Item 1. BUSINESS

Definitions of Abbreviations

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

Federal and State Regulatory Agencies
CPUC			Colorado Public Utilities Commission
DOC			Minnesota Department of Commerce
DOE			United States Department of Energy
DOT			United States Department of Transportation
EPA			United States Environmental Protection Agency
ERCOT			Electric Reliability Council of Texas
FASB			Financial accounting standards board
FERC			Federal Energy Regulatory Commission
IRS			Internal Revenue Service
MPUC			Minnesota Public Utilities Commission
MPSC			Michigan Public Service Commission
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
NIST			National Institute of Standards and Technology
NMPRC			New Mexico Public Regulation Commission
NRC			Nuclear Regulatory Commission
OAG			Minnesota Office of Attorney General
PHMSA			Pipeline and Hazardous Materials Safety Administration
PSCW			Public Service Commission of Wisconsin
PUCT			Public Utility Commission of Texas
SDPUC			South Dakota Public Utility Commission
SEC			Securities and Exchange Commission

Electric, Purchased Gas and Resource Adjustment Clauses
CIP			Conservation improvement program
DSM			Demand side management
FCA			Fuel clause adjustment
GCA			Gas cost adjustment
RES			Renewable energy standard

Other
ADIT			Accumulated deferred income taxes
AFUDC			Allowance for funds used during construction
ALJ			Administrative law judge
ARO			Asset retirement obligation
ARRR			Application for rehearing, reargument or reconsideration
ASC			Financial Accounting Standards Board Accounting Standards Codification
ASU			Accounting standards update
ATM			At-the-market
C&I			Commercial and industrial

CapX2020			Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CCR			Coal combustion residuals
CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD			Cooling degree-days
CEO			Chief executive officer
CERCLA			Comprehensive Environmental Response, Compensation, and Liability Act
CFO			Chief financial officer
CIG			Colorado Interstate Gas Company, LLC
CON			Certificate of need
CO2			Carbon dioxide
CORE			CORE Electric Cooperative
CPCN			Certificate of public convenience and necessity
CSPV			Crystalline silicon photovoltaic
CWIP			Construction work in progress
DECON			Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level
DRIP			Dividend Reinvestment Program
EEI			Edison Electric Institute
EMANI			European Mutual Association for Nuclear Insurance
EPS			Earnings per share
ETR			Effective tax rate
FTR			Financial transmission right
GAAP			Generally accepted accounting principles
GE			General Electric
GHG			Greenhouse gas
HDD			Heating degree-days
INPO			Institute of Nuclear Power Operations
IRA			Inflation Reduction Act
IPP			Independent power producing entity
IRP			Integrated resource plan
ISO			Independent system operator
ITC			Investment tax credit
LP&L			Lubbock Power & Light
MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator, Inc.
Native load			Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAV			Net asset value
NEIL			Nuclear Electric Insurance Ltd.
NOL			Net operating loss
NOx			Nitrogen oxides
O&M			Operating and maintenance
ONES			Operations, Nuclear, Environmental and Safety
PFAS			Per- and polyfluoroalkyl substances
PIM			Performance incentive mechanism
Post-65			Post-Medicare
PPA			Power purchase agreement
Pre-65			Pre-Medicare
PSPS			Public safety power shutoff
PTC			Production tax credit
RDF			Refuse-derived fuel
REC			Renewable energy credit

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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
SMMPA			Southern Minnesota Municipal Power Agency
SPP			Southwest Power Pool, Inc.
SRP			System resiliency plan
TCJA			2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THI			Temperature-humidity index
TSR			Total shareholder return
VaR			Value at risk
VIE			Variable interest entity
WACC			Weighted average cost of capital
WMP			Wildfire mitigation plan

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 2025 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024 (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 workforce 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; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

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Overview

Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries (NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, 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.

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

Utility Subsidiary Overview
Electric customers						3.9 million
Natural gas customers						2.2 million
Total assets						$70 billion
Electric generating capacity (owned)						20,426 MW
Natural gas storage capacity						53.3 Bcf
Electric transmission lines (conductor miles)						111,000 miles
Electric distribution lines (conductor miles)						221,000 miles
Natural gas transmission lines						2,100 miles
Natural gas distribution lines						38,000 miles

Service Territory

Strategy

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

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

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

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

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

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OUR CUSTOMERS

Xcel Energy has invested more than $2 billion over the past decade in a portfolio of renewable and conservation programs that provide customers with clean energy options and help keep bills low. New demand remains robust in our territories, including load growth from new data centers, industrial electrification and electric vehicle adoption. As such, we are transforming and expanding our electric grid to accommodate load growth, renewable energy and distributed energy resources.

We are in the process of installing smart electric meters, which will deliver customer and operational benefits, providing near-real-time communication, allowing customers to know how much energy they are using and what it will cost. In addition, customers will have new digital tools to make it easier to access their energy information, gain useful insights to understand and manage their energy use and make energy choices that lower their bills.

Customer affordability is critical to successful strategy execution. Since 2020, our lean operating program has generated nearly $500 million of sustainable savings for our customers, while improving operating outcomes and reducing enterprise risk. At the same time, our Steel for Fuel strategy has saved customers nearly $5 billion since 2017 in avoided fuel costs and PTCs.

In turn, we delivered our electric and natural gas products in 2024 at a price that is lower than it was ten years ago on an inflation adjusted basis. Since 2014, our average residential electric bill growth has been 1.7% per year and natural gas bills have declined 0.6% per year on a nominal basis. Additionally, based on available EIA data, the five year average residential electric and natural gas bills for an Xcel Energy customer were 28% and 12% below the national average.

Going forward, our goal is to enable the clean energy transition while keeping long-term customer bill growth below the rate of inflation through initiatives including conservation programs, O&M cost control, our One Xcel Energy Way lean management initiative, advanced operational technologies and our Steel for Fuel program.

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

Investing in our communities is important to our collective success. We initiated 24 economic development projects for our local communities in 2024, which are projected to create more than $5.1 billion in capital investments and nearly 3,200 jobs. Nearly 59% of our supply chain spend was local.

Approximately 280 employees served on more than 480 nonprofit organizations or local community boards, providing over 26,000 volunteer hours in 2024. Our annual Day of Service attracted 2,200 people who volunteered over 7,900 combined hours at over 110 nonprofit projects across the company’s service footprint.

In 2024, the Xcel Energy Foundation contributed $5 million to 390 nonprofit organizations that support its three charitable giving focus areas of STEM Career Pathways, Environmental Sustainability, and Community Vitality. Through our 2024 Power Your Purpose Giving Campaign, Xcel Energy employees, contractors and retirees donated more than $2 million to over 1,500 nonprofit and community organizations – exceeding our fundraising goal. Combined with the Xcel Energy Foundation match to local United Way chapters, this campaign raised $5 million for our communities.

OUR PEOPLE

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 an Inclusive, Best-in-Class Workforce

We aim to create an inclusive work culture where employees are empowered to create innovative solutions, where everyone is respected and there is a collective sense of belonging. We are building a workforce that reflects the broad range of backgrounds, experiences and perspectives within our communities and among our customers. This starts with our Board of Directors.

The Board of Directors oversees our workforce strategy, including our inclusion initiatives and employee safety and inclusion KPIs in our management annual incentive plan.

A total of 70% of annual incentive compensation was tied to safety, system reliability and inclusion metrics.

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

We partner with educational and community organizations to recruit employees who reflect the communities we serve and live our values. Xcel Energy had 11,380 full-time employees and workforce demographics as of December 2024 were as follows:

			Female			Ethnically Diverse
Board of Directors			31		%	15		%
CEO direct reports			38			13
Management			25			13
Employees			23			18
New hires			40			28
Interns (hired throughout 2024)			42			40

Xcel Energy respects employees’ freedom of association and their right to collectively organize. As of Dec. 31, 2024, approximately 45% of our employees (5,087) were covered by collective bargaining agreements.

We are committed to the advancement and protection of human rights, consistent with U.S. human rights laws and the general principles in the International Labour Organization Conventions.

Annual Code of Conduct training is required for all employees and the Board of Directors. We do not tolerate Code of Conduct violations or other unacceptable behaviors. We expect and offer employees multiple avenues to raise concerns or report wrong-doing and do not permit any retaliation.

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OUR PERFORMANCE

Deliver a Competitive Total Return to Investors

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

We have consistently achieved our financial objectives, meeting or exceeding our initial ongoing earnings guidance range for 20 consecutive years and delivering dividend growth for 22 consecutive years.

Leading the Energy Clean Transition

Xcel Energy is committed to maintaining a safe and reliable electric and natural gas system, while leading the clean energy transition. Over the next five years, we plan to make $45 billion of capital investments to improve reliability, resiliency and sustainability. Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers, we have approximately $28 billion in our 2025 - 2029 capital plan focused specifically on this.

Our sustainability commitments are summarized as follows:

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

Zero-Carbon Electricity by 2050

Xcel Energy’s operating footprint includes some of the best wind and solar resources in the country, providing for higher capacity factors and lower electricity costs.

Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind. In 2024, we completed Phase 1 of our Sherco Solar project in Minnesota. Once Phases 2 and 3 are completed in 2025 and 2026, Sherco Solar’s combined capacity of 710 MW will be one of the largest solar facilities in the country and provide enough clean energy to power 150,000 homes across the upper Midwest. We have 15,000 - 29,000 MW of investment opportunity, through new and extended generation, in development across our NSP, PSCo and SPS footprint. In our base 2025 - 2029 capital investment plan, we have 3,700 MW of new and repowered wind, solar, hybrid and battery storage resources included.

Through 2024, we reduced carbon emissions from generation serving customers by an estimated 57% (from 2005 levels) and remain on track to achieve 80% carbon reduction and fully exit coal by the end of 2030.

Natural Gas Use in Buildings – Net-Zero GHG by 2050

Recognizing externalities like the pace of technology development and customer needs, Xcel Energy updated certain interim goals on the path to achieve our 2050 goal to provide net-zero natural gas service from the supply, distribution and end-use natural gas. In 2024 and early 2025, we received approvals for our modified Clean Heat Plan in Colorado and Natural Gas Innovation Plan in Minnesota, which provide starting points for this transition.

Our net-zero natural gas frameworks include the following priorities:

• Operating a safe, reliable gas system with net-zero methane gas service by 2030.

• Optimize the energy system with electrification-first approaches for new growth by leading voluntary market transformation initiatives.

• Provide customers with a portfolio of solutions to choose from, including natural gas, while ensuring we meet requirements of our regulators.

Electrification of the Transportation Sector

We are also helping reduce carbon emissions in other sectors, including transportation. Similar to our natural gas goals, we revised the interim goals to reflect market considerations for transportation to enable the charging infrastructure for 1.5 million electric vehicles across the areas we serve by 2035. By 2050, our vision remains to run all vehicles in our service area with carbon-free electricity or other clean energy. We have approved clean transportation programs and plans in Colorado, New Mexico, Minnesota and Wisconsin.

Wildfire Resiliency and Mitigation

Protecting our customers and our system from the threats of extreme weather is a top priority for Xcel Energy. In 2024, we filed an updated Wildfire Mitigation Plan in Colorado and our Resiliency Plan in Texas that integrates industry experience, incorporates evolving risk assessment methodologies, adds new technology and expands the scope, pace and scale of our programs to reduce wildfire risk. We also issued wildfire mitigation plans for each of our other states in 2024.

In 2024, we implemented the capability to deliver enhanced, wildfire safety operations and conduct proactive public safety power shutoffs across our entire system. We accelerated pole inspections and replacements on our system and expanded visual coverage of high-risk areas with our PanoAI camera system. We also deployed Technosylva’s advanced risk modelling system enterprise-wide.

Finally, we are working at both a state and federal level on legislation to enhance the safety of our communities from evolving extreme weather risks while protecting the financial integrity of companies like Xcel Energy.

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Utility Subsidiaries

NSP-Minnesota
Electric customers			1.6 million									NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota.
Natural gas customers			0.6 million
Total assets			$27.5 billion
Rate Base (estimated)			$17.4 billion
GAAP ROE			9.07%
Ongoing ROE			9.46%
Electric generating capacity (owned)			8,623 MW
Gas storage capacity			16.9 Bcf
Electric transmission lines (conductor miles)			34,000 miles
Electric distribution lines (conductor miles)			87,000 miles
Natural gas transmission lines			78 miles
Natural gas distribution lines			11,000 miles

NSP-Wisconsin
Electric customers			0.3 million									NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, purchases, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.
Natural gas customers			0.1 million
Total assets			$4.1 billion
Rate Base (estimated)			$2.7 billion
GAAP ROE			8.98%
Electric generating capacity (owned)			500 MW
Gas storage capacity			4.3 Bcf
Electric transmission lines (conductor miles)			12,000 miles
Electric distribution lines (conductor miles)			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			$26.6 billion
Rate Base (estimated)			$19.3 billion
GAAP ROE			7.63%
Electric generating capacity (owned)			6,203 MW
Gas storage capacity			32.1 Bcf
Electric transmission lines (conductor miles)			25,000 miles
Electric distribution lines (conductor miles)			82,000 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			$10.8 billion
Rate Base (estimated)			$7.6 billion
GAAP ROE			9.57%
Electric generating capacity (owned)			5,100 MW
Electric transmission lines (conductor miles)			41,000 miles
Electric distribution lines (conductor miles)			25,000 miles

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Operations Overview

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

Electric Operations

Electric operations consist of energy supply, generation, transmission and distribution activities across all four utility subsidiaries. Xcel Energy had electric sales volume of 112,273 (millions of KWh), 3.9 million customers and electric revenues of $11,147 million for 2024.

Electric Operations (percentage of total)						Sales Volume						Number of Customers						Revenues
Residential						23		%				86		%				32		%
C&I						59						12						49
Other						18						2						19

Retail Sales/Revenue Statistics (a)

						2024						2023
KWh sales per retail customer						23,908						23,939
Revenue per retail customer						$	2,357					$	2,464
Residential revenue per KWh						13.82		¢				13.80		¢
C&I revenue per KWh						8.24		¢				8.82		¢
Total retail revenue per KWh						9.86		¢				10.29		¢

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

Owned and Purchased Energy Generation — 2024

Electric Energy Sources

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

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Carbon-Free

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

See Item 2 — Properties for further information.

Wind

Wind capacity is shown as net maximum capacity. Net maximum capacity is attainable only when wind conditions are sufficiently available.

Owned — Owned and operated wind farms with corresponding capacity:

Utility Subsidiary						2024												2023
			Wind Farms						Capacity (MW)						Wind Farms						Capacity (MW)
NSP System						17						2,445						17						2,444
PSCo						2						1,059						2						1,059
SPS						2						985						2						985
Total						21						4,489						21						4,488

PPAs — Number of PPAs with capacity range:

Utility Subsidiary						2024												2023
			PPAs						Range (MW)						PPAs						Range (MW)
NSP System						116						1 — 206						120						1 — 206
PSCo						16						23 — 301						17						23 — 301
SPS						16						1 — 250						16						1 — 250

PPAs — Contracted wind capacity (MW) for PPAs:

Utility Subsidiary						2024						2023
NSP System						2,061						2,066
PSCo						2,996						3,026
SPS						1,562						1,562

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

Type						Utility Subsidiary						2024						2023
Owned Generation (a)						NSP System						$	7					$	7
PPA						NSP System						32						33
Owned Generation (a)						PSCo						4						7
PPA						PSCo						43						42
Owned Generation (a)						SPS						1						6
PPA						SPS						28						26

(a)Includes the impact of PTCs.

Xcel Energy currently has approximately 1,900 MW of owned wind under development or being repowered. This includes 350 MW of approved repowering projects at the NSP System estimated to be completed in 2025. The Company anticipates approximately 1,550 MW at PSCo as part of the Colorado Resource Plan and anticipates approval of an additional 300 MW of PPAs as part of the Colorado Resource Plan, additions are expected to be placed in service between 2026 - 2028.

Additionally, the NSP System anticipates 3,200 MW to be placed in service by 2030, as part of the recently approved Upper Midwest Resource Plan. The RFP process will start in 2025.

Solar

Owned — Owned and operated solar projects with corresponding capacity:

Utility Subsidiary						2024												2023
			Solar Projects						Capacity (MW)						Solar Projects						Capacity (MW)
NSP System (a)						1						223						—						—

(a)NSP-Minnesota placed in service Sherco Solar 1 in the fourth quarter of 2024. Average cost per MWh will be available after a full year of operations.

PPAs — Solar PPAs capacity by type:

Type						Utility Subsidiary						Capacity (MW)
Distributed Generation						NSP System						1,461
Utility-Scale						NSP System						349
Distributed Generation						PSCo						1,031
Utility-Scale (a)						PSCo						1,530
Distributed Generation						SPS						30
Utility-Scale						SPS						192
Total												4,593

(a)Includes battery storage capacity of 225 MW.

Average Cost (PPAs) — Average cost per MWh of solar energy under existing distributed and utility-scale generation PPAs:

Utility Subsidiary						2024						2023
NSP System						$	100					$	90
PSCo						31						34
SPS						68						67

Solar Development — Xcel Energy currently has approximately 2,700 MW of owned and PPA solar under development. For the NSP System, this includes 500 MW of solar approved at the Sherco site which are expected to be placed in service in 2025 and 2026. Additionally, various PPAs totaling approximately 105 MW are expected to be completed throughout 2025. Incremental to this amount is 400 MW anticipated as part of the Upper Midwest Resource Plan, to be placed in service by 2030.

PSCo anticipates development of approximately 1,700 MW of solar generation resources (650 MW company owned, 1,050 MW as PPAs) as part of the Colorado Resource Plan. Colorado Resource Plan additions are expected to be placed in service between 2026 - 2028.

For SPS, approximately 450 MW of solar and storage are expected to be placed in service in 2026 and 2027.

Nuclear

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2024 net summer dependable capacity that safely and reliably generates carbon free electricity for the NSP System. Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants. We use varying contract lengths as well as multiple producers for uranium concentrates, conversion services and enrichment services to minimize potential impacts caused by supply interruptions due to geographical and world political issues.

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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
2024						$	0.83					43		%
2023						0.76						50

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

The NSP System anticipates development of approximately 300 MW of storage capacity at the Sherco site, expected to be placed in service in 2027. Additionally, 600 MW of stand-alone storage are expected to be added as part of the Upper Midwest Resource Plan, to be placed in service by 2030.

PSCo anticipates development of approximately 1,850 MW of storage capacity (400 MW company owned, 1,450 MW as PPAs) as part of the Colorado Resource Plan. Colorado Resource Plan additions are expected to be placed in service between 2026 - 2028.

See Item 2 — Properties for further information.

Fossil Fuel

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

Coal

Xcel Energy owned and operated coal units with approximately 5,500 MW of total 2024 net summer dependable capacity, which provided 15% of Xcel Energy’s energy mix in 2024. This amount includes the coal units Harrington Units 1-3, which are in the process of being converted to natural gas (net summer dependable capacity of 1,018 MW) and approximately 100 MW derived from RDF and wood fuel sources.

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

Year						Utility Subsidiary						Plant Unit						Capacity (MW)
2025						PSCo						Comanche 2						330
2025						PSCo						Craig 1						42			(a)
2025						PSCo						Pawnee (b)						505
2026						NSP-Minnesota						Sherco 1						680
2027						PSCo						Hayden 2						98			(a)
2028						PSCo						Hayden 1						135			(a)
2028						PSCo						Craig 2						40			(a)
2028						NSP-Minnesota						A.S. King						511
2028						SPS						Tolk 1						532
2028						SPS						Tolk 2						535
2030						NSP-Minnesota						Sherco 3						517			(a)
2030						PSCo						Comanche 3						500			(a)

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

(b)Reflects planned conversion from coal to natural gas.

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
2024						$	2.24					22		%
2023						2.43						29
PSCo
2024						1.91						44
2023						1.57						54
SPS
2024						2.87						34
2023						2.73						48

(a)Includes RDF and wood for the NSP System.

Natural Gas

Xcel Energy has 22 natural gas plants with approximately 8,000 MW of total 2024 net summer dependable capacity, which provided 33% of Xcel Energy’s mix in 2024.

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
2024						$	1.94					35		%
2023						3.91						21
PSCo
2024						2.77						56
2023						3.06						46
SPS
2024						0.94						66
2023						2.35						52

The NSP System anticipates the development of 700 MW of company owned natural gas generation expected to be placed in service between 2025 - 2028.

PSCo anticipates development of approximately 450 MW of company owned natural gas generation, as part of the Colorado Resource Plan to help ensure resiliency and reliability. Colorado Resource Plan additions are expected to be placed in service between 2026 - 2028.

In 2024, SPS converted a total of 339 MW from coal to natural gas related to the Harrington station coal to natural gas repowering project. In January 2025, an additional 341 MW has been converted to natural gas. Through 2025, SPS expects to convert a final 338 MW to natural gas.

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Capacity and Demand

Uninterrupted system peak demand and occurrence date:

						2024												2023
Utility Subsidiary						MW						Date						MW						Date
NSP System						8,822						Aug. 26						9,231						Aug. 23
PSCo						7,084						Aug. 1						6,909						July 24
SPS						4,437						Aug. 19						4,372						Aug. 17

Transmission

Transmission lines deliver electricity at high voltages and over long distances from power sources to substations closer to customers. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy. Xcel Energy owns approximately 111,000 conductor miles of transmission lines across its service territory.

See Item 2 - Properties for further information.

Distribution

Distribution lines allow electricity to travel at lower voltages from substations directly to customers. Xcel Energy has a vast distribution network, owning and operating approximately 221,000 conductor miles of distribution lines across our eight-state service territory.

See Item 2 - Properties for further information.

Natural Gas Operations

Natural gas operations consist of purchase, transportation and distribution of natural gas to end-use residential, C&I and transport customers in NSP-Minnesota, NSP-Wisconsin and PSCo. Xcel Energy had natural gas deliveries of 387,513 (thousands of MMBtu), 2.2 million customers and natural gas revenues of $2,230 million for 2024.

Natural Gas (percentage of total)						Deliveries						Number of Customers						Revenues
Residential						35		%				92		%				58		%
C&I						24						8						29
Transportation and other						41						<1						13

Sales/Revenue Statistics (a)

						2024						2023
MMBtu sales per retail customer						105						115
Revenue per retail customer						$	896					$	1,113
Residential revenue per MMBtu						9.48						10.54
C&I revenue per MMBtu						7.04						8.48
Transportation and other revenue per MMBtu						1.10						1.01

(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.

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

						2024												2023
Utility Subsidiary						MMBtu						Date						MMBtu						Date
NSP-Minnesota						841,164						Jan. 19						753,642						Feb. 3
NSP-Wisconsin						163,246						Jan.17						158,029						Jan. 30
PSCo						2,357,931						Jan.15						2,190,155						Jan. 30

Natural Gas Supply and Cost

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

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

Utility Subsidiary						2024						2023
NSP-Minnesota						$	3.97					$	5.31
NSP-Wisconsin						3.77						5.26
PSCo						3.36						4.91

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

General

General Economic Conditions

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

Seasonality

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

Competition

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

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

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

The FERC has continued to promote competitive wholesale markets through open access transmission and other means. Xcel Energy’s wholesale customers can purchase energy from other generation resources and transmission services from other service providers to serve their native load.

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

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

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

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

Governmental Regulations

Public Utility Regulation

See Item 7 for discussion of public utility regulation.

Environmental Regulation

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

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. However, costs to comply with past environmental regulations have largely been recoverable through rates.

Emerging Environmental Regulation

Clean Air Act

Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO2 emissions from the power sector. The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation. The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization. The CO2 control requirements vary by subcategory. Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Waste-to-Energy Air Regulations — In January 2024, the EPA proposed air regulations addressing new and existing large municipal waste combustors. The proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station, Red Wing Generating Plant and Wilmarth Generating Plant. Until final rules are issued, it is not certain what the impact will be on Xcel Energy. Xcel Energy believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Emerging Contaminants of Concern

PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. Xcel Energy does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.

In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA. In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.

Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable. If costs are incurred, Xcel Energy believes the costs will be recoverable through rates based on prior state commission practices.

Effluent Limitation Guidelines

In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants. This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants. Based on current estimates and assumptions, Xcel Energy has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.

Environmental Costs

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

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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:

• $290 million in 2024.

• $275 million in 2023.

• $365 million in 2022.

Average annual expense of approximately $330 million from 2025 – 2029 is estimated for similar costs. The precise timing and amount of environmental costs, including those for site remediation and disposal of hazardous materials, are unknown. Additionally, the extent to which environmental costs will be recovered through rates may fluctuate.

Capital expenditures for environmental improvements were approximately:

• $25 million in 2024.

• $20 million in 2023.

• $20 million in 2022.

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

Other

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

Capital Spending and Financing

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

Information about our Executive Officers (a)
Name						Age						Current and Recent Positions						Time in Position
Robert C. Frenzel						54						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
Robert Berntsen						55						Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.						May 2024 — Present
												Senior Vice President, General Counsel, BHE Renewables, LLC, a development and commercial management of renewable energy projects company						December 2020 — May 2024
												Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, MidAmerican Energy Company, a regulated electric and gas utility						March 2015 — December 2020
Patricia Correa						51						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
Timothy O’Connor						65						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
Amanda Rome						44						Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc.						October 2023 — Present
												Interim General Counsel, Xcel Energy Inc.						January 2024 — May 2024
												Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.						June 2022 — October 2023
												Executive Vice President, General Counsel, Xcel Energy Inc.						June 2020 — June 2022
												Vice President and Deputy General Counsel, Xcel Energy Services Inc.						October 2019 — June 2020
Brian J. Van Abel						43						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

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

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