.02 | ||||||||||
NSP-Wisconsin | |||||||||||
4.36* | Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(c)(3) | |||||||||
4.37* | NSP-Wisconsin Form 8-K dated Sept. 25, 2000 | 4.01 | |||||||||
4.38* | NSP-Wisconsin Form 8-K dated Sept. 3, 2008 | 4.01 | |||||||||
4.39* | NSP-Wisconsin Form 8-K dated Oct. 10, 2012 | 4.01 | |||||||||
4.40* | NSP-Wisconsin Form 8-K dated June 23, 2014 | 4.01 |
4.41* | NSP-Wisconsin Form 8-K dated Dec. 4, 2017 | 4.01 | |||||||||
4.42* | NSP-Wisconsin Form 8-K dated Sept. 12, 2018 | 4.01 | |||||||||
4.43* | NSP-Wisconsin Form 8-K dated May 26, 2020 | 4.01 | |||||||||
4.44* | NSP-Wisconsin Form 8-K dated July 20, 2021 | 4.01 | |||||||||
4.45* | NSP-Wisconsin Form 8-K dated July 15, 2022 | 4.01 | |||||||||
NSP-Wisconsin Form 8-K dated May 10, 2023 | 4.01 | ||||||||||
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 10.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 | 99.05 | ||||||||||
PSCo | |||||||||||
4.47* | Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(d)(3) | |||||||||
4.48* | PSCo Form 8-K dated Aug. 8, 2007 | 4.01 | |||||||||
4.49* | PSCo Form 8-K dated Aug. 6, 2008 | 4.01 | |||||||||
4.50* | PSCo Form 8-K dated Aug. 9, 2011 | 4.01 | |||||||||
4.51* | PSCo Form 8-K dated Sept. 11, 2012 | 4.01 | |||||||||
4.52* | PSCo Form 8-K dated March 10, 2014 | 4.01 | |||||||||
4.53* | PSCo Form 8-K dated May 12, 2015 | 4.01 | |||||||||
4.54* | PSCo Form 8-K dated June 13, 2016 | 4.01 | |||||||||
4.55* | PSCo Form 8-K dated June 19, 2017 | 4.01 | |||||||||
4.56* | PSCo Form 8-K dated June 21, 2018 | 4.01 | |||||||||
4.57* | PSCo Form 8-K dated March 13, 2019 | 4.01 | |||||||||
4.58* | PSCo Form 8-K dated August 13, 2019 | 4.01 | |||||||||
4.59* | PSCo Form 8-K dated May 15, 2020 | 4.01 | |||||||||
4.60* | PSCo Form 8-K dated March 1, 2021 | 4.01 | |||||||||
4.61* | PSCo Form 8-K dated May 17, 2022 | 4.01 | |||||||||
PSCo Form 8-K dated April 3, 2023 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Dec. 3, 2004 | 99.02 |
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 | 99.03 | ||||||||||
SPS | |||||||||||
4.63* | SPS Form 8-K dated Feb. 25, 1999 | 99.2 | |||||||||
4.64* | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2003 | 4.04 | |||||||||
4.65* | SPS Form 8-K dated Oct. 3, 2006 | 4.01 | |||||||||
4.66* | SPS Form 8-K dated Aug. 10, 2011 | 4.01 | |||||||||
4.67* | SPS Form 8-K dated Aug. 10, 2011 | 4.02 | |||||||||
4.68* | SPS Form 8-K dated June 9, 2014 | 4.02 | |||||||||
4.69* | SPS Form 8-K dated Aug. 12, 2016 | 4.02 | |||||||||
4.70* | SPS Form 8-K dated Aug 9. 2017 | 4.02 | |||||||||
4.71* | SPS Form 8-K dated Nov. 5, 2018 | 4.02 | |||||||||
4.72* | SPS Form 8-K dated June 18, 2019 | 4.02 | |||||||||
4.73* | SPS Form 8-K dated May 18, 2020 | 4.02 | |||||||||
4.74* | SPS Form 8-K dated May 31, 2022 | 4.02 | |||||||||
SPS Form 8-K dated August
21, 2023 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 | 99.04 | ||||||||||
Xcel Energy Inc. | |||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
101.SCH | Inline XBRL Schema | ||||||||||
101.CAL | Inline XBRL Calculation | ||||||||||
101.DEF | Inline XBRL Definition | ||||||||||
101.LAB | Inline XBRL Label | ||||||||||
101.PRE | Inline XBRL Presentation | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Year Ended Dec. 31 | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income | |||||||||||||||||
Equity earnings of subsidiaries | $ | i 1,948 | $ | i 1,905 | $ | i 1,744 | |||||||||||
Total income | i 1,948 | i 1,905 | i 1,744 | ||||||||||||||
Expenses and other deductions | |||||||||||||||||
Operating expenses | i 25 | i 19 | i 21 | ||||||||||||||
Other (income) expenses | ( i 13) | ( i 2) | i 3 | ||||||||||||||
Interest charges and financing costs | i 235 | i 206 | i 173 | ||||||||||||||
Total expenses and other deductions | i 247 | i 223 | i 197 | ||||||||||||||
Income before income taxes | i 1,701 | i 1,682 | i 1,547 | ||||||||||||||
Income tax benefit | ( i 70) | ( i 54) | ( i 50) | ||||||||||||||
Net income | $ | i 1,771 | $ | i 1,736 | $ | i 1,597 | |||||||||||
Other Comprehensive Income | |||||||||||||||||
Pension and retiree medical benefits, net of tax | $ | ( i 2) | $ | i 9 | $ | i 8 | |||||||||||
Derivative instruments, net of tax | i 1 | i 21 | i 10 | ||||||||||||||
Other comprehensive income | ( i 1) | i 30 | i 18 | ||||||||||||||
Comprehensive income | $ | i 1,770 | $ | i 1,766 | $ | i 1,615 | |||||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | i 552 | i 547 | i 539 | ||||||||||||||
Diluted | i 552 | i 547 | i 540 | ||||||||||||||
Earnings per average common share: | |||||||||||||||||
Basic | $ | i 3.21 | $ | i 3.18 | $ | i 2.96 | |||||||||||
Diluted | i 3.21 | i 3.17 | i 2.96 | ||||||||||||||
See Notes to Condensed Financial Statements |
Year Ended Dec. 31 | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Operating activities | |||||||||||||||||
Net cash provided by operating activities | $ | i 1,586 | $ | i 1,340 | $ | i 1,147 | |||||||||||
Investing activities | |||||||||||||||||
Capital contributions to subsidiaries | ( i 975) | ( i 921) | ( i 1,661) | ||||||||||||||
Net return in the utility money pool | i 21 | i — | i 57 | ||||||||||||||
Net cash used in investing activities | ( i 954) | ( i 921) | ( i 1,604) | ||||||||||||||
Financing activities | |||||||||||||||||
(Repayment of) proceeds from short-term borrowings, net | ( i 66) | ( i 407) | i 638 | ||||||||||||||
Proceeds from issuance of long-term debt | i 792 | i 694 | i 791 | ||||||||||||||
Repayment of long-term debt | ( i 500) | i — | ( i 400) | ||||||||||||||
Proceeds from issuance of common stock | i 270 | i 322 | i 366 | ||||||||||||||
Dividends paid | ( i 1,092) | ( i 1,012) | ( i 935) | ||||||||||||||
Other | ( i 13) | ( i 16) | ( i 16) | ||||||||||||||
Net cash (used in) provided by financing activities | ( i 609) | ( i 419) | i 444 | ||||||||||||||
Net change in cash, cash equivalents, and restricted cash | i 23 | i — | ( i 13) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 1 | i 1 | i 14 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | i 24 | $ | i 1 | $ | i 1 | |||||||||||
See Notes to Condensed Financial Statements |
Dec. 31 | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | i 24 | $ | i 1 | ||||||||||
Accounts receivable from subsidiaries | i 404 | i 443 | ||||||||||||
Derivative instruments | i — | i 1 | ||||||||||||
Other current assets | i 5 | i 7 | ||||||||||||
Total current assets | i 433 | i 452 | ||||||||||||
Investment in subsidiaries | i 23,873 | i 22,597 | ||||||||||||
Other assets | ( i 20) | ( i 7) | ||||||||||||
Total other assets | i 23,853 | i 22,590 | ||||||||||||
Total assets | $ | i 24,286 | $ | i 23,042 | ||||||||||
Liabilities and Equity | ||||||||||||||
Current portion of long-term debt | i — | i 500 | ||||||||||||
Dividends payable | i 289 | i 268 | ||||||||||||
Short-term debt | i 165 | i 231 | ||||||||||||
Other current liabilities | i 66 | i 17 | ||||||||||||
Total current liabilities | i 520 | i 1,016 | ||||||||||||
Other liabilities | i 12 | i 13 | ||||||||||||
Total other liabilities | i 12 | i 13 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Capitalization | ||||||||||||||
Long-term debt | i 6,137 | i 5,338 | ||||||||||||
Common stockholders' equity | i 17,617 | i 16,675 | ||||||||||||
Total capitalization | i 23,754 | i 22,013 | ||||||||||||
Total liabilities and equity | $ | i 24,286 | $ | i 23,042 | ||||||||||
See Notes to Condensed Financial Statements |
(Millions of Dollars) | Guarantor | Guarantee Amount | Current Exposure | Triggering Event | ||||||||||||||||||||||
Guarantees of Capital Services purchase contracts for wind and solar generating equipment (a) | Xcel Energy Inc. | i 951 | (b) | (c) | ||||||||||||||||||||||
Guarantees of Xcel Energy Inc.’s utility subsidiaries’ performance on tax credit sale agreements | Xcel Energy Inc. | i 100 | (d) | (c) | ||||||||||||||||||||||
Xcel Energy Inc. | i 75 | (f) | (g) |
(Millions of Dollars) | 2023 | 2022 | ||||||||||||
NSP-Minnesota | $ | i 120 | $ | i 82 | ||||||||||
NSP-Wisconsin | i 13 | i 17 | ||||||||||||
PSCo | i 44 | i 111 | ||||||||||||
SPS | i 47 | i 61 | ||||||||||||
Xcel Energy Services Inc. | i 144 | i 145 | ||||||||||||
Other subsidiaries of Xcel Energy Inc. | i 35 | i 27 | ||||||||||||
$ | i 403 | $ | i 443 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Dec. 31, 2023 | |||||||
Loan outstanding at period end | $ | i 21 | ||||||
Average loan outstanding | i 90 | |||||||
Maximum loan outstanding | i 250 | |||||||
Weighted average interest rate, computed on a daily basis | i 1.34 | % | ||||||
Weighted average interest rate at end of period | i 5.34 | |||||||
Money pool interest income | $ | i 1 |
(Amounts in Millions, Except Interest Rates) | Year Ended Dec. 31, 2023 | Year Ended Dec. 31, 2022 | Year Ended Dec. 31, 2021 | |||||||||||||||||
Loan outstanding at period end | $ | i 21 | $ | i — | $ | i — | ||||||||||||||
Average loan outstanding | i 27 | i 10 | i 16 | |||||||||||||||||
Maximum loan outstanding | i 250 | i 204 | i 439 | |||||||||||||||||
Weighted average interest rate, computed on a daily basis | i 5.33 | % | i 0.73 | % | i 0.08 | % | ||||||||||||||
Weighted average interest rate at end of period | i 5.34 | N/A | N/A | |||||||||||||||||
Money pool interest income | $ | i 1 | $ | i — | $ | i — |
Allowance for bad debts | NOL and tax credit valuation allowances | ||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
Balance at Jan. 1 | $ | i 122 | $ | i 106 | $ | i 79 | $ | i 62 | $ | i 64 | $ | i 64 | |||||||||||||||||||||||||||||
Additions charged to costs and expenses | i 79 | i 73 | i 60 | i 26 | i 6 | i 5 | |||||||||||||||||||||||||||||||||||
Additions charged to other accounts | i 13 | (a) | i 26 | (a) | i 14 | (a) | i — | i — | i — | ||||||||||||||||||||||||||||||||
Deductions from reserves | ( i 86) | (b) | ( i 83) | (b) | ( i 47) | (b) | ( i 18) | (c) | ( i 8) | (c) | ( i 5) | (c) | |||||||||||||||||||||||||||||
Balance at Dec. 31 | $ | i 128 | $ | i 122 | $ | i 106 | $ | i 70 | $ | i 62 | $ | i 64 |
ITEM 16 — FORM 10-K SUMMARY |
XCEL ENERGY INC. | ||||||||
Feb. 21, 2024 | By: | /s/ BRIAN J. VAN ABEL | ||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer |
/s/ ROBERT C. FRENZEL | Chairman, President, Chief Executive Officer and Director | ||||||||||
Robert C. Frenzel | (Principal Executive Officer) | ||||||||||
/s/ BRIAN J. VAN ABEL | Executive Vice President, Chief Financial Officer | ||||||||||
Brian J. Van Abel | (Principal Accounting Officer and Principal Financial Officer) | ||||||||||
* | |||||||||||
Megan Burkhart | Director | ||||||||||
* | |||||||||||
Lynn Casey | Director | ||||||||||
* | |||||||||||
Netha Johnson | Director | ||||||||||
* | |||||||||||
Patricia L. Kampling | Director | ||||||||||
* | |||||||||||
George J. Kehl | Director | ||||||||||
* | |||||||||||
Richard T. O’Brien | Director | ||||||||||
* | |||||||||||
Charles Pardee | Director | ||||||||||
* | |||||||||||
Christopher J. Policinski | Director | ||||||||||
* | |||||||||||
James Prokopanko | Director | ||||||||||
* | |||||||||||
Timothy Welsh | Director | ||||||||||
* | |||||||||||
Kim Williams | Director | ||||||||||
* | |||||||||||
Daniel Yohannes | Director | ||||||||||
*By: | /s/ BRIAN J. VAN ABEL | ||||||||||
Brian J. Van Abel | Attorney-in-Fact |
This ‘10-K’ Filing | Date | Other Filings | ||
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9/1/37 | ||||
7/1/37 | ||||
10/1/36 | ||||
7/1/36 | ||||
6/1/36 | ||||
7/15/35 | ||||
10/1/33 | ||||
8/15/33 | ||||
6/1/32 | ||||
11/15/31 | ||||
6/15/31 | ||||
4/1/31 | ||||
1/15/31 | ||||
6/1/30 | ||||
12/1/29 | ||||
6/15/28 | ||||
3/1/28 | ||||
3/15/27 | ||||
12/1/26 | ||||
7/1/25 | ||||
6/1/25 | ||||
5/15/25 | ||||
3/14/25 | ||||
2/15/25 | ||||
1/1/25 | ||||
12/15/24 | ||||
12/1/24 | ||||
11/1/24 | ||||
10/28/24 | ||||
6/30/24 | ||||
6/15/24 | ||||
6/1/24 | ||||
5/24/24 | ||||
4/19/24 | ||||
4/9/24 | ||||
3/1/24 | ||||
Filed on: | 2/21/24 | |||
2/20/24 | ||||
2/15/24 | ||||
1/1/24 | ||||
For Period end: | 12/31/23 | |||
12/15/23 | 8-K | |||
10/15/23 | ||||
8/23/23 | 3, 4, 8-K | |||
8/21/23 | ||||
8/3/23 | 8-K | |||
7/13/23 | ||||
6/30/23 | 10-Q | |||
6/8/23 | ||||
5/15/23 | ||||
5/10/23 | SC 13G/A | |||
5/8/23 | ||||
4/3/23 | ||||
3/15/23 | ||||
2/23/23 | 10-K, 4 | |||
1/1/23 | ||||
12/31/22 | 10-K, 11-K, 11-K/A, ARS | |||
9/19/22 | 8-K | |||
7/15/22 | ||||
5/31/22 | ||||
5/17/22 | ||||
5/9/22 | ||||
5/6/22 | 8-K | |||
1/1/22 | ||||
12/31/21 | 10-K, 11-K | |||
12/30/21 | 4 | |||
12/10/21 | 8-K | |||
11/3/21 | 8-K | |||
7/20/21 | ||||
3/30/21 | 4 | |||
3/1/21 | 4 | |||
12/31/20 | 10-K, 11-K | |||
6/30/20 | 10-Q, 4 | |||
6/15/20 | ||||
5/26/20 | ||||
5/18/20 | ||||
5/15/20 | 8-K | |||
4/1/20 | 8-K | |||
3/31/20 | 10-Q, 3, 4 | |||
12/31/19 | 10-K, 11-K, 5 | |||
11/7/19 | 8-K | |||
9/10/19 | 4 | |||
8/13/19 | ||||
6/18/19 | ||||
3/13/19 | 4 | |||
12/31/18 | 10-K, 11-K, 4, 5 | |||
11/5/18 | ||||
9/12/18 | 4 | |||
6/30/18 | 10-Q | |||
6/25/18 | 8-K | |||
6/21/18 | 424B2 | |||
4/18/18 | S-3ASR | |||
12/31/17 | 10-K, 11-K | |||
12/4/17 | 4 | |||
9/30/17 | 10-Q | |||
9/13/17 | ||||
6/19/17 | ||||
12/1/16 | 8-K | |||
9/30/16 | 10-Q, 4 | |||
8/12/16 | 8-K | |||
6/30/16 | 10-Q, 4 | |||
6/13/16 | ||||
5/31/16 | ||||
8/11/15 | ||||
6/1/15 | 4, 8-K | |||
5/12/15 | UPLOAD | |||
2/11/15 | SC 13G/A | |||
6/23/14 | 8-K | |||
6/9/14 | ||||
5/13/14 | ARS | |||
3/10/14 | ||||
12/31/13 | 10-K, 11-K, ARS | |||
11/12/13 | ||||
10/10/12 | ||||
9/11/12 | ||||
8/13/12 | ||||
5/16/12 | 4, 8-K, DEF 14A, PRE 14A | |||
12/31/11 | 10-K, 11-K, ARS | |||
9/12/11 | 8-K | |||
8/10/11 | ||||
8/9/11 | ||||
4/5/11 | 8-K, DEF 14A, DEFA14A | |||
8/4/10 | 424B2, FWP | |||
11/16/09 | 3, CORRESP | |||
12/31/08 | 10-K, 11-K, 4 | |||
9/3/08 | 8-K | |||
8/6/08 | 4 | |||
1/16/08 | 4, 8-K | |||
8/8/07 | 8-K | |||
6/19/07 | 8-K, S-4 | |||
10/3/06 | 4 | |||
6/6/06 | 424B5, 8-K, FWP | |||
5/18/06 | 3, 4 | |||
7/14/05 | 8-K | |||
12/3/04 | 8-K | |||
1/21/04 | 4, 4/A | |||
9/30/03 | 10-Q, 4, POS AMC, U-1/A, U-9C-3 | |||
12/14/00 | 8-K | |||
11/16/00 | 35-CERT, U5B | |||
10/5/00 | ||||
9/25/00 | ||||
2/25/99 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/25/24 Public Service Co. of Colorado 10-Q 3/31/24 68:6.6M 4/25/24 Southwestern Public Service Co. 10-Q 3/31/24 60:4.9M 4/25/24 Xcel Energy Inc. 10-Q 3/31/24 80:9.4M 4/18/24 Xcel Energy Inc. S-3ASR 4/18/24 26:3.5M Donnelley … Solutions/FA 2/27/24 Xcel Energy Inc. 424B2 2:549K Donnelley … Solutions/FA 2/26/24 Xcel Energy Inc. 424B5 1:521K Donnelley … Solutions/FA 2/21/24 Northern States Power Co. 10-K 12/31/23 100:18M 2/21/24 Northern States Power Co./WI 10-K 12/31/23 89:11M 2/21/24 Public Service Co. of Colorado 10-K 12/31/23 95:16M 2/21/24 Southwestern Public Service Co. 10-K 12/31/23 87:12M |