Xcel Energy (XEL) 10-K risk factor changes: FY2020 vs FY2019

Management also identifies and analyzes risk through the business planning process, development of goals and establishment of key performance indicators, including identification of barriers to implementing [removed: the Company’s] [added: Xcel Energy’s] strategy.

Customer adoption of these technologies and increased energy efficiency could result in excess transmission and generation resources, downward pressure on sales growth, [removed: as well as] [added: and potentially] stranded costs if we are not able to fully recover costs and investments.

[removed: Evolving] [added: Additionally, evolving] stakeholder preference for lower [removed: emission] [added: emissions from] generation sources [added: and end-uses, like heating,] may [added: put] pressure [added: on] our [added: ability to recover capital] investments in natural gas generation and delivery.

The magnitude and timing of resource additions and changes in customer demand may not coincide [removed: while] [added: with evolving] customer preference for [removed: resource] generation [removed: may change,] [added: resources and end-uses,] which introduces further uncertainty into long-term planning.

Delays in the timing of the collection of fuel cost recoveries could impact our cash [removed: flows.][added: flows and liquidity.]

[removed: Certain specialized] [added: Specialized] knowledge is required of our technical employees for construction and operation of transmission, generation and distribution assets.

[removed: The Company’s] [added: Xcel Energy’s] business strategy is dependent on our ability to recruit, retain and motivate employees.

[removed: | • |] [added: -] Hazards associated with the use of radioactive material in energy production, including management, handling, storage and [removed: disposal; |][added: disposal.]

[removed: | • |] [added: -] Limitations on insurance available to cover losses that may arise in connection with nuclear operations, as well as obligations to contribute to an insurance pool in the event of damages at a covered U.S. [removed: reactor; and |][added: reactor.]

[removed: | • |] [added: -] Technological and financial uncertainties related to the costs of decommissioning nuclear plants may cause our funding obligations to change. [removed: |]

[removed: Revised] NRC safety requirements could necessitate substantial capital expenditures or an increase in operating expenses.

In addition, the [removed: Institute for Nuclear Power Operations] [added: INPO] reviews NSP-Minnesota’s nuclear [removed: operations and nuclear generation facilities.][added: operations.]

Compliance with the [removed: Institute for Nuclear Power Operations’] [added: INPO’s] recommendations could result in substantial capital expenditures or a substantial increase in operating expenses.

If [removed: an] [added: a nuclear] incident did occur, it could have a material impact on our results of operations, financial condition or cash flows.

However, there may be changes in the regulatory environment that could impair the ability of our utility subsidiaries to recover costs historically collected from customers, or these subsidiaries could exceed caps on capital costs [removed: (e.g., wind projects)] required by commissions and result in less than full recovery.

We cannot be assured that our current [added: credit] ratings or our subsidiaries’ ratings will remain in effect, or that a rating will not be lowered or withdrawn by a rating agency.

Significant events including disallowance of costs, [removed: significantly] lower returns on equity, changes to equity ratios and impacts of tax policy may impact our cash flows and credit metrics, potentially resulting in a change in our credit ratings.

Any [added: credit ratings] downgrade could lead to higher borrowing costs and could impact our ability to access capital markets.

Also, our utility subsidiaries may enter into contracts that require posting of collateral or settlement [removed: of applicable contracts] if credit ratings fall below investment grade.

Credit risk is comprised of numerous factors including the price of products and services provided, the [removed: overall] economy and [removed: local economies in the geographic areas we serve, including local] unemployment rates.

Credit risk also includes the risk that [removed: various] counterparties that owe us money or product will become insolvent and may breach their obligations.

[removed: The Company] [added: Xcel Energy] may [removed: at times] have direct credit exposure in our short-term wholesale and commodity trading activity to financial institutions trading for their own accounts or issuing collateral support on behalf of other counterparties.

We may also have some indirect credit exposure due to participation in organized markets, [removed: such as CAISO,] [added: (e.g. California Independent System Operator,] SPP, PJM Interconnection, LLC, MISO and Electric Reliability Council of [removed: Texas,] [added: Texas),] in which any credit losses are socialized to all market participants.

We have additional indirect credit exposure to financial institutions [removed: in the form of] [added: from] letters of credit provided as security by power suppliers under various purchased power contracts.

Assumptions related to future costs, return on investments, interest rates and other actuarial assumptions have a significant impact on our funding requirements [removed: related to] [added: of] these plans.

In addition, the Pension Protection Act [removed: changed] [added: sets] the minimum funding requirements for defined benefit pension plans.

Therefore, our funding requirements and [removed: related] contributions may change in the future.

Also, the payout of a significant percentage of pension plan liabilities in a single [removed: year] [added: year,] due to high numbers of retirements or employees [removed: leaving] [added: leaving,] would trigger settlement accounting and could require Xcel Energy to recognize incremental pension expense related to unrecognized plan losses in the year liabilities are paid.

We may be negatively impacted by the actions of state commissions that limit the payment of dividends by our [added: utility] subsidiaries.

Our utility subsidiaries collect [removed: through regulated rates] estimated federal, state and local tax [removed: payments.][added: payments through their regulated rates.]

[removed: There] [added: If tax rates are increased, there] could be timing delays before regulated rates provide for [removed: realization] [added: recovery] of [added: such] tax [removed: changes] [added: increases] in revenues.

Xcel Energy’s operations are affected by local, national and worldwide economic conditions, which correlates to customers/sales [removed: growth(decline).][added: growth (decline).]

Economic conditions may be impacted by insufficient financial sector liquidity leading to potential increased unemployment, which may impact customers’ ability to pay their [removed: bills] [added: bills,] which could lead to additional bad debt expense.

Operations could be impacted by war, [removed: terrorism,] [added: terrorism] or other events.

We also face the risks of possible loss of business due to significant events such as severe [removed: storm,] [added: storms,] severe temperature extremes, wildfires (particularly in Colorado), widespread pandemic, generator or transmission facility outage, pipeline rupture, railroad disruption, operator error, sudden and significant increase or decrease in wind generation or a [removed: disruption of work force within our operating systems (or on a neighboring system).][added: workforce disruption.]

[removed: The recent coronavirus outbreak in China is an example of how] [added: In addition,] major catastrophic events throughout the world may disrupt our business.

[removed: While we are a domestic company, the Company] [added: Xcel Energy] participates in a global supply chain, which includes materials and components that are [removed: sourced from China.][added: globally sourced.]

[removed: Disruption due to events such as those noted above] [added: A major disruption] could result in a significant decrease in revenues and additional costs to repair assets, which could have a material impact on our results of operations, financial condition or cash flows.

Xcel Energy participates in [removed: biennial] grid security and emergency response exercises (GridEx).

[removed: The Company’s] [added: Xcel Energy’s] generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical assets, as well as information processed in our systems (e.g., information regarding our customers, employees, operations, infrastructure and assets) could be affected by cyber security incidents, including those caused by human error.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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 necessary supplies.

- The impact of unusual or adverse weather conditions and natural disasters, including, but not limited to, tornadoes, icing events, floods and droughts.

- Performance below expected or contracted levels of output or efficiency (e.g., performance guarantees).

- Availability of replacement 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.

- 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.

- Increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes.

The electric utility sector is undergoing significant change (e.g. increases in energy efficiency, wider adoption of distributed generation and shifts away from fossil fuel generation to renewable generation).

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.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

The management of risks associated with hedging and trading is based, in part, on programs and procedures which utilize historical prices and trends.

Due to the inherent uncertainty involved in price movements and potential deviation from historical pricing, Xcel Energy is unable to fully assure that its risk management programs and procedures would be effective to protect against all significant adverse market deviations.

In addition, Xcel Energy cannot fully assure that its controls will be effective against all potential risks, including, without limitation, employee misconduct.

If such controls are not effective, Xcel Energy’s results of operations, financial condition or cash flows could be materially impacted.

There is competition and a tightening market for skilled employees.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

While regulation typically provides cost recovery relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

We face risks related to health epidemics and other outbreaks, which may have a material effect on our financial condition, results of operations and cash flows.

The global outbreak of COVID-19 is impacting countries, communities, supply chains and markets.

A high degree of uncertainty continues to exist regarding the pandemic, the duration and magnitude of business restrictions, re-shut downs, if any, and the level and pace of economic recovery.

While we are implementing contingency plans, there are no guarantees these plans will be sufficient to offset the impact of COVID-19.

Although the impact of the pandemic to the 2020 results was largely mitigated due to management’s actions, we cannot ultimately predict whether it will have a material impact on our future liquidity, financial condition or results of operations.

Nor can we predict the impact of the virus on the health of our employees, our supply chain or our ability to recover higher costs associated with managing through the pandemic.

The impact of COVID-19 may exacerbate other risks discussed herein, which could have a material effect on us.

The situation is evolving and additional impacts may arise.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

International agreements could additionally lead to future federal or state regulations.

In 2015, the United Nations Framework Convention on Climate Change reached consensus among 190 nations on an agreement (the Paris Agreement) that establishes a framework for GHG mitigation actions by all countries, with a goal of holding the increase in global average temperature to below 2º Celsius above pre-industrial levels and an aspiration to limit the increase to 1.5º Celsius.

The Biden Administration will establish a new nationally determined contribution for the United States.

The Paris Agreement could result in future additional GHG reductions in the United States.

In addition, the Biden Administration has announced plans to implement new climate change programs, including potential regulation of GHG emissions targeting the utility industry.

The Biden Administration has also announced a one year suspension of new oil and natural gas drilling on federal lands to allow for a review of oil and gas leasing regulations.

The form of these regulations is uncertain, but, depending on the requirements imposed in the short and long term, they could impose substantial costs on our oil and gas customers or result in substantial increases to the cost of fuel we use in our electricity and gas businesses.

Many states and localities continue to pursue their own climate policies.

The electric utility sector is undergoing a period of significant change.

For example, increases in energy efficiency, wider adoption of lower cost renewable generation, distributed generation and shifts away from coal generation to decrease carbon emissions and increasing use of natural gas in electric generation driven by lower natural gas prices.

Competition for skilled employees is high in the areas of business operations.

We have seen a tightening of supply for engineers and skilled laborers in certain markets and are implementing plans to retain these employees.

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NSP-Wisconsin’s production and transmission system is operated on an integrated basis with NSP-Minnesota and may be subject to risks associated with NSP-Minnesota’s nuclear generation.

Capital markets are global and impacted by issues and events throughout the world.

Such regulations could impose substantial costs.

Although the United States has not adopted any international or federal GHG emission reduction targets, many states and localities may continue to pursue climate policies in the absence of federal mandates.

While those actions likely would have put Xcel Energy in a good position to meet federal or international standards being discussed, the lack of federal action does not adversely impact these state-endorsed actions and plans.

Environmental regulations may also lead to shutdown of existing facilities.

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31, [removed: 2018,] [added: 2020 and 2019,] there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings.

| Results of Operations | [added: | |]

[removed: | | | 2019 | | | | 2018 | | |][added: 2019 Comparison with 2018]

| Diluted Earnings (Loss) Per Share | | [added: | | | |] GAAP and Ongoing Diluted EPS | | | | [added: | |] GAAP and Ongoing Diluted EPS | | |

| PSCo | | [removed: $] | [added: | | |] 1.11 | | | [removed: $] | [removed: 1.08] | | [added: 1.11 | | |]

| NSP-Minnesota | | [removed: 1.04] | | | | [removed: 0.96] [added: $] | [added: 1.12] | | [added: | | | $ | 1.04 | |]

| SPS | | [removed: 0.51] | | | | [removed: 0.42] [added: 0.56] | | | [added: | | | 0.51 | | |]

| NSP-Wisconsin | | [removed: 0.15] | | | | [removed: 0.19] [added: 0.20] | | | [added: | | | 0.15 | | |]

| Equity earnings of unconsolidated subsidiaries [removed: (a)] | | [added: | | | |] 0.05 | | | | [removed: 0.04] | | [added: 0.05] | [added: | |]

| Regulated utility [removed: (b)] [added: (a)] | | [removed: 2.86] | | | | [removed: 2.69] [added: 3.04] | | | [added: | | | 2.86 | | |]

| Xcel Energy Inc. and [removed: other] [added: Other] | | [removed: (0.22] | | [removed: )] | | [removed: (0.22] [added: (0.25)] | | [removed: )] | [added: | | | (0.22) | | |]

| [removed: Total (b)] [added: Total (a)] | | [added: | | | |] $ | [removed: 2.64] [added: 2.79] | | | [added: | |] $ | [removed: 2.47] [added: 2.64] | |

[removed: | (b) |] [added: (a)] Amounts may not add due to rounding. [removed: |]

Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating [removed: the Company] [added: Xcel Energy] and provides a meaningful representation of the performance of Xcel Energy’s core business.

[removed: 2019 Comparison with 2018][added: 2020 Comparison with 2019]

[removed: Xcel Energy —] [added: 2021] GAAP and ongoing earnings [removed: increased $0.17] [added: guidance is a range of $2.90 to $3.00] per share.

[removed: NSP-Minnesota] [added: NSP-Wisconsin] — Earnings increased [removed: $0.08] [added: $0.05] per share for [removed: 2019,] [added: 2020,] reflecting higher electric margin [removed: resulting from regulatory rate] [added: (regulatory] outcomes [removed: and capital riders] [added: offset lower sales due to COVID-19)] and lower [removed: O&M,] [added: O&M expenses,] partially offset by increased [removed: depreciation.][added: depreciation and lower natural gas margin.]

Xcel Energy Inc. and [removed: other] [added: Other] — [removed: Xcel Energy Inc. and other primarily] [added: Primarily] includes financing costs at the holding company.

| [removed: 2019] [added: 2020] vs. [removed: 2018] [added: 2019] | | | | | [added: | | | |]

| Diluted Earnings (Loss) Per Share | | [added: | | | |] Dec. 31 | | |

| GAAP and ongoing diluted EPS - [removed: 2018] [added: 2019] | | [added: | | | |] $ | [removed: 2.47] [added: 2.64] | |

| Components of change — [removed: 2019] [added: 2020] vs. [removed: 2018] [added: 2019] | | | | | [added: | | | |]

| Higher electric margins [added: (a)] | | [removed: 0.29] | | | [added: | 0.32 | | |]

| Lower ETR [removed: (a)] [added: (b)] | | [removed: 0.15] | | | [added: | 0.22 | | |]

| [removed: Higher] [added: Changes in] natural gas margins | | [removed: 0.08] | | | [added: | (0.01) | | |]

| Higher depreciation and amortization | | [removed: (0.18] | | [removed: )] | [added: | (0.26) | | |]

| Higher interest | | [removed: (0.11] | | [removed: )] | [added: | (0.10) | | |]

| [removed: Lower] [added: Higher] AFUDC | | [removed: (0.08] | | [removed: )] | [added: | 0.08 | | |]

| GAAP and ongoing diluted EPS — [removed: 2019] [added: 2020] | | [added: | | | |] $ | [removed: 2.64] [added: 2.79] | |

[removed: | (a) |] [added: (b)] Includes PTCs and [removed: timing of] tax reform regulatory [removed: decisions,] [added: amounts,] which are primarily offset in electric margin. [removed: |]

ROE for Xcel Energy and its utility [removed: subsidiaries at Dec.][added: subsidiaries:]

| ROE | | [added: | | | |] GAAP and Ongoing ROE | | | [added: | | |] GAAP and Ongoing ROE | | [added: |]

| PSCo | | [removed: 8.69] | [removed: %] | | [removed: 9.10] | [removed: %] [added: 8.06] | [added: | | | | | 8.69 | | |]

| NSP-Minnesota | | [removed: 9.31] | | | [removed: 8.91] | [added: 9.20] | [added: | % | | | | 9.31 | | % |]

| SPS | | [removed: 9.71] | | | [removed: 9.14] | [added: 9.54] | [added: | | | | | 9.71 | | |]

| NSP-Wisconsin | | [removed: 8.27] | | | [removed: 10.77] | [added: 10.52] | [added: | | | | | 8.27 | | |]

| Operating Companies | | [removed: 9.06] | | | [removed: 9.14] | [added: 8.87] | [added: | | | | | 9.06 | | |]

| Xcel Energy | | [removed: 10.78] | | | [removed: 10.65] | [added: 10.59] | [added: | | | | | 10.78 | | |]

Estimated Impact of Temperature Changes on [added: Regulated] Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales.

As a result, weather deviations from normal levels can affect Xcel Energy’s financial [removed: performance.][added: performance to the extent there is not a decoupling or sales true-up mechanism in the state.]

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Xcel Energy — GAAP and ongoing earnings increased $0.15 per share, primarily reflecting higher electric margin (largely due to regulatory outcomes which recover capital investment), higher AFUDC and lower O&M expenses, which offset increased depreciation, interest expense and declining sales primarily due to the impacts of COVID-19.

NSP-Minnesota — Earnings increased $0.08 per share for 2020, reflecting higher electric margin (riders, wholesale transmission revenue and a sales true-up mechanism, which recovers lower sales due to COVID-19) and lower O&M expenses, partially offset by increased depreciation and lower natural gas margin.

PSCo — Earnings were flat for 2020, reflecting higher electric margin (wholesale transmission revenue and regulatory outcomes offset lower sales due to COVID-19), increased AFUDC and higher natural gas margin, offset by additional depreciation and taxes (other than income taxes).

SPS — Earnings increased $0.05 per share for 2020, reflecting higher electric margin (wholesale transmission revenue and regulatory outcomes offset lower sales due to COVID-19) and lower O&M expenses, partially offset by increased depreciation, interest expense and taxes (other than income taxes).

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

| Changes in O&M | | | | | | 0.02 | | |

| Higher taxes (other than income taxes) | | | | | | (0.06) | | |

| Other (net) | | | | | | (0.06) | | |

(a) Change in electric margin was negatively impacted by reductions in sales and demand due to COVID-19 and is detailed below.

Sales decline excludes weather impact, net of decoupling/sales true-up and reduction in demand revenue is net of sales true-up.

| Diluted Earnings (Loss) Per Share | | | | | | Twelve Months Ended Dec. 31 | | |

| Electric margin (excluding reductions in sales and demand) | | | | | | $ | 0.41 | |

| Reductions in sales and demand | | | | | | (0.09) | | |

| Higher electric margins | | | | | | $ | 0.32 | |

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| HDD | | | (3.1) | | % | | | | 10.4 | | % | | | | (12.0) | | % |

| CDD | | | 22.2 | | | | | | 5.4 | | | | | | 24.8 | | |

| THI | | | 6.3 | | | | | | (8.8) | | | | | | 18.2 | | |

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| Decoupling and sales true-up | | | (0.041) | | | | | | — | | | | | | (0.041) | | |

| Total (excluding decoupling) | | | $ | 0.049 | | | | | $ | 0.040 | | | | | $ | 0.009 | |

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| Electric residential | | | | | | 5.8 | | % | | | | 5.0 | | % | | | | 3.6 | | % | | | | 2.4 | | % | | | | 4.9 | | % |

| Electric C&I | | | | | | (4.1) | | | | | | (7.0) | | | | | | (3.3) | | | | | | (4.6) | | | | | | (5.0) | | |

| Firm natural gas sales | | | | | | (6.8) | | | | | | (8.3) | | | | | | *n/a* | | | | | | (6.4) | | | | | | (7.2) | | |

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| Electric residential | | | | | | 3.8 | | % | | | | 3.7 | | % | | | | 1.6 | | % | | | | 2.6 | | % | | | | 3.3 | | % |

| Electric C&I | | | | | | (4.5) | | | | | | (7.0) | | | | | | (3.4) | | | | | | (4.8) | | | | | | (5.2) | | |

| Firm natural gas sales | | | | | | 0.5 | | | | | | 1.9 | | | | | | *n/a* | | | | | | 5.1 | | | | | | 1.3 | | |

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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31, 2019 and Dec.

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31:

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| (a) | Includes income taxes. |

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Earnings increased as a result of higher electric margins primarily due to non-fuel riders and regulatory rate outcomes, higher natural gas margins and lower O&M expenses, primarily offset by lower AFUDC, increased depreciation and interest expenses.


PSCo — Earnings increased $0.03 per share for 2019, reflecting higher electric margin due primarily to capital riders and increased natural gas margin attributable to capital riders, weather and sales growth, partially offset by lower AFUDC driven by the Rush Creek wind project that was placed in service in 2018 and higher depreciation, interest and O&M.

SPS — Earnings increased $0.09 per share, reflecting higher electric margin attributable to purchased capacity costs, regulatory rate outcomes and demand revenue and higher AFUDC, partially offset by increased interest and depreciation.

NSP-Wisconsin — Earnings decreased $0.04 per share, reflecting lower electric margin, primarily related to sales decline and the impact of unfavorable weather, higher depreciation and lower AFUDC.

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| Lower O&M | | 0.02 | | |

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| | | 2019 | | | 2018 | |

| HDD | 10.4 | % | | 2.2 | % | | 6.8 | % |

| CDD | 5.4 | | | 26.7 | | | (15.5 | ) |

| THI | (8.8 | ) | | 37.3 | | | (33.2 | ) |

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| Total (excluding decoupling) | $ | 0.067 | | | $ | 0.121 | | | $ | (0.054 | ) |

| Decoupling — Minnesota electric | — | | | | (0.051 | | ) | | 0.051 | | |

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| Electric residential | | 0.1 | % | | (3.5 | )% | | 0.3 | % | | (1.8 | )% | | (1.5 | )% |

| Electric C&I | | (0.6 | ) | | (4.0 | ) | | 3.5 | | | (3.2 | ) | | (1.1 | ) |

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| Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | | [added: | | | |]

| Capital Services | [added: | |] Capital Services, LLC | [added: | |]

| Eloigne | [added: | |] Eloigne Company | [added: | |]

| e prime | [added: | |] e prime inc. | [added: | |]

| NSP-Minnesota | [added: | |] Northern States Power Company, a Minnesota corporation | [added: | |]

| NSP System | [added: | |] The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota | [added: | |]

| NSP-Wisconsin | [added: | |] Northern States Power Company, a Wisconsin corporation | [added: | |]

| Operating companies | [added: | |] NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | [added: | |]

| PSCo | [added: | |] Public Service Company of Colorado | [added: | |]

| SPS | [added: | |] Southwestern Public Service Co. | [added: | |]

| Utility subsidiaries | [added: | |] NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | [added: | |]

| WGI | [added: | |] WestGas InterState, Inc. | [added: | |]

| WYCO | [added: | |] WYCO Development, LLC | [added: | |]

| Xcel Energy | [added: | |] Xcel Energy Inc. and its subsidiaries | [added: | |]

| Federal and State Regulatory Agencies | | [added: | | | |]

| CPUC | [added: | |] Colorado Public Utilities Commission | [added: | |]

| D.C. Circuit | [added: | |] United States Court of Appeals for the District of Columbia Circuit | [added: | |]

| DOC | [added: | |] Minnesota Department of Commerce | [added: | |]

| DOE | [added: | |] United States Department of Energy | [added: | |]

| DOT | [added: | |] United States Department of Transportation | [added: | |]

| EPA | [added: | |] United States Environmental Protection Agency | [added: | |]

| FERC | [added: | |] Federal Energy Regulatory Commission | [added: | |]

| Fifth Circuit | [added: | |] United States Court of Appeals for the Fifth Circuit | [added: | |]

| IRS | [added: | |] Internal Revenue Service | [added: | |]

| Minnesota District Court | [added: | |] U.S. District Court for the District of Minnesota | [added: | |]

| MPSC | [added: | |] Michigan Public Service Commission | [added: | |]

| MPUC | [added: | |] Minnesota Public Utilities Commission | [added: | |]

| NDPSC | [added: | |] North Dakota Public Service Commission | [added: | |]

| NERC | [added: | |] North American Electric Reliability Corporation | [added: | |]

| NMPRC | [added: | |] New Mexico Public Regulation Commission | [added: | |]

| NRC | [added: | |] Nuclear Regulatory Commission | [added: | |]

| PHMSA | [added: | |] Pipeline and Hazardous Materials Safety Administration | [added: | |]

| PSCW | [added: | |] Public Service Commission of Wisconsin | [added: | |]

| PUCT | [added: | |] Public Utility Commission of Texas | [added: | |]

| SDPUC | [added: | |] South Dakota Public Utilities Commission | [added: | |]

| SEC | [added: | |] Securities and Exchange Commission | [added: | |]

| TCEQ | [added: | |] Texas Commission on Environmental Quality | [added: | |]

| Electric, Purchased Gas and Resource Adjustment Clauses | | [added: | | | |]

| CIP | [added: | |] Conservation improvement program | [added: | |]

| DCRF | [added: | |] Distribution cost recovery factor | [added: | |]

| EIR | | | Environmental improvement rider | | |

| RESA | | | RES adjustment | | |

| WCA | | | Wind cost adjustment | | |

| --- | --- | --- | --- | --- | --- |

| ALLETE | | | ALLETE, Inc. | | |

| CAGR | | | Compound annual growth rate | | |

| COVID-19 | | | Novel coronavirus | | |

| INPO | | | Institute of Nuclear Power Operations | | |

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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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.

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*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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| Strategy | | |

Xcel Energy strives to be the preferred and trusted provider of the energy our customers need, while offering a competitive total return to shareholders.

We deliver on our vision through three strategic priorities:

Our recently announced generation transition plans include:

- Adding economic wind and solar resources.

- Limiting coal generation through seasonal dispatch of coal facilities where possible and early retirement of coal plants (e.g., Hayden and Craig), including fully exiting coal in the upper Midwest by 2030 (e.g., Sherco).

- Using natural gas as a means to ensure system reliability.

- Extending the life of our Monticello nuclear plant.

- Converting Harrington, our coal plant in Texas, to natural gas.

- A proposal to close the Hayden coal plant, retiring Unit 2 by the end of 2027 and Unit 1 in 2028.

- Retiring Craig coal plant with Unit 1 closing in 2025 and Unit 2 closing in 2028.

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| OAG | Minnesota Office of the Attorney General |

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| RESA | Renewable energy standard adjustment |

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| CAISO | California Independent System Operator |

| CBA | Collective-bargaining agreement |

| CPCN | Certificate of public convenience and necessity |

| DRC | Development Recovery Company |

| EPU | Extended power uprate |

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| NOI | Notice of Inquiry |

| TransCo | Transmission-only subsidiary |

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Management [added: maintains accruals for losses probable of being incurred and subject to reasonable estimation.Management] is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.

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Management maintains accruals for losses probable of being incurred and subject to reasonable estimation.

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[removed: FORM 10-K][added: FORM 10-K]

| ☒ | [added: | |] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

For the fiscal year [removed: ended December] [added: ended December] 31, [removed: 2019 or][added: 2020 or]

| ☐ | [added: | |] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | [added: | |]

| 001-3034 | [added: | |]

| (Commission File Number) | [added: | |]

| Xcel Energy Inc. | | | [added: | | | | | |]

| (Exact name of registrant as specified in its charter) | | | [added: | | | | | |]

| Minnesota | | | | [added: | | | | | | | |] 41-0448030 | [added: | |]

| (State or Other Jurisdiction of Incorporation or Organization) | | | | [added: | | | | | | | |] (IRS Employer Identification No.) | [added: | |]

| 414 Nicollet Mall | [added: | |] Minneapolis | [added: | |] Minnesota | | [added: | | | |] 55401 | [added: | |]

| (Address of Principal Executive Offices) | | | | [added: | | | | | | | |] (Zip Code) | [added: | |]

| 612 | [added: | |] 330-5500 | [added: | |]

| (Registrant’s Telephone Number, Including Area Code) | | [added: | | | |]

| Title of each class | | [added: | | | |] Trading Symbol | | [added: | | | |] Name of each exchange on which registered | [added: | |]

| Common Stock, $2.50 par value | | [added: | | | |] XEL | | [added: | | | |] Nasdaq Stock Market LLC | [added: | |]

As of June [removed: 28, 2019,] [added: 30, 2020,] the aggregate market value of the voting common stock held by non-affiliates of the Registrant was [removed: $30,629,347,167 and there were 514,865,476 shares of common stock outstanding.][added: $32,825,311,125.]

[removed: 13, 2020,] [added: 11, 2021,] there were [removed: 524,669,024] [added: 537,648,833] shares of common stock outstanding, $2.50 par value.

[removed: The] [added: Portions of the] Registrant’s definitive Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders [removed: is] [added: are] incorporated by reference into Part III of this Form 10-K.

| PART I | | | [added: | | | | | |]

| Item 1 — | [removed: [Business](#s4F75F509643D599698BFD96651264B53)] | [removed: [3](#s4F75F509643D599698BFD96651264B53)] | [added: [Business](#i5d8f242bf7e84e71a762f4750b0fd5c1_13) | | | [3](#i5d8f242bf7e84e71a762f4750b0fd5c1_13) | | |]

| | [added: | |] [Definitions of [removed: Abbreviations](#s59F27D11AC53587DA5E2B7C44700D18B)] [added: Abbreviations](#i5d8f242bf7e84e71a762f4750b0fd5c1_16)] | [removed: [3](#s59F27D11AC53587DA5E2B7C44700D18B)] | [added: | [3](#i5d8f242bf7e84e71a762f4750b0fd5c1_16) | | |]

| | [added: | |] [Forward-Looking [removed: Statements](#sB77F99AEE7DA569EA1E293DB567DAE25)] [added: Statements](#i5d8f242bf7e84e71a762f4750b0fd5c1_19)] | [removed: [4](#sB77F99AEE7DA569EA1E293DB567DAE25)] | [added: | [4](#i5d8f242bf7e84e71a762f4750b0fd5c1_19) | | |]

| | [added: | |] [Where to Find More [removed: Information](#sF70C98AD69D75931BDBFF47E4772DA7D)] [added: Information](#i5d8f242bf7e84e71a762f4750b0fd5c1_22)] | [removed: [4](#sF70C98AD69D75931BDBFF47E4772DA7D)] | [added: | [4](#i5d8f242bf7e84e71a762f4750b0fd5c1_22) | | |]

| | [added: | |] [Electric [removed: Operations](#s60B1110E716E5618936BBCF5774D4FCA)] [added: Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_31)] | [removed: [9](#s60B1110E716E5618936BBCF5774D4FCA)] | [added: | [10](#i5d8f242bf7e84e71a762f4750b0fd5c1_31) | | |]

| | [added: | |] [Natural Gas [removed: Operations](#sB964C41A5B1D56A8883C3843A16BF0EF)] [added: Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_49)] | [removed: [12](#sB964C41A5B1D56A8883C3843A16BF0EF)] | [added: | [13](#i5d8f242bf7e84e71a762f4750b0fd5c1_49) | | |]

| | [added: | |] [Public Utility [removed: Regulation](#s0498fe7788984dc5a95c23c7b71d1a83)] [added: Regulation](#i5d8f242bf7e84e71a762f4750b0fd5c1_64)] | [removed: [13](#s0498fe7788984dc5a95c23c7b71d1a83)] | [added: | [14](#i5d8f242bf7e84e71a762f4750b0fd5c1_64) | | |]

| | [added: | |] [Capital Spending and [removed: Financing](#s79F802512EFA5C68AFB0060AB0E1DFB6)] [added: Financing](#i5d8f242bf7e84e71a762f4750b0fd5c1_70)] | [removed: [14](#s79F802512EFA5C68AFB0060AB0E1DFB6)] | [added: | [15](#i5d8f242bf7e84e71a762f4750b0fd5c1_70) | | |]

| | [added: | |] [Information about our Executive [removed: Officers](#sC3D23D858DFF56B595CB2E89AF900CD3)] [added: Officers](#i5d8f242bf7e84e71a762f4750b0fd5c1_76)] | [removed: [14](#sC3D23D858DFF56B595CB2E89AF900CD3)] | [added: | [16](#i5d8f242bf7e84e71a762f4750b0fd5c1_76) | | |]

| Item 1A — | [added: | |] [Risk [removed: Factors](#s273241013958583BA2F9F8EA2670C311)] [added: Factors](#i5d8f242bf7e84e71a762f4750b0fd5c1_79)] | [removed: [15](#s273241013958583BA2F9F8EA2670C311)] | [added: | [16](#i5d8f242bf7e84e71a762f4750b0fd5c1_79) | | |]

| Item 1B — | [added: | |] [Unresolved Staff [removed: Comments](#s051BC498357B5E4689F6122B3DE43605)] [added: Comments](#i5d8f242bf7e84e71a762f4750b0fd5c1_82)] | [removed: [20](#s051BC498357B5E4689F6122B3DE43605)] | [added: | [22](#i5d8f242bf7e84e71a762f4750b0fd5c1_82) | | |]

| Item 2 — | [removed: [Properties](#s08D97653F47D5948BA1C4953D151C33C)] | [removed: [20](#s08D97653F47D5948BA1C4953D151C33C)] | [added: [Properties](#i5d8f242bf7e84e71a762f4750b0fd5c1_85) | | | [22](#i5d8f242bf7e84e71a762f4750b0fd5c1_85) | | |]

| Item 3 — | [added: | |] [Legal [removed: Proceedings](#sEDFB91850D3B532FA52A4FE1B256325C)] [added: Proceedings](#i5d8f242bf7e84e71a762f4750b0fd5c1_88)] | [removed: [21](#sEDFB91850D3B532FA52A4FE1B256325C)] | [added: | [23](#i5d8f242bf7e84e71a762f4750b0fd5c1_88) | | |]

| Item 4 — | [added: | |] [Mine Safety [removed: Disclosures](#s3D0766744A8F5F3A8BC26C9B881B0D82)] [added: Disclosures](#i5d8f242bf7e84e71a762f4750b0fd5c1_91)] | [removed: [21](#s3D0766744A8F5F3A8BC26C9B881B0D82)] | [added: | [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_91) | | |]

| PART II | | | [added: | | | | | |]

| Item 5 — | [added: | |] [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#s0161540D0F3C5753B57A718C4AEE0837)] [added: Securities](#i5d8f242bf7e84e71a762f4750b0fd5c1_97)] | [removed: [21](#s0161540D0F3C5753B57A718C4AEE0837)] | [added: | [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_97) | | |]

| Item 6 — | [added: | |] [Selected Financial [removed: Data](#s3920EB072592531281346C23425568C5)] [added: Data](#i5d8f242bf7e84e71a762f4750b0fd5c1_3402)] | [removed: [21](#s3920EB072592531281346C23425568C5)] | [added: | [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_3402) | | |]

| Item 7 — | [added: | |] [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#s1A264F2AAA9D502CAA1B69E38F34F7D1)] [added: Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_103)] | [removed: [22](#s1A264F2AAA9D502CAA1B69E38F34F7D1)] | [added: | [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_103) | | |]

| Item 7A — | [added: | |] [Quantitative and Qualitative Disclosures About Market [removed: Risk](#sA4DF3CCF459E53F2B14431B7397C86FA)] [added: Risk](#i5d8f242bf7e84e71a762f4750b0fd5c1_169)] | [removed: [40](#sA4DF3CCF459E53F2B14431B7397C86FA)] | [added: | [43](#i5d8f242bf7e84e71a762f4750b0fd5c1_169) | | |]

| Item 8 — | [added: | |] [Financial Statements and Supplementary [removed: Data](#s3057EAA4DA2354E0A1F88BFD6FE5483C)] [added: Data](#i5d8f242bf7e84e71a762f4750b0fd5c1_172)] | [removed: [40](#s3057EAA4DA2354E0A1F88BFD6FE5483C)] | [added: | [43](#i5d8f242bf7e84e71a762f4750b0fd5c1_172) | | |]

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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.

☒ Yes

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| | | | [Overview](#i5d8f242bf7e84e71a762f4750b0fd5c1_25) | | | [5](#i5d8f242bf7e84e71a762f4750b0fd5c1_25) | | |

| | | | [General](#i5d8f242bf7e84e71a762f4750b0fd5c1_61) | | | [14](#i5d8f242bf7e84e71a762f4750b0fd5c1_61) | | |

| | | | [Environmental](#i5d8f242bf7e84e71a762f4750b0fd5c1_67) | | | [14](#i5d8f242bf7e84e71a762f4750b0fd5c1_67) | | |

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| [Signatures](#i5d8f242bf7e84e71a762f4750b0fd5c1_382) | | | | | | [87](#i5d8f242bf7e84e71a762f4750b0fd5c1_382) | | |


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| | [Company Overview](#sD16EF3C70D8E56BFA17455825AA61FA2) | [5](#sD16EF3C70D8E56BFA17455825AA61FA2) |

| | [General](#s8A4C5E35FE5A50D2B4E58CFEEE56595C) | [13](#s8A4C5E35FE5A50D2B4E58CFEEE56595C) |

| | [Environmental](#s659758A38DFC5B81B0B106418B2601E0) | [13](#s659758A38DFC5B81B0B106418B2601E0) |

| | [Employees](#sD3C29BC3F7CE5EA3B768A03257347BA3) | [14](#sD3C29BC3F7CE5EA3B768A03257347BA3) |

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| [Signatures](#sED690EC284A05D35B569D73FE83ACC62) | | [85](#sED690EC284A05D35B569D73FE83ACC62) |

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Virtually all of the utility plant property of the operating companies is subject to the lien of their [added: respective] first mortgage bond indentures.

| NSP-Minnesota Station, Location and Unit | | [added: | | | |] Fuel | | [added: | | | |] Installed | | [added: | | | |] MW (a) | | | [added: | | |]

| Steam: | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| A.S. King-Bayport, MN, 1 Unit [added: (f)] | | [added: | | | |] Coal | | [added: | | | |] 1968 | | [added: | | | |] 511 | | | [added: | | |]

| Sherco-Becker, MN [added: (e)] | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Unit 1 | | [added: | | | |] Coal | | [added: | | | |] 1976 | | [added: | | | |] 680 | | | [added: | | |]

| Unit 2 | | [added: | | | |] Coal | | [added: | | | |] 1977 | | [added: | | | |] 682 | | | [added: | | |]

| Unit 3 | | [added: | | | |] Coal | | [added: | | | |] 1987 | | [added: | | | |] 517 | | [added: |] (b) | [added: | |]

| Monticello, MN, 1 Unit | | [added: | | | |] Nuclear | | [added: | | | |] 1971 | | [added: | | | |] 617 | | | [added: | | |]

| PI-Welch, MN | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Unit 1 | | [added: | | | |] Nuclear | | [added: | | | |] 1973 | | [added: | | | |] 521 | | | [added: | | |]

| Unit 2 | | [added: | | | |] Nuclear | | [added: | | | |] 1974 | | [added: | | | |] 519 | | | [added: | | |]

| Various locations, 4 Units | | [added: | | | |] Wood/Refuse | | [added: | | | |] Various | | [added: | | | |] 36 | | [added: |] (c) | [added: | |]

| Combustion Turbine: | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Angus Anson-Sioux Falls, SD, 3 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 1994 - 2005 | | [added: | | | |] 327 | | | [added: | | |]

| Black Dog-Burnsville, MN, 3 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 1987 - 2018 | | [added: | | | |] 494 | | | [added: | | |]

| Blue Lake-Shakopee, MN, 6 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 1974 - 2005 | | [removed: 453] | | | [added: | 447 | | | | | |]

| High Bridge-St. Paul, MN, 3 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 2008 | | [added: | | | |] 530 | | | [added: | | |]

| Inver Hills-Inver Grove Heights, MN, 6 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 1972 | | [removed: 282] | | | [added: | 252 | | | | | |]

| Riverside-Minneapolis, MN, 3 Units | | [added: | | | |] Natural Gas | | [added: | | | |] 2009 | | [added: | | | |] 454 | | | [added: | | |]

| Various locations, 7 Units | | [added: | | | |] Natural Gas | | [added: | | | |] Various | | [added: | | | |] 10 | | | [added: | | |]

| Wind: | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Border-Rolette County, ND, 75 Units | | [added: | | | |] Wind | | [added: | | | |] 2015 | | [added: | | | |] 148 | | [added: |] (d) | [added: | |]

| Courtenay Wind-Stutsman County, ND, 100 Units | | [added: | | | |] Wind | | [added: | | | |] 2016 | | [added: | | | |] 190 | | [added: |] (d) | [added: | |]

| Foxtail-Dickey County, ND, 75 Units | | [added: | | | |] Wind | | [added: | | | |] 2019 | | [added: | | | |] 150 | | [added: |] (d) | [added: | |]

| Grand Meadow-Mower County, MN, 67 Units | | [added: | | | |] Wind | | [added: | | | |] 2008 | | [added: | | | |] 99 | | [added: |] (d) | [added: | |]

| Lake Benton-Pipestone County, MN, 44 Units | | [added: | | | |] Wind | | [added: | | | |] 2019 | | [added: | | | |] 99 | | [added: |] (d) | [added: | |]

| Nobles-Nobles County, MN, 134 Units | | [added: | | | |] Wind | | [added: | | | |] 2010 | | [added: | | | |] 197 | | [added: |] (d) | [added: | |]

| Pleasant Valley-Mower County, MN, 100 Units | | [added: | | | |] Wind | | [added: | | | |] 2015 | | [added: | | | |] 196 | | [added: |] (d) | [added: | |]

[removed: | (a) | Summer 2019] [added: (a)Summer 2020] net dependable capacity. [removed: |]

[removed: | (b) | Based] [added: (b)Based] on NSP-Minnesota’s ownership of 59%. [removed: |]

[removed: | (c) | Refuse-derived] [added: (c)Refuse-derived] fuel is made from municipal solid waste. [removed: |]

[removed: | (d) | Values disclosed are the maximum generation levels for these wind units.] Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is zero). [removed: |]

| NSP-Wisconsin Station, Location and Unit | | [added: | | | |] Fuel | | [added: | | | |] Installed | | [added: | | | |] MW (a) | | | [added: | | |]

| Steam: | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| Bay Front-Ashland, WI, 2 Units | | [removed: Coal/Wood/Natural] [added: | | | | Wood/Natural] Gas | | [added: | | | |] 1948 - 1956 | | [added: | | | |] 41 | | | [added: | | |]

| French Island-La Crosse, WI, 2 Units | | [added: | | | |] Wood/Refuse | | [added: | | | |] 1940 - 1948 | | [added: | | | |] 16 | | [added: |] (b) | [added: | |]

| Combustion Turbine: | | | | | | | | | [added: | | | | | | | | | | | | | | |]

| French Island-La Crosse, WI, 2 Units | | [added: | | | |] Oil | | [added: | | | |] 1974 | | [added: | | | |] 122 | | | [added: | | |]

| Wheaton-Eau Claire, WI, 5 Units | | [added: | | | |] Natural Gas/Oil | | [added: | | | |] 1973 | | [added: | | | |] 234 | | | [added: | | |]

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Blazing Star 1-Lincoln County, MN, 100 Units | | | | | | Wind | | | | | | 2020 | | | | | | 200 | | | (d) | | |

| Crowned Ridge 2-Grant County, SD, 88 Units | | | | | | Wind | | | | | | 2020 | | | | | | 192 | | | (d) | | |

| Community Wind North-Lincoln County, MN, 12 Units | | | | | | Wind | | | | | | 2020 | | | | | | 26 | | | (d) | | |

| Jeffers-Cottonwood County, MN, 20 Units | | | | | | Wind | | | | | | 2020 | | | | | | 43 | | | (d) | | |

| | | | | | | | | | | | | Total | | | | | | 8,137 | | | | | |

(d)Values disclosed are the generation levels at the point-of-interconnection for these wind units.

(e)A.S. King is expected to be retired early in 2028.

(f)Sherco Unit 1, 2, and 3 are expected to be retired early in 2026, 2023 and 2030, respectively.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Cheyenne Ridge, CO, 229 units | | | | | | Wind | | | | | | 2020 | | | | | | 477 | | | (g) | | |

| | | | | | | | | | | | | Total | | | | | | 6,223 | | | | | |

(g) Values disclosed are the generation levels at the point-of-interconnection.

(h) Hayden Unit 1 and 2 are expected to be retired in 2028 and 2027, respectively.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Sagamore-Dora, NM, 240 Units | | | | | | Wind | | | | | | 2020 | | | | | | 507 | | | (c) | | |

| | | | | | | | | | | | | Total | | | | | | 5,232 | | | | | |

(b) Harrington is expected to be converted to natural gas by the end of 2024.

(c) Values disclosed are the generation levels at the point-of-interconnection for these wind units.

(d) Tolk Unit 1 and 2 are expected to be retired in 2032.

31, 2020:

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 500 KV | | | | | | 2,918 | | | | | | — | | | | | | — | | | | | | — | | |

| 345 KV | | | | | | 13,151 | | | | | | 3,337 | | | | | | 5,389 | | | | | | 11,019 | | |

| 230 KV | | | | | | 2,301 | | | | | | — | | | | | | 12,131 | | | | | | 9,795 | | |

| 161 KV | | | | | | 674 | | | | | | 1,823 | | | | | | — | | | | | | — | | |

| 115 KV | | | | | | 8,060 | | | | | | 1,822 | | | | | | 5,092 | | | | | | 14,830 | | |

| Less than 115 KV | | | | | | 6,556 | | | | | | 5,306 | | | | | | 1,682 | | | | | | 4,375 | | |

| Total Transmission | | | | | | 33,660 | | | | | | 12,288 | | | | | | 24,386 | | | | | | 40,019 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Distribution | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Less than 115 KV | | | | | | 80,508 | | | | | | 27,611 | | | | | | 78,483 | | | | | | 21,984 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| | | | | Total | | 7,712 | | |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| --- | --- |

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| --- | --- |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | |

| | | | | Total | | 5,666 | | |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

| | |

| --- | --- |

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| --- | --- |

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| --- | --- |

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| --- | --- | --- | --- | --- | --- | --- | --- | --- |

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| | | |

| --- | --- | --- |

| |

| --- |

| |

Xcel Energy Inc.’s common stock [removed: was] [added: is] listed on the [removed: New York Stock Exchange (NYSE) in 2017, but moved to the] Nasdaq Global Select Market [removed: (Nasdaq) in 2018.][added: (Nasdaq).]

The following compares our cumulative TSR on common stock with the cumulative TSR of the EEI Investor-Owned Electrics Index and the [removed: Standard & Poor’s] [added: S&P] 500 Composite Stock Price Index over the last five years.

The EEI Investor-Owned Electrics Index (market capitalization-weighted) included [removed: 40] [added: 39] companies at year-end and is a broad measure of industry performance.

31, [removed: 2019,] [added: 2020,] no equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Securities Exchange Act of 1934 were purchased by or on behalf of us or any of our affiliated purchasers.

12, 2021 was approximately 52,689.

* $100 invested on Dec.

31, 2015 in stock or index — including reinvestment of dividends.

Fiscal years ended Dec.

31.

| | | |

| --- | --- | --- |

19, 2020 was approximately 54,543.


| | |

| --- | --- |

| * | $100 invested on Dec. 31, 2014 in stock or index — including reinvestment of dividends. Fiscal years ended Dec. 31. |

Securities Authorized for Issuance Under Equity Compensation Plans

Information required under Item 5 — Securities Authorized for Issuance under Equity Compensation Plans is contained in Xcel Energy’s Proxy Statement for its 2020 Annual Meeting of Shareholders, which is incorporated by reference.

| |

| --- |

| |

| (Millions of Dollars, Millions of Shares, Except Per Share Data) | | [added: | | | | 2020 | | | | | |] 2019 | | | | [added: | |] 2018 | | | | [removed: 2017] | | [added: 2017] | | [removed: 2016] | | | | [removed: 2015] [added: 2016] | | |

| Operating revenues | | [added: | | | |] $ | [removed: 11,529] [added: 11,526] | | | [added: | |] $ | [removed: 11,537] [added: 11,529] | | | [added: | |] $ | [removed: 11,404] [added: 11,537] | | | [added: | |] $ | [removed: 11,107] [added: 11,404] | | | [added: | |] $ | [removed: 11,024] [added: 11,107] | |

| Operating expenses (a) | | [added: | | | | 9,410 | | | | | |] 9,425 | | | | [added: | |] 9,572 | | | | [removed: 9,181] | | [added: 9,181] | | [removed: 8,867] | | | | [removed: 9,024] [added: 8,867] | | |

| Net income | | [added: | | | | 1,473 | | | | | |] 1,372 | | | | [added: | |] 1,261 | | | | [removed: 1,148] | | [added: 1,148] | | [removed: 1,123] | | | | [removed: 984] [added: 1,123] | | |

| Earnings available to common shareholders | | [added: | | | | 1,473 | | | | | |] 1,372 | | | | [added: | |] 1,261 | | | | [removed: 1,148] | | [added: 1,148] | | [removed: 1,123] | | | | [removed: 984] [added: 1,123] | | |

| Diluted earnings per common share | | [added: | | | | 2.79 | | | | | |] 2.64 | | | | [added: | |] 2.47 | | | | [removed: 2.25] | | [added: 2.25] | | [removed: 2.21] | | | | [removed: 1.94] [added: 2.21] | | |

| Financial information | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| Dividends declared per common share | | [added: | | | | 1.72 | | | | | |] 1.62 | | | | [added: | |] 1.52 | | | | [removed: 1.44] | | [added: 1.44] | | [removed: 1.36] | | | | [removed: 1.28] [added: 1.36] | | |

| Total assets [removed: (b) (c)] | | [added: | | | | 53,957 | | | | | |] 50,448 | | | | [added: | |] 45,987 | | | | [removed: 43,030] | | [added: 43,030] | | [removed: 41,155] | | | | [removed: 38,821] [added: 41,155] | | |

| Long-term debt [removed: (c) (d)] [added: (b)] | | [added: | | | | 19,645 | | | | | |] 17,407 | | | | [added: | |] 15,803 | | | | [removed: 14,520] | | [added: 14,520] | | [removed: 14,195] | | | | [removed: 12,399] [added: 14,195] | | |

[removed: |] (a) [removed: |] As a result of adopting ASU No. 2017-07 [removed: (*Improving] [added: (Improving] the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic [removed: 715),*] [added: 715),] $33 million and $26 million of pension costs were retrospectively reclassified from O&M expenses to other income, net on the consolidated statements of income for the years ended Dec. [removed: 31, 2017 and Dec. 31, 2016, respectively. |]

[removed: | (d) |] [added: (b)] As a result of adopting [removed: *Leases,] [added: Leases,] Topic [removed: 842,*] [added: 842,] finance lease obligations of $77 million are included in other noncurrent liabilities on the consolidated balance sheet at Dec. [removed: 31, 2019. These obligations were included in long-term debt prior to 2019. |]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

31, 2017 and Dec.

31, 2016, respectively.

31, 2019.

These obligations were included in long-term debt prior to 2019.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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| --- | --- |

| | |

| --- | --- |

| (b) | As a result of adopting ASU No. 2015-17 (*Balance Sheet Classification of Deferred Taxes, Topic 740*), $140 million of current deferred income taxes was retrospectively reclassified to long-term deferred income tax liabilities on the consolidated balance sheet as of Dec. 31, 2015. |

| | |

| --- | --- |

| (c) | As a result of adopting ASU No. 2015-03 (*Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30*), $92 million of deferred debt issuance costs was retrospectively reclassified from other noncurrent assets to long-term debt on the consolidated balance sheet as of Dec. 31, 2015. |

| | |

| --- | --- |

| |

| --- |

| |

31, [removed: 2019,] [added: 2020,] Xcel Energy Inc.’s internal control over financial reporting is effective at the reasonable assurance level based on those criteria.

| Chairman, [removed: President,] Chief Executive Officer and Director | | | [added: | | | | | |] Executive Vice President, Chief Financial Officer | | [added: | | | |]

[removed: | Feb. 21, 2020 | | | Feb. 21, 2020 | |][added: 31, 2020:]

We have audited the accompanying consolidated balance sheets of Xcel Energy Inc. and subsidiaries (the "Company") as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] based on criteria established in *Internal Control [removed: -] [added: —] Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2019] [added: 2020] and [removed: 2018,] [added: 2019,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2019,] [added: 2020,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2019,] [added: 2020,] based on criteria established in *Internal Control [removed: -] [added: —] Integrated Framework (2013)* issued by COSO.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with [removed: accounting principles] generally accepted [removed: in the United States of America.][added: accounting principles.]

Regulatory Assets and Liabilities - Impact of Rate Regulation on the Financial Statements [removed: -] [added: —] Refer to Notes 4 and 12 to the consolidated financial statements

[removed: | • |] We [removed: tested the effectiveness of management’s controls over the evaluation of the likelihood of (1) the recovery in future rates of costs deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities. We] also tested the effectiveness of management’s controls over the recognition of regulatory assets or liabilities and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates. [removed: |]

[removed: | • |] [added: -] We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. [removed: |]

[removed: | • |] [added: -] We read relevant regulatory orders issued by the Commissions for the Company, regulatory statutes, interpretations, procedural memorandums, filings made by intervenors, and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on [removed: precedence] [added: precedents] of the Commissions’ treatment of similar costs under similar circumstances. [removed: We also evaluated regulatory filings for any evidence that intervenors are challenging full recovery of the cost of any capital projects. If the full recovery of project costs is being challenged by intervenors, we evaluated management’s assessment of the probability of a disallowance. We evaluated the external information and compared to the Company’s recorded regulatory assets and liabilities for completeness. |]

[removed: | • |] [added: -] We obtained management’s analysis and correspondence from counsel, as appropriate, regarding regulatory assets or liabilities not yet addressed in a regulatory order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. [removed: |]

| /s/ DELOITTE & TOUCHE LLP | [added: | |]

| Minneapolis, Minnesota | [added: | |]

[removed: | February 21, 2020 |][added: 31, 2020:]

| We have served as the Company’s auditor since 2002. | [added: | |]

[removed: | XCEL ENERGY INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (*amounts] [added: *(amounts] in millions, except [removed: per] share [removed: data)* | | | | | | | | | | | | |][added: and per share)*]

| | | [added: | | | |] Year Ended Dec. 31 | | | | | | | | | | | [added: | | | |]

| | | [removed: 2019] | | | | [removed: 2018] [added: 2020] | | | | [removed: 2017] | | [added: 2019] | [added: | | | | | 2018 | | |]

| Operating revenues | | | | | | | | | | | | | [added: | | | | | | | |]

| Electric | | [added: | | | |] $ | [removed: 9,575] [added: 9,802] | | | [added: | |] $ | [removed: 9,719] [added: 9,575] | | | [added: | |] $ | [removed: 9,676] [added: 9,719] | |

| Natural gas | | [removed: 1,868] | | | | [removed: 1,739] [added: 1,636] | | | | [removed: 1,650] | | [added: 1,868] | [added: | | | | | 1,739 | | |]

| Other | | [removed: 86] | | | | [removed: 79] [added: 88] | | | | [removed: 78] | | [added: 86] | [added: | | | | | 79 | | |]

| Total operating revenues | | [removed: 11,529] | | | | [removed: 11,537] [added: 11,526] | | | | [removed: 11,404] | | [added: 11,529] | [added: | | | | | 11,537 | | |]

| Operating expenses | | | | | | | | | | | | | [added: | | | | | | | |]

| Electric fuel and purchased power | | [removed: 3,510] | | | | [removed: 3,854] [added: 3,512] | | | | [removed: 3,757] | | [added: 3,510] | [added: | | | | | 3,854 | | |]

| Cost of natural gas sold and transported | | [removed: 918] | | | | [removed: 843] [added: 689] | | | | [removed: 823] | | [added: 918] | [added: | | | | | 843 | | |]

| Cost of sales — other | | [removed: 40] | | | | [removed: 35] [added: 37] | | | | [removed: 34] | | [added: 40] | [added: | | | | | 35 | | |]

| Operating and maintenance expenses | | [removed: 2,338] | | | | [removed: 2,352] [added: 2,324] | | | | [removed: 2,270] | | [added: 2,338] | [added: | | | | | 2,352 | | |]

| Conservation and demand side management [removed: program] expenses | | [removed: 285] | | | | [removed: 290] [added: 288] | | | | [removed: 273] | | [added: 285] | [added: | | | | | 290 | | |]

| Depreciation and amortization | | [removed: 1,765] | | | | [removed: 1,642] [added: 1,948] | | | | [removed: 1,479] | | [added: 1,765] | [added: | | | | | 1,642 | | |]

| Taxes (other than income taxes) | | [removed: 569] | | | | [removed: 556] [added: 612] | | | | [removed: 545] | | [added: 569] | [added: | | | | | 556 | | |]

| Total operating expenses | | [removed: 9,425] | | | | [removed: 9,572] [added: 9,410] | | | | [removed: 9,181] | | [added: 9,425] | [added: | | | | | 9,572 | | |]

| Operating income | | [removed: 2,104] | | | | [removed: 1,965] [added: 2,116] | | | | [removed: 2,223] | | [added: 2,104] | [added: | | | | | 1,965 | | |]

| Other [removed: income (expense),] [added: (expense) income,] net | | [removed: 16] | | | | [removed: (14] [added: (6)] | | [removed: )] | | [removed: (10] | | [removed: )] [added: 16] | [added: | | | | | (14) | | |]

| Equity earnings of unconsolidated subsidiaries | | [removed: 39] | | | | [removed: 35] [added: 40] | | | | [removed: 30] | | [added: 39] | [added: | | | | | 35 | | |]

| Allowance for funds used during construction — equity | | [removed: 77] | | | | [removed: 108] [added: 115] | | | | [removed: 75] | | [added: 77] | [added: | | | | | 108 | | |]

| Interest charges and financing costs | | | | | | | | | | | | | [added: | | | | | | | |]

| Interest charges — includes other financing costs of [removed: $26, $25] [added: $28, $26] and [removed: $24,] [added: $25,] respectively | | [removed: 773] | | | | [removed: 700] [added: 840] | | | | [removed: 663] | | [added: 773] | [added: | | | | | 700 | | |]

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| /s/ BEN FOWKE | | | | | | | | | /s/ BRIAN J. VAN ABEL | | | | | |

| Ben Fowke | | | | | | | | | Brian J. Van Abel | | | | | |

| | | | | | | | | | | | | | | |

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

- We tested the effectiveness of management’s controls over the evaluation of the likelihood of (1) the recovery in future rates of costs deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.

We also evaluated regulatory filings for any evidence that intervenors are challenging full recovery of the cost of any capital projects.

If the full recovery of project costs is being challenged by intervenors, we evaluated management’s assessment of the probability of a disallowance.

We evaluated the external information and compared to the Company’s recorded regulatory assets and liabilities for completeness.

| February 17, 2021 | | |

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

CONSOLIDATED STATEMENTS OF INCOME

(*amounts in millions, except per share data)*

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*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

*(amounts in millions)*

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| Pension and retiree medical benefits: | | | | | | | | | | | | | | | | | | | | |

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*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

CONSOLIDATED STATEMENTS OF CASH FLOWS

*(amounts in millions)*

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| Sale of MEC | | | 684 | | | | | | — | | | | | | — | | |

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*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

CONSOLIDATED BALANCE SHEETS

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31, 2019.

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| /s/ BEN FOWKE | | | /s/ ROBERT C. FRENZEL | |

| Ben Fowke | | | Robert C. Frenzel | |

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31, [removed: 2019,] [added: 2020,] based on an evaluation carried out under the supervision and with the participation of Xcel Energy’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure controls and procedures were effective.

31, [removed: 2019] [added: 2020] on internal controls under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy conducted testing and monitoring of its internal control over financial reporting.

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Information required under this Item with respect to Directors and Corporate Governance is set forth in Xcel Energy Inc.’s Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders, which is expected to occur on April 6, [removed: 2020,] [added: 2021,] incorporated by reference.

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Information required under this Item is set forth in Xcel Energy Inc.’s Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders, which is incorporated by reference.

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Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders, which is incorporated by reference.

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Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders, which is incorporated by reference.

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Information required under this Item is contained in Xcel Energy Inc.’s [removed: definitive] Proxy Statement for its [removed: 2020] [added: 2021] Annual Meeting of Shareholders, which is incorporated by reference.

*[Table of Content](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)[s](#i5d8f242bf7e84e71a762f4750b0fd5c1_7)*

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| 1 | [added: | |] Consolidated Financial Statements | | | | [added: | | | | |]

| | [added: | |] Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, [removed: 2019.] [added: 2020.] | | | | [added: | | | | |]

| | [added: | |] Report of Independent Registered Public Accounting Firm — Financial Statements [added: and Internal Controls Over Financial Reporting] | | | | [added: | | | | |]

| | [added: | |] Consolidated Statements of Income — For [added: each of] the three years ended Dec. 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017.] [added: 2018.] | | | | [added: | | | | |]

| | [added: | |] Consolidated Statements of Comprehensive Income — For [added: each of] the three years ended Dec. 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017.] [added: 2018.] | | | | [added: | | | | |]

| | [added: | |] Consolidated Statements of Cash Flows — For [added: each of] the three years ended Dec. 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017.] [added: 2018.] | | | | [added: | | | | |]

| | [added: | |] Consolidated Balance Sheets — As of Dec. 31, [removed: 2019] [added: 2020] and [removed: 2018.] [added: 2019.] | | | | [added: | | | | |]

| | [added: | |] Consolidated Statements of Common Stockholders’ Equity — For [added: each of] the three years ended Dec. 31, [added: 2020,] 2019, [removed: 2018,] and [removed: 2017.] [added: 2018.] | | | | [added: | | | | |]

| 2 | [added: | |] Schedule I — Condensed Financial Information of Registrant. | | | | [added: | | | | |]

| | [added: | |] Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, [removed: 2019, 2018] [added: 2020, 2019] and [removed: 2017.] [added: 2018.] | | | | [added: | | | | |]

| 3 | [added: | |] Exhibits | | | | [added: | | | | |]

| * | [added: | |] Indicates incorporation by reference | | | | [added: | | | | |]

| + | [added: | |] Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors | | | | [added: | | | | |]

| Xcel Energy Inc. | | | | | [added: | | | | | | |]

| Exhibit Number | [added: | |] Description | [added: | |] Report or Registration Statement | [removed: SEC File or Registration Number] | [added: |] Exhibit Reference | [added: | |]

| [3.01](http://www.sec.gov/Archives/edgar/data/72903/000114036112026380/ex3_01.htm)* | [added: | |] [Amended and Restated Articles of Incorporation of Xcel Energy Inc.](http://www.sec.gov/Archives/edgar/data/72903/000114036112026380/ex3_01.htm) | [added: | |] Xcel Energy [removed: Inc] [added: Inc.] Form 8-K dated May 16, 2012 | [removed: 001-03034] | [added: |] 3.01 | [added: | |]

| [removed: [3.02](http://www.sec.gov/Archives/edgar/data/72903/000007290316000120/xcelex301.htm)*] [added: [3.02](http://www.sec.gov/Archives/edgar/data/72903/000007290320000015/a301.htm)*] | [added: | |] [Bylaws of Xcel Energy [removed: Inc.](http://www.sec.gov/Archives/edgar/data/72903/000007290316000120/xcelex301.htm)] [added: Inc. as Amended on April 3, 2020](http://www.sec.gov/Archives/edgar/data/72903/000007290320000015/a301.htm)] | [added: | |] Xcel Energy [removed: Inc] [added: Inc.] Form 8-K dated [removed: Feb. 17, 2016] [added: April 3, 2020] | [removed: 001-03034] | [added: |] 3.01 | [added: | |]

| [removed: [4.01](https://www.sec.gov/Archives/edgar/data/72903/000007290320000011/descriptionofsecuritie.htm)] [added: [4.01](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/descriptionofsecuritie.htm)*] | [added: | |] [Description of [removed: Securities](https://www.sec.gov/Archives/edgar/data/72903/000007290320000011/descriptionofsecuritie.htm)] [added: Securities](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/descriptionofsecuritie.htm)] | | | [added: Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019] | [added: | | 4.01 | | |]