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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-3034
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
Minnesota41-0448030
(State or Other Jurisdiction of Incorporation or Organization)
(Commission File Number)


(IRS Employer Identification No.)
414 Nicollet MallMinneapolisMinnesota55401
(Address of Principal Executive Offices)
(Zip Code)
612330-5500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueXELNasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at April 22, 2021
Common Stock, $2.50 par value538,206,800 shares



TABLE OF CONTENTS
PART IFINANCIAL INFORMATION
Item 1 —
Item 2 —
Item 3 —
Item 4 —
PART IIOTHER INFORMATION
Item 1 —
Item 1A —
Item 2 —
Item 6 —
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available on various filings with the Securities and Exchange Commission.
2


Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Co.
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGIWest Gas Interstate
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DOCDepartment of Commerce
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
IRSInternal Revenue Service
MPUCMinnesota Public Utilities Commission
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
Electric, Purchased Gas and Resource Adjustment Clauses
DSMDemand side management
FCAFuel clause adjustment
FPPCACFuel and purchased power cost adjustment clause
GUICGas utility infrastructure cost rider
PSIAPipeline System Integrity Adjustment
RESRenewable energy standard
TCRTransmission cost recovery adjustment
Other
AFUDCAllowance for funds used during construction
ASCFASB Accounting Standards Codification
C&ICommercial and Industrial
CCRCoal combustion residual
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CFOChief financial officer
COVID-19Novel coronavirus
DRIPDividend Reinvestment and Stock Purchase Program
EPSEarnings per share
ETREffective tax rate
FASBFinancial Accounting Standards Board
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
ISOIndependent System Operator
LLCLimited liability company
MDLMulti district litigation
MECMankato Energy Center
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOLNet operating loss
NOPRNotice of Proposed Rulemaking
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PPAPower purchase agreement
PTCProduction tax credit
ROEReturn on equity
ROFRRight-of-first-refusal
RTORegional Transmission Organization
SMMPASouthern Minnesota Municipal Power Agency
SPPSouthwest Power Pool, Inc.
THITemperature-humidity index
TOsTransmission owners
VaRValue at Risk
VIEVariable interest entity
Measurements
MWMegawatts
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 2021 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 Quarterly Report on Form 10-Q and in other filings with the SEC (including Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020, and subsequent filings), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; 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; ability to recover costs; changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.
3

Table of Contents


PART I FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
Three Months Ended March 31
20212020
Operating revenues
Electric$2,870 $2,203 
Natural gas647 583 
Other24 25 
Total operating revenues3,541 2,811 
Operating expenses
Electric fuel and purchased power1,386 797 
Cost of natural gas sold and transported299 285 
Cost of sales — other8 9 
Operating and maintenance expenses584 579 
Conservation and demand side management expenses73 74 
Depreciation and amortization521 463 
Taxes (other than income taxes)163 149 
Total operating expenses3,034 2,356 
Operating income507 455 
Other income (expense), net5 (11)
Equity earnings of unconsolidated subsidiaries14 11 
Allowance for funds used during construction — equity14 23 
Interest charges and financing costs
Interest charges — includes other financing costs of $7 and $7, respectively
205 199 
Allowance for funds used during construction — debt(5)(10)
Total interest charges and financing costs200 189 
Income before income taxes340 289 
Income tax benefit(22)(6)
Net income$362 $295 
Weighted average common shares outstanding:
Basic538 526 
Diluted539 527 
Earnings per average common share:
Basic$0.67 $0.56 
Diluted0.67 0.56 
See Notes to Consolidated Financial Statements

4

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20212020
Net income$362 $295 
Other comprehensive income (loss)
Pension and retiree medical benefits:
Amortization of losses included in net periodic benefit cost, net of tax of $ and $, respectively
 1 
Derivative instruments:
Net fair value decrease, net of tax of $ and $(3), respectively
 (10)
Reclassification of losses to net income, net of tax of $1 and $, respectively
3 2 
Total other comprehensive income (loss)3 (7)
Total comprehensive income$365 $288 
See Notes to Consolidated Financial Statements



5

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Three Months Ended March 31
 20212020
Operating activities
Net income$362 $295 
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Depreciation and amortization517 466 
Nuclear fuel amortization30 33 
Deferred income taxes(23)34 
Allowance for equity funds used during construction(14)(23)
Equity earnings of unconsolidated subsidiaries(14)(11)
Dividends from unconsolidated subsidiaries11 11 
Provision for bad debts14 13 
Share-based compensation expense9 26 
Changes in operating assets and liabilities:
Accounts receivable(57)(6)
Accrued unbilled revenues123 149 
Inventories39 33 
Other current assets8 (31)
Accounts payable(21)(201)
Net regulatory assets and liabilities(961)101 
Other current liabilities13 (77)
Pension and other employee benefit obligations(132)(157)
Other, net(40)14 
Net cash (used in) provided by operating activities(136)669 
Investing activities
Capital/construction expenditures(1,024)(1,607)
Purchase of investment securities(199)(835)
Proceeds from the sale of investment securities194 830 
Other, net(6)6 
Net cash used in investing activities(1,035)(1,606)
Financing activities
Proceeds from short-term borrowings, net893 1,170 
Proceeds from issuances of long-term debt1,821  
Repayments of long-term debt, including reacquisition premiums(400) 
Dividends paid(223)(204)
Other, net(10)(33)
Net cash provided by financing activities2,081 933 
Net change in cash, cash equivalents and restricted cash910 (4)
Cash, cash equivalents and restricted cash at beginning of period129 248 
Cash, cash equivalents and restricted cash at end of period$1,039 $244 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(206)$(207)
Cash (paid) received for income taxes, net(3) 
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$412 $284 
Inventory transfers to property, plant and equipment22 33 
Allowance for equity funds used during construction14 23 
Issuance of common stock for equity awards19 18 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
March 31, 2021Dec. 31, 2020
Assets
Current assets
Cash and cash equivalents$1,039 $129 
Accounts receivable, net959 916 
Accrued unbilled revenues591 714 
Inventories469 535 
Regulatory assets928 640 
Derivative instruments44 49 
Prepaid taxes41 42 
Prepayments and other244 250 
Total current assets4,315 3,275 
Property, plant and equipment, net43,582 42,950 
Other assets
Nuclear decommissioning fund and other investments3,154 3,096 
Regulatory assets3,552 2,737 
Derivative instruments59 30 
Operating lease right-of-use assets1,440 1,490 
Other409 379 
Total other assets8,614 7,732 
Total assets$56,511 $53,957 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$21 $421 
Short-term debt1,477 584 
Accounts payable1,213 1,237 
Regulatory liabilities406 311 
Taxes accrued684 578 
Accrued interest191 203 
Dividends payable246 231 
Derivative instruments48 53 
Operating lease liabilities221 214 
Other370 407 
Total current liabilities4,877 4,239 
Deferred credits and other liabilities
Deferred income taxes4,765 4,746 
Regulatory liabilities5,353 5,302 
Asset retirement obligations2,980 2,884 
Derivative instruments143 131 
Customer advances195 197 
Pension and employee benefit obligations516 666 
Operating lease liabilities1,287 1,344 
Other225 228 
Total deferred credits and other liabilities15,464 15,498 
Commitments and contingencies
Capitalization
Long-term debt21,470 19,645 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 538,076,662 and 537,438,394 shares outstanding at March 31, 2021 and Dec. 31, 2020, respectively
1,345 1,344 
Additional paid in capital7,411 7,404 
Retained earnings6,082 5,968 
Accumulated other comprehensive loss(138)(141)
Total common stockholders’ equity14,700 14,575 
Total liabilities and equity$56,511 $53,957 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended March 31, 2021 and 2020
Balance at Dec. 31, 2019524,539,000 $1,311 $6,656 $5,413 $(141)$13,239 
Net income295 295 
Other comprehensive loss(7)(7)
Dividends declared on common stock ($0.43 per share)
(227)(227)
Issuances of common stock494,594 2 10 12 
Share-based compensation(7)(1)(8)
Adoption of ASC Topic 326(2)(2)
Balance at March 31, 2020525,033,594 $1,313 $6,659 $5,478 $(148)$13,302 
Balance at Dec. 31, 2020537,438,394 $1,344 $7,404 $5,968 $(141)$14,575 
Net income362 362 
Other comprehensive income3 3 
Dividends declared on common stock ($0.4575 per share)
(246)(246)
Issuances of common stock638,268 1 14 15 
Share-based compensation(7)(2)(9)
Balance at March 31, 2021538,076,662 $1,345 $7,411 $6,082 $(138)$14,700 
See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of March 31, 2021 and Dec. 31, 2020; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholders’ equity for the three months ended March 31, 2021 and 2020.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2021, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2020 balance sheet information has been derived from the audited 2020 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020, filed with the SEC on Feb. 17, 2021. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
1. Summary of Significant Accounting Policies
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2020 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Adopted
Credit Losses In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards.
Xcel Energy implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $2 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for bad debts on accrued unbilled revenues, the Jan. 1, 2020, adoption of ASC Topic 326 did not have a significant impact on Xcel Energy’s consolidated financial statements.

3. Selected Balance Sheet Data
(Millions of Dollars)March 31, 2021Dec. 31, 2020
Accounts receivable, net
Accounts receivable$1,045 $995 
Less allowance for bad debts(86)(79)
Accounts receivable, net$959 $916 

(Millions of Dollars)March 31, 2021Dec. 31, 2020
Inventories
Materials and supplies$279 $275 
Fuel153 176 
Natural gas37 84 
Total inventories$469 $535 

(Millions of Dollars)March 31, 2021Dec. 31, 2020
Property, plant and equipment, net
Electric plant$48,008 $47,104 
Natural gas plant7,218 7,135 
Common and other property2,527 2,503 
Plant to be retired (a)
654 677 
Construction work in progress1,877 1,877 
Total property, plant and equipment60,284 59,296 
Less accumulated depreciation(17,060)(16,657)
Nuclear fuel3,047 2,970 
Less accumulated amortization(2,689)(2,659)
Property, plant and equipment, net$43,582 $42,950 
(a)Includes regulator-approved retirements of Comanche Units 1 and 2 and jointly owned Craig Unit 1 for PSCo, and Sherco Units 1 and 2 for NSP-Minnesota. Also includes SPS’ expected retirement of Tolk and conversion of Harrington to natural gas, and PSCo’s planned retirement of jointly owned Craig Unit 2.
4. Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2021Year Ended Dec. 31, 2020
Borrowing limit$4,300 $3,100 
Amount outstanding at period end1,477 584 
Average amount outstanding1,129 1,126 
Maximum amount outstanding2,054 2,080 
Weighted average interest rate, computed on a daily basis0.53 %1.45 %
Weighted average interest rate at period end0.73 0.23 
Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both March 31, 2021 and Dec. 31, 2020, there were $20 million of letters of credit outstanding under the credit facilities. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available capacity under these credit facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
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As of March 31, 2021, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,250 $277 $973 
PSCo700 8 692 
NSP-Minnesota500 10 490 
SPS500 2 498 
NSP-Wisconsin150  150 
Total$3,100 $297 $2,803 
(a)Expires in June 2024.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the revolving credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facilities. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of March 31, 2021 and Dec. 31, 2020.
Term Loan Agreements In February 2021, Xcel Energy Inc. entered into a $1.2 billion 364-Day Term Loan Agreement that matures Feb. 17, 2022. Xcel Energy has an option to extend through Feb. 16, 2023. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65 percent.
As of March 31, 2021, Xcel Energy Inc.’s term loan borrowings were as follows:
(Millions of Dollars)LimitAmount UsedAvailable
Xcel Energy, Inc.$1,200 $1,200 $ 
Bilateral Credit Agreement
In April 2021, the uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of March 31, 2021, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:
(Millions of Dollars)LimitAmount OutstandingAvailable
NSP-Minnesota$75 $49 $26 
Long-Term Borrowings and Other Financing Instruments
During the three months ended March 31, 2021, Xcel Energy Inc. and its utility subsidiaries issued the following:
PSCo issued $750 million of 1.875% first mortgage bonds due June 15, 2031.
SPS issued $250 million of 3.15% first mortgage bonds due 2050.
NSP-Minnesota issued $425 million of 2.25% first mortgage bonds due April 1, 2031 and $425 million of 3.20% first mortgage bonds due April 1, 2052.
Other Equity Xcel Energy Inc. issued $13 million and $10 million of equity through the DRIP during the three months ended March 31, 2021 and 2020, respectively. The program allows shareholders to reinvest their dividends in Xcel Energy Inc. common stock through a non-cash transaction.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
Three Months Ended March 31, 2021
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$733 $384 $10 $1,127 
C&I1,033 187 9 1,229 
Other30  2 32 
Total retail1,796 571 21 2,388 
Wholesale743   743 
Transmission146   146 
Other13 19  32 
Total revenue from contracts with customers2,698 590 21 3,309 
Alternative revenue and other172 57 3 232 
Total revenues$2,870 $647 $24 $3,541 
Three Months Ended March 31, 2020
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$676 $355 $11 $1,042 
C&I1,066 180 9 1,255 
Other29  1 30 
Total retail1,771 535 21 2,327 
Wholesale166   166 
Transmission132   132 
Other17 32  49 
Total revenue from contracts with customers2,086 567 21 2,674 
Alternative revenue and other117 16 4 137 
Total revenues$2,203 $583 $25 $2,811 



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6. Income Taxes
Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2020 represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference.
The following table reconciles the difference between the statutory rate and the ETR:
Three Months Ended March 31
20212020
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)4.9 4.9 
Decreases:
Wind PTCs(24.6)(17.2)
Plant regulatory differences (a)
(6.1)(8.4)
Other (net)(1.7)(2.4)
Effective income tax rate(6.5)%(2.1)%
(a)     Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions.

Federal Audits Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
Tax YearsExpiration
2014 2016
January 2022
2017September 2021

Additionally, the statute of limitations related to the federal tax loss carryback claim filed in 2020 has been extended. Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown.
State Audits  Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns.
As of March 31, 2021, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows:
StateYear
Colorado2009
Minnesota2013
Texas2012
Wisconsin2016
In July 2020, Minnesota began a review of tax years 2015 - 2018. In February 2021, Minnesota concluded its review and commenced an audit of the same tax years. As of March 31, 2021, no material adjustments have been proposed.
In January 2021, Wisconsin concluded its’ audit of tax years 2014 - 2016 with no material adjustments.
In March 2021, Wisconsin began an audit of tax years 2016 - 2019. As of March 31, 2021, no material adjustments have been proposed.
No other state income tax audits were in progress as of March 31, 2021.
Unrecognized Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period.
Unrecognized tax benefits — permanent vs. temporary:
(Millions of Dollars)March 31, 2021Dec. 31, 2020
Unrecognized tax benefit — Permanent tax positions$42 $41 
Unrecognized tax benefit — Temporary tax positions11 11 
Total unrecognized tax benefit$53 $52 
Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
(Millions of Dollars)March 31, 2021Dec. 31, 2020
NOL and tax credit carryforwards$(32)$(31)
As IRS audits resume and the state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $27 million in the next 12 months.
Payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards.
Interest payable related to unrecognized tax benefits:
(Millions of Dollars)March 31, 2021Dec. 31, 2020
Payable for interest related to unrecognized tax benefits at beginning of period$(3)$ 
Interest expense related to unrecognized tax benefits (3)
Payable for interest related to unrecognized tax benefits at end of period$(3)$(3)
No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2021 or Dec. 31, 2020.
7. Earnings Per Share
Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding.
Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method.
Common Stock Equivalents Xcel Energy Inc. has common stock equivalents related to time-based equity compensation awards.
Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.
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Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:
Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement have been satisfied by the end of the reporting period.
Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.
Common shares outstanding used in the basic and diluted EPS computation:
Three Months Ended March 31
(Shares in Millions)20212020
Basic 538 526
Diluted (a)
539527 
(a)     Diluted common shares outstanding included common stock equivalents of 0.2 million and 0.8 million for the three months ended March 31, 2021 and 2020, respectively.
8. Fair Value of Financial Assets and Liabilities
Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance.
Level 1 Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices.
Level 2 Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs.
Level 3 Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation.
Specific valuation methods include:
Cash equivalents The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV.
Investments in equity securities and other funds Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled fund investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds investments may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.
Investments in debt securities Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.
Interest rate derivatives Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.
Commodity derivatives Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated and may result in Level 3 classification.
Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.
The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR.
If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of certain inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3.
Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs relative to the electric utility operations of NSP-Minnesota and SPS, the numerous unobservable quantitative inputs pertinent to the value of FTRs are immaterial to the consolidated financial statements.
Non-Derivative Fair Value Measurements
The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the escrow and investment targets by asset class for both the escrow and qualified trust.
NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset.
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Unrealized gains for the nuclear decommissioning fund were $1 billion and $981 million as of March 31, 2021 and Dec. 31, 2020, respectively, and unrealized losses were $8 million and $5 million as of March 31, 2021 and Dec. 31, 2020, respectively.
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
March 31, 2021
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$32 $32 $ $ $ $32 
Commingled funds795    1,052 1,052 
Debt securities562  573 13  586 
Equity securities444 1,153 2   1,155 
Total$1,833 $1,185 $575 $13 $1,052 $2,825 
(a)    Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $170 million of equity investments in unconsolidated subsidiaries and $159 million of rabbi trust assets and miscellaneous investments.
Dec. 31, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$40 $40 $ $ $ $40 
Commingled funds787    1,041 1,041 
Debt securities528  572 13  585 
Equity securities446 1,109 2   1,111 
Total$1,801 $1,149 $574 $13 $1,041 $2,777 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $165 million of equity investments in unconsolidated subsidiaries and $154 million of rabbi trust assets and miscellaneous investments.
For the three months ended March. 31, 2021 and 2020, there were immaterial Level 3 nuclear decommissioning fund investments or transfer of amounts between levels.
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2021:
Final Contractual Maturity
(Millions of Dollars)Due in 1 year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 yearsTotal
Debt securities$3 $133 $202 $248 $586 
Rabbi Trusts
Xcel Energy has established rabbi trusts to provide partial funding for future distributions of its supplemental executive retirement plan and deferred compensation plan.
Cost and fair value of assets held in rabbi trusts:
March 31, 2021
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$23 $23 $ $ $23 
Mutual funds71 81   81 
Total$94 $104 $ $ $104 
Dec. 31, 2020
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3Total
Rabbi Trusts (a)
Cash equivalents$32 $32 $ $ $32 
Mutual funds60 70   70 
Total$92 $102 $ $ $102 
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets.
Derivative Instruments Fair Value Measurements
Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices.
Interest Rate Derivatives Xcel Energy enters into various instruments that effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes, with changes in fair value prior to settlement recorded as other comprehensive income.
As of March 31, 2021, accumulated other comprehensive loss related to settled interest rate derivatives included $6 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of March 31, 2021. Xcel Energy had no unsettled interest rate derivatives.
Wholesale and Commodity Trading Risk Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in activities governed by this policy. Sharing of any margins is determined through state regulatory proceedings as well as the operation of the FERC approved joint operating agreement.
Commodity Derivatives Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel and weather derivatives.
Xcel Energy may enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be designated as qualifying hedging transactions. The classification as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of March 31, 2021, Xcel Energy had no commodity contracts designated as cash flow hedges.
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Xcel Energy enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms.
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
March 31, 2021Dec. 31, 2020
Megawatt hours of electricity78 87 
Million British thermal units of natural gas164 175 
(a)Not reflective of net positions in the underlying commodities.
(b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Consideration of Credit Risk and Concentrations Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets.
Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities.
As of March 31, 2021, five of Xcel Energy’s ten most significant counterparties for these activities, comprising $117 million, or 43%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Three of the ten most significant counterparties, comprising $43 million, or 16%, of this credit exposure, were not rated by these external agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. Two of these significant counterparties, comprising $39 million or 14% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory (Assets) and Liabilities
Three Months Ended March 31, 2021
Other derivative instruments
Electric commodity$ $2 
Natural gas commodity 1 
Total$ $3 
Three Months Ended March 31, 2020
Derivatives designated as cash flow hedges
Interest rate$(13)$ 
Total$(13)$ 
Pre-Tax (Gains) Losses Reclassified into Income During the Period from:Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and (Liabilities)
Three Months Ended March 31, 2021
Derivatives designated as cash flow hedges
Interest rate$2 
(a)
$ $ 
Total$2 $ $ 
Other derivative instruments
Commodity trading$ $ $32 
(b)
Electric commodity 3 
(c)
 
Natural gas commodity 8 
(d)
(10)
(d)
Total$ $11 $22 
Three Months Ended March 31, 2020
Derivatives designated as cash flow hedges
Interest rate$2 
(a)
$ $ 
Total$2 $ $ 
Other derivative instruments
Commodity trading$ $ $1 
(b)
Electric commodity (4)
(c)
 
Natural gas commodity 5 
(d)
(6)
(d)
Total$ $1 $(5)
(a)Recorded to interest charges.
(b)Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate.
(c)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
(d)Amounts for both the three months ended March 31, 2021 and 2020 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three months ended March 31, 2021 and 2020 relate to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate.
Xcel Energy had no derivative instruments designated as fair value hedges during the three months ended March 31, 2021 and 2020.


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Credit Related Contingent Features  Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies. As of both March 31, 2021 and Dec. 31, 2020, there were $4 million of derivative liabilities with such underlying contract provisions. Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under the other financing arrangements related to payment terms or other covenants. As of March 31, 2021 and Dec. 31, 2020, there were approximately $59 million and $60 million of derivative liabilities with such underlying contract provisions, respectively.
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. Provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2021 and Dec. 31, 2020.
Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis:
March 31, 2021Dec. 31, 2020
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$4 $122 $1 $127 $(102)$25 $2 $67 $1 $70 $(52)$18 
Electric commodity  16 16  16   20 20 (1)19 
Natural gas commodity       9  9  9 
Total current derivative assets$4 $122 $17 $143 $(102)41 $2 $76 $21 $99 $(53)46 
PPAs (b)
3 3 
Current derivative instruments$44 $49 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$6 $78 $42 $126 $(77)$49 $8 $66 $8 $82 $(62)$20 
Electric Commodity  2 2  2       
Total noncurrent derivative assets$6 $78 $44 $128 $(77)51 $8 $66 $8 $82 $(62)20 
PPAs (b)
8 10 
Noncurrent derivative instruments$59 $30 
March 31, 2021Dec. 31, 2020
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative liabilities
Other derivative instruments:
Commodity trading$6 $132 $6 $144 $(113)$31 $4 $64 $17 $85 $(58)$27 
Electric commodity        1 1 (1) 
Natural gas commodity       9  9  9 
Total current derivative liabilities$6 $132 $6 $144 $(113)31 $4 $73 $18 $95 $(59)36 
PPAs (b)
17 17 
Current derivative instruments$48 $53 
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading$2 $90 $68 $160 $(70)$90 $3 $58 $60 $121 $(47)$74 
Total noncurrent derivative liabilities$2 $90 $68 $160 $(70)90 $3 $58 $60 $121 $(47)74 
PPAs (b)
53 57 
Noncurrent derivative instruments$143 $131 
(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at March 31, 2021 and Dec. 31, 2020. At both March 31, 2021 and Dec. 31, 2020, derivative assets and liabilities include $15 million of obligations to return cash collateral. At March 31, 2021 and Dec. 31, 2020, derivative assets and liabilities include rights to reclaim cash collateral of $18 million and $6 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b)During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
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Changes in Level 3 commodity derivatives:
Three Months Ended March 31
(Millions of Dollars)20212020
Balance at Jan. 1$(49)$4 
Purchases 12 
Settlements(16)(18)
Net transactions recorded during the period:
Gains recognized in earnings (a)
38 6 
Net gains recognized as regulatory assets and liabilities14 1 
Balance at March 31$(13)$5 
(a)Level 3 gains recognized in earnings are subject to offsetting losses of derivatives instruments categorized as levels 1 and 2 in the income statement.
Xcel Energy recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three months ended March 31, 2021 and 2020.
Fair Value of Long-Term Debt
Other financial instruments which the carrying amount did not equal fair value:
March 31, 2021Dec. 31, 2020
(Millions of Dollars)Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt, including current portion$21,491 $23,654 $20,066 $24,412 
Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of March 31, 2021 and Dec. 31, 2020 and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
9. Benefit Plans and Other Postretirement Benefits
Components of Net Periodic Benefit Cost (Credit)
Three Months Ended March 31
2021202020212020
(Millions of Dollars)Pension BenefitsPostretirement Health
Care Benefits
Service cost$26 $24 $ $ 
Interest cost (a)
26 31 4 5 
Expected return on plan assets (a)
(52)(52)(4)(5)
Amortization of prior service credit (a)
 (1)(2)(2)
Amortization of net loss (a)
27 25 1 1 
Net periodic benefit cost (credit)27 27 (1)(1)
Effects of regulation(1)2 1 1 
Net benefit cost recognized for financial reporting$26 $29 $ $ 
(a)     The components of net periodic cost other than the service cost component are included in the line item “Other income (expense), net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
In January 2021, contributions of $125 million were made across four of Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2021.


10. Commitments and Contingencies
The following include commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position.
Legal
Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.
In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred.
Gas Trading Litigation e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada.
Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.).
Breckenridge/Colorado — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Settlement of approximately $3 million was reached in February 2021. The parties have sought and are awaiting court approval of the settlement.
Arandell Corp. — The trial has been vacated and will be rescheduled after the court rules on the pending motions for reconsideration and for class certification. Xcel Energy has concluded that a loss is remote for the remaining lawsuit.
Sherco In 2018, NSP-Minnesota and SMMPA (Co-owner of Sherco Unit 3) reached a settlement with GE related to a 2011 incident, which damaged the turbine at Sherco Unit 3 and resulted in an extended outage for repair. NSP-Minnesota notified the MPUC of its proposal to refund settlement proceeds to customers through the FCA.
In March 2019, the MPUC approved NSP-Minnesota’s refund proposal. Additionally, the MPUC decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of an appeal pending between GE and NSP-Minnesota’s insurers. In February 2020, the Minnesota Court of Appeals affirmed the district court’s judgment in favor of GE. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court.
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In April 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In accordance with a prior MPUC order, NSP-Minnesota made a compliance filing in August 2020 detailing all costs that resulted from the outage and all insurance recoveries received by NSP-Minnesota in connection with the outage.
In January 2021, the Minnesota Office of the Attorney General and DOC filed comments recommending that NSP-Minnesota refund approximately $17 million of replacement power costs previously recovered through the FCA. On Jan. 27, 2021, NSP-Minnesota filed its response, asserting that it acted prudently in connection with the Sherco Unit 3 outage, the MPUC has previously disallowed $22 million of related costs and no additional refund or disallowance is appropriate. A final decision by the MPUC is pending. A loss related to this matter is deemed remote.
Westmoreland Arbitration In November 2014, insurers for Westmoreland Coal Company filed an arbitration demand against NSP-Minnesota, SMMPA and Western Fuels Association, seeking recovery of alleged business losses due to a turbine failure at Sherco Unit 3. The Westmoreland insurers claim NSP-Minnesota’s invocation of the force majeure clause to stop the supply of coal was improper because the incident was allegedly caused by NSP-Minnesota’s failure to conform to industry maintenance standards. Westmoreland’s insurers quantified their losses as approximately $36 million.
Arbitration was delayed pending resolution of a separate lawsuit brought by NSP-Minnesota, SMMPA, and their insurers against various GE entities based on the inspection and maintenance advice GE provided for Sherco Unit 3. In July 2020, following the conclusion of the appeal that fully resolved the GE litigation, Westmoreland’s insurers served notice, which triggered the arbitration to resume.
NSP-Minnesota denies the claims asserted by the Westmoreland insurers and believes it properly stopped the supply of coal based upon the force majeure provision. It is uncertain when a final resolution will occur, but it is unlikely an arbitration hearing will take place before the fourth quarter 2021. At this stage of the proceeding, a reasonable estimate of damages or range of damages cannot be determined.
MISO ROE Complaints — In November 2013 and February 2015, customer groups filed two ROE complaints against MISO TOs, which includes NSP-Minnesota and NSP-Wisconsin. The first complaint requested a reduction in base ROE transmission formula rates from 12.38% to 9.15% for the time period of Nov. 12, 2013 to Feb. 11, 2015, and removal of ROE adders (including those for RTO membership). The second complaint requested, for a subsequent time period, a base ROE reduction from 12.38% to 8.67%.
In September 2016, the FERC issued an order (Opinion No. 551) granting a 10.32% base ROE effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C Circuit subsequently vacated and remanded Opinion No. 551.
In November 2019, the FERC issued an order (Opinion No. 569), which set the MISO base ROE at 9.88%, effective Sept. 28, 2016 and for the first complaint period. The FERC also dismissed the second complaint. In December 2019, MISO TOs filed a request for rehearing regarding the new ROE methodology announced in Opinion No. 569. Customers also filed requests for rehearing claiming, among other points, that the FERC erred by dismissing the second complaint without refunds.
In May 2020, the FERC issued an order (Opinion No. 569-A) which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the first complaint period. The FERC also affirmed its decision in Opinion No. 569 to dismiss the second complaint.
In November 2020, the FERC issued an order (Opinion No. 569-B) in response to rehearing requests. The FERC corrected certain inputs to its ROE calculation model, did not change the ROE effective Sept. 28, 2016, and for the first MISO complaint period and upheld its decision to deny refunds for the second complaint period. NSP-Minnesota has recognized a liability for its best estimate of final refunds to customers. Each 10 basis point reduction in ROE for the first complaint period, second complaint period, and subsequent period relative to amounts accrued would reduce Xcel Energy’s net income by $1 million, $1 million, and $2 million, respectively.
The MISO TOs and various parties have filed petitions for review of Opinion Nos. 569, 569-A and 569-B at the D.C. Circuit with initial briefs filed in March 2021.
FERC NOPR on ROE Incentive Adders — In April 2021, the FERC issued a NOPR proposing to limit collection of ROE incentive adders for RTO membership to the first three years after an entity begins participation in an RTO. If adopted as a final rule, following a comment period expected to be complete by the end of 2021 or 2022, NSP-Minnesota, NSP-Wisconsin and SPS would prospectively discontinue charging their current 0.5% ROE incentive adders. Amounts related to a discontinuance of the adder would ultimately be offset by an increase in retail rates.
SPP OATT Upgrade Costs — Costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade under the SPP OATT. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges and SPP subsequently billed SPS approximately $13 million.
In July 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover previously unbilled charges was remanded to the FERC. In February 2019, the FERC reversed its 2016 decision and ordered SPP to refund charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In March 2020, SPP and Oklahoma Gas & Electric separately filed petitions for review of the FERC’s orders at the D.C. Circuit. SPS has intervened in both appeals in support of the FERC. Any refunds received by SPS are expected to be given back to SPS customers through future rates.
In October 2017, SPS filed a separate related complaint asserting SPP assessed upgrade charges to SPS in violation of the SPP OATT. In March 2018, the FERC issued an order denying the SPS complaint. SPS filed a request for rehearing in April 2018. The FERC issued a tolling order granting a rehearing for further consideration in May 2018. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amount through future SPS customer rates. In October 2020, SPS filed a petition for review of the FERC’s March 2018 order and May 2018 tolling order at the D.C. Circuit. This appeal is stayed pending the outcome of the separate appeal initiated in 2020 by Oklahoma Gas & Electric and SPP.
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Contract Termination SPS and Lubbock Power & Light are parties to a 25-year, 170 MW partial requirements contract. In October 2020, Lubbock Power & Light initiated discussions with SPS concerning the interpretation of contractual terms related to early termination and default. If the parties are unable to reach resolution, the contract calls for the matter to proceed to arbitration. The amount of any damages depends on multiple factors and is currently unknown.
Environmental
MGP, Landfill and Disposal Sites
Xcel Energy is currently investigating, remediating or performing post-closure actions at 13 MGP, landfill or other disposal sites across its service territories.
Xcel Energy has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Environmental Requirements — Water and Waste
Coal Ash Regulation — Xcel Energy’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, Xcel Energy has nine regulated ash units in operation.
Xcel Energy is conducting groundwater sampling and monitoring and implementing assessment of corrective measures at certain CCR landfills and surface impoundments. In NSP-Minnesota, no results above the groundwater protection standards in the rule were identified. In PSCo, statistically significant increases above background concentrations were detected at four locations. Subsequently, assessment monitoring samples were collected at these locations and, based on the results, PSCo is evaluating options for corrective action at two locations, one of which indicates potential offsite impacts to groundwater. Until PSCo completes its assessments, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows.
In August 2020, the EPA published its final rule to implement a cease receipt and initiate a closure date of April 2021 for all CCR impoundments affected by the August 2018 D.C. Circuit ruling. The D.C. Circuit concluded that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. This final rule required Xcel Energy to expedite closure plans for two impoundments.
In October 2020, NSP-Minnesota completed construction and placed in service a new impoundment to replace the clay lined impoundment at a cost of $9 million. With the new ash pond in service, NSP-Minnesota has initiated closure activities for the existing ash pond at an estimated cost of $4 million. NSP-Minnesota has five years to complete closure activities.
PSCo has been working to build an alternative collection and treatment system to meet the April 11, 2021 federal CCR Rule deadline for removing the Comanche Station bottom ash pond from service. The cost of the alternate treatment system is approximately $14 million. PSCo did not meet the deadline and has commenced discussions with the EPA to determine appropriate steps forward. Once the alternative bottom ash system is operational, the existing impoundment will initiate closure per the CCR Rule.
Closure costs for existing impoundments are included in the calculation of the ARO.
Leases
Xcel Energy evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset.
Components of lease expense:
Three Months Ended March 31
(Millions of Dollars)20212020
Operating leases
PPA capacity payments$58 $46 
Other operating leases (a)
8 8 
Total operating lease expense (b)
$66 $54 
Finance leases
Amortization of ROU assets$2 $3 
Interest expense on lease liability4 5 
Total finance lease expense$6 $8 
(a)Includes short-term lease expense of $1 million and $1 million for 2021 and 2020, respectively.
(b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Commitments under operating and finance leases as of March 31, 2021:
(Millions of Dollars)PPA Operating
Leases
Other Operating
Leases
Total Operating
Leases
Finance
 Leases (a)
Total minimum obligation$1,592 $201 $1,793 $253 
Interest component of obligation(248)(37)(285)(178)
Present value of minimum obligation$1,344 164 1,508 75 
Less current portion(221)(4)
Noncurrent operating and finance lease liabilities$1,287 $71 
(a)Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO.
VIEs
Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP.
The utility subsidiaries had approximately 4,062 MW of capacity under long-term PPAs at both March 31, 2021 and Dec. 31, 2020 with entities that have been determined to be VIEs. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. The PPAs have expiration dates through 2041.
Other
Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount.
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As of March 31, 2021 and Dec. 31, 2020, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $60 million at March 31, 2021 and Dec. 31, 2020, respectively.
Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.
11. Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(85)$(56)$(141)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (net of taxes of $1 and $, respectively) (a)
3  3 
Net current period other comprehensive income3  3 
Accumulated other comprehensive loss at March 31$(82)$(56)$(138)
Three Months Ended March 31, 2020
(Millions of Dollars)Gains and Losses on Cash Flow HedgesDefined Benefit Pension and Postretirement ItemsTotal
Accumulated other comprehensive loss at Jan. 1$(80)$(61)$(141)
Other comprehensive loss before reclassifications (net of taxes of $(3) and $, respectively)
(10) (10)
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (net of taxes of $ and $, respectively) (a)
2  2 
Amortization of net actuarial loss (net of taxes of $ and $, respectively)(b)
 1 1 
Net current period other comprehensive (loss) income(8)1 (7)
Accumulated other comprehensive loss at March 31$(88)$(60)$(148)
(a)Included in interest charges.
(b)Included in the computation of net periodic pension and postretirement benefit costs.
12. Segment Information
Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided, including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo.
These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment.
Xcel Energy has the following reportable segments:
Regulated Electric — The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations.
Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado.
Xcel Energy also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel, investments in rental housing projects that qualify for low-income housing tax credits and the operations of MEC until July 2020.
Xcel Energy had equity investments in unconsolidated subsidiaries of $170 million and $165 million as of March 31, 2021 and Dec. 31, 2020, respectively, included in the natural gas utility and all other segments.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.
Xcel Energy’s segment information:
Three Months Ended March 31
(Millions of Dollars)20212020
Regulated Electric
Total revenues$2,870 $2,203 
Net income269 227 
Regulated Natural Gas
Total revenues$647 $583 
Net income118 91 
All Other
Total revenues$24 $25 
Net loss(25)(23)
Consolidated Total
Total revenues$3,541 $2,811 
Net income362 295 



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ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis by management focuses on those factors that had a material effect on Xcel Energy’s financial condition, results of operations and cash flows during the periods presented, or are expected to have a material impact in the future. It should be read in conjunction with the accompanying unaudited consolidated financial statements and the related notes to consolidated financial statements. Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.
The 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.
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as electric margin, natural gas margin, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are adjusted from measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation, and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Electric and Natural Gas Margins
Electric margin is presented as electric revenues less electric fuel and purchased power expenses. Natural gas margin is presented as natural gas revenues less the cost of natural gas sold and transported. Expenses incurred for electric fuel and purchased power and the cost of natural gas are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues.
Management believes electric and natural gas margins provide the most meaningful basis for evaluating our operations because they exclude the revenue impact of fluctuations in these expenses. These margins can be reconciled to operating income, a GAAP measure, by including other operating revenues, cost of sales other, O&M expenses, conservation and DSM expenses, depreciation and amortization and taxes (other than income taxes).
Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)
GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items.
Ongoing diluted EPS is calculated by dividing the net income or loss of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss of such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.
We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries.
For the three months ended March 31, 2021 and 2020, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings for these periods.
Results of Operations
The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. Diluted earnings and EPS of each subsidiary discussed below do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole.
Summarized diluted EPS for Xcel Energy:
Three Months Ended March 31
Diluted Earnings (Loss) Per Share20212020
PSCo$0.31 $0.24 
NSP-Minnesota0.24 0.20 
SPS0.11 0.08 
NSP-Wisconsin0.06 0.06 
Equity earnings of unconsolidated subsidiaries0.01 0.01 
Regulated utility (a)
0.73 0.60 
Xcel Energy Inc. and Other(0.06)(0.04)
Total (a)
$0.67 $0.56 
(a)     Amounts may not add due to rounding.
Summary of Earnings
Xcel Energy — Xcel Energy’s earnings increased $0.11 per share for the first quarter of 2021. Earnings primarily reflect higher electric and natural gas margins (driven by capital investment recovery and regulatory outcomes), which more than offset additional depreciation, interest charges, less AFUDC and declining sales primarily due to the impacts of COVID-19. First quarter earnings also reflect margin from proprietary commodity trading transactions, primarily entered into under Xcel Energy’s ordinary practices prior to the weather event.
PSCo — Earnings increased $0.07 per share for the first quarter of 2021, reflecting higher natural gas and electric margins (primarily capital investment recovery and regulatory outcomes), partially offset by additional depreciation and taxes (other than income taxes).
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NSP-Minnesota Earnings increased $0.04 per share for the first quarter of 2021, reflecting higher electric margin (primarily capital investment recovery), partially offset by increased depreciation.
SPS — Earnings increased $0.03 per share for the first quarter of 2021, reflecting higher electric margin (regulatory outcomes in Texas and New Mexico), partially offset by increased depreciation.
NSP-Wisconsin — Earnings were flat for the first quarter of 2021.
Xcel Energy Inc. and Other — Primarily includes financing costs at the holding company.
Changes in GAAP and Ongoing Diluted EPS
Components significantly contributing to changes in 2021 EPS compared to 2020:
Diluted Earnings (Loss) Per ShareThree Months Ended March 31
GAAP and ongoing diluted EPS - 2020$0.56 
Components of change - 2021 vs. 2020
Higher electric margin0.11 
Higher natural gas margins0.07 
Lower ETR (a)
0.06 
Higher other income (expense), net0.02 
Higher depreciation and amortization(0.08)
Lower AFUDC(0.02)
Higher interest charges(0.01)
Higher O&M(0.01)
Other, net(0.03)
GAAP and ongoing diluted EPS - 2021$0.67 
(a)     Includes PTCs and plant regulatory amounts, which are primarily offset in electric margin.
Statement of Income Analysis
The following summarizes the items that affected the individual revenue and expense items reported in the consolidated statements of income.
Estimated Impact of Temperature Changes on Regulated Earnings —Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance.
Degree-day or THI data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. HDD is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. CDD is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit.
Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather. Typically, sales are not impacted in the first or fourth quarter due to THI or CDD.
Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.
Percentage increase (decrease) in normal and actual HDD:
Three Months Ended March 31
2021 vs. Normal2020 vs. Normal2021 vs. 2020
HDD1.3 %(5.5)%6.5 %
Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:
Three Months Ended March 31
2021 vs. Normal2020 vs. Normal2021 vs. 2020
Retail electric$— $(0.011)$0.011 
Decoupling and sales true-up0.002 0.006 (0.004)
Electric total$0.002 $(0.005)$0.007 
Firm natural gas0.003 (0.007)0.010 
Total$0.005 $(0.012)$0.017 
Sales — Sales growth (decline) for actual and weather-normalized sales in 2021 compared to 2020:
Three Months Ended March 31
PSCoNSP-MinnesotaSPSNSP-WisconsinXcel Energy
Actual (a)
Electric residential6.3 %5.1 %8.8 %4.7 %6.0 %
Electric C&I(4.8)(6.6)(7.1)(1.8)(5.8)
Total retail electric sales(1.0)(2.9)(4.3)0.2 (2.4)
Firm natural gas sales4.7 0.5 N/A0.8 3.1 
Three Months Ended March 31
PSCoNSP-MinnesotaSPSNSP-WisconsinXcel Energy
Weather-Normalized (a)
Electric residential4.9 %4.5 %3.8 %2.9 %4.4 %
Electric C&I(5.1)(6.7)(7.3)(1.9)(6.0)
Total retail electric sales(1.7)(3.1)(5.4)(0.4)(3.0)
Firm natural gas sales(0.9)(1.3)N/A(2.7)(1.2)
Three Months Ended March 31 (2020 Leap Year Adjusted)
PSCoNSP-MinnesotaSPSNSP-WisconsinXcel Energy
Weather-Normalized (a)
Electric residential6.1 %5.7 %5.0 %4.0 %5.6 %
Electric C&I(4.1)(5.6)(6.3)(0.8)(5.0)
Total retail electric sales(0.6)(2.0)(4.3)0.7 (1.9)
Firm natural gas sales0.2 (0.2)N/A(1.5)— 
(a)     Higher residential sales and lower C&I sales were primarily attributable to COVID-19.
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Weather-normalized and leap-year adjusted electric sales growth (decline) — year-to-date (excluding leap day)
Each of our utility subsidiaries experienced higher residential sales and lower C&I sales as a result of COVID-19 beginning in March 2020. In addition, the following items impacted sales:
PSCo — Residential sales rose based on an increased number of customers and higher use per customer. The decline in C&I sales was primarily due to decreases in the manufacturing and service industries, partially offset by an increase in the energy sector.
NSP-Minnesota — Residential sales growth reflects higher use per customer and increased customer additions. The decline in C&I sales was primarily due to decreases within the manufacturing and service sectors.
SPS — Residential sales increased due to customer growth and higher use per customer. The decline in C&I sales was driven by decreases within the energy and manufacturing sectors.
NSP-Wisconsin — Residential sales growth was attributable to customer additions and higher use per customer. The decline in C&I sales was largely related to decreases in the energy and manufacturing industries, partially offset by an increase in the service sector.
Weather-normalized and leap-year adjusted natural gas sales growth (decline) — year-to-date (excluding leap day)
Natural gas sales primarily reflect lower customer use, offset by an increase in the number of customers.
Electric Margin
Electric revenues and fuel and purchased power expenses are impacted by fluctuations in the price of natural gas, coal and uranium. However, these price fluctuations have minimal impact on electric margin due to fuel recovery mechanisms that recover fuel expenses. In addition, electric customers receive a credit for PTCs generated, which reduced electric revenue and margin
Electric revenues and margin:
Three Months Ended March 31
(Millions of Dollars)20212020
Electric revenues$2,870 $2,203 
Electric fuel and purchased power(1,386)(797)
Electric margin$1,484 $1,406 
Changes in electric margin:
(Millions of Dollars)Three Months Ended March 31, 2021 vs. 2020
Non-fuel riders$44 
Regulatory rate outcomes (Colorado, Texas, New Mexico, Wisconsin and North Dakota)44 
Proprietary commodity trading, net of sharing27 
Wholesale transmission revenue (net)11 
Estimated impact of weather (net of decoupling/sales true-up)
PTCs flowed back to customers (offset by lower ETR)(37)
Sales and demand (a)
(14)
Other (net)(2)
Total increase in electric margin$78 
(a) Sales excludes weather impact, net of decoupling/sales true-up, and demand is net of sales true-up.
Natural Gas Margin
Natural gas expense varies with changing sales and the cost of natural gas. However, fluctuations in the cost of natural gas has minimal impact on natural gas margin due to cost recovery mechanisms.
Natural gas revenues and margin:
Three Months Ended March 31
(Millions of Dollars)20212020
Natural gas revenues$647 $583 
Cost of natural gas sold and transported(299)(285)
Natural gas margin$348 $298 
Changes in natural gas margin:
(Millions of Dollars)Three Months Ended March 31, 2021 vs. 2020
Regulatory rate outcomes (Colorado)$40 
Estimated impact of weather
Other (net)
Total increase in natural gas margin$50 
Non-Fuel Operating Expenses and Other Items
O&M Expenses — O&M expenses increased $5 million, or 0.9%, for the first quarter of 2021. The increase was primarily due to expenses associated with new wind farms, software and infrastructure costs, compensation, damage prevention and storms, partially offset by continuous improvement initiatives.
Depreciation and Amortization — Depreciation and amortization increased $58 million, or 12.5%, for the first quarter of 2021. The increase was primarily driven by several wind farms going into service, as well as normal system expansion. In addition, 2021 depreciation expense increased as a result of implementation of new depreciation rates in Colorado, New Mexico and Texas.
Other Income (Expense) Other income (expense) increased $16 million for the first quarter of 2021, largely related to rabbi trust performance primarily offset in O&M expenses (compensation).
AFUDC, Equity and Debt — AFUDC decreased $14 million for the first quarter of 2021. Decrease was driven by various wind projects placed into service.
Interest Charges — Interest charges increased $6 million, or 3.0%, for the first quarter of 2021. The increase was largely attributable to higher debt levels to fund capital investments, partially offset by lower long-term and short-term interest rates.
Income Taxes Income tax benefit increased $16 million for the first quarter of 2021. The increase was primarily driven by an increase in wind PTCs due to additional wind facilities going into service. Wind PTCs are credited to customers (recorded as a reduction to revenue) and do not have a material impact on net income. Impact of wind PTCs was partially offset by higher pretax earnings in 2021.







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Other
Winter Storm Uri
In mid-February 2021, the central portion of the United States experienced a major winter storm (Winter Storm Uri). Extreme cold temperatures impacted certain operational assets as well as the availability of renewable generation across the region. The cold weather also affected the country’s supply and demand for natural gas. These factors contributed to extremely high market prices for natural gas and electricity. In addition, NSP-Minnesota’s three peak shaving plants, which are used to ensure system reliability under Design Day conditions, have been unavailable since early 2021 due to required repairs to address safety concerns with the units. Despite the extreme conditions, Xcel Energy’s customers experienced minimal disruptions as a result of preemptive infrastructure investments and the response of our employees.
As a result of the extremely high market prices, Xcel Energy incurred net natural gas, fuel and purchased energy costs of approximately $965 million (largely deferred as regulatory assets). The utility subsidiaries mitigated the customer impact by approximately $190 million primarily through sales of excess generation.
The estimated net impact was as follows:
(Millions of Dollars)
Natural Gas for DistributionNatural Gas for Electric GenerationOther Electric GenerationSubtotal CostsNet Market Settlements (a)Total Impact
NSP-Minnesota$250$$15 $270 $(40)$230 
NSP- Wisconsin45— — 45 — 45 
PSCo305315 625 (15)610 
SPS200 15 215 (135)80 
Total$600$520 $35 $1,155 $(190)$965 
(a) Net market settlements includes purchases of energy and other charges to serve our customers as well as sales of energy facilitated through ISOs or bilateral transactions, each subject to mechanisms for recovery and sharing with our customers.
In addition, higher market prices resulted in $27 million of net gains (after customer sharing) related to proprietary commodity trading. These transactions were primarily entered into under Xcel Energy’s ordinary trading practices prior to Winter Storm Uri.
Certain energy transactions are subject to final ISO re-settlement calculations and the impacts of credit losses shared among market participants. Such adjustments are not expected to be material to our results of operations, financial condition or cash flows.
Regulatory Overview Xcel Energy has natural gas, fuel and purchased energy mechanisms in each jurisdiction for the purpose of recovering incurred costs. However, the utility subsidiaries have deferred February cost increases for future recovery and are proposing to recover the cost increases over a period of up to two years in order to significantly mitigate the impact to customer bills. Additionally, we are not requesting recovery of associated financing costs in order to further limit the impact to our customers.

The following proceedings have been initiated:
Utility SubsidiaryJurisdictionRegulatory Status
NSP-MinnesotaMinnesotaNSP-Minnesota has filed its report with the MPUC detailing its preparedness and actions during the storm and proposing recovery of incremental costs from natural gas customers over 24 months with no financing charge. Comments are due in May 2021.
South DakotaIn April, NSP-Minnesota filed a letter with the South Dakota Public Utilities Commission noting that we were a net seller in the market, resulting in lower fuel clause costs.
North DakotaNSP-Minnesota has filed its report with the North Dakota Public Service Commission detailing its preparedness and actions during the storm and proposing recovery of incremental costs from natural gas customers over 24 months with no financing charge.
NSP-WisconsinWisconsinIn March, the PSCW staff determined the natural gas costs incurred during the storm were prudent and approved NSP-Wisconsin's proposal to recover these costs over a nine-month period through December 2021 with no financing charge.
MichiganIn March, NSP-Wisconsin filed testimony in the pending gas recovery plan proceeding to address $2 million of under-recovery associated with Winter Storm Uri.
PSCoColoradoPSCo filed an initial response with the CPUC in March. In May 2021, PSCo intends to file a plan to recover the weather-related costs over 24 months with no financing charge.
SPSTexasSPS intends to file for a surcharge in the second quarter to recover fuel costs over 24 months with no financing charge. Prudence of fuel costs will be subject to review in SPS' upcoming fuel reconciliation case.
New MexicoThe NMPRC approved SPS' requested fuel mechanism variance to permit recovery over 24 months with no financing charge (subject to NMPRC review).
To enhance liquidity and for the ability to propose recovering the increased fuel costs over a longer time period (i.e., mitigate customer bill impacts), Xcel Energy Inc. entered into a $1.2 billion 364-Day Term Loan Agreement and increased the size of its previously planned debt issuances at the utility subsidiaries.
COVID-19
Although the COVID-19 pandemic has led to numerous challenges, Xcel Energy believes its risk management program, including business continuity and disaster recovery planning, will continue to allow us to proactively manage and successfully navigate challenges, risks and uncertainties.
Continued uncertainty remains regarding COVID-19, the duration and magnitude of business restrictions, re-shut downs and the level and pace of economic recovery.
An overview of certain risk considerations or areas which have or could significantly impact us is as follows.
Sales — Xcel Energy has experienced and may continue to experience higher residential sales and lower C&I sales as a result of COVID-19. Xcel Energy has decoupling and sales true-up mechanisms in Minnesota (all electric classes) and Colorado (residential and non-demand small C&I electric classes), which mitigate the impact of changes to sales levels as compared to a baseline.
Bad Debt — Bad debt expense could significantly increase due to pandemic related economic impacts, customer hardship, federal or state legislation and regulatory orders. However, several of our commissions have approved the deferral of incremental COVID-19 related costs, including bad debt expense.
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Xcel Energy has received orders in Colorado, Wisconsin, Texas, New Mexico, North Dakota, South Dakota and Michigan, allowing regulatory deferral of incremental COVID-19 costs as a regulatory asset subject to future determination of amount and timing of recovery. As part of NSP-Minnesota’s stay-out alternative, NSP-Minnesota agreed to not seek recovery of incremental COVID-19 related costs.
The majority of wholesale customers are subject to formula transmission and production rates, which true-up rates to actual costs to serve.
Public Utility Regulation
The FERC and various state and local regulatory commissions regulate Xcel Energy Inc.’s utility subsidiaries and WGI. Xcel Energy is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota, South Dakota, Wisconsin, Michigan, Colorado, New Mexico, and Texas.
Rates are designed to recover plant investment, operating costs and an allowed return on investment. Our utility subsidiaries request changes in utility rates through commission filings. Changes in operating costs can affect Xcel Energy’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and DSM efforts, and the cost of capital.
In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact Xcel Energy’s results of operations.
Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2020 appropriately represent, in all material respects, the current status of public utility regulation and are incorporated by reference.
NSP-Minnesota
Pending and Recently Concluded Regulatory Proceedings
ProceedingAmount
(in millions)
Filing
Date
Approval
2020 North Dakota Electric Rate Case$19November 2020Pending
2020 TCR Electric Rider82November 2019Pending
2020 GUIC Natural Gas Rider21November 2019Received
2021 GUIC Natural Gas Rider27October 2020Pending
2020 RES Electric Rider
107
November 2019
Received
2021 RES Electric Rider189November 2020Pending

Additional Information:
2020 Minnesota Electric Rate Case and Stay-Out Alternative — In November 2020, NSP-Minnesota filed an electric rate case seeking a $597 million revenue increase over three years with the MPUC. NSP-Minnesota also filed a stay-out alternative in which it would withdraw its rate case filing.
In December 2020, the MPUC verbally approved the stay-out alternative petition, which includes the extension of the sales, capital and property tax true-up mechanisms and delays any increase to the Nuclear Decommissioning Trust annual accrual until Jan. 1, 2022.
Additionally, NSP-Minnesota agreed to not seek recovery of incremental COVID-19 related expenses, including bad debt expense, and committed to fund $18 million in a Residential Payment Plan Credit Program or other similar customer relief programs, as directed by the MPUC. NSP-Minnesota also agreed to an earnings test in which all earnings above an ROE of 9.06% in 2021 would be refunded to customers.
In February 2021, NSP-Minnesota filed a letter highlighting a change in the calculation of its total deficiency and interim rates included in its November 2020 filing. This adjustment would have reduced the filed deficiency and interim rates by approximately $43 million should the rate case have proceeded, but has no impact on the stay-out alternative petition.
In April 2021, the MPUC issued an order approving NSP-Minnesota’s proposed changes and a requirement to withdraw NSP-Minnesota’s notice of change in rates, as well as establishing a comment period allowing parties to address the changes discussed in the February letter.
2020 North Dakota Electric Rate Case — In November 2020 and revised in March 2021, NSP-Minnesota filed a rate case with the North Dakota Public Service Commission. NSP-Minnesota is requesting an increase in annual retail electric revenues of approximately $19 million. The rate filing is based on a 2021 forecast test year, a requested ROE of 10.2%, an equity ratio of 52.5% and an electric rate base of approximately $677 million. Interim rates, subject to refund, of approximately $16 million were implemented in January 2021 and subsequently revised to $13 million, effective April 1, 2021.
2020 TCR Electric Rider — In November 2019, NSP-Minnesota filed the TCR Rider based on an ROE of 9.06%. An MPUC decision is pending.
2020 GUIC Natural Gas Rider — In April 2021, the MPUC approved the 2020 GUIC Rider, based on an ROE of 9.04%.
2021 GUIC Natural Gas Rider — In October 2020, NSP-Minnesota filed the GUIC Rider based on an ROE of 9.04%. An MPUC decision is pending.
2020 RES Electric Rider — In November 2019, NSP-Minnesota filed the RES Rider. In March 2021, the MPUC voted to approve revenue requirements of $41 million for 2019 and $66 million for 2020. The filing included an ROE of 9.06%. The new rate will be implemented after the Commission Order is issued.
2021 RES Electric Rider — In November 2020, NSP-Minnesota filed the RES Rider. The requested amount includes a true-up for the 2019 and 2020 rider of $96 million and the 2021 requested amount of $93 million. The filing included an ROE of 9.06%. An MPUC decision is pending.
Minnesota Resource Plan In July 2019, NSP-Minnesota filed its Minnesota resource plan, which runs through 2034. The plan is expected to result in an 80% carbon reduction by 2030 (from 2005) and puts NSP-Minnesota on a path to achieving its vision of being 100% carbon-free by 2050.
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In June 2020, NSP-Minnesota filed a supplement to its resource plan. The updated preferred resource plan reflects the following:
Retirement of all coal generation by 2030 with reduced operations at some units prior to retirement, including early retirement of the A.S. King coal plant (511 MW) in 2028 and the Sherco 3 coal plant (517 MW) in 2030.
Extending the life of the Monticello nuclear plant from 2030 to 2040.
Continuing to run the Prairie Island nuclear generating plant through current end of life (2033 and 2034).
Construction of the Sherco combined cycle natural gas plant.
The addition of 3,500 MW of solar.
The addition of 2,250 MW of wind.
2,600 MW of firm peaking (combustion turbine, pumped hydro, battery storage, demand response, etc.).
Achieving 780 gigawatt hours in energy efficiency savings annually through 2034.
Adding 400 MW of incremental demand response by 2023, and a total of 1,500 MW of demand response by 2034.
Initial comments were submitted Feb. 11, 2021 and reply comments are due June 25, 2021. The MPUC is anticipated to make a final decision during 2021.
Minnesota Relief and Recovery — In 2020, the MPUC opened a docket and invited utilities in the state to submit potential projects that would create jobs and help jump start the economy to offset the impacts of COVID-19.
In January 2021, the MPUC approved the repowering of 651 MW of owned wind projects and 20 MW of wind projects under PPAs. These projects are estimated to save customers approximately $160 million over the next 25 years.
NSP-Minnesota’s remaining proposal (revised in April 2021) includes the following:
Acquire 120 MW repowered wind farm and buy-out of the remaining PPA from ALLETE for $210 million. An MPUC decision was requested by July 29, 2021.
Add solar facilities of 460 MW at the Sherco site with an incremental investment of $575 million.
Provide $150 million of incremental electric vehicle rebates.
The MPUC is expected to address the solar facility, ALLETE repower acquisition and the electric vehicle proposal in the second half of 2021.
Minnesota State ROFR Statute Complaint In September 2017, LSP Transmission filed a complaint in the Minnesota District Court against the Minnesota Attorney General, MPUC and DOC. The complaint was in response to MISO assigning a transmission project to NSP-Minnesota and ITC Midwest, LLC as the incumbent utilities, consistent with a Minnesota state ROFR statute.
The complaint challenged the constitutionality of the statute and is seeking declaratory judgment that the statute violates the Commerce Clause of the U.S. Constitution and should not be enforced. In June 2018, the Minnesota District Court granted Minnesota state agencies and NSP-Minnesota’s motions to dismiss with prejudice. In February 2020, the Eighth Circuit Court of Appeals upheld the Minnesota District Court decision to dismiss. In June 2020, the Eighth Circuit denied LSP Transmission’s petition for rehearing. On March 1, 2021, the Supreme Court denied review and the appeals process has ended.
Nuclear Power Operations
NSP-Minnesota owns two nuclear generating plants: the Monticello plant and the Prairie Island plant. See Note 12 to the consolidated financial statements of Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2020, for further information. The circumstances set forth in Nuclear Power Operations included in Item 7 of Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2020, appropriately represent, in all material respects, the current status of nuclear power operations, and are incorporated by reference.
NSP-Wisconsin
NSP-Wisconsin Solar Proposal — In October 2020, NSP-Wisconsin filed for a 74 MW solar facility build-own-transfer in Wisconsin for approximately $100 million. A PSCW decision is expected in the third quarter of 2021.
PSCo
Pending and Recently Concluded Regulatory Proceedings
ProceedingAmount
(in millions)
Filing
Date
Approval
Wildfire Protection Rider$325July 2020Concluded
PSIA Extension$464Feb. 2021Pending
Additional Information:
Wildfire Protection Rider In 2020, PSCo requested to establish a rider to recover incremental costs associated with system investments to reduce wildfire risk, projected to be approximately $325 million from 2021 to 2025. In February 2021, the Administrative Law Judge issued a recommended decision approving the wildfire mitigation program as it was in the public’s interest, but denied PSCo’s rider request in favor of deferred accounting with ultimate recovery in a future rate case. In April 2021, the CPUC accepted the Administrative Law Judge’s recommended decision.
Forecasted annual revenue requirements from 2021 through 2025:
(Millions of Dollars)20212022202320242025
Forecasted annual revenue requirement$17 $24 $29 $32 $34 
PSIA Rider Extension In February 2021, PSCo requested to extend its PSIA rider for three years (through the end of 2024), which would recover $464 million in project costs. The extension is intended to allow for a wind down of the rider and transition of recovery of the projects included in the rider to base rates in 2025. A CPUC decision is expected in the fourth quarter of 2021.
2019 Phase 1 Electric Rate Case Appeal — In August 2020, PSCo filed an appeal with the Denver District Court seeking a review of CPUC decisions on gain on sales and losses of assets, oil and gas royalty revenues and Board of Director’s equity compensation. A decision is pending.
2019 Natural Gas Rate Case Appeal — In April 2019, PSCo filed an appeal of the CPUC’s ruling regarding PSCo’s natural gas rate case (filed in June 2017 and approved in December 2018). The appeal requested review of the following: denial of a return on the prepaid pension and retiree medical assets; the use of a capital structure not based on the actual historical test year; and use of an average rate base methodology rather than a year-end rate base methodology.
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In March 2020, The District Court of Denver County ruled in favor of allowing the prepaid pension assets to be included in rate base; but it upheld the CPUC treatment of the retiree medical assets and capital structure methodology. In February 2021, PSCo filed a motion to implement the District Court’s decision on treatment of the prepaid pension asset for the applicable period of Jan. 1, 2018 through Oct. 31, 2020. A CPUC decision is expected before the end of 2021.
Decoupling Filing PSCo's 2019 Electric Rate Case included a decoupling program, effective April 1, 2020 through Dec. 31, 2023. The program applies to a subset of Residential and metered small C&I customers who do not pay a demand charge. The program includes a refund and surcharge cap not to exceed 3% of forecasted base rate revenue for a specified period.
In April 2021, PSCo made its annual filing for 2020, with a CPUC decision due in the second quarter of 2021. As of March 31, 2021, PSCo has recognized a refund for Residential customers and a surcharge for C&I customers based on its estimate of final 2020 amounts.
Colorado’s Power Pathway Transmission Expansion In March 2021, PSCo filed for a Certificate of Public Convenience and Necessity for the Power Pathway transmission project. Xcel Energy proposed a 560-mile, 345 kilovolt double circuit transmission network to enable 5,500 MW of renewable generation in eastern Colorado with an estimated cost of approximately $1.7 billion. PSCo also presented an extension of the Power Pathway project into southeast Colorado, referred to as the May Valley - Longhorn Extension ($0.3 billion). PSCo expects future filings for related network upgrades, voltage support and interconnection facilities, which with the May Valley - Longhorn Extension, could result in an incremental investment of $0.5 - $1 billion. A CPUC decision regarding the Power Pathway project, as well as the May Valley - Longhorn Extension, is expected in late 2021.
PSCo KEPCO Filing In September 2020, PSCo filed with the CPUC for approval to terminate a solar PPA with KEPCO Solar of Alamosa, Inc. and establish a regulatory asset to recover transaction costs of approximately $41 million. By terminating the PPA, customers would save approximately $38 million over an 11-year period. A CPUC decision is expected in the third quarter of 2021.
Electric Resource Plan In March 2021, PSCo filed its 2021 Electric Resource Plan with the CPUC. The filing outlines the proposed future retirements/conversions of PSCo’s remaining coal plants and would result in an 80% renewable fuel mix and an 85% carbon emissions reduction target by 2030.
Major components of PSCo's proposed preferred plan include:
Early retirement of Comanche Generating Station: Unit 3 in 2040 (currently 2070).
Early retirement of Hayden Generating Station: Unit 1 in 2028 (currently 2030); Unit 2 in 2027 (currently 2036).
Conversion of Pawnee Generating Station from coal to natural gas in 2028 with retirement in 2041.
2,300 MW of wind power.
1,600 MW of large-scale solar power.
400 MW of energy storage.
1,300 MW of flexible dispatchable resources (including natural gas).
1,200 MW of distributed generation solar resources.

The preferred plan proposes to create a regulatory asset to recover costs over their original depreciation lives for the Hayden power plant and the coal handling equipment at Pawnee. It also proposes the use of securitization to finance and recover the remaining book value and decommissioning costs for Comanche Unit 3 upon retirement in 2040.
A CPUC decision on the resource plan is expected by the end of 2021 (Phase I) with the competitive solicitation for resource additions expected in 2022 (Phase II). Incremental generation system costs to meet carbon emission reduction targets are proposed to be recovered through a statutorily-authorized Clean Energy Plan Rider.
PSCo Comanche Unit 3 PSCo is part owner and operator of Comanche Unit 3, a 750 MW, coal-fueled electric generating unit. In January 2020, the unit experienced a turbine failure causing the unit to be taken offline for repairs, which were completed in June 2020. During start-up the unit experienced a loss of turbine oil, which damaged the plant. Comanche Unit 3 recommenced operations in January 2021. Replacement and repair of damaged systems in excess of a $2 million deductible are expected to be recovered through insurance policies. PSCo incurred replacement power costs of approximately $16 million during the outage.
In October 2020, the CPUC initiated a non-adjudicatory review of Comanche Unit 3’s performance. A report on performance was issued in March 2021. The CPUC Staff’s report noted higher-than average outages and included some criticisms of PSCo’s operations of Comanche Unit 3 over the last ten years. The report recommended thorough explanation of the future of Comanche Unit 3 operations in the next resource plan, performance standards for all company-owned generation, and a review of outage and repair costs in the upcoming proceedings.
In February 2021, the joint owners of Comanche Unit 3 (Intermountain Rural Electric Association and Holy Cross Electric) served PSCo with a Notice of Claim related to Comanche Unit 3's operation and availability. Discussions are proceeding pursuant to a contractual dispute resolution process and the amount of any alleged damages depends on multiple factors and is currently unknown.
SPS
Pending and Recently Concluded Regulatory Proceedings
ProceedingAmount
(in millions)
Filing
Date
Approval
2021 New Mexico Electric Rate Case$88January 2021Pending
2021 Texas Electric Rate Case$143February 2021Pending
Additional Information:
2021 New Mexico Electric Rate Case — In January 2021, SPS filed an electric rate case with the NMPRC seeking an increase in base rates of approximately $88 million. SPS' net rate increase to New Mexico customers is expected to be approximately $48 million, or 10%, as a result of offsetting fuel cost reductions and PTCs from the Sagamore wind project. PTCs are being credited to customers through the fuel clause.
The request is based on a historic test year ended Sept. 30, 2020, including expected capital additions through Feb. 28, 2021, a ROE of 10.35%, an equity ratio of 54.72% and retail rate base of approximately $1.9 billion.
The request includes the effect of approximately 400 MW of reduced peak load in 2021 from a wholesale transmission customer and changes to depreciation lives of SPS’ Tolk coal-fired power plant (from 2037 to 2032) and the coal handling assets at the Harrington facility (to 2024).
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The procedural schedule is expected to be as follows:
Staff and intervenor testimony — May 17, 2021.
Rebuttal testimony — June 9, 2021.
Deadline to file stipulation — June 23, 2021.
Public hearing or hearing on stipulation — July 26 - Aug. 6, 2021.
End of nine month suspension — Nov. 3, 2021.
A NMPRC decision and implementation of final rates is anticipated in the fourth quarter of 2021.
2021 Texas Electric Rate Case — In February 2021, SPS filed an electric rate case with the PUCT and its municipalities with original rate jurisdiction seeking an increase in base rates of approximately $143 million. SPS' net rate increase to Texas customers is expected to be approximately $74 million, or 9.2%, as a result of offsetting $69 million in fuel cost reductions and PTCs from the Sagamore wind project.
The request is based on an ROE of 10.35%, an equity ratio of 54.60% (based on actual capital structure), a Texas retail rate base of approximately $3.3 billion and a historic test year based on the 12-month period ended Dec. 31, 2020.
The request includes the effect of losing approximately 400 MW from a wholesale transmission customer and changes to depreciation lives of SPS’ Tolk power plant (from 2037 to 2032) and the coal handling assets of the Harrington facility (to 2024).
The procedural schedule is expected to be as follows:
Intervenor testimony — Aug. 13, 2021.
Staff testimony — Aug. 20, 2021.
Rebuttal testimony — Sept. 15, 2021.
Public hearing — Oct. 18 - Oct. 28, 2021.
Once final rates are approved, a surcharge will be requested from March 15, 2021 through the effective date of new base rates. A PUCT decision is expected in the first quarter of 2022.
Texas State ROFR Litigation — In May 2019, the Governor signed a ROFR bill into law, which grants incumbent utilities a ROFR to build transmission infrastructure when it directly interconnects to the utility’s existing facility. In June 2019, a complaint was filed in the United States District Court for the Western District of Texas claiming the new ROFR law to be unconstitutional. In February 2020, the federal court complaint was dismissed by the district court. In March 2020, the district court ruling was appealed to the Fifth Circuit. A decision is pending.
New Mexico FPPCAC Continuation — In December 2020, the Hearing Examiner recommended the NMPRC approve SPS’ request for the continued use of the FPPCAC and the reconciliation of its fuel costs for the reporting period (September 2015 through June 2019). Additionally, the Hearing Examiner recommended the NMPRC deny the proposed Annual Deferred Fuel Balance True-Up. The proposed true-up is designed to maintain the Deferred Fuel and Purchased Power balance within a bandwidth of plus or minus 5% of annual New Mexico fuel and purchased power costs. In February 2021, the NMPRC approved the Hearing Examiner’s recommended decision without modification.
Environmental
Environmental Regulation
In July 2019, the EPA adopted the Affordable Clean Energy rule, which requires states to develop plans by 2022 for greenhouse gas reductions from coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit issued a decision vacating and remanding the Affordable Clean Energy rule. That decision, if not successfully appealed or reconsidered, would allow the EPA to proceed with alternate regulation of coal-fired power plants. If the new rules require additional investment, Xcel Energy believes, based on prior state commission practices, that the cost of these initiatives or replacement generation would be recoverable through rates.
Derivatives, Risk Management and Market Risk
We are exposed to a variety of market risks in the normal course of business. Market risk is the potential loss that may occur as a result of adverse changes in the market or fair value of a particular instrument or commodity. All financial and commodity-related instruments, including derivatives, are subject to market risk.
See Note 8 to the consolidated financial statements for further discussion of market risks associated with derivatives.
Xcel Energy is exposed to the impact of adverse changes in price for energy and energy-related products, which is partially mitigated by the use of commodity derivatives. In addition to ongoing monitoring and maintaining credit policies intended to minimize overall credit risk, management takes steps to mitigate changes in credit and concentration risks associated with its derivatives and other contracts, including parental guarantees and requests of collateral. While we expect that the counterparties will perform under the contracts underlying its derivatives, the contracts expose us to some credit and non-performance risk.
Distress in the financial markets may impact counterparty risk, the fair value of the securities in the nuclear decommissioning fund and pension fund and Xcel Energy’s ability to earn a return on short-term investments.
Commodity Price Risk We are exposed to commodity price risk in our electric and natural gas operations. Commodity price risk is managed by entering into long- and short-term physical purchase and sales contracts for electric capacity, energy and energy-related products and fuels used in generation and distribution activities. Commodity price risk is also managed through the use of financial derivative instruments. Our risk management policy allows it to manage commodity price risk within each rate-regulated operation per commission approved hedge plans.
Wholesale and Commodity Trading Risk Xcel Energy conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Our risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee.
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Fair value of net commodity trading contracts as of March 31, 2021:
Futures / Forwards Maturity
(Millions of Dollars)Less Than 1 Year1 to 3 Years4 to 5 YearsGreater Than 5 YearsTotal Fair Value
NSP-Minnesota (a)
$(2)$— $$$
NSP- Minnesota (b)
(4)(9)(2)(12)
PSCo (a)
— — 
PSCo (b)
(33)(46)(8)— (87)
$(38)$(42)$(15)$— $(95)
Options Maturity
(Millions of Dollars)Less Than 1 Year1 to 3 Years4 to 5 YearsGreater Than 5 YearsTotal Fair Value
NSP-Minnesota (b)
$— $— $— $$
PSCo (b)
21 22 — — 43 
$21 $22 $— $$45 
(a) Prices actively quoted or based on actively quoted prices.
(b) Prices based on models and other valuation methods.
Changes in the fair value of commodity trading contracts before the impacts of margin-sharing for the three months ended March 31:
(Millions of Dollars)20212020
Fair value of commodity trading net contracts outstanding at Jan. 1$(54)$(59)
Contracts realized or settled during the period(33)— 
Commodity trading contract additions and changes during the period37 
Fair value of commodity trading net contracts outstanding at March 31$(50)$(58)
At March 31, 2021, a 10% increase in market prices for commodity trading contracts through the forward curve would increase pre-tax income from continuing operations by approximately $14 million, whereas a 10% decrease would decrease pre-tax income from continuing operations by approximately $13 million. At March 31, 2020, a 10% increase in market prices for commodity trading contracts would increase pre-tax income from continuing operations by approximately $9 million, whereas a 10% decrease would decrease pre-tax income from continuing operations by approximately $9 million. Market price movements can exceed 10% under abnormal circumstances.
The utility subsidiaries’ commodity trading operations measure the outstanding risk exposure to price changes on contracts and obligations that have been entered into, but not closed, using an industry standard methodology known as VaR. VaR expresses the potential change in fair value on the outstanding contracts and obligations over a particular period of time under normal market conditions.
The VaRs for the NSP-Minnesota and PSCo commodity trading operations, excluding both non-derivative transactions and derivative transactions designated as normal purchase, normal sales, calculated on a consolidated basis using a Monte Carlo simulation with a 95% confidence level and a one-day holding period, were as follows:
(Millions of Dollars)Three Months Ended March 31VaR LimitAverageHighLow
2021$0.5 $3.0 $2.9 $52.3 $0.5 
20200.8 3.0 0.5 1.0 0.3 
A short-term increase in VaR occurred during the week of Feb. 12, 2021 through Feb. 18, 2021. On Feb. 17, 2021, the portfolio VaR reached a high of $52 million. This increase in VaR was driven by the unprecedented market conditions during Winter Storm Uri. Prior to this widespread weather event, VaR was $1 million and returned to $1 million by Feb. 19, 2021.
Nuclear Fuel Supply — NSP-Minnesota has contracted for approximately 11% of its 2021 enriched nuclear material requirements from sources that could be impacted by sanctions against entities doing business with Iran. Those sanctions may impact the supply of enriched nuclear material supplied from Russia. Long-term, through 2030, NSP-Minnesota is scheduled to take delivery of approximately 28% of its average enriched nuclear material requirements from these sources. NSP-Minnesota is able to manage nuclear fuel supply with alternate potential sources. NSP-Minnesota periodically assesses if further actions are required to assure a secure supply of enriched nuclear material.
Interest Rate Risk — Xcel Energy is subject to interest rate risk. Our risk management policy allows interest rate risk to be managed through the use of fixed rate debt, floating rate debt and interest rate derivatives such as swaps, caps, collars and put or call options.
At March 31, 2021 and 2020, a 100-basis-point change in the benchmark rate on Xcel Energy’s variable rate debt would impact pre-tax interest expense annually by approximately $15 million and $21 million, respectively.
See Note 8 to the consolidated financial statements for a discussion of Xcel Energy Inc. and its subsidiaries’ interest rate derivatives.
NSP-Minnesota maintains a nuclear decommissioning fund, as required by the NRC. The nuclear decommissioning fund is subject to interest rate risk and equity price risk. The fund is invested in a diversified portfolio of cash equivalents, debt securities, equity securities, and other investments. These investments may be used only for purpose of decommissioning NSP-Minnesota’s nuclear generating plants.
Realized and unrealized gains on the decommissioning fund investments are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Fluctuations in equity prices or interest rates affecting the nuclear decommissioning fund do not have a direct impact on earnings due to the application of regulatory accounting.
Changes in discount rates and expected return on plan assets impact the value of pension and postretirement plan assets and/or benefit costs.
Credit Risk Xcel Energy is also exposed to credit risk. Credit risk relates to the risk of loss resulting from counterparties’ nonperformance on their contractual obligations. Xcel Energy maintains credit policies intended to minimize overall credit risk and actively monitor these policies to reflect changes and scope of operations.
At March 31, 2021, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $34 million, while a decrease in prices of 10% would have resulted in a decrease in credit exposure of $12 million. At March 31, 2020, a 10% increase in commodity prices would have resulted in an increase in credit exposure of $21 million, while a decrease in prices of 10% would have resulted in an immaterial decrease in credit exposure.
Xcel Energy conducts credit reviews for all counterparties and employs credit risk control, such as letters of credit, parental guarantees, master netting agreements and termination provisions. Credit exposure is monitored and when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. Distress in the financial markets could increase our credit risk.
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FAIR VALUE MEASUREMENTS
Xcel Energy uses derivative contracts such as futures, forwards, interest rate swaps, options and FTRs to manage commodity price and interest rate risk. Derivative contracts, with the exception of those designated as normal purchase-normal sale contracts, are reported at fair value.
The Company’s investments held in the nuclear decommissioning fund, rabbi trusts, pension and other postretirement funds are also subject to fair value accounting.
See Note 8 to the consolidated financial statements for further discussion of the fair value hierarchy and the amounts of assets and liabilities measured at fair value that have been assigned to Level 3.
Commodity Derivatives — Xcel Energy monitors the creditworthiness of the counterparties to its commodity derivative contracts and assesses each counterparty’s ability to perform on the transactions. The impact of discounting commodity derivative assets for counterparty credit risk was not material to the fair value of commodity derivative assets at March 31, 2021.
Adjustments to fair value for credit risk of commodity trading instruments are recorded in electric revenues. Credit risk adjustments for other commodity derivative instruments are deferred as other comprehensive income or deferred as regulatory assets and liabilities. Classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. The impact of discounting commodity derivative liabilities for credit risk was immaterial at March 31, 2021.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
Operating Cash Flows
(Millions of Dollars)Three Months Ended March 31
Cash provided by operating activities — 2020$669 
Components of change — 2021 vs. 2020
Higher net income67 
Non-cash transactions (a)
(19)
Changes in working capital (b)
238 
Changes in net regulatory and other assets and liabilities(1,091)
Cash used in operating activities — 2021$(136)
(a)Non-cash transactions applicable to net income (e.g., depreciation and amortization, nuclear fuel amortization, changes in deferred income taxes, allowance for equity funds used during construction, etc.).
(b)Working capital includes accounts receivable, accrued unbilled revenues, inventories, accounts payable, other current assets and other current liabilities.
Net cash provided by operating activities decreased $805 million for the three months ended March 31, 2021 compared with the prior year. Decrease was primarily due to the deferral of net natural gas, fuel and purchased energy costs related to Winter Storm Uri.
Investing Cash Flows
(Millions of Dollars)Three Months Ended March 31
Cash used in investing activities — 2020$(1,606)
Components of change — 2021 vs. 2020
Decreased capital expenditures583 
Other investing activities(12)
Cash used in investing activities — 2021$(1,035)
Net cash used in investing activities decreased $571 million for the three months ended March 31, 2021 compared with the prior year. Decreased levels of capital expenditures was due to the purchase of MEC in January 2020, which was subsequently sold in July 2020.
Financing Cash Flows
(Millions of Dollars)Three Months Ended March 31
Cash used in financing activities — 2020$933 
Components of change — 2021 vs. 2020
Higher debt issuances1,544 
Higher repayments of long-term debt(400)
Higher dividends paid to shareholders(19)
Other financing activities23 
Cash provided by financing activities — 2021$2,081 
Net cash provided by financing activities increased $1,148 million for the three months ended March 31, 2021 compared with the prior year. Increase was primarily attributable to proceeds from issuances of short-term and long-term debt, partially offset by higher repayments of long-term debt.
See Note 4 to the consolidated financial statements for further information.
Capital Requirements
Xcel Energy expects to meet future financing requirements by periodically issuing short-term debt, long-term debt, common stock, hybrid and other securities to maintain desired capitalization ratios.
Pension Fund Xcel Energy’s pension assets are invested in a diversified portfolio of domestic and international equity securities, short-term to long-duration fixed income securities, and alternative investments, including private equity, real estate and hedge funds.
In January 2021, contributions of $125 million were made across four of Xcel Energy’s pension plans.
In 2020, contributions of $150 million were made across four of Xcel Energy’s pension plans.
For future years, contributions will be made as deemed appropriate based on evaluation of various factors including the funded status of the plans, minimum funding requirements, interest rates and expected investment returns.
Capital Sources
Short-Term Funding Sources Xcel Energy uses a number of sources to fulfill short-term funding needs, including operating cash flow, notes payable, commercial paper and bank lines of credit. The amount and timing of short-term funding needs depend on financing needs for construction expenditures, working capital and dividend payments.
Short-Term Investments Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS maintain cash operating and short-term investment accounts.
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Revolving Credit Facilities Xcel Energy Inc., NSP-Minnesota, PSCo and SPS each have the right to request an extension of the revolving credit facility for two additional one-year periods beyond the June 2024 termination date. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
As of April 26, 2021, Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available to meet liquidity needs:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
AvailableCashLiquidity
Xcel Energy Inc.$1,250 $200 $1,050 $$1,053 
PSCo700 692 144 836 
NSP-Minnesota500 10 490 518 1,008 
SPS500 498 43 541 
NSP-Wisconsin150 — 150 152 
Total$3,100 $220 $2,880 $710 $3,590 
(a)Credit facilities expire in June 2024.
(b)Includes outstanding commercial paper and letters of credit.
Bilateral Credit Agreement
In April 2021, the uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of March 31, 2021, NSP-Minnesota’s outstanding letters of credit under the Bilateral Credit Agreement were as follows:
(Millions of Dollars)LimitAmount OutstandingAvailable
NSP-Minnesota$75 $49 $26 
Short-Term Debt — Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each have individual commercial paper programs. The authorized levels for these commercial paper programs are:
$1.25 billion for Xcel Energy Inc.
$700 million for PSCo.
$500 million for NSP-Minnesota.
$500 million for SPS.
$150 million for NSP-Wisconsin.
In addition, in February 2021, Xcel Energy Inc. entered into a $1.2 billion 364-Day Term Loan Agreement that matures Feb. 17, 2022. Xcel Energy has an option to extend through Feb. 16, 2023.

Short-term debt outstanding for Xcel Energy was as follows:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2021Year Ended Dec. 31, 2020
Borrowing limit$4,300 $3,100 
Amount outstanding at period end1,477 584 
Average amount outstanding1,129 1,126 
Maximum amount outstanding2,054 2,080 
Weighted average interest rate, computed on a daily basis0.53 %1.45 %
Weighted average interest rate at period end0.73 0.23 
Money Pool Xcel Energy received FERC approval to establish a utility money pool arrangement with the utility subsidiaries, subject to receipt of required state regulatory approvals. The utility money pool allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. The money pool balances are eliminated in consolidation. NSP-Minnesota, NSP-Wisconsin, PSCo and SPS participate in the money pool pursuant to approval from their respective state regulatory commissions.
2021 Planned Financing Activity During 2021, Xcel Energy plans to issue approximately $75 to $80 million of equity through the DRIP and benefit programs. In addition, Xcel Energy Inc. and its utility subsidiaries issued or anticipate issuing the following:
IssuerSecurityAmountStatusTenorCoupon
PSCoFirst Mortgage Bonds$750 millionCompleted10 Year1.875 %
SPSFirst Mortgage Bonds250 millionCompleted29 Year3.15 
NSP-MinnesotaFirst Mortgage Bonds425 millionCompleted10 Year2.25 
NSP-MinnesotaFirst Mortgage Bonds425 millionCompleted31 Year3.20 
NSP-WisconsinFirst Mortgage Bonds125 millionPlanned - Q2N/AN/A
Off-Balance-Sheet Arrangements
Xcel Energy does not have any off-balance-sheet arrangements, other than those currently disclosed, that have or are reasonably likely to have a current or future effect on financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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Earnings Guidance and Long-Term EPS and Dividend Growth Rate Objectives
Xcel Energy 2021 Earnings Guidance — Xcel Energy’s 2021 GAAP and ongoing earnings guidance is a range of $2.90 to $3.00 per share.(a)
Key assumptions as compared with 2020 levels unless noted:
Constructive outcomes in all rate case and regulatory proceedings.
Modest impacts from COVID-19.
Normal weather patterns for the remainder of the year.
Weather-normalized retail electric sales are projected to increase ~1%.
Weather-normalized retail firm natural gas sales are projected to be relatively flat.
Capital rider revenue is projected to increase $100 million to $110 million (net of PTCs). PTCs are credited to customers, through capital riders, fuel clause or base rates and results in a reduction to electric margin.
O&M expenses are projected to be relatively flat.
Depreciation expense is projected to increase approximately $155 million to $165 million. The change in depreciation expense is largely earnings neutral and primarily reflects the timing of deferrals and revenue recognition in the Texas rate case.
Property taxes are projected to increase approximately $40 million to $50 million.
Interest expense (net of AFUDC - debt) is projected to increase $20 million to $30 million.
AFUDC - equity is projected to decline approximately $40 million to $50 million.
ETR is projected to be (7%) to (8%). The ETR reflects benefits of PTCs which are credited to customers through electric margin and will not have a material impact on net income.
(a) Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP for unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.
Long-Term EPS and Dividend Growth Rate Objectives Xcel Energy expects to deliver an attractive total return to our shareholders through a combination of earnings growth and dividend yield, based on the following long-term objectives:
Deliver long-term annual EPS growth of 5% to 7% based off of a 2020 base of $2.78 per share, which represents the mid-point of the original 2020 guidance range of $2.73 to $2.83 per share.
Deliver annual dividend increases of 5% to 7%.
Target a dividend payout ratio of 60% to 70%.
Maintain senior secured debt credit ratings in the A range.
ITEM 3QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes to the market risk disclosure included in our Annual Report on Form 10-K for the year ended Dec. 31, 2020 under “Derivatives, Risk Management and Market Risk.”
ITEM 4CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Xcel Energy maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms. In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to management, including the CEO and CFO, allowing timely decisions regarding required disclosure.
As of March 31, 2021, based on an evaluation carried out under the supervision and with the participation of Xcel Energy’s management, including the CEO and CFO, of the effectiveness of its disclosure controls and procedures, the CEO and CFO have concluded that Xcel Energy’s disclosure controls and procedures were effective.
Internal Control Over Financial Reporting
No changes in Xcel Energy’s internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting.
Part II OTHER INFORMATION
ITEM 1 LEGAL PROCEEDINGS
Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.
In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred.
See Note 10 to the consolidated financial statements and Part I Item 2 for further information.
ITEM 1A RISK FACTORS
Xcel Energy’s risk factors are documented in Item 1A of Part I of its Annual Report on Form 10-K for the year ended Dec. 31, 2020, which is incorporated herein by reference. There have been no material changes from the risk factors previously disclosed in the Form 10-K.
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ITEM 2UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The following table provides information about our purchases of equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Exchange Act for the quarter ended March 31, 2021:
Issuer Purchases of Equity Securities
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs
Jan. 1, 2021 - Jan. 31, 2021— $— — — 
Feb. 1, 2021 - Feb. 28, 2021— — — — 
March 1, 2021 - March 31, 2021 (a)
4,399 58.59 — — 
4,399 — — 
(a) Xcel Energy Inc. or one of its agents periodically purchases common shares in open-market transactions in order to satisfy obligations under the Stock Equivalent Plan for Non-Employee Directors.
ITEM 6 EXHIBITS
* Indicates incorporation by reference
Exhibit NumberDescriptionReport or Registration StatementExhibit Reference
Xcel Energy Inc. Form 8-K dated May 16, 20123.01
Xcel Energy Inc Form 8-K dated April 3, 20203.01
NSP-Minnesota 8-K dated March 30, 20214.01
PSCo Form 8-K dated March 1, 20214.01
Xcel Energy Inc. Form 8-K dated February 18, 202110.01
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Schema
101.CALInline XBRL Calculation
101.DEFInline XBRL Definition
101.LABInline XBRL Label
101.PREInline XBRL Presentation
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
XCEL ENERGY INC.
April 29, 2021By:/s/ JEFFREY S. SAVAGE
Jeffrey S. Savage
Senior Vice President, Controller
(Principal Accounting Officer)
/s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
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