Item 9A. Controls and Procedures
ITEM 9A — CONTROLS 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 Dec. 31, 2023 , 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 ended Dec. 31, 2023 that materially affected, or are reasonably likely to materially affect, Xcel Energy’s internal control over financial reporting. Xcel Energy maintains internal control over financial reporting to provide reasonable assurance regarding the reliability of the financial reporting. Xcel Energy has evaluated and documented its controls in process activities, general computer activities, and on an entity-wide level.
During the year and in preparation for issuing its report for the year ended Dec. 31, 2023 on internal controls under section 404 of the Sarbanes-Oxley Act of 2002, Xcel Energy conducted testing and monitoring of its internal control over financial reporting. Based on the control evaluation, testing and remediation performed, Xcel Energy did not identify any material control weaknesses, as defined under the standards and rules issued by the Public Company Accounting Oversight Board, as approved by the SEC and as indicated in Xcel Energy’s Management Report on Internal Controls over Financial Reporting, which is contained in Item 8 herein.
ITEM 9B — OTHER INFORMATION
Effective March 1, 2024, Melissa Ostrom, Vice President, Controller at Xcel Energy Inc., will begin serving as principal accounting officer of Xcel Energy. Brian Van Abel, Xcel Energy’s Executive Vice President, Chief Financial Officer will cease serving as Xcel Energy’s principal accounting officer effective March 1, 2024.
Melissa Ostrom, age 40, has served as Vice President, Controller at Xcel Energy since April 2022. Prior to that Ms. Ostrom served as Director, Financial Forecasting and Reporting from November 2018 to March 2022 and as Director, Capital Asset Accounting from April 2016 to November 2018. Ms. Ostrom served in various other finance and accounting positions of increasing responsibility since joining Xcel Energy in 2010.
There are no arrangements or understandings between Ms. Ostrom and any other person pursuant to which she was selected to serve as principal accounting officer. There are no family relationships between Ms. Ostrom and any director or officer of Xcel Energy or any other related-party transaction involving Ms. Ostrom and Xcel Energy.
There were no material amendments made to Ms. Ostrom’s compensation in connection with her service as principal accounting officer.
On Feb. 21, 2024, the Board of Directors of Xcel Energy approved the Xcel Energy Inc. Annual Incentive Plan (the “Plan”) in order to provide for annual incentive awards to eligible employees. The Plan replaces the Xcel Energy Inc. Executive Annual Incentive Award Subplan pursuant to the Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan. The Governance, Compensation and Nominating Committee (the “Committee”) of Xcel Energy’s Board of Directors administers the Plan and has authority to determine when and to whom awards will be granted, the amount of awards, and the terms and conditions of awards including the applicable performance goals, and will certify the level of goal achievement for award payouts. Awards will be paid in the form of cash or, if provided by the Committee, eligible employees may elect to receive payment in the form of stock or restricted stock, or a combination of the foregoing, and any shares of stock will be issued under Xcel Energy’s then-current equity compensation plan, all on such terms as the Committee may determine. The Plan also includes a “clawback” provision providing that awards are subject to recoupment under Xcel Energy’s clawback policies in effect from time to time. A copy of the Plan is filed as Exhibit 10.18 hereto and incorporated herein by reference.
None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended Dec. 31, 2023.
ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information required under this Item with respect to Directors and Corporate Governance is set forth in Xcel Energy Inc.’s Proxy Statement for its 2024 Annual Meeting of Shareholders, which is expected to be filed on April 9, 2024, which is incorporated by reference. Information with respect to Executive Officers is included in Item 1 to this report.
ITEM 11 — EXECUTIVE COMPENSATION
Information required under this Item is set forth in Xcel Energy Inc.’s Proxy Statement for its 2024 Annual Meeting of Shareholders, which is incorporated by reference.
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ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its 2024 Annual Meeting of Shareholders, which is incorporated by reference.
ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information required under this Item is contained in Xcel Energy Inc.’s Proxy Statement for its 2024 Annual Meeting of Shareholders, which is incorporated by reference.
ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information required under this Item (aggregate fees billed to us by our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34 )) is contained in Xcel Energy Inc.’s Proxy Statement for its 2024 Annual Meeting of Shareholders, which is incorporated by reference.
PART IV
ITEM 15 — EXHIBIT AND FINANCIAL STATEMENT SCHEDULES
1 Consolidated Financial Statements
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, 2023.
Report of Independent Registered Public Accounting Firm — Financial Statements and Internal Controls Over Financial Reporting
Consolidated Statements of Income — For each of the three years ended Dec. 31, 2023, 2022, and 2021.
Consolidated Statements of Comprehensive Income — For each of the three years ended Dec. 31, 2023, 2022, and 2021.
Consolidated Statements of Cash Flows — For each of the three years ended Dec. 31, 2023, 2022, and 2021.
Consolidated Balance Sheets — As of Dec. 31, 2023, 2022.
Consolidated Statements of Common Stockholders’ Equity — For each of the three years ended Dec. 31, 2023, 2022, and 2021.
2 Schedule I — Condensed Financial Information of Registrant.
Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2023, 2022, and 2021.
3 Exhibits
* Indicates incorporation by reference
+ Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors
Xcel Energy Inc.
Exhibit Number Description Report or Registration Statement Exhibit Reference
3.01 *
Amended and Restated Articles of Incorporation of Xcel Energy Inc.
Xcel Energy Inc. Form 8-K dated May 16, 2012 3.01
3.02 *
Bylaws of Xcel Energy Inc., as Amended and Restated on August 23, 2023
Xcel Energy Inc. Form 8-K dated August 23, 2023
3.02
4.01 *
Description of Securities
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 4.01
4.02 *
Indenture, dated as of Dec. 1, 2000, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank Minnesota, National Association), as Trustee
Xcel Energy Inc. Form 8-K dated Dec. 14, 2000 4.01
4.03 *
Supplemental Indenture No. 3, dated as of June 1, 2006, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $300 million of 6.50% Senior Notes, Series due July 1, 2036
Xcel Energy Inc. Form 8-K dated June 6, 2006 4.01
4.04 *
Junior Subordinated Indenture, dated as of Jan. 1, 2008, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee
Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 4.01
4.05 *
Replacement Capital Covenant, dated Jan. 16, 2008
Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 4.03
4.06 *
Supplemental Indenture No. 6, dated as of Sept. 1, 2011, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $250 million of 4.80% Senior Notes, Series due Sept. 15, 2041
Xcel Energy Inc. Form 8-K dated Sept. 12, 2011 4.01
4.07 *
Supplemental Indenture No. 8, dated as of June 1, 2015, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $250 million aggregate principal amount of 3.30% Senior Notes, Series due June 1, 2025
Xcel Energy Inc. Form 8-K dated June 1, 2015 4.01
4.08 *
Supplemental Indenture No. 10, dated as of Dec. 1, 2016, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association, as Trustee), creating $500 million aggregate principal amount of 3.35% Senior Notes, Series due Dec. 1, 2026
Xcel Energy Inc. Form 8-K dated Dec. 1, 2016 4.01
4.09 *
Supplemental Indenture No. 11, dated as of June 25, 2018, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $500 million aggregate principal amount of 4.00% Senior Notes, Series due June 15, 2028
Xcel Energy Inc. Form 8-K dated June 25, 2018 4.01
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Table of Contents
4.10 *
Supplemental Indenture No. 12, dated as of Nov. 7, 2019 by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $500 million aggregate principal amount of 2.60% Senior Notes, Series due Dec 1. 2029 and $500 million aggregate principal amount of 3.50% Senior Notes, Series due Dec. 1, 2049
Xcel Energy Inc. Form 8-K dated Nov. 7, 2019 4.01
4.11 *
Supplemental Indenture No. 13, dated as of April 1, 2020 by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee creating $600 million aggregate principal amount of 3.40% Senior Notes, Series due June 1, 2030
Xcel Energy Inc. Form 8-K dated April 1, 2020 4.01
4.12 *
Supplemental Indenture No. 15, dated as of Nov. 3, 2021 between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $500 million aggregate principal amount of 1.75% Senior Notes, Series due March 15, 2027 and $300 million aggregate principal amount of 2.35% Senior Notes, Series due Nov. 15, 2031
Xcel Energy Inc. Form 8-K dated Nov. 3, 2021
4.01
4.13 *
Supplemental Indenture No. 16, dated as of May 6, 2022, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, creating $700 million aggregate principal amount of 4.60% Senior Notes, Series due June 1, 2032
Xcel Energy Form 8-K dated May 6, 2022 4.01
4. 14 *
Supplemental Indenture No. 17, dated as of August 3, 2023, by and between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, creating $800 million aggregate principal amount of 5.45% Senior Notes, Series due August 15, 2033.
Xcel Energy Form 8-K dated August 3, 2023
4.01
10.01 *
Xcel Energy Inc. Nonqualified Pension Plan (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.02
10.02 *+
Xcel Energy Senior Executive Severance and Change-in-Control Policy (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.05
10.03 *+
Second Amendment to Exhibit 10.02 dated Oct. 26, 2011
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 10.18
10.04 *+
Fifth Amendment to Exhibit 10.02 dated May 3, 2016
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2016 10.01
10.05 *+
Seventh Amendment to Exhibit 10.02 dated May 7, 2018
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2018 10.01
10.06 *+
Eighth Amendment to Exhibit 10.02 dated March 31, 2020
Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2020 10.02
10.07 *+
Ninth Amendment to Exhibit 10.02 dated May 22, 2020
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2020 10.01
10.08 *+
Xcel Energy Inc. Supplemental Executive Retirement Plan as amended and restated Jan. 1, 2009
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.17
10. 09 *+
Xcel Energy Inc. Nonqualified Deferred Compensation Plan (2009 Restatement)
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 10.07
10.1 0 *+
First Amendment to Exhibit 10. 09 effective Nov. 29, 2011
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 10.17
10.1 1 *+
Second Amendment to Exhibit 10. 09 dated May 21, 2013
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2013 10.22
10.12 *+
Third Amendment to Exhibit 10. 09 dated Sept. 30, 2016
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2016 10.01
10.13 *+
Fourth Amendment to Exhibit 10. 09 dated Oct. 23, 2017
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2017 10.1
10. 14 *+
Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 10.34
10.15 *+
Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards between 2020-2023
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 10.32
10.16 +
Form of Award Agreement for Restricted Stock Units and/or Performance Share Units under the Xcel Energy Inc. 2015 Omnibus Incentive Plan for awards since 2024
10.17 *+
Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc. Amended and Restated 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 8-K dated Dec. 10, 2021
10.01
10.18 +
X cel Energy Inc. Annual Incentive Plan , effective Feb. 21 , 2024
10.1 9 *+
Summary of Non-Employee Director Compensation, effective as of May 24, 2023
Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2023
10.01
10.20 *+
Stock Equivalent Plan for Non-Employee Directors of Xcel Energy Inc. as amended and restated effective Feb. 23, 2011
Xcel Energy Inc. Definitive Proxy Statement dated April 5, 2011 Appendix A
10.21 *+
Stock Program for Non-Employee Directors of Xcel Energy Inc. as Amended and Restated on Dec. 12, 2017 under the 2015 Omnibus Incentive Plan
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 10.36
10.22 *+
Form of Services Agreement between Xcel Energy Services Inc. and utility companies
Xcel Energy Inc. Form U5B dated Nov. 16, 2000 H-1
10.23 *
Fourth Amended and Restated Credit Agreement, dated as of September 19, 2022, among Xcel Energy Inc., as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, and Citibank, N.A., MUFG Bank, Ltd., and Wells Fargo Bank, National Association., as Documentation Agents
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022
99.01
NSP-Minnesota
4.15 *
Supplemental and Restated Trust Indenture, dated May 1, 1988, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee, providing for the issuance of First Mortgage Bonds, Supplemental Indentures between NSP-Minnesota and said Trustee
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(b)(3)
4.16 *
Supplemental Trust Indenture, dated as of June 1, 1995, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee, creating $250 million aggregate principal amount of 7.125% First Mortgage Bonds, Series due July 1, 2025
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 4.11
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Table of Contents
4.17 *
Supplemental Trust Indenture, dated as of March 1, 1998, from NSP-Minnesota to Harris Trust and Savings Bank, as Trustee, creating $150 million aggregate principal amount of 6.5% First Mortgage Bonds, Series due March 1, 2028
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2017 4.12
4.18 *
Supplemental Trust Indenture, dated as of Aug. 1, 2000 (Assignment and Assumption of Trust Indenture)
NSP-Minnesota Form 10-12G dated Oct. 5, 2000 4.51
4.19 *
Indenture, dated as of July 1, 1999, by and between NSP-Minnesota and Wells Fargo Bank Minne sota , NA (as successor to Norwest Bank Minnesota, NA), as Trustee, providing for the issuance of Sr. Debt Securities
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(b)(7)
4.20 *
Supplemental Indenture No. 2, dated Aug. 18, 2000, supplemental to the Indenture, dated as of July 1, 1999, among Xcel Energy Inc., NSP-Minnesota and Wells Fargo Bank Minnesota , NA (as successor to Norwest Bank Minnesota , NA), as Trustee
NSP-Minnesota Form 10-12G dated Oct. 5, 2000 4.63
4.21 *
Supplemental Trust Indenture, dated as of July 1, 2005, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $250 million aggregate principal amount of 5.25% First Mortgage Bonds, Series due July 15, 2035
NSP-Minnesota Form 8-K dated July 14, 2005 4.01
4.22 *
Supplemental Trust Indenture, dated as of May 1, 2006, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $400 million aggregate principal amount of 6.25% First Mortgage Bonds, Series due June 1, 2036
NSP-Minnesota Form 8-K dated May 18, 2006 4.01
4.23 *
Supplemental Trust Indenture, dated as of June 1, 2007, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA (as successor to BNY Midwest Trust Company), as Trustee, creating $350 million aggregate principal amount of 6.20% First Mortgage Bonds, Series due July 1, 2037
NSP-Minnesota Form 8-K dated June 19, 2007 4.01
4.24 *
Supplemental Trust Indenture, dated as of Nov. 1, 2009, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company., NA, as Trustee, creating $300 million aggregate principal amount of 5.35% First Mortgage Bonds, Series due Nov. 1, 2039
NSP-Minnesota Form 8-K dated Nov. 16, 2009 4.01
4.25 *
Supplemental Trust Indenture, dated as of Aug. 1, 2010, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA, as Trustee, creating $250 million aggregate principal amount of 4.85% First Mortgage Bonds, Series due Aug. 15, 2040
NSP-Minnesota Form 8-K dated Aug. 4, 2010 4.01
4.26 *
Supplemental Trust Indenture, dated as of Aug. 1, 2012, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, NA, as Trustee, creating $500 million aggregate principal amount of 3.40% First Mortgage Bonds, Series due Aug. 15, 2042
NSP-Minnesota Form 8-K dated Aug. 13, 2012 4.01
4.27 *
Supplemental Trust Indenture, dated as of May 1, 2014, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $300 million aggregate principal amount of 4.125% First Mortgage Bonds, Series due May 15, 2044
NSP-Minnesota Form 8-K dated May 13, 2014 4.01
4.28 *
Supplemental Trust Indenture, dated as of Aug. 1, 2015, by and between NSP-Minnesota and The Bank of New York Mellon Company, N.A., as Trustee, creating $300 million aggregate principal amount of 4.00% First Mortgage Bonds, Series due Aug. 15, 2045
NSP-Minnesota Form 8-K dated Aug. 11, 2015 4.01
4.29 *
Supplemental Trust Indenture, dated as of May 1, 2016, by and between NSP-Minnesota and The Bank of NY Mellon Trust Company, N.A., as Trustee, creating $350 million aggregate principal amount of 3.60% First Mortgage Bonds, Series due May 15, 2046
NSP-Minnesota Form 8-K dated May 31, 2016 4.01
4.30 *
Supplemental Trust Indenture, dated as of Sept. 1, 2017, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $600 million aggregate principal amount of 3.60% First Mortgage Bonds, Series due Sept. 15, 2047
NSP-Minnesota Form 8-K dated Sept. 13, 2017 4.01
4.31 *
Supplemental Trust Indenture, dated as of Sept. 1, 2019, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $600 million aggregate principal amount of 2.90% First Mortgage Bonds, Series due March 1, 2050
NSP-Minnesota Form 8-K dated Sept. 10, 2019 4.01
4.32 *
Supplemental Indenture, dated as of June 8, 2020, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $700 million aggregate principal amount of 2.60% First Mortgage Bonds, Series due June 1, 2051
NSP-Minnesota 8-K dated June 15, 2020 4.01
4.33 *
Supplemental Indenture, dated as of March 1, 2021, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $425 million principal amount of 2.25% First Mortgage Bonds, Series due April 1, 2031 and $425 million principal amount of 3.20% First Mortgage Bonds, Series due April 1, 2052
NSP-Minnesota 8-K dated March 30, 2021
4.01
4.34 *
Supplemental Indenture, dated as of May 1, 2022, by and between NSP-Minnesota and The Bank of New York Mellon Trust Company, N.A., as Trustee, creating $500 million aggregate principal amount of 4.50% First Mortgage Bonds, Series due June 1, 2052
NSP-Minnesota 8-K dated May 9, 2022 4.01
4.35 *
Supplemental Trust Indenture dated as of May 1, 2023 between NSP-Minnes ota and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $800 million aggregate principal amount of 5.10% First Mortgage Bonds, Series due May 15, 2053.
NSP-Minnesota 8-K dated May 8, 2023
4.01
10.23 *
Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 10.01
10.24 *
Fourth Amended and Restated Credit Agreement, dated as of September 19, 2022, among NSP-Minnesota, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, and Citibank, N.A., MUFG Bank, Ltd., and Wells Fargo Bank, National Association, as Documentation Agents
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 99.02
NSP-Wisconsin
4.36 *
Supplemental and Restated Trust Indenture, dated as of March 1, 1991, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to First Wisconsin Trust Company), as Trustee providing for the issuance of First Mortgage Bonds
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(c)(3)
4.37 *
Trust Indenture, dated Sept. 1, 2000, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to Firstar Bank, N.A.), as Trustee
NSP-Wisconsin Form 8-K dated Sept. 25, 2000 4.01
4.38 *
Supplemental Trust Indenture, dated as of Sept. 1, 2008, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 6.375% First Mortgage Bonds, Series due Sept. 1, 2038
NSP-Wisconsin Form 8-K dated Sept. 3, 2008 4.01
4.39 *
Supplemental Trust Indenture, dated as of Oct. 1, 2012, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.70% First Mortgage Bonds, Series due Oct. 1, 2042
NSP-Wisconsin Form 8-K dated Oct. 10, 2012 4.01
4.40 *
Supplemental Trust Indenture, dated as of June 1, 2014, between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.30% First Mortgage Bonds, Series due June 15, 2024
NSP-Wisconsin Form 8-K dated June 23, 2014 4.01
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Table of Contents
4.41 *
Supplemental Trust Indenture, dated as of Nov 1, 2017, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.75% First Mortgage Bonds, Series due Dec. 1, 2047
NSP-Wisconsin Form 8-K dated Dec. 4, 2017 4.01
4.42 *
Supplemental Indenture, dated as of Sept. 1, 2018, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 4.20% First Mortgage Bonds, Series due Sept. 1, 2048
NSP-Wisconsin Form 8-K dated Sept. 12, 2018 4.01
4.43 *
Supplemental Trust Indenture, dated as of May 18, 2020, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 3.05% First Mortgage Bonds, Series due May 1, 2051
NSP-Wisconsin Form 8-K dated May 26, 2020 4.01
4.44 *
Supplemental Indenture dated as of July 19, 2021 between NSP-Wisconsin and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million principal amount of 2.82% First Mortgage Bonds, Series due May 1, 2051
NSP-Wisconsin Form 8-K dated July 20, 2021
4.01
4.45 *
Supplemental Trust Indenture, dated as of July 15, 2022, by and between NSP-Wisconsin and U.S. Bank Trust Company, National Association, as Trustee, creating $100 million aggregate principal amount of 4.86% First Mortgage Bonds, Series due Sept. 15, 2052
NSP-Wisconsin Form 8-K dated July 15, 2022 4.01
4 .46 *
Supplemental Indenture dated as of May 10, 2023 between NSP-Wisconsin and U.S. Bank Trust Company, National Association, as successor Trustee, creating 5.30% First Mortgage Bonds, Series due June 15, 2053
NSP-Wisconsin Form 8-K dated May 10, 2023
4.01
10.25 *
Restated Interchange Agreement dated Jan. 16, 2001 between NSP-Wisconsin and NSP-Minnesota
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 10.01
10.26 *
Fourth Amended and Restated Credit Agreement, dated as of Sept. 19, 2022, among NSP-Wisconsin, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, and Citibank, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 99.05
PSCo
4.47 *
Indenture, dated as of Oct. 1, 1993, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to Morgan Guaranty Trust Company of New York), as Trustee, providing for the issuance of First Collateral Trust Bonds
Xcel Energy Inc. Form S-3 dated April 18, 2018 4(d)(3)
4.48 *
Supplemental Indenture No. 17, dated as of Aug. 1, 2007, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million of 6.25% First Mortgage Bonds, Series No. 17 due Sept. 1, 2037
PSCo Form 8-K dated Aug. 8, 2007 4.01
4.49 *
Supplemental Indenture No. 18, dated as of Aug. 1, 2008, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 6.50% First Mortgage Bonds, Series No. 19 due Aug. 1, 2038
PSCo Form 8-K dated Aug. 6, 2008 4.01
4.50 *
Supplemental Indenture No. 21, dated as of Aug. 1, 2011, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 4.75% First Mortgage Bonds, Series No. 22 due Aug. 15, 2041
PSCo Form 8-K dated Aug. 9, 2011 4.01
4.51 *
Supplemental Indenture No. 22, dated as of Sept. 1, 2012, between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $500 million aggregate principal amount of 3.60% First Mortgage Bonds, Series No. 24 due Sept. 15, 2042
PSCo Form 8-K dated Sept. 11, 2012 4.01
4.52 *
Supplemental Indenture No. 24, dated as of March 1, 2014, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 4.30% First Mortgage Bonds, Series No. 27 due March 15, 2044
PSCo Form 8-K dated March 10, 2014 4.01
4.53 *
Supplemental Indenture No. 25, dated as of May 1, 2015, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 2.90% First Mortgage Bonds, Series No. 28 due May 15, 2025
PSCo Form 8-K dated May 12, 2015 4.01
4.54 *
Supplemental Indenture No. 26, dated as of June 1, 2016, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $250 million aggregate principal amount of 3.55% First Mortgage Bonds, Series No. 29 due June 15, 2046
PSCo Form 8-K dated June 13, 2016 4.01
4.55 *
Supplemental Indenture No. 27, dated as of June 1, 2017, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 3.80% First Mortgage Bonds, Series No. 30 due June 15, 2047
PSCo Form 8-K dated June 19, 2017 4.01
4.56 *
Supplemental Indenture No. 28, dated as of June 1, 2018, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $350 million aggregate principal amount of 3.70% First Mortgage Bonds, Series No. 31 due June 15, 2028, and $350 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 32 due June 15, 2048
PSCo Form 8-K dated June 21, 2018 4.01
4.57 *
Supplemental Indenture No. 29, dated as of March 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $400 million aggregate principal amount of 4.05% First Mortgage Bonds, Series No. 33 due Sept. 15, 2049
PSCo Form 8-K dated March 13, 2019 4.01
4.58 *
Supplemental Indenture No. 30, dated as of Aug. 1, 2019, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $550 million aggregate principal amount of 3.20% First Mortgage Bonds, Series No. 34 due March 1, 2050
PSCo Form 8-K dated August 13, 2019 4.01
4.59 *
Supplemental Indenture No. 31, dated as of May 1, 2020, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $375 million aggregate principal amount of 2.70% First Mortgage Bonds, Series No. 35 due Jan. 15, 2051 and $375 million aggregate principal amount of 1.90% First Mortgage Bonds, Series No. 36 due Jan. 15, 2031
PSCo Form 8-K dated May 15, 2020 4.01
4.60 *
Supplemental Indenture No. 32, dated as of February 1, 2021, by and between PSCo and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $750 million aggregate principal amount of 1.875% First Mortgage Bonds, Series No. 37 due June 15, 2031
PSCo Form 8-K dated March 1, 2021
4.01
4.61 *
Supplemental Indenture No. 33, dated as of May 1, 2022, by and between PSCo and U.S. Bank Trust Company, National Association, as Trustee, creating $300 million aggregate principal amount of 4.10% First Mortgage Bonds, Series No. 38 due June 1, 2032 and $400 million aggregate principal amount of 4.50% First Mortgage Bonds, Series No. 39 due June 1, 2052
PSCo Form 8-K dated May 17, 2022 4.01
4 .62 *
Supplemental Indenture No. 34, dated as of March 1, 2023, between PSCo and U.S. Bank Trust Company, National Association, as successor Trustee, creating $850 million principal amount of 5.25% First Mortgage Bonds, Series No. 40 due Apri l 1, 2053.
PSCo Form 8-K dated April 3, 2023
4.01
10.27 *
Proposed Settlement Agreement, excerpts, as filed with the CPUC
Xcel Energy Inc. Form 8-K dated Dec. 3, 2004 99.02
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Table of Contents
10.28 *
Fourth Amended and Restated Credit Agreement, dated as of September 19, 2022, among PSCo, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, and Citibank, N.A., MUFG Bank, Ltd., and Wells Fargo Bank, National Association, as Documentation Agents
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 99.03
SPS
4.63 *
Indenture, dated as of Feb. 1, 1999, by and between SPS and The Chase Manhattan Bank , as Trustee
SPS Form 8-K dated Feb. 25, 1999 99.2
4.64 *
Third Supplemental Indenture, dated as of Oct. 1, 2003, by and between SPS and JPMorgan Chase Bank (as successor to The Chase Manhattan Bank), as Trustee, creating $100 million aggregate principal amount of Series C Notes, 6% due Oct. 1, 2033 and Series D Notes, 6% due Oct. 1, 2033
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2003 4.04
4.65 *
Fourth Supplemental Indenture, dated as of Oct. 1, 2006, by and between SPS and The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee, creating $250 million aggregate principal amount of Series F Notes, 6% due Oct. 1, 2036
SPS Form 8-K dated Oct. 3, 2006 4.01
4.66 *
Indenture, dated as of Aug. 1, 2011, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee
SPS Form 8-K dated Aug. 10, 2011 4.01
4.67 *
Supplemental Indenture No. 1, dated as of Aug. 3, 2011, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $200 million aggregate principal amount of 4.50% First Mortgage Bonds, Series No. 1 due Aug. 15, 2041
SPS Form 8-K dated Aug. 10, 2011 4.02
4.68 *
Supplemental Indenture No. 3, dated as of June 1, 2014, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $150 million aggregate principal amount of 3.30% First Mortgage Bonds, Series No. 3 due June 15, 2024
SPS Form 8-K dated June 9, 2014 4.02
4.69 *
Supplemental Indenture No. 4, dated as of Aug. 1, 2016, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 3.40% First Mortgage Bonds, Series No. 4 due Aug. 15, 2046
SPS Form 8-K dated Aug. 12, 2016 4.02
4.70 *
Supplemental Indenture No. 5, dated as of Aug. 1, 2017, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $450 million aggregate principal amount of 3.70% First Mortgage Bonds, Series No. 5 due Aug. 15 2047
SPS Form 8-K dated Aug 9. 2017 4.02
4.71 *
Supplemental Indenture No. 6, dated as of Oct. 1, 2018, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 4.40% First Mortgage Bonds, Series No. 6 due Nov. 15, 2048
SPS Form 8-K dated Nov. 5, 2018 4.02
4.72 *
Supplemental Indenture No. 7, dated as of June 1, 2019, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $300 million aggregate principal amount of 3.75% First Mortgage Bonds, Series No. 7 due June 15, 2049
SPS Form 8-K dated June 18, 2019 4.02
4.73 *
Supplemental Indenture No. 8, dated as of May 1, 2020, by and between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $600 million aggregate principal amount of 3.15% First Mortgage Bonds, Series No. 8 due May 1, 2050
SPS Form 8-K dated May 18, 2020 4.02
4.74 *
Supplemental Indenture No. 9, dated as of May 1, 2022, by and between SPS and U.S. Bank Trust Company, National Association, as Trustee, creating $200 million aggregate principal amount of 5.15% First Mortgage Bonds, Series No. 9 due June 1, 2052
SPS Form 8-K dated May 31, 2022 4.02
4 .75 *
Supplemental Indenture No. 10 dated as of August 21, 2023 between SPS and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, creating $100 million aggregate principal amount of 6.00% First Mortgage Bonds, Series No. 10 due 2053.
SPS Form 8-K dated August 21, 2023
4.01
10.29 *
Fourth Amended and Restated Credit Agreement, dated as of Sept. 19, 2022, among SPS, as Borrower, the several lenders from time to time parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A. and Barclays Bank PLC, as Syndication Agents, and Citibank, N.A., MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents
Xcel Energy Inc. Form 8-K dated Sept. 19, 2022 99.04
Xcel Energy Inc.
21.01
Subsidiaries of Xcel Energy Inc.
23.01
Consent of Independent Registered Public Accounting Firm
24.01
Powers of Attorney
31.01
Principal Executive Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.02
Principal Financial Officer’s certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.01
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
9 7.01
M andatory Compensation Recovery Policy for Section 16 Officers
101.INS Inline 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.SCH Inline XBRL Schema
101.CAL Inline XBRL Calculation
101.DEF Inline XBRL Definition
101.LAB Inline XBRL Label
101.PRE Inline XBRL Presentation
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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SCHEDULE I
XCEL ENERGY INC.
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(amounts in millions, except per share data)
Year Ended Dec. 31
2023 2022 2021
Income
Equity earnings of subsidiaries $ 1,948 $ 1,905 $ 1,744
Total income 1,948 1,905 1,744
Expenses and other deductions
Operating expenses 25 19 21
Other (income) expenses ( 13 ) ( 2 ) 3
Interest charges and financing costs 235 206 173
Total expenses and other deductions 247 223 197
Income before income taxes 1,701 1,682 1,547
Income tax benefit ( 70 ) ( 54 ) ( 50 )
Net income $ 1,771 $ 1,736 $ 1,597
Other Comprehensive Income
Pension and retiree medical benefits, net of tax $ ( 2 ) $ 9 $ 8
Derivative instruments, net of tax 1 21 10
Other comprehensive income ( 1 ) 30 18
Comprehensive income $ 1,770 $ 1,766 $ 1,615
Weighted average common shares outstanding:
Basic 552 547 539
Diluted 552 547 540
Earnings per average common share:
Basic $ 3.21 $ 3.18 $ 2.96
Diluted 3.21 3.17 2.96
See Notes to Condensed Financial Statements
XCEL ENERGY INC.
CONDENSED STATEMENTS OF CASH FLOWS
(amounts in millions)
Year Ended Dec. 31
2023 2022 2021
Operating activities
Net cash provided by operating activities $ 1,586 $ 1,340 $ 1,147
Investing activities
Capital contributions to subsidiaries ( 975 ) ( 921 ) ( 1,661 )
Net return in the utility money pool 21 — 57
Net cash used in investing activities ( 954 ) ( 921 ) ( 1,604 )
Financing activities
(Repayment of) proceeds from short-term borrowings, net ( 66 ) ( 407 ) 638
Proceeds from issuance of long-term debt 792 694 791
Repayment of long-term debt ( 500 ) — ( 400 )
Proceeds from issuance of common stock 270 322 366
Dividends paid ( 1,092 ) ( 1,012 ) ( 935 )
Other ( 13 ) ( 16 ) ( 16 )
Net cash (used in) provided by financing activities ( 609 ) ( 419 ) 444
Net change in cash, cash equivalents, and restricted cash 23 — ( 13 )
Cash, cash equivalents and restricted cash at beginning of period 1 1 14
Cash, cash equivalents and restricted cash at end of period $ 24 $ 1 $ 1
See Notes to Condensed Financial Statements
XCEL ENERGY INC.
CONDENSED BALANCE SHEETS
(amounts in millions)
Dec. 31
2023 2022
Assets
Cash and cash equivalents $ 24 $ 1
Accounts receivable from subsidiaries 404 443
Derivative instruments — 1
Other current assets 5 7
Total current assets 433 452
Investment in subsidiaries 23,873 22,597
Other assets ( 20 ) ( 7 )
Total other assets 23,853 22,590
Total assets $ 24,286 $ 23,042
Liabilities and Equity
Current portion of long-term debt — 500
Dividends payable 289 268
Short-term debt 165 231
Other current liabilities 66 17
Total current liabilities 520 1,016
Other liabilities 12 13
Total other liabilities 12 13
Commitments and contingencies
Capitalization
Long-term debt 6,137 5,338
Common stockholders' equity 17,617 16,675
Total capitalization 23,754 22,013
Total liabilities and equity $ 24,286 $ 23,042
See Notes to Condensed Financial Statements
Notes to Condensed Financial Statements
Incorporated by reference are Xcel Energy’s consolidated statements of common stockholders’ equity and other comprehensive income in Part II, Item 8.
Basis of Presentation — The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X. Xcel Energy Inc.’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.
As a holding company with no business operations, Xcel Energy Inc.’s assets consist primarily of investments in its utility subsidiaries. Xcel Energy Inc.’s material cash inflows are only from dividends and other payments received from its utility subsidiaries and the proceeds raised from the sale of debt and equity securities. The ability of its utility subsidiaries to make dividend and other payments is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.’s ability to pay dividends at the current level in the foreseeable future. Each of its utility subsidiaries, however, is legally distinct and has no obligation, contingent or otherwise, to make funds available to Xcel Energy Inc.
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Guarantees and Indemnifications
Xcel Energy Inc. provides guarantees and bond indemnities under specified agreements or transactions, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. limit the exposure to a maximum stated amount. As of Dec. 31, 2023 and 2022, Xcel Energy Inc. had no asset s held as collateral related to guarantees, bond indemnities and indemnification agreements.
Guarantees and bond indemnities issued and outstanding as of Dec. 31, 2023:
(Millions of Dollars) Guarantor Guarantee
Amount Current
Exposure Triggering
Event
Guarantees of Capital Services purchase contracts for wind and solar generating equipment (a)
Xcel Energy Inc. 951 (b)
(c)
Guarantees of Xcel Energy Inc.’s utility subsidiaries’ performance on tax credit sale agreements Xcel Energy Inc. 100 (d)
(c)
Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (e)
Xcel Energy Inc. 75 (f)
(g)
(a) Guarantees expire upon the satisfaction of all buyer obligations under the purchase contracts.
(b) Given that the manufacturing of equipment has not yet commenced, related exposure to the performance obligations of Capital Services at Dec. 31, 2023 has been assessed as immaterial.
(c) Nonperformance and/or nonpayment.
(d) Exposure to the performance obligations of the utility subsidiaries has been assessed as immaterial. The tax credit sales transactions closed as scheduled in January 2024.
(e) The surety bonds primarily relate to workers compensation benefits and utility projects. The workers compensation bonds are renewed annually and the project based bonds expire in conjunction with the completion of the related projects.
(f) Due to the number of projects associated with the surety bonds, the total current exposure of this indemnification cannot be determined. Xcel Energy Inc. believes the exposure to be significantly less than the total amount of the outstanding bonds.
(g) Per the indemnity agreement between Xcel Energy Inc. and the various surety companies, surety companies have the discretion to demand that collateral be posted.
Indemnification Agreements
Xcel Energy Inc. provides indemnifications through contracts entered into in the normal course of business. Indemnifications are primarily against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and certain income tax matters. Obligations under these agreements may be limited in terms of duration or amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.
Related Party Transactions — Xcel Energy Inc. presents related party receivables net of payables. Accounts receivable net of payables with affiliates at Dec. 31:
(Millions of Dollars) 2023 2022
NSP-Minnesota $ 120 $ 82
NSP-Wisconsin 13 17
PSCo 44 111
SPS 47 61
Xcel Energy Services Inc. 144 145
Other subsidiaries of Xcel Energy Inc. 35 27
$ 403 $ 443
Dividends — Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $ 1,693 million, $ 1,503 million and $ 1,344 million for the years ended Dec. 31, 2023, 2022 and 2021, respectively. These cash receipts are included in operating cash flows of the condensed statements of cash flows.
Money Pool — FERC approval was received 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.
Money pool lending for Xcel Energy Inc.:
(Amounts in Millions, Except Interest Rates) Three Months Ended Dec. 31, 2023
Loan outstanding at period end $ 21
Average loan outstanding 90
Maximum loan outstanding 250
Weighted average interest rate, computed on a daily basis 1.34 %
Weighted average interest rate at end of period 5.34
Money pool interest income $ 1
(Amounts in Millions, Except Interest Rates) Year Ended Dec. 31, 2023 Year Ended Dec. 31, 2022 Year Ended Dec. 31, 2021
Loan outstanding at period end $ 21 $ — $ —
Average loan outstanding 27 10 16
Maximum loan outstanding 250 204 439
Weighted average interest rate, computed on a daily basis 5.33 % 0.73 % 0.08 %
Weighted average interest rate at end of period 5.34 N/A N/A
Money pool interest income $ 1 $ — $ —
See notes to the consolidated financial statements in Part II, Item 8.
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SCHEDULE II
Xcel Energy Inc. and Subsidiaries Valuation and Qualifying Accounts Years Ended Dec. 31
Allowance for bad debts NOL and tax credit valuation allowances
(Millions of Dollars) 2023 2022 2021 2023 2022 2021
Balance at Jan. 1 $ 122 $ 106 $ 79 $ 62 $ 64 $ 64
Additions charged to costs and expenses 79 73 60 26 6 5
Additions charged to other accounts 13 (a)
26 (a)
14 (a)
— — —
Deductions from reserves ( 86 ) (b)
( 83 ) (b)
( 47 ) (b)
( 18 ) (c)
( 8 ) (c)
( 5 ) (c)
Balance at Dec. 31 $ 128 $ 122 $ 106 $ 70 $ 62 $ 64
(a) Recovery of amounts previously written-off.
(b) Deductions related primarily to bad debt write-offs.
(c) Primarily reversals of valuation allowances on completed tax credit sales and reductions of valuation allowances for items forecasted to be used prior to expiration .
ITEM 16 — FORM 10-K SUMMARY
None.
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Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
XCEL ENERGY INC.
Feb. 21, 2024 By: /s/ BRIAN J. VAN ABEL
Brian J. Van Abel
Executive Vice President, Chief Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the date indicated above.
/s/ ROBERT C. FRENZEL Chairman, President, Chief Executive Officer and Director
Robert C. Frenzel (Principal Executive Officer)
/s/ BRIAN J. VAN ABEL Executive Vice President, Chief Financial Officer
Brian J. Van Abel (Principal Accounting Officer and Principal Financial Officer)
*
Megan Burkhart Director
*
Lynn Casey Director
*
Netha Johnson Director
*
Patricia L. Kampling Director
*
George J. Kehl Director
*
Richard T. O’Brien Director
*
Charles Pardee Director
*
Christopher J. Policinski Director
*
James Prokopanko Director
*
Timothy Welsh Director
*
Kim Williams Director
*
Daniel Yohannes Director
*By: /s/ BRIAN J. VAN ABEL
Brian J. Van Abel Attorney-in-Fact
90