Xcel Energy (XEL) 10-K risk factor changes: FY2021 vs FY2020

Our natural gas and electric [removed: transmission] [added: generation/transmission] and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.

These risks could result in loss of life, significant property damage, environmental pollution, impairment of our operations and substantial financial [removed: losses.][added: losses to employees, third-party contractors, customers or the public.]

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 [removed: flows.][added: flows as well as potential loss of reputation.]

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

[removed: Changing customer expectations and] [added: Higher electric demand may require us to adopt new] technologies [removed: are requiring] [added: and make] significant [added: transmission and distribution] investments [removed: in] [added: including] advanced grid infrastructure, which increases exposure to [added: overall grid instability and] technology obsolescence.

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

[removed: Additionally, multiple] [added: 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.

If such [removed: controls] [added: programs and procedures] are not effective, Xcel Energy’s results of operations, financial condition or cash flows could be materially impacted.

[removed: Specialized] [added: In addition, specialized] knowledge is required of our technical employees for construction and operation of transmission, generation and distribution [removed: assets.][added: assets, which may pose additional difficulty for us as we work to recruit, retain and motivate employees in this climate.]

Poor vendor performance [added: or contractor unavailability] could impact ongoing operations, restoration operations, our reputation and could introduce financial risk or risks of fines.

[removed: Conversely, higher] [added: Higher] than expected inflation or tariffs may increase costs of construction and operations.

Significant events including disallowance of costs, [added: use of historic test years, elimination of riders or interim rates, increasing depreciation lives,] 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 credit ratings downgrade could lead to higher borrowing costs [removed: and could impact our ability to access capital markets.][added: or lower proceeds from equity issuances.]

Capital market disruption and financial market distress could prevent us from issuing short-term commercial paper, issuing new securities or cause us to issue securities with unfavorable terms and conditions, such as higher interest [removed: rates.][added: rates or lower proceeds from equity issuances.]

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

Tax depreciable lives and the [removed: value] [added: value/availability] of various tax credits or the timeliness of their utilization may impact the economics or selection of resources.

We operate in a [removed: capital intensive] [added: capital-intensive] industry and federal trade policy could significantly impact the cost of materials we use.

The global outbreak of COVID-19 [removed: is impacting] [added: continues to impact] countries, communities, supply chains and markets.

A high degree of uncertainty continues to exist regarding the [removed: pandemic,] [added: pandemic;] the duration and magnitude of business [removed: restrictions, re-shut downs,] [added: restrictions (domestically and globally); the potential shortages of employees and third-party contractors due to quarantine policies, vaccination requirements or government restrictions; re-shutdowns,] if any, and the level and pace of economic recovery.

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

Xcel Energy’s generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical [removed: assets,] [added: 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.

[removed: The Paris Agreement] [added: This commitment and other agreements made in Glasgow] could result in future additional GHG reductions in the United States.

Although the risks are organized by heading, and each risk is described separately, many of the risks are interrelated.

You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized.

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.

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 who, in turn, source components from their suppliers.

A shortage of key components in which an alternative supplier is not identified could significantly impact project plans.

Such impacts could include timing of projects, including potential for project cancellation.

Failure to adhere to project budgets and timelines could adversely impact our results of operations, financial condition or cash flows.

In 2021, the competition for talent has become increasingly intense as a result of the ongoing “great resignation”, and we may experience increased employee turnover due to this tightening labor market.

Our employees, directors, third-party contractors, or suppliers may violate or be perceived to violate our Codes of Conduct, which could have an adverse effect on our reputation.

We are exposed to risk of employee or third-party contractor fraud or other misconduct.

All employees and members of the Board of Directors are subject to comply with our Code of Conduct and are required to participate in annual training.

Additionally, suppliers are subject to comply with our supplier Code of Conduct.

Xcel Energy does not tolerate discrimination, violations of our Code of Conduct or other unacceptable behaviors.

However, it is not always possible to identify and deter misconduct by employees and other third-parties, which may result in governmental investigations, other actions or lawsuits.

If such actions are taken against us we may suffer loss of reputation and such actions could have a material effect on our financial condition, results of operations and cash flows.

It could also impact our ability to access capital markets.

Xcel Energy has experienced and may continue to experience sales volatility and shifts between residential and C&I sales as a result of COVID-19.

Xcel Energy has a decoupling mechanism in Colorado for residential and non-demand small C&I electric customer classes.

In Minnesota, Xcel Energy has historically had a sales true-up mechanism for all electric customer classes which has ended in 2021.

We are requesting implementation of a new sales true-up mechanism for 2022 - 2024.

These mechanisms mitigate the impact of changes to sales levels as compared to a baseline.

Xcel Energy participates in GridEx, which is the largest grid security exercise in North America.

During the normal course of business, we have experienced and expect to continue to experience attempts to compromise our information technology and control systems, network infrastructure and other assets.

To date, no cybersecurity incident or attack has had a material impact on our business or results of operation.

In April 2021, ahead of the United Nations Climate Change Conference in Glasgow, the Biden Administration committed the U.S. to a Nationally Determined Contribution of 50-52% net GHG emissions reduction economy-wide from 2005 levels.

The continued use of natural gas for both power generation and gas distribution have increasingly become a public policy advocacy target.

These efforts may result in a limitation of natural gas as an energy source for both power generation and heating, which could impact our ability to reliably and affordably serve our customers.

In recent years, there have been various local and state agency proposals within and outside our service territories that would attempt to restrict the use and availability of natural gas.

If such policies were to prevail, we may be forced to make new resource investment decisions which could potentially result in stranded costs if we are not able to fully recover costs and investments and impact the overall reliability of our service.

We have committed to a number of long-term climate change goals, which in part are dependent on future technologies not currently in existence.

Given the long-term nature of these goals, there is an inherent uncertainty due to internal and external factors regarding our ability to achieve our stated climate change goals.

To the extent climate change goals are not met, this could negatively impact our reputation and potentially result in financial risk.

Adverse events may result in increased insurance costs and/or decreased insurance availability.

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Risks Associated with Our Business

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Xcel Energy’s business strategy is dependent on our ability to recruit, retain and motivate employees.

There is competition and a tightening market for skilled employees.

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

In a continued low interest rate environment, there has been increased downward pressure on allowed ROE.

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

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

Xcel Energy participates in grid security and emergency response exercises (GridEx).

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

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

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.

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The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing ROE, [removed: electric margin, natural gas margin,] ongoing earnings and ongoing diluted EPS.

Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based [removed: compensation,] [added: compensation] and communicating its earnings outlook to analysts and investors.

[removed: Electric] [added: 1, 2022 for electric costs] and [removed: Natural Gas Margins][added: April 1, 2022 for natural gas costs.]

Expenses incurred for electric fuel and purchased power [removed: and the cost of natural gas] are generally recovered through various regulatory recovery mechanisms.

31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings.

| [added: 2020] | | | | | | [removed: 2020] [added: 1] | | | | | | [removed: 2019] [added: 3] | | | [added: | | | 1 | | | | | | 2 | | | | | | 1 | | |]

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

| PSCo | | | | | | [removed: 1.11] [added: $] | [added: 1.22] | | | | | [removed: 1.11] [added: $] | [added: 1.11] | |

| SPS | | | | | | [removed: 0.56] [added: 0.59] | | | | | | [removed: 0.51] [added: 0.56] | | |

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

| Regulated utility (a) | | | | | | [removed: 3.04] [added: 3.18] | | | | | | [removed: 2.86] [added: 3.04] | | |

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

| Total (a) | | | | | | $ | [removed: 2.79] [added: 2.96] | | | | | $ | [removed: 2.64] [added: 2.79] | |

Xcel Energy Inc. and Other — Primarily includes financing costs at the holding [removed: company.][added: company, offset by earnings from EIP investments.]

| [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | | | | | | | |

| GAAP and ongoing diluted EPS [removed: - 2019] [added: — 2021] | | | | | | $ | [removed: 2.64] [added: 2.96] | |

| Components of change — [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | | | | | | | |

| Lower ETR [removed: (b)] [added: (a)] | | | | | | [removed: 0.22] [added: 0.17] | | |

| Higher depreciation and amortization | | | | | | [removed: (0.26)] [added: (0.24)] | | |

| [removed: Higher] [added: Changes in] taxes (other than income taxes) | | | | | | [removed: (0.06)] [added: (0.03)] | | |

| Other (net) | | | | | | [removed: (0.06)] [added: 9] | | |

[removed: Sales decline] [added: (b)Sales] excludes weather impact, net of decoupling/sales [removed: true-up] [added: true-up,] and [removed: reduction in] demand [removed: revenue] is net of sales true-up.

| [removed: Reductions in sales] [added: Sales] and demand [added: (b)] | | | | | | [removed: (0.09)] [added: 29] | | |

[removed: (b)] [added: (a)] Includes PTCs and [removed: tax reform] [added: plant] regulatory amounts, which are primarily offset [removed: in] [added: as a reduction to] electric [removed: margin.][added: revenues.]

| NSP-Minnesota | | | | | | [removed: 9.20] [added: 8.45] | | % | | | | [removed: 9.31] [added: 9.20] | | % |

| PSCo | | | | | | [removed: 8.06] [added: 8.23] | | | | | | [removed: 8.69] [added: 8.06] | | |

| SPS | | | | | | [removed: 9.54] [added: 9.22] | | | | | | [removed: 9.71] [added: 9.54] | | |

| NSP-Wisconsin | | | | | | [removed: 10.52] [added: 9.92] | | | | | | [removed: 8.27] [added: 10.52] | | |

| Operating Companies | | | | | | [removed: 8.87] [added: 8.58] | | | | | | [removed: 9.06] [added: 8.87] | | |

| Xcel Energy | | | | | | [removed: 10.59] [added: 10.58] | | | | | | [removed: 10.78] [added: 10.59] | | |

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

| | | | [removed: 2020] [added: 2021] vs. Normal | | | | | | [removed: 2019] [added: 2020] vs. Normal | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | |

| | | | [removed: 2020] [added: 2021] vs. Normal | | | | | | [removed: 2019] [added: 2020] vs. Normal | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | |

| Retail electric | | | $ | [removed: 0.090] [added: 0.096] | | | | | $ | [removed: 0.040] [added: 0.090] | | | | | $ | [removed: 0.050] [added: 0.006] | |

| Decoupling and sales true-up | | | [removed: (0.041)] [added: (0.066)] | | | | | | [removed: —] [added: (0.041)] | | | | | | [removed: (0.041)] [added: (0.025)] | | |

| Firm natural gas | | | [removed: (0.011)] [added: (0.025)] | | | | | | [removed: 0.027] [added: (0.011)] | | | | | | [removed: (0.038)] [added: (0.014)] | | |

| | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Actual [removed: (a)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total retail electric sales | | | | | | [removed: (1.1)] [added: 0.3] | | | | | | [removed: (3.4)] [added: 2.2] | | | | | | [removed: (2.2)] [added: 1.4] | | | | | | [removed: (2.6)] [added: 2.7] | | | | | | [removed: (2.3)] [added: 1.4] | | |

| | | | | | | [removed: 2020] [added: 2021] vs. [removed: 2019] [added: 2020] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Earnings from equity method investments — WYCO | | | | | | 0.05 | | | | | | 0.05 | | |

2021 Comparison with 2020

Xcel Energy — GAAP and ongoing earnings increased $0.17 per share for 2021.

The increase was driven by capital investment recovery and other regulatory outcomes, partially offset by increases in depreciation and lower AFUDC.

Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in revenues are offset by the related variation in costs).

PSCo — Earnings increased $0.11 per share for 2021, driven by capital investment recovery and other regulatory outcomes.

Higher revenues were partially offset by increased depreciation, O&M expenses and other taxes (other than income taxes).

NSP-Minnesota — Earnings were flat for 2021 compared to 2020, reflecting capital investment recovery offset by additional depreciation and interest charges.

SPS — Earnings increased $0.03 per share for 2021, largely related to capital investment recovery, other regulatory outcomes and higher sales and demand, partially offset by decreased AFUDC.

NSP-Wisconsin — Earnings were flat for 2021 compared to 2020.

| Higher electric revenues, net of electric fuel and purchased power | | | | | | 0.26 | | |

| Higher natural gas revenues, net of cost of natural gas sold and transported | | | | | | 0.15 | | |

| Lower AFUDC | | | | | | (0.10) | | |

However, sales true-up and decoupling mechanisms in Minnesota and Colorado predominately mitigate the positive and adverse impacts of weather.

| HDD | | | (6.6) | | % | | | | (3.1) | | % | | | | (4.3) | | % |

| CDD | | | 12.2 | | | | | | 22.2 | | | | | | (9.2) | | |

| THI | | | 26.8 | | | | | | 6.3 | | | | | | 20.7 | | |

| Electric total | | | $ | 0.030 | | | | | $ | 0.049 | | | | | $ | (0.019) | |

| Total | | | $ | 0.005 | | | | | $ | 0.038 | | | | | $ | (0.033) | |

| Electric residential | | | | | | — | | % | | | | 2.2 | | % | | | | (4.7) | | % | | | | 0.5 | | % | | | | 0.3 | | % |

| Electric C&I | | | | | | 0.4 | | | | | | 2.3 | | | | | | 2.9 | | | | | | 3.6 | | | | | | 2.0 | | |

| Firm natural gas sales | | | | | | (1.1) | | | | | | (4.0) | | | | | | N/A | | | | | | (5.0) | | | | | | (2.2) | | |

| Electric residential | | | | | | 1.5 | | % | | | | 0.3 | | % | | | | (1.0) | | % | | | | (0.2) | | % | | | | 0.5 | | % |

| Electric C&I | | | | | | 0.4 | | | | | | 1.7 | | | | | | 3.3 | | | | | | 3.3 | | | | | | 1.9 | | |

| Electric residential | | | | | | 1.7 | | % | | | | 0.6 | | % | | | | (0.7) | | % | | | | 0.1 | | % | | | | 0.8 | | % |

| Electric C&I | | | | | | 0.7 | | | | | | 1.9 | | | | | | 3.6 | | | | | | 3.6 | | | | | | 2.1 | | |

| Total retail electric sales | | | | | | 1.1 | | | | | | 1.5 | | | | | | 2.7 | | | | | | 2.5 | | | | | | 1.7 | | |

| Firm natural gas sales | | | | | | 1.8 | | | | | | (1.7) | | | | | | N/A | | | | | | (3.6) | | | | | | 0.4 | | |

Weather-adjusted sales results for each of our utility subsidiaries in 2021 reflect improving economies as the adverse effects of COVID-19 lessen.

The recovery reflects increased sales in the C&I sector as businesses return to a more normal level.

Residential sales remain elevated from pre-pandemic levels due to continuance of individuals working from home.

The growth in C&I sales was due to a 1.2% increase in customers, partially offset by slightly lower use per customer, primarily in the services sector.

- NSP-Minnesota — Residential sales growth reflects a 1.2% increase in customers, partially offset by a lower use per customer.

The growth in C&I sales was due to a 0.9% increase in customers and higher use per customer, primarily in the manufacturing, retail and services sectors.

- SPS — Residential sales declined as lower use per customer offset a 0.9% increase in customers.

C&I sales increased due to a 0.5% increase in customers and higher use per customer, primarily driven by the oil and gas and professional services sectors.

- NSP-Wisconsin — Residential sales growth was attributable to a 0.8% increase in customer additions, partially offset by slightly lower use per customer.

The growth in C&I sales was due to a 1.1% increase in customers, primarily led by increases in the manufacturing, health care and retail trade sectors.

| Proprietary commodity trading, net of sharing (a) | | | | | | 40 | | |

(a)Includes $27 million of net gains recognized in the first quarter of 2021, driven by market changes associated with Winter Storm Uri.

Management believes electric and natural gas margins provide the most meaningful basis for evaluating our operations because they exclude the revenue impact of fluctuations in these expenses.

These margins can be reconciled to operating income, a GAAP measure, by including other operating revenues, cost of sales-other, O&M expenses, conservation and DSM expenses, depreciation and amortization and taxes (other than income taxes).

| Equity earnings of unconsolidated subsidiaries | | | | | | 0.05 | | | | | | 0.05 | | |

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).

NSP-Wisconsin — Earnings increased $0.05 per share for 2020, reflecting higher electric margin (regulatory outcomes offset lower sales due to COVID-19) and lower O&M expenses, partially offset by increased depreciation and lower natural gas margin.

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

| Higher electric margins (a) | | | | | | 0.32 | | |

| Higher AFUDC | | | | | | 0.08 | | |

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

| Higher interest | | | | | | (0.10) | | |

| Changes in natural gas margins | | | | | | (0.01) | | |

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

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

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

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

| | | | | | | 2020 | | | | | | 2019 | | |

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

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

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

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

| Total (adjusted for recovery from decoupling) | | | $ | 0.038 | | | | | $ | 0.067 | | | | | $ | (0.029) | |

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

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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) | | |

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

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

| 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) | | |

| Total retail electric sales | | | | | | (1.9) | | | | | | (3.8) | | | | | | (2.6) | | | | | | (2.7) | | | | | | (2.8) | | |

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

| Electric residential | | | | | | 3.6 | | % | | | | 3.4 | | % | | | | 1.3 | | % | | | | 2.3 | | % | | | | 3.1 | | % |

| Electric C&I | | | | | | (4.8) | | | | | | (7.3) | | | | | | (3.7) | | | | | | (5.0) | | | | | | (5.4) | | |

| Firm natural gas sales | | | | | | 0.1 | | | | | | 1.4 | | | | | | *n/a* | | | | | | 4.6 | | | | | | 0.7 | | |

(a) Higher residential sales and lower C&I sales were primarily attributable to COVID-19.

See the “Derivatives, Risk Management and Market Risk” section in Item 7, incorporated by reference.

See Item 7, incorporated by reference.

| TCR | | | Transmission cost recovery [removed: adjustment] | | |

| CAGR | | | [removed: Compound] [added: Corporate] annual growth rate | | |

[removed: | TCEH | | |] Texas Competitive Energy Holdings [removed: | | |][added: emerged from Chapter 11 in October 2016.]

Such forward-looking statements, including [removed: the 2021] [added: those relating to 2022] EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future [removed: bad debt expense,] [added: expenses,] future [added: 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, [removed: and] [added: expected rate increases to customers,] expectations [added: and intentions] regarding regulatory proceedings, [added: and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions,] 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.

31, [removed: 2020] [added: 2021] (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 hereto), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 [removed: pandemic;] [added: pandemic, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility;] operational safety, including our nuclear generation [removed: facilities;] [added: facilities and other utility operations;] successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; [added: violations of our Codes of Conduct;] ability to recover costs; changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary [removed: fluctuations] [added: fluctuations, supply chain constraints] and their impact on capital expenditures [removed: and] [added: 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; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; [removed: and] costs of potential regulatory [removed: penalties.][added: penalties; and regulatory changes and/or limitations related to the use of natural gas as an energy source.]

Xcel Energy’s nonregulated subsidiaries include Eloigne, Capital [removed: Services] [added: Services, Venture Holdings] and Nicollet Project Holdings.

| | | | | | | | | | [removed: ] [added: ] | | |

| Total assets | | | [removed: $54] [added: $57.9] billion | | | | | | | | |

| Electric generating capacity | | | [removed: 20,140] [added: 20,653] MW | | | | | | | | |

| Electric transmission lines (conductor miles) | | | [removed: 110,353] [added: 34,155] miles | | | | | | | | | [added: | | | | | |]

| Electric distribution lines (conductor miles) | | | [removed: 208,586] [added: 81,406] miles | | | | | | | | | [added: | | | | | |]

| Natural gas transmission lines | | | [removed: 2,172] [added: 85] miles | | | | | | | | | [added: | | | | | |]

| Natural gas distribution lines | | | [removed: 35,936] [added: 36,510] miles | | | | | | | | |

For more than a decade, Xcel Energy has proactively managed the risk of climate change and [removed: responded] [added: worked] to [added: meet] increasing [removed: customer] demand for [removed: renewable] [added: cleaner] energy.

[removed: We] [added: Through 2021, we] reduced carbon emissions from generation serving customers by [removed: 51% from] [added: an estimated 50% (from] 2005 [removed: to 2020] [added: levels)] and [removed: are] [added: remain] on track to [removed: reach 60% renewable generation] [added: achieve 80% carbon reduction] by 2030.

- [removed: Converting Harrington,] [added: Conversion of] our [added: Harrington] coal plant [removed: in Texas,] to natural gas.

[removed: Our plans include the following:][added: Plans include:]

- [removed: Designing programs that encourage] [added: Offering] customer [removed: conservation and electrification] [added: options – encourage electrification,] where beneficial.

[removed: This geographic advantage,] [added: High capacity factors,] coupled with renewable tax credits and avoided fuel costs, [removed: enables] [added: enable] Xcel Energy to [removed: increase its investment in] [added: add] renewables while saving customers money.

Deliver a Competitive Total Return to [removed: Investors and Maintain Strong Investment Grade Credit Rating][added: Investors]

Successful [removed: execution of our strategy,] [added: strategy execution,] along with our disciplined approach to growth, [removed: investments,] operations and management of environmental, social and [removed: corporate] governance issues, positions [removed: Xcel Energy] [added: us] to continue delivering a competitive TSR.

We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for [removed: sixteen] [added: 17] consecutive years and delivering dividend growth for [removed: seventeen] [added: 18] consecutive years.

[removed: Our current] [added: Current] ratings are consistent with this [removed: objective.][added: goal.]

[removed: Environmental,] [added: | ESG | | | Environmental,] Social and Governance [removed: Leadership][added: | | |]

We are retiring coal plants, adding renewables, exploring new technologies and helping to electrify other sectors, while [removed: keeping] [added: maintaining] customer [removed: bills low.][added: affordability and supporting our employees and communities.]

Xcel Energy was the first major U.S. utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 and an [added: interim goal of] 80% [removed: carbon] reduction [added: in carbon emissions] by 2030 (from 2005 [removed: levels).][added: levels), including owned and purchased power.]

[removed: Our] [added: Xcel Energy’s] wind capacity is [removed: expected to reach] [added: now over] 11,000 [removed: MW by the end of 2021,] [added: MW,] including nearly 4,500 MW of owned wind.

Additionally, [removed: 71%] [added: over 60%] of [removed: Xcel Energy’s] [added: our] supply chain spend was local.

[removed: We] [added: As we prepare for early coal plant retirements, we] provide [added: employees] advanced [removed: notice,] [added: notice and] offer retraining and relocation [removed: opportunities and have had] [added: opportunities, with] no layoffs [removed: as a result of plant retirements.][added: to date.]

[removed: *Safety*][added: Safety]

All employees have “stop work authority” [added: and are expected] to keep each other, our customers and the public safe.

[removed: Through our Safety Always approach, employees] [added: Employees] are encouraged to [added: speak up,] share experiences and learn from events to help protect themselves, their coworkers and the public.

[removed: *Human Capital Management*][added: Human Capital]

[removed: Additionally, Xcel Energy partners] [added: We partner] with educational and community organizations to attract and hire diverse employees who reflect the communities we [removed: serve.][added: serve and live our values.]

[removed: Also,] [added: Veteran] hiring [removed: veterans] is [added: also] a [removed: key focus of our workforce strategy,] [added: focus,] with [removed: approximately] [added: roughly] 10% of employees having served in the military.

Xcel Energy offers [removed: its employees] a competitive benefits [removed: package which includes:] [added: package, including:] performance-based compensation, [removed: healthcare benefits, recognition programs and an employee development program] [added: supported by a management system] that emphasizes ongoing [removed: coaching.][added: coaching conversations.]

We [removed: are committed] [added: aim] to [added: create] an inclusive culture where [removed: diversity is celebrated and] employees are treated [removed: equitably.][added: equitably, and diversity is not only accepted but celebrated.]

[removed: In 2020,] Xcel Energy [added: recently] received the following recognitions:

Xcel Energy has publicly confirmed our commitment to the advancement and protection of human [removed: rights throughout our operations,] [added: rights,] consistent with U.S. human rights laws and the general principles [removed: set forth] in the International Labour Organization Conventions.

[removed: Xcel Energy requires annual] Code of Conduct training [added: is required] for all employees [added: annually] and [removed: members of] the Board of Directors.

| ALJ | | | Administrative Law Judge | | |

| ATM | | | At-the-market | | |

| COEO | | | Colorado Energy Office | | |

| CON | | | Certificate of Need | | |

| CUB | | | Citizens Utility Board | | |

| EIP | | | Energy Impact Partners | | |

| EVs | | | Electric Vehicles | | |

| IPCC | | | Intergovernmental Panel on Climate Change | | |

| ISO | | | Independent System Operator | | |

| LP&L | | | Lubbock Power & Light | | |

| NOPR | | | Notice of proposed rulemaking | | |

| OAG | | | Minnesota Office of the Attorney General | | |

| PFAS | | | Per- and PolyFluoroAlkyl Substances | | |

| TO | | | Transmission owner | | |

| LEAD THE CLEAN ENERGY TRANSITION | | | ENHANCE THE CUSTOMER EXPERIENCE | | | KEEP BILLS LOW | | |

Sustainability is embedded in our strategy.

We are the first U.S. energy provider to set aggressive goals for reducing GHG emissions across three large sectors of the economy: electricity, natural gas use in buildings and transportation.

Our sustainability commitments include:

(1)Includes owned and purchased electricity provided to customers.

(2)Spans natural gas supply, distribution and customer use; includes net-zero methane emissions on our natural gas system by 2030.

We demonstrate environmental, social and governance leadership by engaging with stakeholders and mitigating risk, while staying committed to our customers, employees and communities.

Rooted in a culture of compliance and ethical conduct, our decisions and actions are guided by our Code of Conduct and our four values:

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

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

| Connected | | | Committed | | | Safe | | | Trustworthy | | |

These values are reinforced by policies that govern safety practices, ethical standards and conduct, environmental performance, diversity and inclusion, political contributions, and other aspects of our business.

Our values, culture and Code of Conduct serve as the foundation upon which Xcel Energy’s Board of Directors, employees, contractors and suppliers approach their work in delivering on our three strategic priorities.

A lead author for the IPCC confirmed that our vision aligns with science-based scenarios likely to limit global warming to 1.5 degrees Celsius from pre-industrial levels.

Goal includes owned and purchased power.

The pace of achieving a carbon-free vision is governed by reliability and customer affordability.

Our filed resource plans outline a clear, transparent path to achieve an 80% carbon reduction using current technologies, while maintaining customer bill increases at or below the rate of inflation.

Moving from 80% carbon reduction to 100% carbon-free electricity will require new dispatchable and scalable technologies that are economically viable, as well as supportive public policy.

Resiliency and innovation also remain paramount to a successful transition, as does the economic vitality of our communities.

We also help attract and make investments to offset community economic impacts.

Xcel Energy has a long track record of working with our communities on energy, climate and environmental initiatives that impact them and has publicly committed to furthering environmental justice.

Other notable environmental improvements include:

Results from owned generation except for water, which includes owned and purchased power.

*Coal ash reduction is as of 2020.

Our disclosures also align with the Global Reporting Initiative, Sustainability Accounting Standards Board and United Nations Sustainable Development Goals frameworks.

Since year-end 2020, we have completed four wind farms, adding ~800 MW (includes the Dakota Range project which went in service in January 2022) of owned wind to our system that provides significant environmental benefits and cost savings for our customers.

| Minnesota District Court | | | U.S. District Court for the District of Minnesota | | |

| SDPUC | | | South Dakota Public Utilities Commission | | |

| CEPA | | | Colorado Energy Plan Adjustment | | |

| DCRF | | | Distribution cost recovery factor | | |

| DSMCA | | | DSM cost adjustment | | |

| EECRF | | | Energy efficiency cost recovery factor | | |

| EIR | | | Environmental improvement rider | | |

| FPPCAC | | | Fuel and purchased power cost adjustment clause | | |

| PCCA | | | Purchased capacity cost adjustment | | |

| PCRF | | | Power cost recovery factor | | |

| PGA | | | Purchased gas adjustment | | |

| RDF | | | Renewable development fund | | |

| RER | | | Renewable energy rider | | |

| RESA | | | RES adjustment | | |

| SCA | | | Steam cost adjustment | | |

| SEP | | | State energy policy rider | | |

| TCA | | | Transmission cost adjustment | | |

| TCRF | | | Transmission cost recovery factor | | |

| WCA | | | Wind cost adjustment | | |

| ADIT | | | Accumulated deferred income taxes | | |

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

| ASU | | | FASB Accounting Standards Update | | |

| Boulder | | | City of Boulder, CO | | |

| CACJA | | | Clean Air Clean Jobs Act | | |

| IM | | | Integrated market | | |

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

| IRP | | | Integrated Resource Plan | | |

| JOA | | | Joint operating agreement | | |

| LSP Transmission | | | LSP Transmission Holdings, LLC | | |

| MDL | | | Multi-district litigation | | |

| Moody’s | | | Moody’s Investor Services | | |

| ROFR | | | Right-of-first-refusal | | |

| RPS | | | Renewable portfolio standards | | |

| TOs | | | Transmission owners | | |

| WOTUS | | | Waters of the U.S. | | |

| | | |

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

| | | |

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

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

Management [removed: 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.

For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s [added: consolidated] financial statements.

[removed: Unless otherwise required by GAAP, legal] [added: Legal] fees are [added: generally] expensed as incurred.

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

For the fiscal year ended December 31, [removed: 2020] [added: 2021] or

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

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

As of June 30, [removed: 2020,] [added: 2021,] the aggregate market value of the voting common stock held by non-affiliates of the Registrant was [removed: $32,825,311,125.][added: $35,463,594,471.]

[removed: 11, 2021,] [added: 17, 2022,] there were [removed: 537,648,833] [added: 544,213,730] shares of common stock outstanding, $2.50 par value.

Portions of the Registrant’s definitive Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

| Item 1 — | | | [removed: [Business](#i5d8f242bf7e84e71a762f4750b0fd5c1_13)] [added: [Business](#if5e11ff0b9434e3aa856aa5bfe35bc4b_13)] | | | [removed: [3](#i5d8f242bf7e84e71a762f4750b0fd5c1_13)] [added: [3](#if5e11ff0b9434e3aa856aa5bfe35bc4b_13)] | | |

| Item 1A — | | | [Risk [removed: Factors](#i5d8f242bf7e84e71a762f4750b0fd5c1_79)] [added: Factors](#if5e11ff0b9434e3aa856aa5bfe35bc4b_79)] | | | [removed: [16](#i5d8f242bf7e84e71a762f4750b0fd5c1_79)] [added: [17](#if5e11ff0b9434e3aa856aa5bfe35bc4b_79)] | | |

| Item 1B — | | | [Unresolved Staff [removed: Comments](#i5d8f242bf7e84e71a762f4750b0fd5c1_82)] [added: Comments](#if5e11ff0b9434e3aa856aa5bfe35bc4b_82)] | | | [removed: [22](#i5d8f242bf7e84e71a762f4750b0fd5c1_82)] [added: [23](#if5e11ff0b9434e3aa856aa5bfe35bc4b_82)] | | |

| Item 2 — | | | [removed: [Properties](#i5d8f242bf7e84e71a762f4750b0fd5c1_85)] [added: [Properties](#if5e11ff0b9434e3aa856aa5bfe35bc4b_85)] | | | [removed: [22](#i5d8f242bf7e84e71a762f4750b0fd5c1_85)] [added: [24](#if5e11ff0b9434e3aa856aa5bfe35bc4b_85)] | | |

| Item 3 — | | | [Legal [removed: Proceedings](#i5d8f242bf7e84e71a762f4750b0fd5c1_88)] [added: Proceedings](#if5e11ff0b9434e3aa856aa5bfe35bc4b_88)] | | | [removed: [23](#i5d8f242bf7e84e71a762f4750b0fd5c1_88)] [added: [25](#if5e11ff0b9434e3aa856aa5bfe35bc4b_88)] | | |

| Item 4 — | | | [Mine Safety [removed: Disclosures](#i5d8f242bf7e84e71a762f4750b0fd5c1_91)] [added: Disclosures](#if5e11ff0b9434e3aa856aa5bfe35bc4b_91)] | | | [removed: [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_91)] [added: [25](#if5e11ff0b9434e3aa856aa5bfe35bc4b_91)] | | |

| Item 5 — | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i5d8f242bf7e84e71a762f4750b0fd5c1_97)] [added: Securities](#if5e11ff0b9434e3aa856aa5bfe35bc4b_97)] | | | [removed: [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_97)] [added: [25](#if5e11ff0b9434e3aa856aa5bfe35bc4b_97)] | | |

| Item 7 — | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_103)] [added: Operations](#if5e11ff0b9434e3aa856aa5bfe35bc4b_103)] | | | [removed: [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_103)] [added: [26](#if5e11ff0b9434e3aa856aa5bfe35bc4b_103)] | | |

| Item 7A — | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i5d8f242bf7e84e71a762f4750b0fd5c1_169)] [added: Risk](#if5e11ff0b9434e3aa856aa5bfe35bc4b_175)] | | | [removed: [43](#i5d8f242bf7e84e71a762f4750b0fd5c1_169)] [added: [45](#if5e11ff0b9434e3aa856aa5bfe35bc4b_175)] | | |

| Item 8 — | | | [Financial Statements and Supplementary [removed: Data](#i5d8f242bf7e84e71a762f4750b0fd5c1_172)] [added: Data](#if5e11ff0b9434e3aa856aa5bfe35bc4b_178)] | | | [removed: [43](#i5d8f242bf7e84e71a762f4750b0fd5c1_172)] [added: [45](#if5e11ff0b9434e3aa856aa5bfe35bc4b_178)] | | |

| Item 9 — | | | [Changes in and Disagreements [removed: with] [added: With] Accountants on Accounting and Financial [removed: Disclosure](#i5d8f242bf7e84e71a762f4750b0fd5c1_325)] [added: Disclosure](#if5e11ff0b9434e3aa856aa5bfe35bc4b_286)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_325)] [added: [81](#if5e11ff0b9434e3aa856aa5bfe35bc4b_286)] | | |

| Item 9A — | | | [Controls and [removed: Procedures](#i5d8f242bf7e84e71a762f4750b0fd5c1_328)] [added: Procedures](#if5e11ff0b9434e3aa856aa5bfe35bc4b_289)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_328)] [added: [81](#if5e11ff0b9434e3aa856aa5bfe35bc4b_289)] | | |

| Item 9B — | | | [Other [removed: Information](#i5d8f242bf7e84e71a762f4750b0fd5c1_331)] [added: Information](#if5e11ff0b9434e3aa856aa5bfe35bc4b_292)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_331)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_292)] | | |

| Item 10 — | | | [Directors, Executive Officers and Corporate [removed: Governance](#i5d8f242bf7e84e71a762f4750b0fd5c1_337)] [added: Governance](#if5e11ff0b9434e3aa856aa5bfe35bc4b_298)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_337)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_298)] | | |

| Item 11 — | | | [Executive [removed: Compensation](#i5d8f242bf7e84e71a762f4750b0fd5c1_340)] [added: Compensation](#if5e11ff0b9434e3aa856aa5bfe35bc4b_301)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_340)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_301)] | | |

| Item 12 — | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i5d8f242bf7e84e71a762f4750b0fd5c1_343)] [added: Matters](#if5e11ff0b9434e3aa856aa5bfe35bc4b_304)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_343)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_304)] | | |

| Item 13 — | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i5d8f242bf7e84e71a762f4750b0fd5c1_346)] [added: Independence](#if5e11ff0b9434e3aa856aa5bfe35bc4b_307)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_346)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_307)] | | |

| Item 14 — | | | [Principal Accountant Fees and [removed: Services](#i5d8f242bf7e84e71a762f4750b0fd5c1_349)] [added: Services](#if5e11ff0b9434e3aa856aa5bfe35bc4b_310)] | | | [removed: [80](#i5d8f242bf7e84e71a762f4750b0fd5c1_349)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_310)] | | |

| Item 15 — | | | [removed: [Exhibit](#i5d8f242bf7e84e71a762f4750b0fd5c1_355) [and](#i5d8f242bf7e84e71a762f4750b0fd5c1_355) [Financial] [added: [Exhibit and Financial] Statement [removed: Schedules](#i5d8f242bf7e84e71a762f4750b0fd5c1_355)] [added: Schedules](#if5e11ff0b9434e3aa856aa5bfe35bc4b_316)] | | | [removed: [81](#i5d8f242bf7e84e71a762f4750b0fd5c1_355)] [added: [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_316)] | | |

| Item 16 — | | | [Form 10-K [removed: Summary](#i5d8f242bf7e84e71a762f4750b0fd5c1_379)] [added: Summary](#if5e11ff0b9434e3aa856aa5bfe35bc4b_337)] | | | [removed: [86](#i5d8f242bf7e84e71a762f4750b0fd5c1_379)] [added: [88](#if5e11ff0b9434e3aa856aa5bfe35bc4b_337)] | | |

For the transition period from _____ to _____

Securities registered pursuant to section 12(g) of the Act: None

| Item 6 — | | | [\[Reserved\]](#if5e11ff0b9434e3aa856aa5bfe35bc4b_100) | | | [26](#if5e11ff0b9434e3aa856aa5bfe35bc4b_100) | | |

| Item 9C — | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#if5e11ff0b9434e3aa856aa5bfe35bc4b_2740) | | | [82](#if5e11ff0b9434e3aa856aa5bfe35bc4b_2740) | | |

| [Signatures](#if5e11ff0b9434e3aa856aa5bfe35bc4b_340) | | | | | | [89](#if5e11ff0b9434e3aa856aa5bfe35bc4b_340) | | |

| | | | [Definitions of Abbreviations](#i5d8f242bf7e84e71a762f4750b0fd5c1_16) | | | [3](#i5d8f242bf7e84e71a762f4750b0fd5c1_16) | | |

| | | | [Where to Find More Information](#i5d8f242bf7e84e71a762f4750b0fd5c1_22) | | | [4](#i5d8f242bf7e84e71a762f4750b0fd5c1_22) | | |

| | | | [Forward-Looking Statements](#i5d8f242bf7e84e71a762f4750b0fd5c1_19) | | | [4](#i5d8f242bf7e84e71a762f4750b0fd5c1_19) | | |

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

| | | | [Electric Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_31) | | | [10](#i5d8f242bf7e84e71a762f4750b0fd5c1_31) | | |

| | | | [Natural Gas Operations](#i5d8f242bf7e84e71a762f4750b0fd5c1_49) | | | [13](#i5d8f242bf7e84e71a762f4750b0fd5c1_49) | | |

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

| | | | [Public Utility Regulation](#i5d8f242bf7e84e71a762f4750b0fd5c1_64) | | | [14](#i5d8f242bf7e84e71a762f4750b0fd5c1_64) | | |

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

| | | | [Capital Spending and Financing](#i5d8f242bf7e84e71a762f4750b0fd5c1_70) | | | [15](#i5d8f242bf7e84e71a762f4750b0fd5c1_70) | | |

| | | | [Information about our Executive Officers](#i5d8f242bf7e84e71a762f4750b0fd5c1_76) | | | [16](#i5d8f242bf7e84e71a762f4750b0fd5c1_76) | | |

| Item 6 — | | | [Selected Financial Data](#i5d8f242bf7e84e71a762f4750b0fd5c1_3402) | | | [24](#i5d8f242bf7e84e71a762f4750b0fd5c1_3402) | | |

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

| NSP-Minnesota Station, Location and [removed: Unit] [added: Unit at Dec. 31, 2021] | | | | | | Fuel | | | | | | Installed | | | | | | MW [removed: (a)] [added: (a)] | | | | | |

(a)Summer [removed: 2020] [added: 2021] net dependable capacity.

| NSP-Wisconsin Station, Location and [removed: Unit] [added: Unit at Dec. 31, 2021] | | | | | | Fuel | | | | | | Installed | | | | | | MW [removed: (a)] [added: (a)] | | | | | |

(a)Summer [removed: 2020] [added: 2021] net dependable capacity.

| PSCo Station, Location and [removed: Unit] [added: Unit at Dec. 31, 2021] | | | | | | Fuel | | | | | | Installed | | | | | | MW [removed: (a)] [added: (a)] | | | | | |

| Hayden-Hayden, CO, 2 Units [removed: (h)] | | | | | | Coal | | | | | | 1965 - 1976 | | | | | | 233 | | | (f) | | |

| Fort St. Vrain-Platteville, CO, 6 Units | | | | | | Natural Gas | | | | | | 1972 - 2009 | | | | | | [removed: 968] [added: 973] | | | | | |

(a) Summer [removed: 2020] [added: 2021] net dependable capacity.

| SPS Station, Location and [removed: Unit] [added: Unit at Dec. 31, 2021] | | | | | | Fuel | | | | | | Installed | | | | | | MW [removed: (a)] [added: (a)] | | | | | |

| Hale-Plainview, TX, 239 Units | | | | | | Wind | | | | | | 2019 | | | | | | [removed: 460] [added: 477] | | | (c) | | |

(a) Summer [removed: 2020] [added: 2021] net dependable capacity.

Capacity is attainable only when wind conditions are sufficiently available (on-demand net dependable capacity is [removed: zero)][added: zero).]

(d) Tolk Unit 1 and 2 are [removed: expected] [added: proposed] to be retired in [removed: 2032.][added: 2034.]

Electric utility overhead and underground transmission and distribution lines [removed: (measured in conductor miles)] at Dec.

| Blazing Star 2-Lincoln County, MN, 100 Units | | | | | | Wind | | | | | | 2021 | | | | | | 200 | | | (d) | | |

| Freeborn-Freeborn County, MN, 100 Units | | | | | | Wind | | | | | | 2021 | | | | | | 200 | | | (d) | | |

| Mower-Mower County, MN, 43 Units | | | | | | Wind | | | | | | 2021 | | | | | | 91 | | | (d) | | |

| | | | | | | | | | | | | Total | | | | | | 8,628 | | | | | |

| | | | | | | | | | | | | Total | | | | | | 6,228 | | | | | |

| | | | | | | | | | | | | Total | | | | | | 5,249 | | | | | |

31, 2021:

| 500 KV | | | | | | 2,915 | | | | | | — | | | | | | — | | | | | | — | | |

| 345 KV | | | | | | 13,570 | | | | | | 2,943 | | | | | | 4,978 | | | | | | 11,688 | | |

| 230 KV | | | | | | 2,300 | | | | | | — | | | | | | 12,141 | | | | | | 9,763 | | |

| 161 KV | | | | | | 640 | | | | | | 1,778 | | | | | | — | | | | | | — | | |

| 115 KV | | | | | | 8,086 | | | | | | 1,818 | | | | | | 5,075 | | | | | | 14,880 | | |

| Less than 115 KV | | | | | | 6,644 | | | | | | 5,870 | | | | | | 1,830 | | | | | | 4,423 | | |

| Total Transmission | | | | | | 34,155 | | | | | | 12,409 | | | | | | 24,116 | | | | | | 40,754 | | |

| Less than 115 KV | | | | | | 81,406 | | | | | | 27,701 | | | | | | 78,712 | | | | | | 22,651 | | |

| Total | | | | | | 115,561 | | | | | | 40,110 | | | | | | 102,828 | | | | | | 63,405 | | |

31, 2021:

| Quantity | | | | | | 354 | | | | | | 204 | | | | | | 237 | | | | | | 458 | | |

31, 2021:

| Transmission | | | | | | 85 | | | | | | 3 | | | | | | 2,174 | | | | | | 20 | | | | | | 11 | | |

| Distribution | | | | | | 10,741 | | | | | | 2,526 | | | | | | 23,243 | | | | | | — | | | | | | — | | |

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

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

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

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

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

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 | | |

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

| Total | | | | | | 114,168 | | | | | | 39,899 | | | | | | 102,869 | | | | | | 62,003 | | |

31, 2020:

| Quantity | | | | | | 352 | | | | | | 204 | | | | | | 236 | | | | | | 457 | | |

31, 2020:

| Transmission | | | | | | 80 | | | | | | 3 | | | | | | 2,058 | | | | | | 20 | | | | | | 11 | | |

| Distribution | | | | | | 10,629 | | | | | | 2,492 | | | | | | 22,815 | | | | | | — | | | | | | — | | |

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

31, [removed: 2015] [added: 2016] in stock or index — including reinvestment of dividends.

31, [removed: 2020,] [added: 2021,] 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.

17, 2022 was approximately 49,137.

12, 2021 was approximately 52,689.

Selected financial data for Xcel Energy related to the five most recent years ended Dec.

31:

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

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

| (Millions of Dollars, Millions of Shares, Except Per Share Data) | | | | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| Operating revenues | | | | | | $ | 11,526 | | | | | $ | 11,529 | | | | | $ | 11,537 | | | | | $ | 11,404 | | | | | $ | 11,107 | |

| Operating expenses (a) | | | | | | 9,410 | | | | | | 9,425 | | | | | | 9,572 | | | | | | 9,181 | | | | | | 8,867 | | |

| Net income | | | | | | 1,473 | | | | | | 1,372 | | | | | | 1,261 | | | | | | 1,148 | | | | | | 1,123 | | |

| Earnings available to common shareholders | | | | | | 1,473 | | | | | | 1,372 | | | | | | 1,261 | | | | | | 1,148 | | | | | | 1,123 | | |

| Diluted earnings per common share | | | | | | 2.79 | | | | | | 2.64 | | | | | | 2.47 | | | | | | 2.25 | | | | | | 2.21 | | |

| Financial information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Dividends declared per common share | | | | | | 1.72 | | | | | | 1.62 | | | | | | 1.52 | | | | | | 1.44 | | | | | | 1.36 | | |

| Total assets | | | | | | 53,957 | | | | | | 50,448 | | | | | | 45,987 | | | | | | 43,030 | | | | | | 41,155 | | |

| Long-term debt (b) | | | | | | 19,645 | | | | | | 17,407 | | | | | | 15,803 | | | | | | 14,520 | | | | | | 14,195 | | |

(a) As a result of adopting ASU No. 2017-07 (Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Topic 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.

31, 2017 and Dec.

31, 2016, respectively.

(b) As a result of adopting Leases, Topic 842, finance lease obligations of $77 million are included in other noncurrent liabilities on the consolidated balance sheet at Dec.

31, 2019.

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

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

31, [removed: 2020,] [added: 2021,] Xcel Energy Inc.’s internal control over financial reporting is effective at the reasonable assurance level based on those criteria.

Xcel Energy Inc.’s independent registered public accounting firm has issued an [removed: audit] [added: attestation] report on Xcel Energy Inc.’s internal control over financial reporting.

| /s/ [removed: BEN FOWKE] [added: ROBERT C. FRENZEL] | | | | | | | | | /s/ BRIAN J. VAN ABEL | | | | | |

| [removed: Ben Fowke] [added: Robert C. Frenzel] | | | | | | | | | Brian J. Van Abel | | | | | |

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

[removed: | Feb. 17, 2021 | | | | | | | | |] [added: On] Feb. [removed: 17, 2021 | | | | | |]

We have audited the accompanying consolidated balance sheets of Xcel Energy Inc. and subsidiaries (the "Company") as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] 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: 2020,] [added: 2021,] 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: 2020,] [added: 2021,] based on criteria established in *Internal Control — 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: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] 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: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

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

Given that management’s accounting [removed: judgements] [added: judgments] are based on assumptions about the outcome of future decisions by the Commissions, auditing these judgments required specialized knowledge of accounting for rate regulation and the rate setting process due to its inherent complexities.

- We read relevant regulatory orders issued by the Commissions for the Company, regulatory statutes, interpretations, procedural [added: schedules and] memorandums, filings made by intervenors, [added: experts’ testimony] and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commissions’ treatment of similar costs under similar circumstances.

[removed: | February 17, 2021 | | |][added: 31, 2021:]

| | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Electric | | | | | | $ | [removed: 9,802] [added: 11,205] | | | | | $ | [removed: 9,575] [added: 9,802] | | | | | $ | [removed: 9,719] [added: 9,575] | |

| Natural gas | | | | | | [removed: 1,636] [added: 2,132] | | | | | | [removed: 1,868] [added: 1,636] | | | | | | [removed: 1,739] [added: 1,868] | | |

| Other | | | | | | [removed: 88] [added: 94] | | | | | | [removed: 86] [added: 88] | | | | | | [removed: 79] [added: 86] | | |

| Total operating revenues | | | | | | [removed: 11,526] [added: 13,431] | | | | | | [removed: 11,529] [added: 11,526] | | | | | | [removed: 11,537] [added: 11,529] | | |

| Electric fuel and purchased power | | | | | | [removed: 3,512] [added: 4,733] | | | | | | [removed: 3,510] [added: 3,512] | | | | | | [removed: 3,854] [added: 3,510] | | |

| Cost of natural gas sold and transported | | | | | | [removed: 689] [added: 1,081] | | | | | | [removed: 918] [added: 689] | | | | | | [removed: 843] [added: 918] | | |

| Cost of sales — other | | | | | | [removed: 37] [added: 38] | | | | | | [removed: 40] [added: 37] | | | | | | [removed: 35] [added: 40] | | |

| Operating and maintenance expenses | | | | | | [removed: 2,324] [added: 2,321] | | | | | | [removed: 2,338] [added: 2,324] | | | | | | [removed: 2,352] [added: 2,338] | | |

| Conservation and demand side management expenses | | | | | | [removed: 288] [added: 304] | | | | | | [removed: 285] [added: 288] | | | | | | [removed: 290] [added: 285] | | |

| Depreciation and amortization | | | | | | [removed: 1,948] [added: 2,121] | | | | | | [removed: 1,765] [added: 1,948] | | | | | | [removed: 1,642] [added: 1,765] | | |

| Taxes (other than income taxes) | | | | | | [removed: 612] [added: 630] | | | | | | [removed: 569] [added: 612] | | | | | | [removed: 556] [added: 569] | | |

| Total operating expenses | | | | | | [removed: 9,410] [added: 11,228] | | | | | | [removed: 9,425] [added: 9,410] | | | | | | [removed: 9,572] [added: 9,425] | | |

| Operating income | | | | | | [removed: 2,116] [added: 2,203] | | | | | | [removed: 2,104] [added: 2,116] | | | | | | [removed: 1,965] [added: 2,104] | | |

| Other [removed: (expense) income,] [added: income (expense),] net | | | | | | [removed: (6)] [added: 5] | | | | | | [removed: 16] [added: (6)] | | | | | | [removed: (14)] [added: 16] | | |

| Allowance for funds used during construction — equity | | | | | | [removed: 115] [added: 73] | | | | | | [removed: 77] [added: 115] | | | | | | [removed: 108] [added: 77] | | |

| Interest charges — includes other financing costs of [removed: $28, $26] [added: $29, $28] and [removed: $25,] [added: $26,] respectively | | | | | | [removed: 840] [added: 842] | | | | | | [removed: 773] [added: 840] | | | | | | [removed: 700] [added: 773] | | |

| Allowance for funds used during construction — debt | | | | | | [removed: (42)] [added: (26)] | | | | | | [removed: (37)] [added: (42)] | | | | | | [removed: (48)] [added: (37)] | | |

| Total interest charges and financing costs | | | | | | [removed: 798] [added: 816] | | | | | | [removed: 736] [added: 798] | | | | | | [removed: 652] [added: 736] | | |

| Income before income taxes | | | | | | [removed: 1,467] [added: 1,527] | | | | | | [removed: 1,500] [added: 1,467] | | | | | | [removed: 1,442] [added: 1,500] | | |

| Income tax (benefit) expense | | | | | | [removed: (6)] [added: (70)] | | | | | | [removed: 128] [added: (6)] | | | | | | [removed: 181] [added: 128] | | |

| Net income | | | | | | $ | [removed: 1,473] [added: 1,597] | | | | | $ | [removed: 1,372] [added: 1,473] | | | | | $ | [removed: 1,261] [added: 1,372] | |

| Basic | | | | | | [removed: 527] [added: 539] | | | | | | [removed: 519] [added: 527] | | | | | | [removed: 511] [added: 519] | | |

| Diluted | | | | | | [removed: 528] [added: 540] | | | | | | [removed: 520] [added: 528] | | | | | | [removed: 511] [added: 520] | | |

| Basic | | | | | | $ | [removed: 2.79] [added: 2.96] | | | | | $ | [removed: 2.64] [added: 2.79] | | | | | $ | [removed: 2.47] [added: 2.64] | |

| Diluted | | | | | | [removed: 2.79] [added: 2.96] | | | | | | [removed: 2.64] [added: 2.79] | | | | | | [removed: 2.47] [added: 2.64] | | |

31, 2021.

| Feb. 23, 2022 | | | | | | | | | Feb. 23, 2022 | | | | | |

| February 23, 2022 | | |

| Earnings from equity method investments | | | | | | 62 | | | | | | 40 | | | | | | 39 | | |

| Earnings from equity method investments | | | (62) | | | | | | (40) | | | | | | (39) | | |

| Dividends from equity method investments | | | 42 | | | | | | 42 | | | | | | 40 | | |

| Issuances of common stock | | | 6,586,875 | | | | | | 16 | | | | | | 387 | | | | | | | | | | | | | | | | | | 403 | | |

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

| Balance at Dec. 31, 2021 | | | 544,025,269 | | | | | | $ | 1,360 | | | | | $ | 7,803 | | | | | $ | 6,572 | | | | | $ | (123) | | | | | $ | 15,612 | |

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

Venture Holdings invests in limited partnerships, including EIP funds with portfolios of investments in energy technology companies.

Equity Method Investments — The equity method of accounting is used for investments in WYCO and EIP funds, which results in Xcel Energy’s recognition of its share of these investees’ GAAP pretax earnings, based on Xcel Energy’s proportional ownership interest.

For investments in EIP funds, this includes Xcel Energy’s share of fund expenses and realized gains and losses, as well as unrealized gains and losses resulting from valuations of the funds’ investments in emerging energy technology companies.

An inventory accounting model is used to account for RECs recognized on the consolidated balance sheets, however these assets are classified as regulatory assets if amounts are recoverable in future rates.

| Sherco Unit 3 | | | | | | $ | 620 | | | | | $ | 451 | | | | | | | | | | | 59 | | % |

| Huntley Wilmarth | | | | | | 48 | | | | | | 1 | | | | | | | | | | | | 50 | | |

| CapX2020 | | | | | | 952 | | | | | | 127 | | | | | | | | | | | | 51 | | |

(a)Projects additionally include $7 million in CWIP.

(a)Projects additionally include $2 million in CWIP.

| Comanche Unit 3 | | | | | | 917 | | | | | | 154 | | | | | | | | | | | | 67 | | |

| Total PSCo (a) | | | | | | $ | 1,626 | | | | | $ | 506 | | | | | | | | | | | | | |

(a)Projects additionally include $4 million in CWIP.

Term Loan Agreements *—* In the fourth quarter of 2021, Xcel Energy repaid its $1.2 billion 364-Day Term Loan Agreement.

31, 2021, NSP-Minnesota had $45 million outstanding letters of credit under the $75 million the Bilateral Credit Agreement.

| PSCo | | | | | | 700 | | | | | | 155 | | | | | | 545 | | |

| SPS | | | | | | 500 | | | | | | 139 | | | | | | 361 | | |

| Total | | | | | | $ | 3,100 | | | | | $ | 1,024 | | | | | $ | 2,076 | |

31, 2021 and 2020.

| Unsecured senior notes (a) | | | | | | 2.35 | | | | | | Nov. 15, 2031 | | | | | | 300 | | | | | | — | | |

(a)2021 financing.

| Other long-term debt | | | | | | | | | | | | | | | | | | 3 | | | | | | — | | |

(a)2021 financing.

| First mortgage bonds (a) | | | | | | 2.82 | | | | | | May 1, 2051 | | | | | | 100 | | | | | | — | | |

| Other long-term debt | | | | | | | | | | | | | | | | | | 1 | | | | | | — | | |

(a)2021 financing.

| First mortgage bonds (a) | | | | | | 1.875 | | | | | | June 15, 2031 | | | | | | 750 | | | | | | — | | |

(a)2021 financing.

| First mortgage bonds (a) | | | | | | 3.15 | | | | | | May 1, 2050 | | | | | | 250 | | | | | | — | | |

(a)2020 financing re-opened in 2021.

| 2023 | | | | | | 1,150 | | |

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

31, 2020.

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

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

| | | |

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

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

| Equity earnings of unconsolidated subsidiaries | | | | | | 40 | | | | | | 39 | | | | | | 35 | | |

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

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

| Equity earnings of unconsolidated subsidiaries | | | (40) | | | | | | (39) | | | | | | (35) | | |

| Dividends from unconsolidated subsidiaries | | | 42 | | | | | | 40 | | | | | | 37 | | |

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

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

*(amounts in millions, shares in thousands)*

| Balance at Dec. 31, 2017 | | | 507,763 | | | | | | $ | 1,269 | | | | | $ | 5,898 | | | | | $ | 4,413 | | | | | $ | (125) | | | | | $ | 11,455 | |

| Issuances of common stock | | | 6,296 | | | | | | 16 | | | | | | 254 | | | | | | | | | | | | | | | | | | 270 | | |

| Repurchase of common stock | | | (55) | | | | | | — | | | | | | (4) | | | | | | | | | | | | | | | | | | (4) | | |

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

Xcel Energy’s equity earnings in WYCO are included on the consolidated statements of income as equity earnings of unconsolidated subsidiaries.

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

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

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

1, 2020.

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

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

| Sherco Unit 3 | | | | | | $ | 601 | | | | | $ | 435 | | | | | $ | 2 | | | | | 59 | | % |

| CapX2020 | | | | | | 954 | | | | | | 108 | | | | | | 33 | | | | | | 51 | | |

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

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

| Comanche Unit 3 | | | | | | 899 | | | | | | 137 | | | | | | 16 | | | | | | 67 | | |

| Total PSCo | | | | | | $ | 1,595 | | | | | $ | 465 | | | | | $ | 18 | | | | | | | |

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

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

Term Loan Agreements *—* In December 2020, Xcel Energy Inc. repaid its $500 million Term Loan Agreement that was entered into December 2018.

In September 2020, Xcel Energy Inc. repaid its $700 million Term Loan Agreement that was entered into March 2020.

31, 2020, Xcel Energy Inc. has no open loan agreement.

In March 2020, NSP-Minnesota renewed its bilateral credit agreement for an additional one-year term.

31, 2020, outstanding letters of credit under the Bilateral Credit Agreement were as follows:

| (Millions of Dollars) | | | | | | Limit | | | | | | Amount Outstanding | | | | | | Available | | |

31, [removed: 2020,] [added: 2021,] 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.

No changes in Xcel Energy’s internal control over financial reporting occurred during the most recent fiscal quarter [removed: that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting.][added: ended Dec.]

31, [removed: 2020] [added: 2021] 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.

31, 2021 that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting.

PART III

Not applicable.

PART III

| | | |

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

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: 2021] [added: 2022] Annual Meeting of Shareholders, which is expected to occur on April [removed: 6, 2021,] [added: 5, 2022,] incorporated by reference.

Information required under this Item is set forth in Xcel Energy Inc.’s Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders, which is incorporated by reference.

Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders, which is incorporated by reference.

Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders, which is incorporated by reference.

Information required under this Item [added: (aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34))] is contained in Xcel Energy Inc.’s Proxy Statement for its [removed: 2021] [added: 2022] Annual Meeting of Shareholders, which is incorporated by reference.

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

| | | | Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, [removed: 2020.] [added: 2021.] | | | | | | | | |

| | | | Consolidated Statements of Income — For each of the three years ended Dec. 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018.] [added: 2019.] | | | | | | | | |

| | | | Consolidated Statements of Comprehensive Income — For each of the three years ended Dec. 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018.] [added: 2019.] | | | | | | | | |

| | | | Consolidated Statements of Cash Flows — For each of the three years ended Dec. 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018.] [added: 2019.] | | | | | | | | |

| | | | Consolidated Balance Sheets — As of Dec. 31, [removed: 2020] [added: 2021] and [removed: 2019.] [added: 2020.] | | | | | | | | |

| | | | Consolidated Statements of Common Stockholders’ Equity — For each of the three years ended Dec. 31, [added: 2021,] 2020, [removed: 2019,] and [removed: 2018.] [added: 2019.] | | | | | | | | |

| | | | Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, [added: 2021,] 2020, [removed: 2019] and [removed: 2018.] [added: 2019.] | | | | | | | | |

| [removed: [4.08](http://www.sec.gov/Archives/edgar/data/72903/000007290316000126/exhibit402march2016.htm)*] [added: [4.0](http://www.sec.gov/Archives/edgar/data/72903/000007290316000175/exhibit401november2016.htm)[8](http://www.sec.gov/Archives/edgar/data/72903/000007290316000175/exhibit401november2016.htm)*] | | | [Supplemental Indenture No. [removed: 9,] [added: 10,] dated as of [removed: March] [added: Dec.] 1, 2016, by and between Xcel Energy Inc. and Wells Fargo Bank, National Association, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/72903/000007290316000126/exhibit402march2016.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/72903/000007290316000175/exhibit401november2016.htm)] | | | Xcel Energy Inc. Form 8-K dated [removed: March 8,] [added: Dec. 1,] 2016 | | | [removed: 4.02] [added: 4.01] | | |

| [removed: [4.09](http://www.sec.gov/Archives/edgar/data/72903/000007290316000175/exhibit401november2016.htm)*] [added: [4.](http://www.sec.gov/Archives/edgar/data/72903/000007290318000028/exhibit401june2018.htm)[09](http://www.sec.gov/Archives/edgar/data/72903/000007290318000028/exhibit401june2018.htm)*] | | | [Supplemental Indenture No. [removed: 10,] [added: 11,] dated as of [removed: Dec. 1, 2016,] [added: June 25, 2018,] by and between Xcel Energy Inc. and Wells Fargo Bank, National Association, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/72903/000007290316000175/exhibit401november2016.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/72903/000007290318000028/exhibit401june2018.htm)] | | | Xcel Energy Inc. Form 8-K dated [removed: Dec. 1, 2016] [added: June 25, 2018] | | | 4.01 | | |

| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/72903/000007290318000028/exhibit401june2018.htm)*] [added: [4.](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm)[11](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm)*] | | | [Supplemental Indenture No. [removed: 11,] [added: 13,] dated as of [removed: June 25, 2018,] [added: April 1, 2020] by and between Xcel Energy Inc. and Wells Fargo Bank, National [removed: Association,] [added: Association] as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/72903/000007290318000028/exhibit401june2018.htm)] [added: Trustee creating $600 million principal amount of 3.40% Senior Notes, Series due](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm) [June](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm) [1,](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm) [2030](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm)] | | | Xcel Energy Inc. Form 8-K dated [removed: June 25, 2018] [added: April 1, 2020] | | | 4.01 | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)*] [added: [4.](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)[10](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)*] | | | [Supplemental Indenture No. 12, dated as of Nov. 7, 2019 by and between Xcel Energy Inc. and Wells Fargo Bank, National Association, as Trustee, creating 2.60% Senior Notes, [removed: Series Due 2029] [added: Series](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm) [d](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)[ue](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm) [](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)[Dec 1.](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm) [2029] and 3.50% Senior Notes, Series [removed: due 2049](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm) [Dec. 1,](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm) [2049](http://www.sec.gov/Archives/edgar/data/72903/000119312519286898/d826622dex401.htm)] | | | Xcel Energy Inc. Form 8-K dated Nov. 7, 2019 | | | 4.01 | | |

| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm)*] [added: [4.](http://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)[12](http://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)*] | | | [Supplemental Indenture No. [removed: 13,] [added: 14,] dated as of [removed: April 1,] [added: Sept. 25,] 2020 [removed: by and] between Xcel Energy Inc. and Wells Fargo Bank, National Association as [removed: Trustee] [added: Trustee,] creating [removed: $600] [added: $500] million principal amount of [removed: 3.40%] [added: 0.50%] Senior Notes, Series due [removed: 2030](http://www.sec.gov/Archives/edgar/data/72903/000119312520094141/d908710dex401.htm)] [added: Oct. 15, 2023](http://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)] | | | Xcel Energy Inc. Form 8-K dated [removed: April 1,] [added: Sept. 25,] 2020 | | | 4.01 | | |

| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)*] [added: [4.13](https://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)*] | | | [Supplemental Indenture No. [removed: 14,] [added: 15,] dated as of [removed: Sept. 25, 2020] [added: Nov. 3, 2021] between Xcel Energy Inc. and [added: Computershare Trust Company, N.A. (as successor to] Wells Fargo Bank, National [removed: Association] [added: Association),] as Trustee, creating $500 million principal amount of [removed: 0.50%] [added: 1.75%] Senior Notes, Series due [removed: Oct.] [added: March] 15, [removed: 2023](http://www.sec.gov/Archives/edgar/data/72903/000119312520254164/d72706dex401.htm)] [added: 2027 and $300 million principal amount of 2.35% Senior Notes,](https://www.sec.gov/Archives/edgar/data/72903/000119312521318038/d86664dex401.htm) [S](https://www.sec.gov/Archives/edgar/data/72903/000119312521318038/d86664dex401.htm)[eries due Nov. 15, 2031](https://www.sec.gov/Archives/edgar/data/72903/000119312521318038/d86664dex401.htm)] | | | Xcel Energy Inc. Form 8-K dated [removed: Sept. 25, 2020] [added: Nov. 3, 2021] | | | 4.01 | | |

| [10.19](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm)*+ | | | [Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy [removed: Inc. 2015] [added: Inc.](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm) [2015] Omnibus Incentive [removed: Plan Award Agreement for] [added: Plan](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm) [for] awards since 2020](http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/executiveofficerterms19.htm) | | | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | | | 10.32 | | |

| [removed: [10.22](https://www.sec.gov/Archives/edgar/data/72903/000007290321000012/xcelex1022q42020.htm)+] [added: [10.22](https://www.sec.gov/Archives/edgar/data/72903/000007290321000084/xcelex1001q32021.htm)*+] | | | [Summary of Non-Employee Director Compensation, effective as [removed: of Sept.] [added: of](https://www.sec.gov/Archives/edgar/data/72903/000007290321000084/xcelex1001q32021.htm) [Oct](https://www.sec.gov/Archives/edgar/data/72903/000007290321000084/xcelex1001q32021.htm)[.] 1, [removed: 2019](https://www.sec.gov/Archives/edgar/data/72903/000007290321000012/xcelex1022q42020.htm)] [added: 2](https://www.sec.gov/Archives/edgar/data/72903/000007290321000084/xcelex1001q32021.htm)[021](https://www.sec.gov/Archives/edgar/data/72903/000007290321000084/xcelex1001q32021.htm)] | | | [added: Xcel Energy Inc. Form 10-Q for the quarter ended September 30, 2021] | | | [added: 10.01] | | |

| [4.15](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm)* | | | [Supplemental Trust Indenture dated June 1, 1995, creating $250 million principal amount of 7.125% First Mortgage Bonds, [removed: Series due 2025](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm) [due](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm) [July 1,](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm) [2025](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex411sti07011995.htm)] | | | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 | | | 4.11 | | |

| [4.16](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm)* | | | [Supplemental Trust Indenture dated March 1, 1998, creating $150 million principal amount of 6.5% First Mortgage Bonds, [removed: Series due 2028](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm) [due](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm) [March 1,](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm) [2028](http://www.sec.gov/Archives/edgar/data/72903/000007290318000009/xcelex412sti03011998.htm)] | | | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 | | | 4.12 | | |

| [4.20](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm)* | | | [Supplemental Trust Indenture dated July 1, 2005 between NSP-Minnesota and BNY Midwest Trust Company, as successor Trustee, creating $250 million principal amount of 5.25% First Mortgage Bonds, Series [removed: due 2035](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm)] [added: du](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm)[e](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm) [July 15,](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm) [2035](http://www.sec.gov/Archives/edgar/data/1123852/000110465905032759/a05-12260_1ex4d01.htm)] | | | NSP-Minnesota Form 8-K dated July 14, 2005 | | | 4.01 | | |

| [4.21](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm)* | | | [Supplemental Trust Indenture dated May 1, 2006 between NSP-Minnesota and BNY Midwest Trust Company, as successor Trustee, creating $400 million principal amount of 6.25% First Mortgage Bonds, Series [removed: due 2036](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm) [](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm)[June 1,](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm) [2036](http://www.sec.gov/Archives/edgar/data/1123852/000110465906036653/a06-12391_1ex4d01.htm)] | | | NSP-Minnesota Form 8-K dated May 18, 2006 | | | 4.01 | | |

| [4.23](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm)* | | | [Supplemental Trust Indenture dated as of Nov. 1, 2009 between NSP-Minnesota and the Bank of New York Mellon Trust [removed: Co.,] [added: C](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm)[o.,] NA, as successor Trustee, creating $300 million principal amount of 5.35% First Mortgage Bonds, Series [removed: due 2039](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm) [Nov.](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm) [1,](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm) [2039](http://www.sec.gov/Archives/edgar/data/1123852/000110465909065290/a09-33141_1ex4d01.htm)] | | | NSP-Minnesota Form 8-K dated Nov. 16, 2009 | | | 4.01 | | |

| [4.24](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm)* | | | [Supplemental Trust Indenture dated as of Aug. 1, 2010 between NSP-Minnesota and the Bank of New York Mellon Trust Company, NA, as successor Trustee, creating $250 million principal amount of 1.95% First Mortgage Bonds, Series [removed: due 2015] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm) [Aug, 15,](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm) [2015] and $250 principal amount of 4.85% First Mortgage Bonds, Series [removed: due 2040](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm) [Aug](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm)[. 15,](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm) [2040](http://www.sec.gov/Archives/edgar/data/1123852/000110465910043654/a10-15059_4ex4d01.htm)] | | | NSP-Minnesota Form 8-K dated Aug. 4, 2010 | | | 4.01 | | |

| [4.25](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm)* | | | [Supplemental Trust Indenture dated as of Aug. 1, 2012 between NSP-Minnesota and the Bank of New York Mellon Trust Company, NA, as successor Trustee, creating $300 million principal amount of 2.15% First Mortgage Bonds, Series [removed: due 2022] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm) [Aug. 15,](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm) [2022] and $500 million principal amount of 3.40% First Mortgage Bonds, Series [removed: due 2042](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm) [Aug. 15,](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm) [2042](http://www.sec.gov/Archives/edgar/data/1123852/000114036112036441/ex4_01.htm)] | | | NSP-Minnesota Form 8-K dated Aug. 13, 2012 | | | 4.01 | | |

| [4.26](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm)* | | | [Supplemental Trust Indenture dated as of May 1, 2013 between NSP-Minnesota and the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $400 million principal amount of 2.60% First Mortgage Bonds, [removed: Series due 2023](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm) [due](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm) [May 15,](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm) [2023](http://www.sec.gov/Archives/edgar/data/1123852/000114036113021755/ex4_01.htm)] | | | NSP-Minnesota Form 8-K dated May 20, 2013 | | | 4.01 | | |

| [4.27](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm)* | | | [Supplemental Trust Indenture dated as of May 1, 2014 between NSP-Minnesota and the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $300 million principal amount of 4.125% First Mortgage Bonds, Series [removed: due 2044](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm)] [added: d](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm)[ue](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm) [May 15,](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm) [2044](http://www.sec.gov/Archives/edgar/data/1123852/000112385214000008/nsp-mn8k5x13x2014exhibit401.htm)] | | | NSP-Minnesota Form 8-K dated May 13, 2014 | | | 4.01 | | |

| [4.28](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm)* | | | [Supplemental Trust Indenture dated as of Aug. 1, 2015 between NSP-Minnesota and the Bank of New York Mellon [removed: Company,] [added: C](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm)[ompany,] N.A., as successor Trustee, creating $300 million principal amount of 2.20% First Mortgage Bonds, Series [removed: due 2020] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm) [Aug. 15,](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm) [2020] and $300 million principal amount of 4.00% First Mortgage Bonds, Series [removed: due 2045](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm) [Aug. 15,](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm) [2045](http://www.sec.gov/Archives/edgar/data/1123852/000112385215000012/nspmexhibit401aug2015.htm)] | | | NSP-Minnesota Form 8-K dated Aug. 11, 2015 | | | 4.01 | | |

| [4.29](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm)* | | | [Supplemental Trust Indenture dated as of May 1, 2016 between NSP-Minnesota and the Bank of NY Mellon Trust Company, N.A., as successor Trustee, creating $350 million principal amount of 3.60% First Mortgage Bonds, [removed: Series due 2046](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm) [due](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm) [May 15,](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm) [2046](http://www.sec.gov/Archives/edgar/data/1123852/000112385216000023/nspmbonds-exhibit401.htm)] | | | NSP-Minnesota Form 8-K dated May 31, 2016 | | | 4.01 | | |

| [4.30](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm)* | | | [Supplemental Trust Indenture dated as of Sept. 1, 2017 between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $600 million principal amount of 3.60% First Mortgage Bonds, [removed: Series due 2047](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm) [due](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm) [Sept. 1](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm)[5,](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm) [2047](http://www.sec.gov/Archives/edgar/data/1123852/000112385217000012/nspmbonds-exhibit401.htm)] | | | NSP-Minnesota Form 8-K dated Sept. 13, 2017 | | | 4.01 | | |

| [4.31](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm)* | | | [Supplemental Trust Indenture dated as of Sept. 1, 2019 [removed: between Northern States Power Company and] [added: between](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm) [NSP-Minnesota](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm) [and] the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $600 million principal amount of 2.90% First Mortgage Bonds, Series [removed: due 2050](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm)] [added: du](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm)[e](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm) [Marc](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm)[h 1,](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm) [2050](http://www.sec.gov/Archives/edgar/data/1123852/000119312519241671/d787588dex401.htm)] | | | NSP-Minnesota Form 8-K dated Sept. 10, 2019 | | | 4.01 | | |

| [4.32](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm)* | | | [Supplemental Indenture dated as of June 8, 2020 between NSP-Minnesota and the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $700 million principal amount of 2.60% First Mortgage Bonds, Series [removed: due 2051](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm) [Ju](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm)[ne 1,](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm) [2051](http://www.sec.gov/Archives/edgar/data/1123852/000119312520168576/d939094dex401.htm)] | | | NSP-Minnesota 8-K dated June 15, 2020 | | | 4.01 | | |

| [removed: [10.26](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)*] [added: [10.2](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)[8](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)*] | | | [Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm) | | | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | | | 10.01 | | |

| [removed: [10.27](http://www.sec.gov/Archives/edgar/data/72903/000119312519169361/d759593dex9902.htm)*] [added: [10.2](http://www.sec.gov/Archives/edgar/data/72903/000119312519169361/d759593dex9902.htm)[9](http://www.sec.gov/Archives/edgar/data/72903/000119312519169361/d759593dex9902.htm)*] | | | [Third Amended and Restated Credit Agreement, dated as of June 7, 2019 among NSP-Minnesota, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank Plc, as Syndication Agents, Wells Fargo Bank, National Association, MUFG Bank, Ltd., and Citibank, N.A., as Documentation Agents](http://www.sec.gov/Archives/edgar/data/72903/000119312519169361/d759593dex9902.htm) | | | Xcel Energy Inc. Form 8-K dated June 7, 2019 | | | 99.02 | | |

| [removed: [4.33](http://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4c3.htm)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4c3.htm)[4](http://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4c3.htm)*] | | | [Supplemental and Restated Trust Indenture, dated March 1, 1991, between NSP-Wisconsin and First Wisconsin Trust Company, providing for the issuance of First Mortgage Bonds](http://www.sec.gov/Archives/edgar/data/72903/000119312518121135/d570355dex4c3.htm) | | | Xcel Energy Inc. Form S-3 dated April 18, 2018 | | | 4(c)(3) | | |

| [removed: [4.34](http://www.sec.gov/Archives/edgar/data/72909/000091205700042996/a2026586zex-4_01.txt)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72909/000091205700042996/a2026586zex-4_01.txt)[5](http://www.sec.gov/Archives/edgar/data/72909/000091205700042996/a2026586zex-4_01.txt)*] | | | [Trust Indenture dated Sept. 1, 2000 between NSP-Wisconsin and Firstar Bank, NA as Trustee](http://www.sec.gov/Archives/edgar/data/72909/000091205700042996/a2026586zex-4_01.txt) | | | NSP-Wisconsin Form 8-K dated Sept. 25, 2000 | | | 4.01 | | |

| [removed: [4.35](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)[6](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)*] | | | [Supplemental Trust Indenture dated as of Sept. 1, 2008 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $200 million principal amount of 6.375% First Mortgage Bonds, Series [removed: due 2038](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)] [added: du](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)[e](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm) [Sept. 1,](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm) [2038](http://www.sec.gov/Archives/edgar/data/72909/000110465908057771/a08-23108_1ex4d01.htm)] | | | NSP-Wisconsin Form 8-K dated Sept. 3, 2008 | | | 4.01 | | |

| [removed: [4.36](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm)[7](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm)*] | | | [Supplemental Trust Indenture dated as of Oct. 1, 2012 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $100 million principal amount of 3.70% First Mortgage Bonds, [removed: Series due 2042](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm)] [added: Series](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm) [due](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm) [Oct. 1,](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm) [2042](http://www.sec.gov/Archives/edgar/data/72909/000114036112043337/ex4_01.htm)] | | | NSP-Wisconsin Form 8-K dated Oct. 10, 2012 | | | 4.01 | | |

| [removed: [4.37](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)[8](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)*] | | | [Supplemental Trust Indenture dated as of June 1, 2014 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $100 million principal amount of 3.30% First Mortgage Bonds, Series [removed: due 2024](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm) [](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)[June](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm) [1](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)[,](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm) [2024](http://www.sec.gov/Archives/edgar/data/72909/000007290914000008/exhibit401.htm)] | | | NSP-Wisconsin Form 8-K dated June 23, 2014 | | | 4.01 | | |

| [removed: [4.38](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)*] [added: [4.3](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)[9](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)*] | | | [Supplemental Trust Indenture dated as of Nov 1, 2017 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $100 million principal amount of 3.75% First Mortgage Bonds, Series [removed: due 2047](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)] [added: d](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)[ue](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm) [Dec. 1,](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm) [2047](http://www.sec.gov/Archives/edgar/data/72909/000007290917000016/nspwexhibit401nov2017.htm)] | | | NSP-Wisconsin Form 8-K dated Dec. 4, 2017 | | | 4.01 | | |

| [removed: [4.39](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)*] [added: [4.](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)[40](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)*] | | | [Supplemental Indenture dated as of Sept. 1, 2018 between NSP-Wisconsin and U.S. Bank National Association, as successor Trustee, creating $200 million principal amount of 4.20% First Mortgage Bonds, Series [removed: due 2048](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm) [](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)[Sept. 1](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)[,](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm) [2048](http://www.sec.gov/Archives/edgar/data/72909/000007290918000016/nspwexhibit401sept2018.htm)] | | | NSP-Wisconsin Form 8-K dated Sept. 12, 2018 | | | 4.01 | | |

| [removed: [4.40](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)*] [added: [4.4](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)[1](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)*] | | | [Supplemental Indenture dated as of May 18, 2020 between NSP-Wisconsin and U.S. Bank National Association, as Trustee, creating $100 million principal amount of 3.05% First Mortgage Bonds, Series [removed: due 2051](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)] [added: due](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm) [May 1,](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm) [2051](http://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)] | | | NSP-Wisconsin Form 8-K dated May 26, 2020 | | | 4.01 | | |

| [removed: [10.28](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)*] [added: [10.](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)[30](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm)*] | | | [Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota](http://www.sec.gov/Archives/edgar/data/72909/000095013404000565/c81897s4exv10w01.htm) | | | NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | | | 10.01 | | |

| [10.26](https://www.sec.gov/Archives/edgar/data/72903/000119312521047726/d286690dex1001.htm)* | | | [364-Day Term Loan Agreement dated as of February 18, 2021 among Xcel Energy Inc., as Borrower, the several lenders from time to time parties thereto, and U.S. Bank National Association, as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/72903/000119312521047726/d286690dex1001.htm) | | | Xcel Energy Inc. Form 8-K dated February 18, 2021 | | | 10.01 | | |

| [10.27](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm)*+ | | | [Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan](https://www.sec.gov/Archives/edgar/data/72903/000007290321000097/exhibit1001.htm) | | | Xcel Energy Inc. Form 8-K dated December 10, 2021 | | | 10.01 | | |

| [4.33](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm)* | | | [Supplemental Indenture dated as of March 1, 2021 between NSP-Minnesota and the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $425 million principal amount of 2.25% First Mortgage Bonds, Series due](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm) [April 1,](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm) [2031 and $425 million principal amount of 3.20% First Mortgage Bonds, Series due](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm) [April 1,](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm) [2052](https://www.sec.gov/Archives/edgar/data/1123852/000119312521099568/d105536dex401.htm) | | | NSP-Minnesota 8-K dated March 30, 2021 | | | 4.01 | | |

| [4.42](https://www.sec.gov/Archives/edgar/data/72909/000119312520151253/d933074dex401.htm)* | | | [Supplemental Indenture dated as of July 19, 2021 between NSP-Wisconsin and U.S. Bank National Association, as Trustee, creating $100 million principal amount of 2.82% First Mortgage Bonds, Series d](https://www.sec.gov/Archives/edgar/data/72909/000119312521219640/d62339dex401.htm)[ue](https://www.sec.gov/Archives/edgar/data/72909/000119312521219640/d62339dex401.htm) [May 1,](https://www.sec.gov/Archives/edgar/data/72909/000119312521219640/d62339dex401.htm) [2051](https://www.sec.gov/Archives/edgar/data/72909/000119312521219640/d62339dex401.htm) | | | NSP-Wisconsin Form 8-K dated July 20, 2021 | | | 4.01 | | |

| [10.32](https://www.sec.gov/Archives/edgar/data/72903/000119312519169361/d759593dex9905.htm)* | | | [Bond Purchase Agreement, dated July 19, 2021, among NSP-Wisconsin and the several purchasers listed in Schedule B thereto](https://www.sec.gov/Archives/edgar/data/72909/000119312521219640/d62339dex101.htm) | | | NSP-Wisconsin Form 8-K dated July 20, 2021 | | | 1.01 | | |

| [4.57](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm)* | | | [Supplemental Indenture dated as of February 1, 2021 between PSCo and U.S. Bank National Association, as successor Trustee, creating $750 million principal of 1.875% First Mortgage Bonds, Series No. 37 due 2031](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm)[](https://www.sec.gov/Archives/edgar/data/81018/000119312521062853/d94728dex401.htm) | | | PSCo Form 8-K dated March 1, 2021 | | | 4.01 | | |

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

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

31, 2021:

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

| | | | | | | $ | 430 | | | | | $ | 424 | |

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

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

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

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

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

| Other subsidiaries of Xcel Energy Inc. | | | | | | 22 | | | | | | 31 | | |

| | | | | | | $ | 424 | | | | | $ | 370 | |

31, 2020, 2019 and 2018, respectively.

| Feb. [removed: 17, 2021] [added: 23, 2022] | | | By: | | | /s/ BRIAN J. VAN ABEL | | |

| | | | /s/ [removed: BEN FOWKE] [added: ROBERT C. FRENZEL] | | | | | | Chairman, [added: President,] Chief Executive Officer and Director | | |

| | | | [removed: Ben Fowke] [added: Robert C. Frenzel] | | | | | | (Principal Executive Officer) | | |

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

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

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

| * | | | | | | | | | Director | | |

| * | | | | | | | | | Director | | |

| | | | David K. Owens | | | | | | | | |

| | | | James J. Sheppard | | | | | | | | |