Item 1. BUSINESS

Definitions of Abbreviations


Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
Capital Services			Capital Services, LLC
Eloigne			Eloigne Company
e prime			e prime inc.
NSP-Minnesota			Northern States Power Company, a Minnesota corporation
NSP System			The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin			Northern States Power Company, a Wisconsin corporation
Operating companies			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
PSCo			Public Service Company of Colorado
SPS			Southwestern Public Service Co.
Utility subsidiaries			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGI			WestGas InterState, Inc.
WYCO			WYCO Development, LLC
Xcel Energy			Xcel Energy Inc. and its subsidiaries


Federal and State Regulatory Agencies
CPUC			Colorado Public Utilities Commission
DOC			Minnesota Department of Commerce
DOE			United States Department of Energy
DOT			United States Department of Transportation
EPA			United States Environmental Protection Agency

FERC			Federal Energy Regulatory Commission
IRS			Internal Revenue Service
MPCA			Minnesota Pollution Control Agency

MPUC			Minnesota Public Utilities Commission
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
NMPRC			New Mexico Public Regulation Commission
NRC			Nuclear Regulatory Commission
PHMSA			Pipeline and Hazardous Materials Safety Administration
PSCW			Public Service Commission of Wisconsin
PUCT			Public Utility Commission of Texas
SDPUC			South Dakota Public Utility Commission
SEC			Securities and Exchange Commission
TCEQ			Texas Commission on Environmental Quality


Electric, Purchased Gas and Resource Adjustment Clauses
CIP			Conservation improvement program
DSM			Demand side management
ECA			Retail electric commodity adjustment
FCA			Fuel clause adjustment
GCA			Gas cost adjustment
GUIC			Gas utility infrastructure cost rider

RES			Renewable energy standard


Other
AFUDC			Allowance for funds used during construction
AMT			Alternative minimum tax
ALJ			Administrative Law Judge
ARO			Asset retirement obligation
ASC			Financial Accounting Standards Board Accounting Standards Codification
ATM			At-the-market
BART			Best available retrofit technology
C&I			Commercial and Industrial

CapX2020			Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CCR			Coal combustion residuals


CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD			Cooling degree-days
CEO			Chief executive officer
CFO			Chief financial officer
CIG			Colorado Interstate Gas Company, LLC

CON			Certificate of Need



CSPV			Crystalline Silicon Photovoltaic
CWIP			Construction work in progress
D.C. Circuit			United States Court of Appeals for the District of Columbia Circuit
DECON			Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level
DRIP			Dividend Reinvestment Program
EEI			Edison Electric Institute
EIP			Energy Impact Partners

EMANI			European Mutual Association for Nuclear Insurance
EPS			Earnings per share

ETR			Effective tax rate



FTR			Financial transmission right
GAAP			Generally accepted accounting principles
GE			General Electric
GHG			Greenhouse gas
HDD			Heating degree-days
INPO			Institute of Nuclear Power Operations


IPP			Independent power producing entity
IRA			Inflation Reduction Act
ISO			Independent System Operator
ITC			Investment Tax Credit
LP&L			Lubbock Power & Light
MEC			Mankato Energy Center
MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator, Inc.

Native load			Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAV			Net asset value
NEIL			Nuclear Electric Insurance Ltd.
NOL			Net operating loss
NOPR			Notice of proposed rulemaking
NOx			Nitrogen Oxides
O&M			Operating and maintenance

OATT			Open Access Transmission Tariff
PFAS			Per- and PolyFluoroAlkyl Substances
PI			Prairie Island nuclear generating plant
Post-65			Post-Medicare
PPA			Purchased power agreement
Pre-65			Pre-Medicare
PTC			Production tax credit
REC			Renewable energy credit
RFP			Request for proposal
ROE			Return on equity
ROU			Right-of-use
RTO			Regional Transmission Organization
S&P			Standard & Poor’s Global Ratings
SERP			Supplemental executive retirement plan

SO2			Sulfur dioxide
SPP			Southwest Power Pool, Inc.
TCA			Transmission cost adjustment

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TCJA			2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THI			Temperature-humidity index
TO			Transmission owner
TSR			Total shareholder return
VaR			Value at Risk
VIE			Variable interest entity
WACC			Weighted Average Cost of Capital


Measurements
Bcf			Billion cubic feet
KV			Kilovolts
KWh			Kilowatt hours
MMBtu			Million British thermal units
MW			Megawatts
MWh			Megawatt hours


Where to Find More Information

Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available through its website, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K. Xcel Energy intends to make future announcements regarding Company developments and financial performance through its website, www.xcelenergy.com, as well as through press releases, filings with the SEC, conference calls and webcasts.


Forward-Looking Statements

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, 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. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; 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 events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.


Overview

Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.8 million electric customers and 2.1 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. The Company’s nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings.

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Subsidiary / Affiliate						Function
NSP-Minnesota						Electric & Gas
NSP-Wisconsin						Electric & Gas
PSCo						Electric & Gas
SPS						Electric
WGI						Interstate gas pipeline
WYCO						Gas storage and transportation
Other Subsidiaries						See Note 1 to the consolidated financial statements for further information


Utility Subsidiary Overview
Electric customers						3.8 million
Natural gas customers						2.1 million
Total assets						$61.1 billion
Electric generating capacity						20,897 MW
Natural gas storage capacity						53.5 Bcf
Electric transmission lines (conductor miles)						110,000 miles
Electric distribution lines (conductor miles)						213,000 miles
Natural gas transmission lines						2,200 miles
Natural gas distribution lines						37,000 miles


Service Territory


Strategy

Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need. We will deliver on this vision while offering a competitive total return to shareholders. Our mission is to provide our customers with safe, clean, reliable energy services they want and value at a competitive price.

We execute on our vision and mission through three strategic priorities.


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

Our employees are guided by our four corporate values: Connected, Committed, Safe, and Trustworthy.

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.

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Our sustainability and Environmental, Social and Governance commitments are summarized as follows:

(1)Spans natural gas supply, delivery and customer use.

(2)Includes the Xcel Energy fleet; zero-carbon fuel is electricity or other clean energy.

Deliver a Competitive Total Return to Investors

Successful strategy execution, along with our disciplined approach to growth, operations and management of environmental, social and governance issues, positions us to continue delivering a competitive TSR.

We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for 18 consecutive years and delivering dividend growth for 19 consecutive years.

Over the past five years, GAAP earnings per share have grown by 7.1% annually and our annual dividend growth was 6.3%. Xcel Energy works to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range. Current ratings are consistent with this goal.

LEAD THE CLEAN ENERGY TRANSITION

For nearly two decades, Xcel Energy has proactively managed the risk of climate change and worked to meet increasing demand for cleaner energy.

Carbon-free Electricity by 2050

In 2018, Xcel Energy became the first U.S. utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 with an interim goal to reduce carbon emissions 80% by 2030 (from 2005 levels), including owned and purchased power. A lead author for the climate change scientific analysis issued by the Intergovernmental Panel on Climate Change 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 approved resource plans outline a clear, transparent path for reducing carbon emissions 80% 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 technologies that are economically viable, as well as supportive public policy.

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

Through 2022, we reduced carbon emissions from generation serving customers by an estimated 53% (from 2005 levels) and remain on track to achieve 80% carbon reduction by 2030.

Xcel Energy will be coal-free by year-end 2030, pending the approval of the proposed acceleration of the Tolk coal plant retirement to 2028. As we transition to clean energy, service reliability is a priority. Xcel Energy was ranked in the top quartile for customer reliability as determined in the 2022 Institute of Electrical and Electronics Engineers Annual Benchmarking Study.

Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind. Our fleet continues to demonstrate high wind availability with 2022 performance at approximately 97%, while saving customers over $3 billion in fuel related costs and PTCs since 2017.In 2022, Minnesota and Colorado commissions approved resource plans that will add nearly 10,000 MW of utility-scale renewable energy to our systems.

Beyond carbon emissions, we have significantly reduced other emissions and environmental impacts. Notable environmental improvements include:

*Reductions in water consumption are from owned and purchased electricity that serves our customers. All other reductions are from owned generating plants.

**Coal ash and water consumption data are as of 2021.

As we prepare for early coal plant retirements, employees are provided advanced notice and offered retraining and relocation opportunities. To date, we have been successful in avoiding lay offs associated with our early coal plant retirements. We also help foster economic development opportunities to offset community economic impacts associated with coal plant closures. 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.

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Significant transmission expansion will also be required to enable the clean energy transition, and Xcel Energy is already investing towards its goals. For example, our $2 billion Pathway project in Colorado will provide over 560 miles of transmission lines and enable nearly 5,500 MW of new renewable energy. In addition, as part of MISO’s planned transmission expansion over the next decade, Xcel Energy has been awarded $1.2 billion of projects as part of Tranche 1.

Natural Gas Use in Buildings – Net Zero GHG by 2050

In 2021, we committed to reduce GHG emissions 25% by 2030 (from 2020 levels) and provide net-zero natural gas service by 2050 from the supply, distribution and end-use of natural gas. Similar to our electric plan, our vision to deliver gas service with net-zero emissions by 2050 aligns with science-based scenarios likely to limit warming by 1.5 C.

Our net-zero natural gas strategy includes:

Working with suppliers to purchase only low emissions gas supply by 2030.
Operating the cleanest possible system to achieve net-zero methane emissions on the system by 2030.
Offering customer options that promote conservation, encourage electrification, where beneficial, and incorporate clean fuels such as hydrogen and renewable natural gas.
Applying high quality carbon offsets through projects that remove emissions from other parts of the economy while providing additional environmental and social benefit.

Electrification of the Transportation Sector

In addition to transitioning our own generation fleet, we are helping to decarbonize other sectors, starting with transportation. We aim to enable one out of five vehicles in our service areas to be electric by 2030, representing a nearly $2 billion investment, 0.6% to 0.7% incremental annual retail sales growth and avoidance of roughly 5 million tons of CO2 emissions annually. By 2050, our vision is to run all vehicles in our service area with carbon-free electricity or other clean energy. We have launched new products and services across our service territories. In addition, we have an approved, transportation electrification plan in Colorado and comprehensive transportation plans in Minnesota and Wisconsin that are pending commission approval.

Innovation and Policy

Passage of the IRA is expected to reduce the cost of renewables for our customers, improve the competitiveness of our renewable projects and improve liquidity and credit metrics. The IRA is expected to reduce the cost of future wind projects by 50-60% and solar projects by 25-40% (levelized cost of energy basis). The IRA also lowers the costs of hydrogen production that could be used for generation and the natural gas system. Finally, the IRA is likely to provide customers additional benefits from PTCs for the generation of electricity from our nuclear fleet.

New and emerging technologies are foundational to fulfilling our strategic priorities. Advancement of economical, resilient and reliable zero-carbon 24/7 power technologies, as well as advanced storage and new low-carbon fuels, are needed to deliver on our clean energy goals by 2050.

We actively monitor and participate in emerging and advanced energy technologies through collaborations with researchers, technology developers, venture investors and others in our industry. We have several initiatives, pilots and demonstration projects underway that are advancing and testing the real-world applications of cutting-edge technologies. Our recently announced partnership with Form Energy to develop two 10 MW, 100-hour energy storage pilot projects is an example.

ENHANCE THE CUSTOMER EXPERIENCE

Xcel Energy has a comprehensive suite of renewable and conservation programs that provide customers with clean energy options and help keep their bills low. We are also transforming and expanding our electric grid to accommodate load growth, renewable energy and distributed energy resources. We are in the process of installing smart meters, which will deliver numerous customer and operational benefits, providing near-real-time communication, allowing customers to know how much energy they are using and what it will cost them. Along with the smart meters, customers will have new digital tools to make it easier to access their energy information, gain useful insights to better understand and manage their energy use and make smarter energy choices that lower their bills.

KEEP BILLS LOW

Customer affordability is critical to successful strategy execution. From 2013 - 2022, we have kept residential electric bill growth to 1.8% per year and below the rate of inflation. Residential gas bills were near flat, growing 0.3% per year from 2013 - 2021. Global pressures on natural gas prices increased customer natural gas bills in 2022. We pass the cost of natural gas directly to customers (without markup) through fuel clauses in most of our states, and higher gas prices affected the affordability of the service we provide.

We have taken several steps to address this concern:

Low-income customers are eligible to receive assistance with their bills. In 2022, we set a company record for energy assistance outreach as 193,000 customers were connected to programs that provided $216 million in funding.
Xcel Energy has invested more than $2 billion over the past decade in a comprehensive suite of electric and natural gas conservation programs.
We also kept O&M expenses flat from 2014 through 2021. While O&M increased in 2022 due to global inflation pressures and other drivers, our goal is to reduce 2023 O&M expenses 2% from 2022 levels and keep them relatively flat thereafter.
We continue to invest to reduce operating costs through ongoing process and technology improvements, including the use of drone technologies, automated work processes, artificial intelligence and continuous improvement methodologies.
In addition, we are augmenting our One Xcel Energy Way program in 2023, which we expect to drive increased productivity and efficiency across all levels of the Company.
As previously discussed, our geographic advantages in wind and solar also enable customer savings, which we call our “Steel for Fuel” strategy. High capacity factors, coupled with renewable tax credits and avoided fuel costs, enable Xcel Energy to add renewable energy while saving customers money.

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REACHING OUR GOALS RESPONSIBLY

We instituted oversight of environmental performance by the Board of Directors beginning in 2000 and was among the first U.S. energy providers to tie carbon reduction to executive compensation over fifteen years ago.

Xcel Energy has provided a voluntary, third-party verified annual GHG disclosure since 2005, longer than any other U.S. utility. We are a founding member of The Climate Registry and a supporter of the Task Force on Climate-Related Financial Disclosures. Our disclosures also align with the Global Reporting Initiative, Sustainability Accounting Standards Board and United Nations Sustainable Development Goals frameworks.

STRENGTHEN OUR COMMUNITIES

We provide a fundamental service, powering communities with safe, reliable, affordable and increasingly clean energy.

For our local communities, we initiated 40 economic development projects in 2022, which are projected to create over $1.8 billion in capital investments and 2,900 jobs. Additionally, nearly 60% of our supply chain spend was local and we spent approximately $550 million with diverse suppliers.

Our employees served on more than 520 nonprofit organization or local community boards in 2022. The Xcel Energy Foundation contributed $4.4 million to 426 nonprofit organizations that support its three charitable giving focus areas: STEM Career Pathways, Environmental Sustainability, and Community Vitality.

The Foundation, Company, employees and retirees also contributed more than $5 million to local communities through Xcel Energy’s annual United Way Giving Campaign and nearly 3,000 volunteers participated in Xcel Energy’s annual Day of Service, supporting more than 100 nonprofit projects.

VALUE PEOPLE AND OPERATE WITH INTEGRITY

Champion Safety

Continuously elevating the quality and safety of the workplace is a top priority. We are considered a benchmark company for our Safety Always approach, focused on eliminating life-altering injuries through a trusted, transparent culture and the use of critical controls. All employees have “stop work authority” and are expected to keep each other, our customers and the public safe. Employees are encouraged to speak up, share experiences and learn from events to help protect themselves, their coworkers and the public.

The Board of Directors has oversight for employee and public safety through the Operations, Nuclear, Environmental and Safety committee, both of which are also tied to annual incentive compensation.

Cultivate a Diverse, Best-in-Class Workforce

We aim to create an inclusive culture where employees are treated equitably, and diversity is not only accepted but celebrated. This starts with our Board of Directors.

The Board of Directors oversees our workforce strategy, including diversity and inclusion initiatives. In 2021, Xcel Energy added an incentive-based metric focused on diverse interview panels, executive sponsorship and employee feedback on inclusion in the workplace. A total of 70% of annual incentive pay was tied to safety, system reliability and diversity, equity and inclusion metrics.

Management continuously evaluates benefits to maintain a market-competitive, performance-based, shareholder-aligned total rewards package that supports our ability to attract, engage and retain a talented and diverse workforce, while reinforcing and rewarding strong performance.

We partner with educational and community organizations to attract and hire diverse employees who reflect the communities we serve and live our values. Xcel Energy had 11,982 full-time employees and workforce demographics as of December 2022 were as follows:


	Female		Ethnically Diverse
Board of Directors	33	%	17	%
CEO direct reports	33		22
Management	25		12
Employees	24		18
New hires	35		24
Interns (hired throughout 2022)	32		25

To help foster a culture of inclusivity, we offer leaders and employees training on microinequities and unconscious bias. The Company hosts 12 business resource groups to support employee interests and obtain diverse perspectives when solving challenges and achieving goals.

Xcel Energy also respects employees’ freedom of association and their right to collectively organize. As of Dec. 31, 2022, approximately 42% of our employees (5,087) were covered by collective bargaining agreements.

Employee turnover for 2022 and future projected retirement eligibility:


Employee Turnover			Retirement Eligibility
Bargaining	7	%	Within next 5 years	24	%
Non-Bargaining	15		Within next 10 years	35
Overall (a)	11

(a)24% of turnover was due to retirements.

We have publicly confirmed our commitment to the advancement and protection of human rights, consistent with U.S. human rights laws and the general principles in the International Labour Organization Conventions.

Annual Code of Conduct training is required for all employees and the Board of Directors.

We do not tolerate Code of Conduct violations or other unacceptable behaviors. We expect and offer employees multiple avenues to raise concerns or report wrong-doing and do not permit any retaliation.

Xcel Energy received the following recognitions in 2022:



Fortune	Human Rights Campaign	Ethisphere	GI Jobs
World’s Most Admired Companies	Best Places to Work for LGBTQ Equality	World’s Most Ethical Companies	Military Friendly Employer

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Utility Subsidiaries


NSP-Minnesota

Electric customers	1.5 million	NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota.
Natural gas customers	0.5 million

Total assets	$23.7 billion
Rate Base (estimated)	$15.1 billion
ROE (net income / average stockholder's equity)	8.76%
Electric generating capacity	8,949 MW
Gas storage capacity	17.1 Bcf
Electric transmission lines (conductor miles)	33,000 miles
Electric distribution lines (conductor miles)	82,000 miles
Natural gas transmission lines	78 miles
Natural gas distribution lines	11,000 miles


NSP-Wisconsin

Electric customers	0.3 million	NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.
Natural gas customers	0.1 million

Total assets	$3.4 billion
Rate Base (estimated)	$2.1 billion
ROE (net income / average stockholder's equity)	10.57%
Electric generating capacity	548 MW
Gas storage capacity	4.3 Bcf
Electric transmission lines (conductor miles)	12,000 miles
Electric distribution lines (conductor miles)	28,000 miles
Natural gas transmission lines	3 miles
Natural gas distribution lines	3,000 miles


PSCo

Electric customers	1.6 million	PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.
Natural gas customers	1.5 million

Total assets	$23.6 billion
Rate Base (estimated)	$14.9 billion
ROE (net income / average stockholder's equity)	8.23%
Electric generating capacity	6,151 MW
Gas storage capacity	32.1 Bcf
Electric transmission lines (conductor miles)	25,000 miles
Electric distribution lines (conductor miles)	79,000 miles
Natural gas transmission lines	2,000 miles
Natural gas distribution lines	24,000 miles


SPS


		SPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity.

Electric customers	0.4 million

Total assets	$9.7 billion
Rate Base (estimated)	$6.7 billion
ROE (net income / average stockholder's equity)	9.36%
Electric generating capacity	5,249 MW
Electric transmission lines (conductor miles)	41,000 miles
Electric distribution lines (conductor miles)	24,000 miles

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Operations Overview

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


Electric Operations

Electric operations consist of energy supply, generation, transmission and distribution activities across all four operating companies. Xcel Energy had electric sales volume of 116,885 (millions of KWh), 3.8 million customers and electric revenues of $12,123 million for 2022.


Electric Operations (percentage of total)	Sales Volume		Number of Customers		Revenues
Residential	23	%	86	%	29	%
C&I	55		12		48
Other	22		2		23

Retail Sales/Revenue Statistics (a)


	2022			2021
KWh sales per retail customer	24,285			23,968
Revenue per retail customer	$	2,513		$	2,405
Residential revenue per KWh	13.41		¢	12.94		¢
C&I revenue per KWh	9.02		¢	8.73		¢
Total retail revenue per KWh	10.35		¢	10.03		¢

(a) See Note 6 to the consolidated financial statements for further information.

Owned and Purchased Energy Generation — 2022

Electric Energy Sources

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

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Carbon-Free

Xcel Energy’s carbon-free energy portfolio includes wind, nuclear, hydroelectric, biomass and solar power from both owned generation facilities and PPAs. Carbon-free percentages will vary year-over-year based on system additions, commodity costs, weather, system demand and transmission constraints.

See Item 2 — Properties for further information.

Wind

Owned — Owned and operated wind farms with corresponding capacity:


Utility Subsidiary		2022				2021
	Wind Farms		Capacity (MW) (a)		Wind Farms		Capacity (MW) (b)
NSP System		16		2,352		14		2,031
PSCo		2		1,059		2		1,059
SPS		2		984		2		984
Total		20		4,395		18		4,074

(a) Summer 2022 net dependable capacity.

(b) Summer 2021 net dependable capacity.

PPAs — Number of PPAs with capacity range:


Utility Subsidiary		2022				2021
	PPAs		Range (MW)		PPAs		Range (MW)
NSP System		129		1 — 206		128		1 — 206
PSCo		17		23 — 301		17		23 — 301
SPS		17		1 — 250		17		1 — 250

Capacity — Wind capacity (MW) for owned wind farms and PPAs:


Utility Subsidiary	2022	2021
NSP System	4,515	3,997
PSCo	4,082	4,085
SPS	2,548	2,548

Average Cost (Owned) — Average cost per MWh of wind energy from owned generation:


Utility Subsidiary	2022		2021
NSP System	$	18	$	25
PSCo	11		17
SPS	13		17

Average Cost (PPAs) — Average cost per MWh of wind energy under existing PPAs:


Utility Subsidiary	2022		2021
NSP System	$	37	$	37
PSCo	38		35
SPS	27		27

Wind Development — Xcel Energy placed into service, repowered, or contracted for the following during 2022:


Project	Utility Subsidiary	Capacity (MW)
Dakota Range	NSP-Minnesota	298	(a)(b)
Nobles Repower	NSP-Minnesota	200	(a)(b)
Rock Aetna	NSP-Minnesota	20	(a)(b)
Various PPAs	Various	220	(c)

(a) Summer 2022 net dependable capacity.

(b) Values disclosed are the maximum generation levels. Capacity is attainable only when wind conditions are sufficiently available.

Xcel Energy currently has approximately 550 MW of owned wind under development or being repowered.


Project	Utility Subsidiary	Capacity (MW)	Estimated Completion



Northern Wind	NSP-Minnesota	100	2023	(a)
Grand Meadow Repower	NSP-Minnesota	100	2023
Border Winds Repower	NSP-Minnesota	150	2025
Pleasant Valley Repower	NSP-Minnesota	200	2025

(a)Placed in service in January 2023.

Solar

PPAs — Solar PPAs capacity by type:


Type	Utility Subsidiary	Capacity (MW)
Distributed Generation	NSP System	1,074
Utility-Scale	NSP System	269
Distributed Generation	PSCo	848
Utility-Scale	PSCo	732
Distributed Generation	SPS	20
Utility-Scale	SPS	192
Total		3,135

Average Cost (PPAs) — Average cost per MWh of solar energy under existing PPAs:


Utility Subsidiary	2022		2021
NSP System	$	79	$	90
PSCo	69		67
SPS	62		61

Solar Development — In September 2022, the MPUC approved NSP-Minnesota's proposal to add 460 MW of solar facilities at the Sherco site. The project is expected to cost approximately $690 million (two phases to be completed in 2024 and 2025). As a result of the IRA, the levelized cost of the project is expected to be approximately 30% lower than previously estimated.

PSCo placed approximately 200 MW of PPAs into service during 2022 and expects to place approximately 800 MW (including storage) of PPAs into service during 2023.

Nuclear

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2022 net summer dependable capacity that serve the NSP System. Our nuclear fleet has become one of the best performing and dependable in the nation, as rated by both the NRC and INPO. Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants. We use varying contract lengths as well as multiple producers for uranium concentrates, conversion services and enrichment services to minimize potential impacts caused by supply interruptions due to geographical and world political issues.

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


Utility Subsidiary	Nuclear
NSP System	Cost		Percent
2022	$	0.76	51	%
2021	0.77		50

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Other — Xcel Energy’s other carbon-free energy portfolio includes hydro from owned generating facilities.

See Item 2 — Properties for further information.

Fossil Fuel

Xcel Energy’s fossil fuel energy portfolio includes coal and natural gas power from both owned generating facilities and PPAs.

Coal

Xcel Energy owns and operates coal units with approximately 6,200 MW of total 2022 net summer dependable capacity, which provided 23% of Xcel Energy’s energy mix in 2022.

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


Year	Utility Subsidiary	Plant Unit	Capacity (MW)
2023	NSP-Minnesota	Sherco 2	682
2024	SPS	Harrington (a)	1,018
2025	PSCo	Comanche 2	335
2025	PSCo	Craig 1	42	(b)
2025	PSCo	Pawnee (c)	505
2026	NSP-Minnesota	Sherco 1	680
2027	PSCo	Hayden 2	98	(b)
2028	PSCo	Hayden 1	135	(b)
2028	PSCo	Craig 2	40	(b)
2028	NSP-Minnesota	A.S. King	511
2030	NSP-Minnesota	Sherco 3	517	(b)
2030	PSCo	Comanche 3	500	(b)
2034	SPS	Tolk 1 (d)	532
2034	SPS	Tolk 2 (d)	535

(a)Reflects expected conversion from coal to natural gas following the TCEQ order that Harrington cease use of coal fuel by Jan. 1, 2025.

(b)Based on Xcel Energy’s ownership interest.

(c)Reflects conversion from coal to natural gas.

(d)Tolk Unit 1 and 2 are approved to be retired early in 2034. SPS proposed to retire both units in 2028 in the pending New Mexico and Texas rate cases.

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


	Coal (a)
Utility Subsidiary	Cost		Percent
NSP System
2022	$	2.27	37	%
2021	1.95		34
PSCo
2022	1.48		55
2021	1.43		62
SPS
2022	2.37		59
2021	2.07		66

(a) Includes refuse-derived fuel and wood for the NSP System.

Natural Gas

Xcel Energy has 23 natural gas plants with approximately 8,100 MW of total 2022 net summer dependable capacity, which provided 24% of Xcel Energy’s mix in 2022.

Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel. Remaining requirements are procured through a liquid spot market. Generally, natural gas supply contracts have variable pricing that is tied to natural gas indices. Natural gas supply and transportation agreements include obligations for the purchase and/or delivery of specified volumes or payments in lieu of delivery.

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


	Natural Gas
Utility Subsidiary	Cost		Percent
NSP System
2022	$	7.58	12	%
2021 (a)	4.98		16
PSCo
2022	7.09		45
2021 (a)	8.38		38
SPS
2022	5.87		41
2021 (a)	6.72		34

(a)Reflective of Winter Storm Uri.

Capacity and Demand

Uninterrupted system peak demand and occurrence date:


	System Peak Demand (MW)
	2022		2021
NSP System	9,245	June 20	8,837	June 9
PSCo	6,821	Sept. 6	6,958	July 28
SPS	4,280	July 19	4,054	Aug. 9

Transmission

Transmission lines deliver electricity at high voltages and over long distances from power sources to transmission substations closer to customers. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy. Xcel Energy owns approximately 110,000 conductor miles of transmission lines, serving 22,000 MW of customer load, across its service territory.

Between 2023 and 2028, Xcel Energy plans to build approximately 1,700 additional conductor miles of transmission lines, primarily as part of the MISO Tranche 1 and Colorado Power Pathway projects.

See Item 2 - Properties for further information.

Distribution

Distribution lines allow electricity to travel at lower voltages from substations directly to customers. Xcel Energy has a vast distribution network, owning and operating approximately 210,000 conductor miles of distribution lines across our eight-state service territory.

To continue providing reliable, affordable electric service and enable more flexibility for customers, we are working to digitize the distribution grid, while at the same time keeping it secure. Xcel Energy plans to invest approximately $1.7 billion implementing new network infrastructure, smart meters, advanced software, equipment sensors and related data analytics capabilities. As of Dec. 31, 2022, Xcel Energy had spent approximately $765 million on these investments.

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Investments of this nature will further improve reliability and reduce outage restoration times for our customers, while at the same time enabling new options and opportunities for increased efficiency savings. The new capabilities will also enable integration of battery storage and other distributed energy resources into the grid, including electric vehicles.

See Item 2 - Properties for further information.


Natural Gas Operations

Natural gas operations consist of purchase, transportation and distribution of natural gas to end-use residential, C&I and transport customers in NSP-Minnesota, NSP-Wisconsin and PSCo. Xcel Energy had natural gas deliveries of 400,741 (thousands of MMBtu), 2.1 million customers and natural gas revenues of $3,080 million for 2022.


Natural Gas (percentage of total)	Deliveries		Number of Customers		Revenues
Residential	38	%	92	%	59	%
C&I	24		8		32
Transportation and other	38		<1		9

Sales/Revenue Statistics (a)


	2022		2021
MMBtu sales per retail customer	116		114
Revenue per retail customer	$	1,318	$	917
Residential revenue per MMBtu	11.97		8.61
C&I revenue per MMBtu	10.45		7.20
Transportation and other revenue per MMBtu	1.16		1.20

(a)See Note 6 to the consolidated financial statements for further information.

Capability and Demand

Natural gas supply requirements are categorized as firm or interruptible (customers with an alternate energy supply).

Maximum daily output (firm and interruptible) and occurrence date:


	2022		2021
Utility Subsidiary	MMBtu	Date	MMBtu	Date (a)
NSP-Minnesota	867,385	Feb. 12	899,133	Feb. 11
NSP-Wisconsin	187,961	Jan. 6	167,656	Feb. 11
PSCo	2,243,552	Dec. 22	2,316,283	Feb. 14

(a)Reflective of Winter Storm Uri.

Natural Gas Supply and Cost

Xcel Energy seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility, decreases interruption, financial risks and customer rates. In addition, the utility subsidiaries conduct natural gas price hedging activities approved by their states’ commissions.

Average delivered cost per MMBtu of natural gas for regulated retail distribution:


Utility Subsidiary	2022		2021 (a)
NSP-Minnesota	$	7.00	$	7.48
NSP-Wisconsin	6.68		7.11
PSCo	6.33		6.06

(a)Reflective of Winter Storm Uri.

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


General

General Economic Conditions

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

Seasonality

Demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.

Competition

Xcel Energy is subject to public policies that promote competition and development of energy markets. Xcel Energy’s industrial and large commercial customers have the ability to generate their own electricity. In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region.

Customers have the opportunity to supply their own power with distributed generation including solar generation and in most jurisdictions can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them.

Several states have incentives for the development of rooftop solar, community solar gardens and other distributed energy resources. Distributed generating resources are potential competitors to Xcel Energy’s electric service business with these incentives and federal tax subsidies.

The FERC has continued to promote competitive wholesale markets through open access transmission and other means. Xcel Energy’s wholesale customers can purchase their output from generation resources of competing suppliers or non-contracted quantities and use the transmission systems of the utility subsidiaries on a comparable basis to serve their native load.

FERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations. Some states have state laws that allow the incumbent a Right of First Refusal to own these transmission facilities.

FERC Order 2222 requires that RTO and ISO markets allow participation of aggregations of distributed energy resources. This order is expected to incentivize distributed energy resource adoption, however implementation is expected to vary by RTO/ISO and the near, medium, and long-term impacts of Order 2222 remain unclear.

Xcel Energy Inc.’s utility subsidiaries have franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization. No municipalization activities are occurring presently.

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While each utility subsidiary faces these challenges, Xcel Energy believes their rates and services are competitive with alternatives currently available.


Governmental Regulations

Public Utility Regulation

See Item 7 for discussion of public utility regulation.

Environmental Regulation

Our facilities are regulated by federal and state agencies that have jurisdiction over air emissions, water quality, wastewater discharges, solid and hazardous wastes or substances. Certain Xcel Energy activities require registrations, permits, licenses, inspections and approvals from these agencies.

Xcel Energy has received necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Our facilities strive to operate in compliance with applicable environmental standards and related monitoring and reporting requirements.

However, it is not possible to determine what additional facilities or modifications to existing or planned facilities will be required as a result of changes to regulations, interpretations or enforcement policies or what effect future laws or regulations may have. We may be required to incur expenditures in the future for remediation of historic and current operating sites and other waste treatment, storage and disposal sites.

There are significant environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs. We have undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions and respond to state renewable and energy efficiency goals. Future environmental regulations may result in substantial costs.

Emerging Environmental Regulation

Clean Air Act — In April 2022, the EPA proposed regulations under the "Good Neighbor" provisions of the Clean Air Act. The proposed rules apply to Minnesota, Texas and Wisconsin. The proposal establishes an allowance trading program for NOx, potentially impacting Xcel Energy fossil fuel generating facilities. Under the proposed rule, facilities without NOx controls will have to secure additional allowances, install NOx controls, or develop a strategy of operations that utilizes the existing allowance allocations. The EPA has indicated that it intends for the rule to be final and applicable in the first half of 2023. While the financial impacts of the proposed regulation are uncertain and dependent on market forces, Xcel Energy anticipates that costs will be approximately $60 million annually and will be recoverable through regulatory mechanisms based on prior state commission practices.

In a June 2022 ruling, the United States Supreme Court held that an economy-wide approach to reducing greenhouse gas emissions from coal-fired power plants was not consistent with the Clean Air Act. Therefore, if the EPA proceeds with new rules, it cannot set a standard based on economy-wide generation shifting to other sources, such as renewable energy. It is anticipated that EPA will propose rules to limit GHG emissions from new and existing coal and natural gas-fired electric generating units in 2023. If any new rules require additional investment, Xcel Energy believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Coal Ash Regulation — In February 2023, the EPA entered into a Consent Decree, committing the agency to either issue new proposed rules by May 5, 2023, to regulate inactive CCR landfills under the CCR Rule for the first time, or to determine no such rules are necessary by that date. If proposed rules are issued in May, the EPA has committed to a May 2024 effective date for the new rules. Until proposed rules are issued, it is not certain what the impact will be on Xcel Energy, but we anticipate that additional inactive ash units could become regulated for the first time. It is also anticipated that the EPA may issue other CCR proposed rules in 2023 that further expand the scope of the CCR Rule.

Emerging Contaminants of Concern — PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. Xcel Energy does not manufacture PFAS but because PFAS are so ubiquitous in products and the environment, it may impact our operations. In September 2022, the EPA proposed to designate two types of PFAS as “hazardous substances” under the Comprehensive Environmental Response, Compensation, and Liability Act, specifically perfluorooctanoic acid and perfluorooctanesulfonic acid. This proposed rule could result in new obligations for investigation and cleanup wherever PFAS are found to be present. The impact the proposed regulation may have on electric and gas utilities is currently uncertain.

Environmental Costs

Environmental costs include amounts for nuclear plant decommissioning and payments for storage of spent nuclear fuel, disposal of hazardous materials and waste, remediation of contaminated sites, monitoring of discharges to the environment and compliance with laws and permits with respect to emissions.

Costs charged to operating expenses for nuclear decommissioning, spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste and depreciation of previously incurred capital expenditures for environmental improvements were approximately:

$365 million in 2022.
$365 million in 2021.
$400 million in 2020.

Average annual expense of approximately $430 million from 2023 – 2027 is estimated for similar costs. The precise timing and amount of environmental costs, including those for site remediation and disposal of hazardous materials, are unknown. Additionally, the extent to which environmental costs will be included in and recovered through rates may fluctuate.

Capital expenditures for environmental improvements were approximately:

$20 million in 2022.
$60 million in 2021.
$30 million in 2020.

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

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Other

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


Capital Spending and Financing

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


Information about our Executive Officers (a)
Name	Age (b)	Current and Recent Positions	Time in Position



Robert C. Frenzel	52	Chairman of the Board of Directors, Xcel Energy Inc.	December 2021 — Present
		President and Chief Executive Officer and Director, Xcel Energy Inc.	August 2021 — Present
		Chief Executive Officer, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS	August 2021 — Present
		President and Chief Operating Officer, Xcel Energy Inc.	March 2020 — August 2021
		Executive Vice President, Chief Financial Officer, Xcel Energy Inc.	May 2016 — March 2020
		Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp. (c)	February 2012 — April 2016
Brett C. Carter	56	Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc.	March 2022 — Present
		Executive Vice President and Chief Customer and Innovation Officer, Xcel Energy Inc.	May 2018 — March 2022
		Senior Vice President and Shared Services Executive, Bank of America, an institutional investment bank and financial services company	October 2015 — May 2018
Patricia Correa	49	Senior Vice President, Chief Human Resources Officer, Xcel Energy Inc.	February 2022 — Present
		Senior Vice President, Human Resources, Eaton Corporation, a power management company	July 2019 — January 2022
		Vice President, Human Resources, Eaton Corporation	March 2016 — July 2019

Timothy O’Connor	63	Executive Vice President, Chief Operations Officer, Xcel Energy Inc.	August 2021 — Present
		Executive Vice President, Chief Generation Officer, Xcel Energy Inc.	March 2020 — August 2021
		Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc	February 2013 — March 2020
Frank Prager	60	Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer, Xcel Energy Inc.	March 2022 — Present
		Senior Vice President, Strategy, Planning and External Affairs, Xcel Energy Inc.	March 2020 — March 2022
		Vice President, Policy and Federal Affairs, Xcel Energy Services Inc.	January 2015 — March 2020
Amanda Rome	42	Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.	June 2022 — Present
		Executive Vice President, General Counsel, Xcel Energy Inc.	June 2020 — June 2022
		Vice President and Deputy General Counsel, Xcel Energy Services Inc.	October 2019 — June 2020
		Managing Attorney, Xcel Energy Services Inc.	July 2018 — October 2019
		Rotational Position, Xcel Energy Services Inc.	January 2018 — July 2018
		Lead Assistant General Counsel, Xcel Energy Services Inc.	July 2015 — January 2018
Brian J. Van Abel	41	Executive Vice President, Chief Financial Officer, Xcel Energy Inc.	March 2020 — Present
		Senior Vice President, Finance and Corporate Development, Xcel Energy Services Inc.	September 2018 — March 2020
		Vice President, Treasurer, Xcel Energy Services Inc.	July 2015 — September 2018

(a) No family relationships exist between any of the executive officers or directors.

(b)Ages as of Feb. 23, 2023.

(c)In April 2014, Energy Future Holdings Corp., the majority of its subsidiaries, including Texas Competitive Energy Holdings the parent company of Luminant, filed a voluntary bankruptcy petition under Chapter 11 of the United States Bankruptcy Code. Texas Competitive Energy Holdings emerged from Chapter 11 in October 2016.

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