10-K – 2026-02-25 – xel-20251231.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025 or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

001-3034

(Commission File Number)

Xcel Energy Inc.
(Exact name of registrant as specified in its charter)

Minnesota
41-0448030
(State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.)

414 Nicollet Mall
Minneapolis
Minnesota
55401

(Address of Principal Executive Offices) (Zip Code)

612
330-5500

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $2.50 par value per share XEL Nasdaq Stock Market LLC
6.25% Junior Subordinated Notes due 2085 XELLL Nasdaq Stock Market LLC

Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes   ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  ☐ Yes  ☒ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒ Yes   ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☒ Yes   ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  ☒ Large accelerated filer   ☐ Accelerated filer  ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  ☐ Yes ☒ No
As of June 30, 2025, the aggregate market value of the voting common stock held by non-affiliates of the Registrant was $ 40,260,845,645 .
As of Feb. 19, 2026, there were 623,876,813   shares of common stock outstanding, $2.50 par value.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

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TABLE OF CONTENTS

PART I
Item 1 — Business
3

Item 1A — Risk Factors
15

Item 1B — Unresolved Staff Comments
21

Item 1C — Cybersecurity
21

Item 2 — Properties
23

Item 3 — Legal Proceedings
24

Item 4 — Mine Safety Disclosures
24

PART II
Item 5 — Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
24

Item 6 — [Reserved]
25

Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations
25

Item 7A — Quantitative and Qualitative Disclosures About Market Risk
43

Item 8 — Financial Statements and Supplementary Data
43

Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
83

Item 9A — Controls and Procedures
83

Item 9B — Other Information
83

Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
83

PART III
Item 10 — Directors, Executive Officers and Corporate Governance
83

Item 11 — Executive Compensation
83

Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
84

Item 13 — Certain Relationships and Related Transactions, and Director Independence
84

Item 14 — Principal Accountant Fees and Services
84

PART IV
Item 15 — Exhibits and Financial Statement Schedules
84

Item 16 — Form 10-K Summary
91

Signatures
92

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Table of Contents

PART I

ITEM 1 — BUSINESS

Definitions of Abbreviations

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

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
EIA United States Energy Information Administration
EPA United States Environmental Protection Agency
ERCOT Electric Reliability Council of Texas
FASB Financial accounting standards board
FERC Federal Energy Regulatory Commission
IRS Internal Revenue Service

MPUC Minnesota Public Utilities Commission
MPSC Michigan Public Service Commission
NDPSC North Dakota Public Service Commission
NERC North American Electric Reliability Corporation
NIST National Institute of Standards and Technology
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

FCA Fuel clause adjustment
GCA Gas cost adjustment
GMAC Grid modernization adjustment clause

RES Renewable energy standard

Other
ADIT Accumulated deferred income taxes
AFUDC Allowance for funds used during construction

ALJ Administrative law judge
ARO Asset retirement obligation
ARRR Application for rehearing, reargument or reconsideration

ASC Financial Accounting Standards Board Accounting Standards Codification
ASU Accounting standards update
ATM At-the-market

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

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
CERCLA Comprehensive Environmental Response, Compensation, and Liability Act
CFO Chief financial officer
CIG Colorado Interstate Gas Company, LLC

CO 2
Carbon dioxide
COD Commercial operation date

CPCN Certificate of public convenience and necessity

CWIP Construction work in progress

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

EMANI European Mutual Association for Nuclear Insurance
EPS Earnings per share

ETR Effective tax rate

FTR Financial transmission right
GAAP Generally accepted accounting principles

GHG Greenhouse gas
HDD Heating degree-days
INPO Institute of Nuclear Power Operations

IRA Inflation Reduction Act
IPP Independent power producing entity
IRP Integrated resource plan
ISO Independent system operator

ITC Investment tax credit

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

OBBB One Big Beautiful Bill Act
ONES Operations, Nuclear, Environmental and Safety

PFAS Per- and polyfluoroalkyl substances
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

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RTO Regional transmission organization
S&P Standard & Poor’s Global Ratings

SIP State implementation plan
SOFR Secured overnight financing rate
SPP Southwest Power Pool, Inc.
SRP System resiliency plan
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

XLI Xcel Large Industrials

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

Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available through its website, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K. Xcel Energy intends to make future announcements regarding Company developments and financial performance through its website, www.xcelenergy.com, as well as through press releases, filings with the SEC, conference calls and webcasts.

Forward-Looking Statements

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors, or third-parties; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; risks associated with the growth in large load customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

Overview

Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries (NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines and storage facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. The Company’s nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings.
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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 3.9 million
Natural gas customers 2.2 million
Total assets $81.4 billion
Electric generating capacity (owned) 20,800 MW
Natural gas storage capacity 53.3 Bcf
Electric transmission lines (conductor miles) 115,000 miles
Electric distribution lines (conductor miles) 225,000 miles
Natural gas transmission lines 2,100 miles
Natural gas distribution lines 38,000 miles

Service Territory

Strategy

Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need. We will deliver on this vision while offering a competitive total return to our shareholders. Our mission is to make energy work better for our customers, helping them thrive every day.
We execute on our vision and mission through three strategic priorities.

OUR CUSTOMERS OUR PEOPLE OUR PERFORMANCE
Enhance their experience with Xcel Energy and keep their bills as low as possible Provide a rewarding employee experience, with development, engagement and growth Deliver excellent operational, financial and clean energy performance

Our employees are guided by four corporate values: Connected, Committed, Safe and Trustworthy.
Our values, culture and Code of Conduct serve as the foundation upon which Xcel Energy’s employees, Board of Directors, contractors and suppliers approach their work in delivering on our three strategic priorities.

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OUR CUSTOMERS
Xcel Energy is leading the ongoing clean energy transition while remaining focused on what matters most: providing reliable, affordable energy that meets the increasing demands of our customers as they electrify more parts of their lives. Customer affordability remains central to our strategy. Through disciplined infrastructure investment and the advantages of our geographic footprint, we continue to deliver some of the lowest energy bills in the nation.
Xcel Energy has invested more than $2 billion over the past decade in a portfolio of renewable and conservation programs that provide customers with clean energy options and help keep bills low. New demand remains robust in our territories as we fuel the rapid growth from AI and data centers, industrial electrification and electric vehicle adoption. As such, we are transforming and expanding our electric grid to accommodate this load growth, and supporting our expanded portfolio of renewable energy and distributed energy resources.
Since 2020, our lean operating program has generated $1.5 billion of cumulative savings for our customers, while improving operating outcomes and reducing enterprise risk. At the same time, our Steel for Fuel strategy has saved customers nearly $6 billion since 2017 in avoided fuel costs and PTCs.
In turn, our residential customers in Colorado have the lowest share of wallet out of all 50 states, and average bills in our other states occupy 5 of the next 11 spots. Based on available EIA data, the five-year average residential electric and natural gas bills for an Xcel Energy customer are 28% and 12% below the national average. We continue to support critical programs to help our customers who may need assistance with their energy bills and reached nearly 200,000 customers and provided over $180 million in funding in 2025.
Going forward, our goal is to enable the clean energy transition while keeping long-term customer bill growth at inflation through initiatives including conservation programs, O&M cost control, our One Xcel Energy Way lean management initiative, advanced operational technologies and our Steel for Fuel program.
Investing in our communities means supporting a wide array of industries that strengthen local economies. In 2025, Xcel Energy initiated 15 economic development projects across our communities. Collectively, these projects are projected to generate more than $7 billion in capital investments and nearly 1,400 jobs. Nearly 53% of our supply chain spend was local and we spent nearly $1 billion with small or diverse suppliers.
In 2025, the Xcel Energy Foundation contributed $5 million in grant funding nearly 400 nonprofit organizations. Through our 2025 Power Your Purpose Giving Campaign, Xcel Energy employees, contractors and retirees donated nearly $3 million to over 1,400 nonprofit and community organizations – exceeding our fundraising goal. Combined with the Xcel Energy Foundation match to local United Way chapters, this campaign raised over $5 million for our communities. In 2025, employees volunteered nearly 100,000 hours in their communities. Our annual Day of Service attracted over 2,900 volunteers who committed nearly 8,900 hours at over 100 nonprofit projects across the company’s service footprint.

OUR PEOPLE
Champion Safety
Continuously elevating the quality and safety of the workplace is a top priority. We are considered a leader in safety for our Safety Always approach, focused on eliminating life-altering injuries through a trusted, transparent culture and the use of critical controls. All employees have “stop work authority” and are expected to keep each other, our customers and the public safe. Employees are encouraged to speak up, share experiences and learn from events to help protect themselves, their coworkers and the public.
The Board of Directors has oversight for employee and public safety through the Operations, Nuclear, Environmental and Safety committee, which is tied to annual incentive compensation.
Cultivate an Inclusive, Best-in-Class Workforce
We aim to create an inclusive work culture where employees are empowered to create innovative solutions, everyone is respected and there is a collective sense of belonging. We are building a workforce that reflects the broad range of backgrounds, experiences and perspectives within our communities and among our customers. This starts with our Board of Directors.
The Board of Directors has oversight for workforce strategy, through the Governance, Compensation and Nominating Committee, including our inclusion initiatives, employee safety and inclusion KPIs tied to annual incentive compensation.
In 2025, a total of 70% of annual incentive compensation was tied to safety, system reliability and inclusion metrics.
Management evaluates compensation and benefits to maintain a market-competitive, performance-based, shareholder-aligned total rewards package that supports our ability to attract, engage and retain a talented workforce.
We partner with educational and community organizations to recruit employees who reflect the communities we serve and live our values. Xcel Energy had 11,534 full-time employees and workforce demographics as of December 2025 were as follows:

Female Ethnically Diverse
Board of Directors 33  % 8  %
CEO direct reports 25  13 
Management 24  12 
Employees 23  19 
New hires 41  28 
Interns (hired throughout 2025) 41  42 

Xcel Energy respects employees’ freedom of association and their right to collectively organize. As of Dec. 31, 2025, approximately 44% of our employees (5,036) were covered by collective bargaining agreements.
We are committed to the advancement and protection of human rights, consistent with U.S. human rights laws and the general principles in the International Labour Organization Conventions.
Annual Code of Conduct training is required for all employees and the Board of Directors. We do not tolerate Code of Conduct violations or other unacceptable behaviors. We expect and offer employees multiple avenues to raise concerns or report wrong-doing and do not permit any retaliation.

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OUR PERFORMANCE
Deliver a Competitive Total Return to Investors
Successful strategy execution, along with our disciplined approach to growth, operations and management of environmental, social and governance issues, positions us to continue delivering a competitive TSR.

We have consistently achieved our financial objectives, meeting or exceeding our initial ongoing earnings guidance range for 21 consecutive years and delivering dividend growth for 23 consecutive years.
Leading the Clean Energy Transition
Xcel Energy is committed to providing our customers with safe, reliable service at the lowest cost possible, while leading the clean energy transition. Over the next five years, we plan to make $60 billion of capital investments to improve reliability, resiliency and sustainability and support demand growth across our system. Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers, we have approximately $29 billion in our 2026 - 2030 capital plan focused specifically on this.
Our current sustainability commitments are summarized as follows:

See Item 1A for risks and uncertainties related to strategic and sustainability goals and objectives.

Zero-Carbon Electricity by 2050
Xcel Energy’s operating footprint includes some of the best wind and solar resources in the country, providing for higher capacity factors and lower electricity costs.
Xcel Energy’s wind capacity is now approximately 11,000 MW, including nearly 4,500 MW of owned wind. In 2025, we completed the second phase of our Sherco Solar project in Minnesota, with a third phase coming online in 2026, making it the largest solar facility in the upper Midwest. We are also proposing to add a fourth phase, which would bring the facility’s total generating capacity to 910 MW by 2029, providing enough clean energy to power 190,000 homes across the upper Midwest.
In our base 2026 - 2030 capital investment plan, we have ~9,500 MW of new and repowered wind, solar, and battery storage resources included and ~3,000 MW of new natural gas generation to ensure reliability.
Through 2025, we reduced carbon emissions from generation serving customers by an estimated 58% (from 2005 levels) and remain on track to fully exit coal by the end of 2030.
Natural Gas Use in Buildings – Net-Zero GHG by 2050
Xcel Energy continues on the path to achieve our 2050 goal to provide net-zero natural gas service to our customers. Our net-zero natural gas frameworks include the following priorities:
• Operating a safe, reliable gas system with net-zero methane gas service by 2030.
• Optimizing the energy system with voluntary electrification-first approaches for new growth.
• Providing customers with a portfolio of energy solutions while ensuring we meet requirements of our regulators.
Electrification of the Transportation Sector
We are also helping reduce carbon emissions in other sectors, including transportation. By 2035, Xcel Energy aims to enable the charging infrastructure for 1.5 million electric vehicles across the areas we serve. We have approved clean transportation programs and plans in Colorado, New Mexico, Minnesota and Wisconsin.
Wildfire Resiliency and Mitigation
Protecting our customers and our system from the threats of extreme weather is a top priority for Xcel Energy. In 2025, we received commission approvals from both the Colorado and Texas commissions for our wildfire mitigation and system resiliency plans, as well as have public facing wildfire mitigation plans in each of our states. This includes investments in advanced camera and weather station technologies, enhanced powerline safety setting installations, pole inspections and replacements, and operational measures such as wildfire safety operations and public safety power shutoffs.
In 2025, supportive utility wildfire legislation also passed in Texas and North Dakota, and we continue to explore similar structures in our other states.

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Utility Subsidiaries
NSP-Minnesota

Electric customers 1.6 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 $31.0 billion
Rate Base (estimated) $19.4 billion
GAAP ROE 9.19%

Electric generating capacity (owned) 8,700 MW
Gas storage capacity 16.9 Bcf
Electric transmission lines (conductor miles) 34,000 miles
Electric distribution lines (conductor miles) 87,000 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, purchases, 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 $4.7 billion
Rate Base (estimated) $3.5 billion
GAAP ROE 9.09%

Electric generating capacity (owned) 500 MW
Gas storage capacity 4.3 Bcf
Electric transmission lines (conductor miles) 12,000 miles
Electric distribution lines (conductor miles) 29,000 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 $31.8 billion
Rate Base (estimated) $23.8 billion
GAAP ROE 5.66%
Ongoing ROE (See Item 7) 7.55%
Electric generating capacity (owned) 6,500 MW
Gas storage capacity 32.1 Bcf
Electric transmission lines (conductor miles) 27,000 miles
Electric distribution lines (conductor miles) 84,000 miles
Natural gas transmission lines 2,000 miles
Natural gas distribution lines 24,000 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 $12.0 billion
Rate Base (estimated) $9.1 billion
GAAP ROE 8.70%

Electric generating capacity (owned) 5,100 MW
Electric transmission lines (conductor miles) 41,000 miles
Electric distribution lines (conductor miles) 25,000 miles

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Operations Overview

Utility operations are generally conducted as either electric or gas utilities in our four utility subsidiaries.

Electric Operations

Electric operations consist of energy supply, generation, transmission and distribution activities across all four utility subsidiaries. Xcel Energy had electric sales volume of 109,401 (millions of KWh), 3.9 million customers and electric revenues of $12,160 million for 2025.

Electric Operations (percentage of total) Sales Volume Number of Customers Revenues
Residential 24  % 86  % 32  %
C&I 61  12  49 
Other 15  2  19 

Retail Sales/Revenue Statistics (a)

2025 2024
KWh sales per retail customer 24,177  23,908 
Revenue per retail customer $ 2,568  $ 2,357 
Residential revenue per KWh 14.91  ¢ 13.82  ¢
C&I revenue per KWh 8.87  ¢ 8.24  ¢
Total retail revenue per KWh 10.62  ¢ 9.86  ¢

(a) See Note 6 to the consolidated financial statements for further information.
Owned and Purchased Energy Generation — 2025

Electric Energy Sources
Total electric energy generation by source for the year ended Dec. 31:

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Carbon-Free
Xcel Energy’s carbon-free energy portfolio includes wind, nuclear, hydroelectric, biomass and solar power from both owned generation facilities and PPAs. Carbon-free percentages will vary year-over-year based on system additions, commodity costs, weather, system demand and transmission constraints.
See Item 2 — Properties for further information.
Wind
Wind capacity is shown as net maximum capacity. Net maximum capacity is attainable only when wind conditions are sufficiently available.
Owned — Owned and operated wind farms with corresponding capacity:

Utility Subsidiary 2025 2024
Wind Farms Capacity (MW) Wind Farms Capacity (MW)
NSP System 17  2,451  17  2,445 
PSCo 2  1,059  2  1,059 
SPS 2  986  2  985 
Total 21  4,496  21  4,489 

PPAs — Number of PPAs with capacity range:
Utility Subsidiary 2025 2024
PPAs Range (MW) PPAs Range (MW)
NSP System 95 1 — 206 116 1 — 206
PSCo 16  23 — 301 16  23 — 301
SPS 15  1 — 250 16  1 — 250

PPAs — Contracted wind capacity (MW) for PPAs:

Utility Subsidiary 2025 2024
NSP System 2,026  2,061 
PSCo 2,996  2,996 
SPS 1,482  1,562 

Average Cost — Average cost per MWh of wind energy from owned generation and existing PPAs:

Type Utility Subsidiary 2025 2024
Owned Generation (a)
NSP System $ 6  $ 7 
PPA NSP System 33  32 
Owned Generation (a)
PSCo 2  4 
PPA PSCo 44  43 
Owned Generation (a)
SPS 3  1 
PPA SPS 27  28 

(a) Includes the impact of PTCs.
Solar
Owned — Owned and operated solar projects with corresponding capacity:

Utility Subsidiary 2025 2024
Solar Projects Capacity (MW) Solar Projects Capacity (MW)
NSP System 1  460  1  223 
PSCo 1  325  —  — 
Total 2  785  1  223 

PPAs — Solar PPAs capacity by type:

Type Utility Subsidiary Capacity (MW)
Distributed Generation NSP System 1,405 
Utility-Scale NSP System 454 
Distributed Generation PSCo 1,184 
Utility-Scale (a)
PSCo 1,530 
Distributed Generation SPS 57 
Utility-Scale SPS 192 
Total 4,822 

(a) Includes battery storage capacity of 225 MW.
Average Cost — Average cost per MWh of solar energy under existing distributed and utility-scale generation PPAs:

Type Utility Subsidiary 2025 2024
Owned Generation (a) (b)
NSP System $ 54  N/A
PPA NSP System 97  100 
PPA PSCo 31  31 
PPA SPS 69  68 

(a) Average cost per MWh includes projects placed in service in 2024. For projects placed in service in 2025, cost per MWh will be available after a full year of operations.
(b) Includes the impact of PTCs.
Nuclear
Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2025 net summer dependable capacity that safely and reliably generates carbon free electricity for the NSP System. Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants. We use varying contract lengths as well as multiple producers for uranium concentrates, conversion services and enrichment services to minimize potential impacts caused by supply interruptions due to geographical and world political issues.
Nuclear Fuel Cost — Delivered cost per MMBtu of nuclear fuel consumed for owned electric generation and the percentage of total fuel requirements (nuclear, natural gas and coal):

Utility Subsidiary Nuclear
NSP System Cost Percent
2025 $ 0.82  54  %
2024 $ 0.83  43  %

Other — Xcel Energy’s other carbon-free energy portfolio includes hydro from owned generating facilities.
See Item 2 — Properties for further information.
Fossil Fuel
Xcel Energy’s fossil fuel energy portfolio includes coal and natural gas power from both owned generating facilities and PPAs.
Coal
Xcel Energy owned and operated coal units with approximately 4,500 MW of total 2025 net summer dependable capacity. This amount includes the coal unit at Pawnee, which is in the process of being converted to natural gas (net summer dependable capacity of 505 MW) and approximately 100 MW derived from RDF and wood fuel sources.

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Xcel Energy has plans to retire or convert to natural gas all of its existing coal generation by the end of 2030. Approved early coal plant retirements:

Year Utility Subsidiary Plant Unit Capacity (MW)
2026 PSCo Craig 1 (a)
42 (b)

2026 PSCo Comanche 2 (c)
330
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
2028 SPS Tolk 1 532
2028 SPS Tolk 2 535
2030 NSP-Minnesota Sherco 3 517 (b)

2030 PSCo Comanche 3 500
(b)

(a) In December 2025, the DOE issued an emergency order pursuant to section 202(c) of the Federal Power Act to Tri-State Generation and Transmission Association and other co-owners – including Xcel Energy – directing the co-owners to take all measures necessary to ensure that Unit 1 at the Craig Station in Craig, Colorado is available to operate. This order is in effect from December 30, 2025 through March 30, 2026. PSCo is working with Tri-State and the other partners in complying with the order.
(b) Based on Xcel Energy’s ownership interest.
(c) In December 2025, the CPUC issued a decision approving a variance that allows for the continued operation of Comanche Unit 2 in 2026, past the previously established retirement date of Dec. 31, 2025. The decision was issued in response to a joint petition filed by the trial staff of the CPUC, the Colorado Energy Office, the Colorado Office of the Utility Consumer Advocate, and PSCo seeking to modify the Comanche Unit 2 retirement date. PSCo also entered into an agreement with the Colorado Department of Public Health and Environment that establishes compliance obligations for continued operation of the unit through 2026.
Coal Fuel Cost — Delivered cost per MMBtu of coal consumed for owned electric generation and the percentage of fuel requirements (nuclear, natural gas and coal):

Coal (a)

Utility Subsidiary Cost Percent
NSP System
2025 $ 1.97  31  %
2024 2.24  22 
PSCo
2025 1.71  42 
2024 1.91  44 
SPS
2025 2.95  21 
2024 2.87  34 

(a) Includes RDF and wood for the NSP System.
Natural Gas
Xcel Energy owned and operated natural gas plants with approximately 9,000 MW of total 2025 net summer dependable capacity.
Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel. Remaining requirements are procured through a liquid spot market. Generally, natural gas supply contracts have variable pricing that is tied to natural gas indices. Natural gas supply and transportation agreements include obligations for the purchase and/or delivery of specified volumes or payments in lieu of delivery.

Natural Gas Cost — Delivered cost per MMBtu of natural gas consumed for owned electric generation and the percentage of total fuel requirements (nuclear, natural gas and coal):

Natural Gas
Utility Subsidiary Cost Percent
NSP System
2025 $ 4.46  15  %
2024 1.94  35 
PSCo
2025 3.63  58 
2024 2.77  56 
SPS
2025 1.99  79 
2024 0.94  66 

Capacity and Demand
Uninterrupted system peak demand and occurrence date:

2025 2024
Utility Subsidiary MW Date MW Date
NSP System
8,445  July 15 8,822  Aug. 26
PSCo 7,010  July 28 7,084  Aug. 1
SPS 4,519  Aug. 8 4,437  Aug. 19

Transmission
Transmission lines deliver electricity at high voltages and over long distances from power sources to substations closer to customers. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy. Xcel Energy owns approximately 115,000 conductor miles of transmission lines across its service territory.
See Item 2 - Properties for further information.

Distribution
Distribution lines allow electricity to travel at lower voltages from substations directly to customers. Xcel Energy has a vast distribution network, owning and operating approximately 225,000 conductor miles of distribution lines across our eight-state service territory.
See Item 2 - Properties for further information.

Natural Gas Operations

Natural gas operations consist of purchase, transportation and distribution of natural gas to end-use residential, C&I and transport customers in NSP-Minnesota, NSP-Wisconsin and PSCo. Xcel Energy had natural gas deliveries of 400,982 (thousands of MMBtu), 2.2 million customers and natural gas revenues of $2,452 million for 2025.

Natural Gas
(percentage of total) Deliveries Number of Customers Revenues
Residential 35  % 92  % 58  %
C&I 24  8  30 
Transportation and other 41  <1 12 

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Sales/Revenue Statistics (a)(b)

2025 2024
MMBtu sales per retail customer 108  105 
Revenue per retail customer $ 981  $ 896 
Residential revenue per MMBtu 10.02  9.48 
C&I revenue per MMBtu 7.78  7.04 
Transportation and other revenue per MMBtu 1.06  1.10 

(a) See Note 6 to the consolidated financial statements for further information.
(b) Fluctuations in natural gas revenues associated with changes in natural gas sold and transported generally do not significantly impact earnings.

Capability and Demand
Natural gas supply requirements are categorized as firm or interruptible.
Maximum daily output (firm and interruptible) and occurrence date:

2025 2024
Utility Subsidiary MMBtu Date MMBtu Date
NSP-Minnesota 927,557  Dec. 12 841,164  Jan. 19
NSP-Wisconsin 177,201  Jan. 20 163,246  Jan.17
PSCo 2,148,039  Jan. 20 2,357,931  Jan.15

Natural Gas Supply and Cost
Xcel Energy seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility and decreases interruption, financial risks and customer rates. In addition, the utility subsidiaries conduct natural gas price hedging activities approved by their states’ commissions.
Average delivered cost per MMBtu of natural gas for regulated retail distribution:

Utility Subsidiary 2025 2024

NSP-Minnesota $ 4.31  $ 3.97 
NSP-Wisconsin 4.31  3.77 
PSCo 3.68  3.36 

NSP-Minnesota, NSP-Wisconsin and PSCo have natural gas supply transportation and storage agreements that include obligations for purchase and/or delivery of specified volumes or to make payments in lieu of delivery.

General

General Economic Conditions
Economic conditions may have a material impact on Xcel Energy’s operating results. Management cannot predict the impact of fluctuating energy or commodity prices, pandemics, terrorist activity, war or the threat of war. We could experience a material impact to our results of operations, future growth or ability to raise capital resulting from a sustained general slowdown in economic growth or a significant increase in interest rates or inflation.

Seasonality
Demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are warmer in the winter and cooler in the summer. Sales true-up and decoupling mechanisms mitigate the impacts of weather in certain jurisdictions.
Competition
Xcel Energy is subject to public policies that promote competition and development of energy markets. Xcel Energy’s industrial and large commercial customers have the ability to generate their own electricity. In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region.
Customers have the opportunity to supply their own power with distributed generation including solar generation and can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them in most jurisdictions.
Several states have incentives for the development of rooftop solar, community solar gardens and other distributed energy resources. Distributed generating resources are potential competitors to Xcel Energy’s electric service business with these incentives and federal tax subsidies.
The FERC has continued to promote competitive wholesale markets through open access transmission and other means. Xcel Energy’s wholesale customers can purchase energy from other generation resources and transmission services from other service providers to serve their native load.
FERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations. Some states have state laws that allow the incumbent a Right of First Refusal to own these transmission facilities.
FERC Order 2222 requires that RTO and ISO markets allow participation of aggregations of distributed energy resources. This order is expected to incentivize distributed energy resource adoption, however implementation is expected to vary by RTO/ISO and the near, medium, and long-term impacts of Order 2222 remain unclear.
Xcel Energy Inc.’s utility subsidiaries have franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization. No municipalization activities are occurring presently.
While each utility subsidiary faces these challenges, Xcel Energy believes their rates and services are competitive with alternatives currently available.

Governmental Regulations

Public Utility Regulation
See Item 7 for discussion of public utility regulation.
Environmental Regulation
Our facilities are regulated by federal and state agencies that have jurisdiction over air emissions, water quality, wastewater discharges, solid and hazardous wastes or substances. Certain Xcel Energy activities require registrations, permits, licenses, inspections and approvals from these agencies.

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Xcel Energy has received necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Our facilities strive to operate in compliance with applicable environmental standards and related monitoring and reporting requirements.
There are significant environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs. We have undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions and respond to state renewable and energy efficiency goals. Future environmental regulations may result in substantial costs. However, costs to comply with past environmental regulations have largely been recoverable through rates.
Emerging Environmental Regulation
Throughout 2025, the EPA has announced various regulatory actions addressing a wide range of environmental regulations. Xcel Energy will continue to monitor these proposed rules as they move toward final action. Additionally, any other amendments and changes to rules will be evaluated as proposed by the EPA.
Clean Air Act
Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO 2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation.
Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
In June 2025, the EPA proposed to repeal these and all other GHG emissions standards for the power sector. In the alternative, the EPA proposed to repeal a narrower subset of the 2024 regulations.
In February 2026, the EPA issued a final rule repealing the 2009 Endangerment Finding and associated regulations addressing GHG emissions from the transportation sector under the Clean Air Act. Xcel Energy will monitor any additional proposed rules and evaluate the impacts of any final rule on the utility sector.
Waste-to-Energy Air Regulations — In January 2024, the EPA proposed air regulations addressing new and existing large municipal waste combustors. The proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station, Red Wing Generating Plant and Wilmarth Generating Plant. Until final rules are issued, it is not certain what the impact will be on Xcel Energy. Xcel Energy believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.
Regional Haze — In July 2025, the EPA proposed to partially approve and partially disapprove the 2022 Colorado SIP revision implementing the Regional Haze rule in Colorado. The proposal sought to remove mandatory retirement dates as enforceable provisions in the SIP.

In January 2026, the EPA issued a final rule fully disapproving the 2022 Colorado SIP revision, thereby removing the mandatory retirement dates. The removal of the retirement dates from a federally approved SIP would only impact whether the SIP provisions become federally enforceable. Colorado has a state regulation that reflects the SIP requirements, including retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2 at a state level and would require amendment to modify or remove retirement dates.
Emerging Contaminants of Concern
PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. Xcel Energy does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.
In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.
Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, Xcel Energy believes the costs will be recoverable through rates based on prior state commission practices.
Effluent Limitation Guidelines
In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, Xcel Energy has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.
Environmental Costs
Environmental costs include amounts for nuclear plant decommissioning and payments for storage of spent nuclear fuel, disposal of hazardous materials and waste, remediation of contaminated sites, monitoring of discharges to the environment and compliance with laws and permits with respect to emissions.
Costs charged to operating expenses for spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste and depreciation of previously incurred capital expenditures for environmental improvements were approximately:
• $280 million in 2025.
• $290 million in 2024.
• $275 million in 2023.
Average annual expense of approximately $295 million from 2026 – 2030 is estimated for similar costs. The precise timing and amount of environmental costs, including those for site remediation and disposal of hazardous materials, are unknown. Additionally, the extent to which environmental costs will be recovered through rates may fluctuate.
Capital expenditures for environmental improvements were approximately:
• $35 million in 2025.
• $25 million in 2024.
• $20 million in 2023.

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Certain previously collected nuclear storage costs for the federal nuclear waste program are reimbursed to customers by the federal government as a result of a settlement we pursued regarding the government’s failure to deliver a disposal program. Installments received are reimbursed to customers as approved by the MPUC and other state regulators.

Other
Our operations are subject to workplace safety standards under the Federal Occupational Safety and Health Act of 1970 (“OSHA”) and comparable state laws that regulate the protection of worker health and safety. In addition, the Company is subject to other government regulations impacting such matters as labor, competition, data privacy, etc. Based on information to date and because our policies and business practices are designed to comply with all applicable laws, we do not believe the effects of compliance on our operations, financial condition or cash flows are material.

Capital Spending and Financing

See Item 7 for discussion of capital expenditures and funding sources.

Information about our Executive Officers (a)

Name Age Current and Recent Positions Time in Position
Robert C. Frenzel 55 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
Patricia Correa 52 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
Michael Lamb 61 Executive Vice President, Chief Delivery Officer Xcel Energy Inc. May 2025 — Present
Senior Vice President, Customer Delivery, Xcel Energy Inc. September 2024 — April 2025
Senior Vice President, Distribution and Gas, Xcel Energy Inc. June 2023 — August 2024
Senior Vice President, Transmission, Xcel Energy Inc. April 2018 — May 2023
Mr. Lamb has been with Xcel Energy since 1985
Ryan Long 41 Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc. June 2025 — Present
Interim President, NSP-Minnesota June 2025 — October 2025
President, NSP-Minnesota January 2024 — June 2025
Interim General Counsel, Xcel Energy Inc. October 2023 — January 2024
Vice President, Deputy General Counsel, Xcel Energy Services Inc. May 2021 — October 2023
Managing Attorney, Xcel Energy Services Inc. June 2020 — May 2021
Mr. Long has been with Xcel Energy since 2015
Amanda Rome 45 Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc. October 2023 — Present
Interim General Counsel, Xcel Energy Inc. January 2024 — May 2024
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
Ms. Rome has been with Xcel Energy since 2015
Scott Sharp 57 Executive Vice President, Chief Generation Officer, Xcel Energy Inc. May 2025 — Present
Senior Vice President, Energy Supply and Commercial Operations, Xcel Energy Inc. April 2023 — April 2025
Vice President, Energy Supply Operations, Xcel Energy Inc. October 2020 — April 2023
Mr. Sharp has been with Xcel Energy since 2014
Brian J. Van Abel 44 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
Mr. Van Abel has been with Xcel Energy since 2010

(a) No family relationships exist between any of the executive officers or directors.
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ITEM 1A — RISK FACTORS

Xcel Energy is subject to a variety of risks, many of which are beyond our control. Risks that may adversely affect the business, financial condition, results of operations or cash flows are described below. Although the risks are organized by heading, and each risk is described separately, many of the risks are interrelated. These risks should be carefully considered together with the other information set forth in this report and future reports that Xcel Energy files with the SEC.
While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, financial condition, results of operations or cash flows in the future.
Risks Associated with Our Business
Operational Risks
Our natural gas and electric generation/transmission and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.
Our natural gas transmission and distribution activities include inherent hazards and operating risks, such as leaks, explosions, outages and mechanical problems. Our electric generation, transmission and distribution activities include inherent hazards and operating risks such as contact, fire and outages.
These risks could result in loss of life, significant property damage, environmental pollution, impairment of our operations and substantial financial losses to customers, the public, employees or third-party contractors. We maintain insurance against most, but not all, of these risks and losses.
The occurrence of these events, if not fully covered by insurance, could have a material effect on our financial condition, results of operations and cash flows as well as potential reputational impact.
Additionally, compliance with existing and potential new regulations related to the operation and maintenance of our natural gas infrastructure could result in significant costs. The PHMSA is responsible for administering the DOT’s national regulatory program to assure the safe transportation of natural gas, petroleum and other hazardous materials by pipelines. The PHMSA continues to develop regulations and other approaches to risk management to assure safety in design, construction, testing, operation, maintenance and emergency response of natural gas pipeline infrastructure. We have programs in place to comply with these regulations, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.
Our natural gas and electric transmission and distribution operations are dependent upon complex information technology systems and network infrastructure, the failure of which could disrupt our normal business operations, which could have a material adverse effect on our ability to process transactions and provide services.

Other uncertainties and risks inherent in operating and maintaining Xcel Energy's facilities include, but are not limited to:
• Risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned.
• Failures in the availability, acquisition or transportation of fuel or other supplies.
• Impact of adverse weather conditions and natural disasters, including, wildfires, tornadoes, avalanches, icing events, floods, high winds, droughts and the availability or changes to wind patterns.
• Performance below expected or contracted levels of output or efficiency.
• Availability of replacement or new equipment.
• Availability of adequate water resources and ability to satisfy water intake and discharge requirements.
• Inability to identify, manage properly or mitigate equipment defects.
• Use of new or unproven technology.
• Inability to use information effectively given the rapidly increasing volume of data.
• Risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation and lack of available alternative fuel sources.
• Risks associated with increased reliance on natural gas generation, including gas price volatility and supply constraints during extreme weather events.
• Increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes.
• Risks of thermal runaway incidents associated with large battery storage facilities
• Risks associated with aging infrastructure.
• Risks associated with failures of other business processes and systems.
• Risks associated with regulatory requirements that may extend the operation of our coal facilities beyond planned retirement dates and require additional investments.
• Inability to deliver energy across transmission facilities, including due to congestion, outages, extreme weather, physical or cyber events, delays in construction or upgrades, permitting or siting challenges, or interconnection constraints.
Our utility operations, resource adequacy and system reliability are subject to long-term planning and project risks.
Our ability to reliably serve customer demand depends on the availability of sufficient generation and capacity resources. Changes in load growth, resource retirements, accreditation of resources, generation performance, extreme weather events, or delays in development or delivery of new resources, including the necessary transmission infrastructure, could affect resource adequacy and system reliability.

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Most utility investments are planned to be used for decades. Transmission and generation investments typically have long lead times and are planned well in advance of in-service dates and typically subject to long-term resource plans. These plans are based on numerous assumptions such as: sales growth, customer usage, commodity prices, economic activity, costs, regulatory mechanisms, customer behavior, available technology, equipment availability and public policy. Xcel Energy’s long-term resource plan is dependent on our ability to obtain required approvals (including regulatory approval in jurisdictions where Xcel Energy operates), develop necessary technical expertise, allocate and coordinate sufficient resources and adhere to budgets and timelines.
In addition, the long-term nature of both our planning processes and our asset lives are subject to risk. The utility sector is undergoing significant change (e.g., the addition of large loads, increases in energy efficiency, wider adoption of distributed generation and shifts away from fossil fuel generation to renewable generation). Customer adoption of these technologies and increased energy efficiency or other reductions in expected sales growth could result in excess transmission and generation resources, downward pressure on sales growth, and potentially stranded costs if we are not able to fully recover costs and investments. Additionally, increasing uncertainty surrounding federal policy to renewable deployment could negatively impact wind, solar and storage development.
The magnitude and timing of resource additions and changes in customer demand may not coincide with evolving customer preference for generation resources and end-uses, which introduces further uncertainty into long-term planning. Efforts to electrify the transportation and building sectors to reduce GHG emissions may result in higher electric demand and lower natural gas demand over time. New data centers and crypto mining facilities could generate significant increase in demand. Higher electric demand may require us to adopt new technologies and make significant generation, transmission and distribution investments including advanced grid infrastructure, which increases exposure to overall grid instability and technology obsolescence. Enterprise level financial and customer billing technology systems may be unable to support the increasing customer complexity. Evolving stakeholder preference for lower emissions from generation sources and end-uses, like heating, may impact our resource mix and put pressure on our ability to recover capital investments in natural gas generation and delivery. Multiple states may not agree as to the appropriate resource mix, which may lead to costs to comply with one jurisdiction that are not recoverable across all jurisdictions served by the same assets.
We require inputs such as coal, natural gas, uranium and water. Lack of availability of these resources could jeopardize long-term operations of our facilities or make them uneconomic to operate.
Our utilities are highly dependent on suppliers to deliver components in accordance with short and long-term project schedules.
Our products contain components that are globally sourced from suppliers. A shortage of key components in which an alternative supplier is not identified could significantly impact operations and project plans for Xcel Energy and our customers. Such impacts could include timing of projects and the potential for project cancellation. Failure to adhere to project budgets and timelines could adversely impact our results of operations, financial condition or cash flows.

We are subject to physical and financial risks associated with climate change and other weather, natural disaster and resource depletion impacts.
Climate change can create physical and financial risk. Physical risks include changes in weather conditions and extreme weather events. Our customers’ energy needs vary with weather. To the extent weather conditions are affected by climate change, customers’ energy use could increase or decrease. Increased energy use due to weather changes over the long-term may require us to invest in generating assets, transmission and infrastructure. Decreased energy use due to weather changes may result in decreased revenues.
Severe weather impacts our service territories, primarily when thunderstorms, flooding, tornadoes, wildfires, snow, ice storms or extreme temperatures (high heating/cooling days) occur. Extreme weather conditions in general require system backup and can contribute to increased system stress, including service interruptions. Extreme weather conditions creating high energy demand may raise electricity prices, increasing the cost of energy we provide to our customers.
To the extent the frequency of extreme weather events increases, this could increase our cost of providing service and result in more frequent service interruptions. Periods of extreme temperatures could also impact our ability to meet demand.
Drought or water depletion could adversely impact our ability to provide electricity to customers, cause early retirement of power plants that require water or increase the cost for energy.
Adverse events may result in increased insurance costs and/or decreased insurance availability. We may not recover all costs related to mitigating these physical and financial risks.
Our utilities have significant risks associated with wildfires.
In recent years, wildfires have impacted the utility industry. More frequent and severe drought conditions, extreme swings in amount and timing of precipitation, changes in availability of vegetation, unseasonably warm temperatures, very low humidity, stronger winds and other environmental factors have increased both the frequency and duration of fire weather conditions and the potential impact of an event. The expansion of the wildland urban interface increases the wildfire risk to surrounding communities and Xcel Energy's electric and natural gas infrastructure. Also, wildfires could jeopardize Xcel Energy’s electric and gas infrastructure and third-party property and result in temporary power outages or shortages in our service territories. Our current wildfire mitigation initiatives may not be effective in preventing or reducing ignitions and wildfire-related losses.
Other potential risks associated with wildfires and other climate events include the inability to secure sufficient insurance coverage, increased costs of insurance, or ability for insurers to meet their obligations, regulatory recovery risk, and the potential for a credit downgrade and subsequent additional costs to access capital markets.
While we carry liability insurance, given an extreme event, damage amounts could exceed our coverage (as experienced with the Marshall Wildfire settlement in 2025) and negatively impact our results of operations, financial condition or cash flows.

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We are subject to commodity risks and other risks associated with energy markets and energy production.
A significant increase in fuel costs could cause a decline in customer demand, adverse regulatory outcomes and an increase in bad debt expense which may have a material impact on our results of operations. Despite existing fuel cost recovery mechanisms in most of our states, higher fuel costs could significantly impact our results of operations if costs are not recovered. Delays in the timing of the collection of fuel cost recoveries could impact our cash flows and liquidity.
A significant disruption in supply could cause us to seek alternatives at potentially higher costs. Additionally, supply shortages may not be fully resolved, which negatively impacts our ability to provide services to our customers. Failure to provide service due to disruptions may also result in fines, penalties or cost disallowances through the regulatory process.
We also engage in wholesale sales and purchases of electric capacity, energy and energy-related products as well as natural gas. In many markets, emission allowances and/or RECs are also needed to comply with various statutes and commission rulings. As a result, we are subject to market supply and commodity price risk.
Commodity price changes can affect the value of our commodity trading derivatives. We mark certain derivatives to estimated fair market value on a daily basis. Settlements can vary significantly from estimated fair values recorded and significant changes from the assumptions underlying our fair value estimates could cause earnings variability. The management of risks associated with hedging and trading is based, in part, on programs and procedures which utilize historical prices and trends.
Public perception often does not distinguish between pass through commodity costs and base rates. High commodity prices that are passed through to customer bills could impact our ability to recover costs for other improvements and operations.
Additionally, due to the uncertainty involved in price movements and potential deviation from historical pricing, our risk management programs may not be effective to protect against significant adverse market fluctuations and our results of operations, financial condition or cash flows could be materially impacted.
Failure to attract and retain a qualified workforce could have an adverse effect on operations.  
The competition for talent has become increasingly prevalent, and we have experienced increased employee turnover due to the condition of the labor market and decisions related to strategic workforce planning. In addition, specialized knowledge and skills are required for many of our positions, which may pose additional difficulty for us as we work to recruit, retain and motivate employees in this climate.
Failure to hire, adequately train replacement employees, transfer knowledge/expertise or future availability and cost of contract labor may adversely affect the ability to manage and operate our business. Inability to attract and retain these employees could adversely impact our results of operations, financial condition or cash flows.
Our businesses have collective bargaining agreements with labor unions. Failure to renew or renegotiate these contracts could lead to labor disruptions, including strikes or boycotts. Such disruptions or any negotiated wage or benefit increases could have a material adverse impact to our results of operations, financial condition or cash flows.