What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-27 compared with 2024-02-21 · 156 added, 220 removed, 479 unchanged (44% of the section changed)

9 unchanged sentences

NSP-Wisconsin Northern States Power Company, a Wisconsin corporation

Operating companies NSP-Minnesota, NSP-Wisconsin, PSCo and SPS

PSCo Public Service Company of Colorado

12 unchanged sentences

ERCOT Electric Reliability Council of Texas

FASB Financial accounting standards board

FERC Federal Energy Regulatory Commission

IRS Internal Revenue Service

MPCA Minnesota Pollution Control Agency

MPUC Minnesota Public Utilities Commission

MPSC Michigan Public Service Commission

NDPSC North Dakota Public Service Commission

NERC North American Electric Reliability Corporation

NIST National Institute of Standards and Technology

NMPRC New Mexico Public Regulation Commission

9 unchanged sentences

DSM Demand side management

ECA Retail electric commodity adjustment

FCA Fuel clause adjustment

GCA Gas cost adjustment

GUIC Gas utility infrastructure cost rider

RES Renewable energy standard

ADIT Accumulated deferred income taxes

AFUDC Allowance for funds used during construction

AMI Advanced metering infrastructure

ALJ Administrative law judge

2 unchanged sentences

ASC Financial Accounting Standards Board Accounting Standards Codification

ASU Accounting standards update

ATM At-the-market

BART Best available retrofit technology

C&I Commercial and industrial

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

CCN Certificates of Convenience and Necessity

CCR Coal combustion residuals

2 unchanged sentences

CEO Chief executive officer

CERCLA Comprehensive Environmental Response, Compensation, and Liability Act

CFO Chief financial officer

1 unchanged sentence

CON Certificate of need

Carbon dioxide

CORE CORE Electric Cooperative

CPCN Certificate of public convenience and necessity

CSPV Crystalline silicon photovoltaic

CWIP Construction work in progress

Circuit United States Court of Appeals for the District of Columbia Circuit

DECON Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level

1 unchanged sentence

EEI Edison Electric Institute

EIP Energy Impact Partners

EMANI European Mutual Association for Nuclear Insurance

7 unchanged sentences

INPO Institute of Nuclear Power Operations

IRA Inflation Reduction Act

IPP Independent power producing entity

2 unchanged sentences

ITC Investment tax credit

JTIQ Joint Target Interconnection Queue

LP&L Lubbock Power & Light

7 unchanged sentences

O&M Operating and maintenance

OATT Open Access Transmission Tariff

ONES Operations, Nuclear, Environmental and Safety

PFAS Per- and polyfluoroalkyl substances

PI Prairie Island nuclear generating plant

PIM Performance incentive mechanism

2 unchanged sentences

Pre-65 Pre-Medicare

PSPS Public safety power shutoff

PTC Production tax credit

7 unchanged sentences

SERP Supplemental executive retirement plan

SMMPA Southern Minnesota Municipal Power Agency

SPP Southwest Power Pool, Inc.

SRP System resiliency plan

TCJA 2017 federal tax reform enacted as Public Law No:

5 unchanged sentences

WACC Weighted average cost of capital

WMP Wildfire mitigation plan

Bcf Billion cubic feet

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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 2024 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.

Such forward-looking statements, including those relating to 2025 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions.

Actual results may vary materially.

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our subsidiaries’ ability to make dividend payments;

uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy;

uncertainty regarding epidemics;

effects of geopolitical events, including war and acts of terrorism;

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The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.

Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.8 million electric customers and 2.2 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS).

Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries (NSP-Minnesota, NSP-Wisconsin, PSCo and SPS).

Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations.

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Total assets $70 billion

Electric generating capacity 20,935 MW

Electric generating capacity (owned) 20,426 MW

Natural gas storage capacity 53.3 Bcf

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Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need.

We will deliver on this vision while offering a competitive total return to shareholders.

Our mission is to provide our customers with safe, clean, reliable energy services they want and value at a competitive price.

We will deliver on this vision while offering a competitive total return to our shareholders.

Our mission is to make energy work better for our customers, helping them thrive every day.

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

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

OUR CUSTOMERS OUR PEOPLE OUR PERFORMANCE

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

Our employees are guided by four corporate values:

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

Deliver a Competitive Total Return to Investors

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

We have consistently achieved our financial objectives, meeting or exceeding our initial ongoing earnings guidance range for 19 consecutive years and delivering dividend growth for 21 consecutive years.

Over the past five years, ongoing earnings per share have grown annually by 6.3% and our dividend per share by 6.5% annually.

Xcel Energy works to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range.

LEAD THE CLEAN ENERGY TRANSITION

Xcel Energy manages the risk of climate change and has worked to meet the increasing demand for cleaner energy for over 20 years.

Our sustainability commitments are summarized as follows:

*Companywide goal;

work also underway to meet state clean energy goals in our service area.

**Spans natural gas supply, delivery and customer use.

***Includes Xcel Energy fleet;

zero-carbon fuel is carbon free electricity or other clean energy.

Carbon-free Electricity by 2050

Xcel Energy was the first U.S.

utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 with an interim goal to reduce carbon emissions 80% by 2030 (from 2005 levels), including owned and purchased power.

A lead author for the Intergovernmental Panel on Climate Change (IPCC) confirmed that our vision aligns with science-based scenarios likely to limit global warming to 1.5 degrees Celsius from pre-industrial levels, in alignment with the Paris Climate Accords.

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

Our approved resource plans outline a clear, transparent path for reducing carbon emissions by 80% using current technologies, while maintaining customer bill increases at or below the rate of inflation.

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

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

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

Our “Steel for Fuel” strategy reduces costs for our customers by taking advantage of these higher capacity factors along with savings provided by renewable tax credits and avoided fuel costs that mitigate higher cost fossil generation.

Through 2023, we reduced carbon emissions from generation serving customers by an estimated 54% (from 2005 levels) and remain on track to achieve 80% carbon reduction and fully exit coal by the end of 2030.

At the same time, our Steel for Fuel strategy has saved customers nearly $4 billion since 2017.

Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind.

In Colorado, we anticipate adding an additional 1,850 MW of wind, 1,700 MW of solar, 1,850 MW of storage and 650 MW of gas generation to ensure reliability on our system by 2028.

In Minnesota, we have approvals for more than 700 MW of new solar at our Sherco facility, making it one of the largest solar facilities in the country.

In 2024, we filed our NSP Resource Plan, which proposes adding 3,600 MW of new wind and solar, 600 MW of battery storage and 2,200 MW of dispatchable resources by 2030, pending Commission approval.

In SPS, we filed for approval of 400 MW of solar generation, a 200 MW PPA and a broader system IRP, which could include between 5,000 to 10,000 MW of new generation by 2030.

Beyond carbon, we have significantly reduced other emissions and environmental impacts, including:

*Reductions in water consumption are from owned and purchased electricity that serves our customers.

All other reductions are from owned generating plants.

**Coal ash and water consumption data are as of 2022.

As we prepare for early coal plant retirements, employees are provided advanced notice and offered retraining and relocation opportunities.

To date, we have been successful in avoiding layoffs associated with our early coal plant retirements.

We also help foster economic development opportunities to offset community impacts associated with coal plant closures.

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

Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers through the clean energy transition.

We have nearly $12 billion in our 2024 - 2028 capital plan focused specifically on this, including our $1.7 billion Pathway project in Colorado, and additional investments to further support our recently approved Colorado resource portfolio.

As part of MISO’s planned transmission expansion over the next decade, Xcel Energy has been awarded $1.2 billion of projects as part of Tranche 1.

We anticipate MISO Tranche 2 awards in 2024.

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

Xcel Energy is committed to reducing GHG emissions 25% by 2030 (from 2020 levels) and provide net-zero natural gas service by 2050 from the supply, distribution and end-use of natural gas.

In 2023, we filed our Clean Heat Plan in Colorado and Natural Gas Innovation Plan in Minnesota, which provide a framework for this transition.

Similar to our electric plan, the lead author for the IPCC confirmed our vision to deliver natural gas service with net-zero emissions by 2050 aligns with science-based scenarios likely to limit global warming by 1.5 C.

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

• Work with suppliers to purchase only low emissions gas by 2030.

• Operate the cleanest possible system to achieve net-zero methane emissions on the system by 2030.

• Offer customer options for conservation, beneficial electrification, and clean fuels such as hydrogen and renewable natural gas.

• Apply high-quality carbon offsets through projects that remove emissions while providing additional environmental and social benefit.

Electrification of the Transportation Sector

We are also helping reduce carbon emissions in other sectors, including transportation.

We aim to enable one out of five vehicles in our service areas to be electric by 2030, representing nearly $2 billion of investment, 0.6% - 0.7% of average incremental annual retail sales growth and avoidance of roughly 5 million tons of CO 2 emissions annually.

By 2050, our vision is to run all vehicles in our service area with carbon-free electricity or other clean energy.

We have approved, transportation electrification programs and plans in Colorado, New Mexico, Minnesota and Wisconsin and updated transportation plans pending commission approval in Minnesota and Colorado.

Innovation and Policy

In 2023, the Department of Energy announced awards of nearly $1.5 billion to support multiple Xcel Energy affiliated projects.

The Heartland Hydrogen Hub, which includes multiple projects from Xcel Energy and others in the Upper Midwest, received an award of up to $925 million by the DOE.

This funding will serve as a catalyst for a clean hydrogen ecosystem in the region.

The DOE also awarded Xcel Energy up to $70 million to support our two 10-MW, 100-hour battery pilots with Form Energy.

Combined with grants committed by Breakthrough Energy Catalyst, we have secured up to $90 million to support these long duration energy storage pilots, a critical asset class to ensure cost effective reliability in a high-renewable grid.

Xcel Energy was selected as part of two different awards from the DOE’s Grid Resilience and Innovation Partnership program.

The DOE awarded Xcel Energy $100 million to support projects to mitigate the threat of wildfires and ensure resiliency of the grid through extreme weather.

Xcel Energy was also party to GRIP’s $464 million grant to expand transmission as part of the MISO and SPP program to fund high-voltage transmission to improve inter-regional transfer capability, reliability and resolve grid constraints.

Xcel Energy actively engages in wildfire mitigation activities across our operating territories.

For the past three years, we have operated under a commission-approved wildfire plan in Colorado.

We are currently evaluating updates to these plans with a wide range of options for consideration including new technologies, undergrounding, additional vegetation management, composite poles, selective use of covered conductor and preventative power system shutoffs.

Sustainability Governance and Oversight

In 2000, we instituted oversight of environmental performance by the Board of Directors and were among the first U.S.

energy providers to tie carbon reduction to executive compensation more than 15 years ago.

Xcel Energy has provided a voluntary, third-party verified annual GHG disclosure since 2005, longer than any other U.S.

We are a founding member of The Climate Registry and a supporter of the Task Force on Climate-Related Financial Disclosures.

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

ENHANCE THE CUSTOMER EXPERIENCE

OUR CUSTOMERS

Xcel Energy has invested more than $2 billion over the past decade in a portfolio of renewable and conservation programs that provide customers with clean energy options and help keep bills low.

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In addition, customers will have new digital tools to make it easier to access their energy information, gain useful insights to understand and manage their energy use and make energy choices that lower their bills.

KEEP BILLS LOW

Customer affordability is critical to successful strategy execution.

From 2014 - 2023, we have kept residential electric bill growth to 1.8% per year and natural gas bill growth to 1.1% per year, both below the rate of inflation.

Based on available EIA data, the five year average residential electric and natural gas bills for an Xcel Energy customer were 28% and 14% below the national average, respectively.

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

* Based on 2019 - Q3 2023 EIA Data

STRENGTHEN OUR COMMUNITIES

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

Since 2020, our lean operating program has generated nearly $500 million of sustainable savings for our customers, while improving operating outcomes and reducing enterprise risk.

At the same time, our Steel for Fuel strategy has saved customers nearly $5 billion since 2017 in avoided fuel costs and PTCs.

In turn, we delivered our electric and natural gas products in 2024 at a price that is lower than it was ten years ago on an inflation adjusted basis.

Since 2014, our average residential electric bill growth has been 1.7% per year and natural gas bills have declined 0.6% per year on a nominal basis.

Additionally, based on available EIA data, the five year average residential electric and natural gas bills for an Xcel Energy customer were 28% and 12% below the national average.

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

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

Investing in our communities is important to our collective success.

We initiated 18 economic development projects for our local communities in 2023, which are projected to create more than $2.3 billion in capital investments and 1,400 jobs.

Nearly 63% of our supply chain spend was local, with approximately $638 million spent with diverse suppliers.

We initiated 24 economic development projects for our local communities in 2024, which are projected to create more than $5.1 billion in capital investments and nearly 3,200 jobs.

Nearly 59% of our supply chain spend was local.

Approximately 280 employees served on more than 480 nonprofit organizations or local community boards, providing over 26,000 volunteer hours in 2024.

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Through our 2024 Power Your Purpose Giving Campaign, Xcel Energy employees, contractors and retirees donated more than $2 million to over 1,500 nonprofit and community organizations – exceeding our fundraising goal.

Combined with the Xcel Energy Foundation match to local United Way chapters, this campaign raised over $4 million for our communities.

VALUE PEOPLE AND OPERATE WITH INTEGRITY

Combined with the Xcel Energy Foundation match to local United Way chapters, this campaign raised $5 million for our communities.

Champion Safety

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

Cultivate a Diverse, Best-in-Class Workforce

We aim to create an inclusive culture where employees are treated equitably, and diversity is not only accepted but celebrated.

Cultivate an Inclusive, Best-in-Class Workforce

We aim to create an inclusive work culture where employees are empowered to create innovative solutions, where everyone is respected and there is a collective sense of belonging.

We are building a workforce that reflects the broad range of backgrounds, experiences and perspectives within our communities and among our customers.

This starts with our Board of Directors.

The Board of Directors oversees our workforce strategy, including diversity and inclusion initiatives.

Xcel Energy has an incentive-based metric focused on diverse interview panels, executive sponsorship and employee feedback on inclusion in the workplace.

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

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

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

We partner with educational and community organizations to attract and hire employees who reflect the communities we serve and live our values.

We partner with educational and community organizations to recruit employees who reflect the communities we serve and live our values.

Xcel Energy had 11,380 full-time employees and workforce demographics as of December 2024 were as follows:

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Interns (hired throughout 2024) 42 40

We offer leaders and employees training on microinequities and unconscious bias to help foster a culture of inclusivity.

Xcel Energy hosts 12 business resource groups to support employee interests and obtain diverse perspectives when solving challenges and achieving goals.

Xcel Energy also respects employees’ freedom of association and their right to collectively organize.

Xcel Energy respects employees’ freedom of association and their right to collectively organize.

31, 2024, approximately 45% of our employees (5,087) were covered by collective bargaining agreements.

Employee turnover for 2023 and future projected retirement eligibility:

Employee Turnover Retirement Eligibility

Bargaining 6 % Within next 5 years 19 %

Non-Bargaining (a)

22 Within next 10 years 31

(a) 37% of turnover was due to workforce reduction initiatives.

(b) 38% of turnover was due to retirements, including the impacts of the workforce reduction initiatives.

We are committed to the advancement and protection of human rights, consistent with U.S.

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We expect and offer employees multiple avenues to raise concerns or report wrong-doing and do not permit any retaliation.

Xcel Energy is proud of our track record and continue to invest in building a best-in-class workforce.

We recently received the following recognitions:

• For the seventh consecutive year, The Human Rights Campaign selected Xcel Energy as a recipient of the Equality 100 Award:

Leader in LGBTQ+ Workplace Inclusion in 2023.

• For the eleventh consecutive year, Xcel Energy is one of Fortune’s Most Admired Companies in 2024.

• For the ninth consecutive year, Xcel Energy was listed as a Best for Vets employer by Military Times and also recognized as a 2024 Military Friendly Employer by VIQTORY.

• Xcel Energy is among the 2023 World’s Most Ethical Companies® according to Ethisphere.

OUR PERFORMANCE

Deliver a Competitive Total Return to Investors

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

Leading the Energy Clean Transition

Xcel Energy is committed to maintaining a safe and reliable electric and natural gas system, while leading the clean energy transition.

Over the next five years, we plan to make $45 billion of capital investments to improve reliability, resiliency and sustainability.

Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers, we have approximately $28 billion in our 2025 - 2029 capital plan focused specifically on this.

Our sustainability commitments are summarized as follows:

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

Zero-Carbon Electricity by 2050

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

Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind.

In 2024, we completed Phase 1 of our Sherco Solar project in Minnesota.

Once Phases 2 and 3 are completed in 2025 and 2026, Sherco Solar’s combined capacity of 710 MW will be one of the largest solar facilities in the country and provide enough clean energy to power 150,000 homes across the upper Midwest.

We have 15,000 - 29,000 MW of investment opportunity, through new and extended generation, in development across our NSP, PSCo and SPS footprint.

In our base 2025 - 2029 capital investment plan, we have 3,700 MW of new and repowered wind, solar, hybrid and battery storage resources included.

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

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

Recognizing externalities like the pace of technology development and customer needs, Xcel Energy updated certain interim goals on the path to achieve our 2050 goal to provide net-zero natural gas service from the supply, distribution and end-use natural gas.

In 2024 and early 2025, we received approvals for our modified Clean Heat Plan in Colorado and Natural Gas Innovation Plan in Minnesota, which provide starting points for this transition.

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

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

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

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

Electrification of the Transportation Sector

We are also helping reduce carbon emissions in other sectors, including transportation.

Similar to our natural gas goals, we revised the interim goals to reflect market considerations for transportation to enable the charging infrastructure for 1.5 million electric vehicles across the areas we serve by 2035.

By 2050, our vision remains to run all vehicles in our service area with carbon-free electricity or other clean energy.

We have approved clean transportation programs and plans in Colorado, New Mexico, Minnesota and Wisconsin.

Wildfire Resiliency and Mitigation

Protecting our customers and our system from the threats of extreme weather is a top priority for Xcel Energy.

In 2024, we filed an updated Wildfire Mitigation Plan in Colorado and our Resiliency Plan in Texas that integrates industry experience, incorporates evolving risk assessment methodologies, adds new technology and expands the scope, pace and scale of our programs to reduce wildfire risk.

We also issued wildfire mitigation plans for each of our other states in 2024.

In 2024, we implemented the capability to deliver enhanced, wildfire safety operations and conduct proactive public safety power shutoffs across our entire system.

We accelerated pole inspections and replacements on our system and expanded visual coverage of high-risk areas with our PanoAI camera system.

We also deployed Technosylva’s advanced risk modelling system enterprise-wide.

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

Utility Subsidiaries

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GAAP ROE 9.07%

Electric generating capacity 9,081 MW

Ongoing ROE 9.46%

Electric generating capacity (owned) 8,623 MW

Gas storage capacity 16.9 Bcf

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NSP-Wisconsin

Electric customers 0.3 million NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity.

Electric customers 0.3 million NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, purchases, transmits, distributes and sells electricity.

NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System.

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GAAP ROE 8.98%

Electric generating capacity 551 MW

Electric generating capacity (owned) 500 MW

Gas storage capacity 4.3 Bcf

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GAAP ROE 7.63%

Electric generating capacity 6,203 MW

Electric generating capacity (owned) 6,203 MW

Gas storage capacity 32.1 Bcf

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GAAP ROE 9.57%

Electric generating capacity 5,100 MW

Electric generating capacity (owned) 5,100 MW

Electric transmission lines (conductor miles) 41,000 miles

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Electric Operations

Electric operations consist of energy supply, generation, transmission and distribution activities across all four operating companies.

Electric operations consist of energy supply, generation, transmission and distribution activities across all four utility subsidiaries.

Xcel Energy had electric sales volume of 112,273 (millions of KWh), 3.9 million customers and electric revenues of $11,147 million for 2024.

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

Utility Subsidiary 2023 2022

Owned Generation NSP System $ 7 $ 18

Type Utility Subsidiary 2024 2023

Owned Generation (a)

NSP System $ 7 $ 7

PPA NSP System 32 33

Owned Generation PSCo 7 11

Owned Generation (a)

PPA PSCo 43 42

Owned Generation SPS 6 13

Owned Generation (a)

PPA SPS 28 26

Wind Development — Xcel Energy placed into service, repowered, or contracted for the following during 2023:

Project Utility Subsidiary Capacity (MW)

Northern Wind NSP-Minnesota 92

Grand Meadow Repower NSP-Minnesota 99

(a) Includes the impact of PTCs.

Xcel Energy currently has approximately 1,900 MW of owned wind under development or being repowered.

This includes 350 MW of approved repowering projects at the NSP System estimated to be completed in 2025, as well as an anticipated approximately 1,550 MW at PSCo as part of the Colorado Resource Plan.

The Company also anticipates approval of an additional 300 MW of PPAs as part of the Colorado Resource Plan, additions are expected to be placed in service between 2026 - 2028.

This includes 350 MW of approved repowering projects at the NSP System estimated to be completed in 2025.

The Company anticipates approximately 1,550 MW at PSCo as part of the Colorado Resource Plan and anticipates approval of an additional 300 MW of PPAs as part of the Colorado Resource Plan, additions are expected to be placed in service between 2026 - 2028.

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

The RFP process will start in 2025.

Owned — Owned and operated solar projects with corresponding capacity:

Utility Subsidiary 2024 2023

Solar Projects Capacity (MW) Solar Projects Capacity (MW)

NSP System (a)

(a) NSP-Minnesota placed in service Sherco Solar 1 in the fourth quarter of 2024.

Average cost per MWh will be available after a full year of operations.

PPAs — Solar PPAs capacity by type:

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Distributed Generation PSCo 1,031

Utility-Scale PSCo 1,530 (a)

Utility-Scale (a)

Distributed Generation SPS 30

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(a) Includes battery storage capacity of 225 MW.

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

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

Utility Subsidiary 2024 2023

NSP System $ 100 $ 90

Xcel Energy currently has approximately 2,900 MW of owned and PPA solar under development.

Solar Development — Xcel Energy currently has approximately 2,700 MW of owned and PPA solar under development.

For the NSP System, this includes 500 MW of solar approved at the Sherco site which are expected to be placed in service in 2025 and 2026.

Additionally, various PPAs totaling approximately 105 MW are expected to be completed throughout 2025.

Incremental to this amount is 400 MW anticipated as part of the Upper Midwest Resource Plan, to be placed in service by 2030.

PSCo anticipates development of approximately 1,700 MW of solar generation resources (650 MW company owned, 1,050 MW as PPAs) as part of the Colorado Resource Plan.

Colorado Resource Plan additions are expected to be placed in service between 2026 - 2028.

For SPS, approximately 400 MW of solar and storage are pending regulatory approval (expected to be placed in service in 2026 and 2027).

Additionally, various PPAs totaling approximately 100 MW are expected to be completed throughout 2024 and 2025.

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2023 net summer dependable capacity that serve the NSP System.

Our nuclear fleet safely and reliably generates carbon free electricity at consistently high levels of performance among the industry.

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

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2024 net summer dependable capacity that safely and reliably generates carbon free electricity for the NSP System.

Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants.

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

The NSP System anticipates development of approximately 300 MW of storage capacity at the Sherco site, expected to be placed in service in 2027.

Additionally, 600 MW of stand-alone storage are expected to be added as part of the Upper Midwest Resource Plan, to be placed in service by 2030.

PSCo anticipates development of approximately 1,850 MW of storage capacity (400 MW company owned, 1,450 MW as PPAs) as part of the Colorado Resource Plan.

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Xcel Energy owned and operated coal units with approximately 5,500 MW of total 2024 net summer dependable capacity, which provided 15% of Xcel Energy’s energy mix in 2024.

Amount includes Sherco Unit 2, which was retired on Dec.

31, 2023, net summer dependable capacity of 682 MW and approximately 100 MW derived from RDF and wood fuel sources.

This amount includes the coal units Harrington Units 1-3, which are in the process of being converted to natural gas (net summer dependable capacity of 1,018 MW) and approximately 100 MW derived from RDF and wood fuel sources.

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

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Year Utility Subsidiary Plant Unit Capacity (MW)

2024 SPS Harrington (a)

2025 PSCo Comanche 2 330

2025 PSCo Craig 1 42 (b)

2025 PSCo Pawnee (a)

2025 PSCo Craig 1 42 (a)

2025 PSCo Pawnee (b)

2026 NSP-Minnesota Sherco 1 680

2027 PSCo Hayden 2 98 (b)

2028 PSCo Hayden 1 135 (b)

2028 PSCo Craig 2 40 (b)

2027 PSCo Hayden 2 98 (a)

2028 PSCo Hayden 1 135 (a)

2028 PSCo Craig 2 40 (a)

2028 NSP-Minnesota A.S.

2030 NSP-Minnesota Sherco 3 517 (b)

2028 SPS Tolk 1 532

2028 SPS Tolk 2 535

2030 NSP-Minnesota Sherco 3 517 (a)

2030 PSCo Comanche 3 500

2034 SPS Tolk 1 (c)

2034 SPS Tolk 2 (c)

(a) Reflects conversion from coal to natural gas.

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

The NMPRC has approved a retirement date of 2028.

SPS has filed a Texas rate case settlement agreement pending PUCT approval for a retirement date of 2028.

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

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

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

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2024 $ 1.94 35 %

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

PSCo anticipates development of approximately 450 MW of company owned natural gas generation, as part of the Colorado Resource Plan to help ensure resiliency and reliability.

Colorado Resource Plan additions are expected to be placed in service between 2026 - 2028.

In 2024, SPS converted a total of 339 MW from coal to natural gas related to the Harrington station coal to natural gas repowering project.

In January 2025, an additional 341 MW has been converted to natural gas.

Through 2025, SPS expects to convert a final 338 MW to natural gas.

Capacity and Demand

Uninterrupted system peak demand and occurrence date:

System Peak Demand (MW)

23 9,245 June 20

PSCo 6,909 July 24 6,821 Sept.

SPS 4,372 Aug.

Utility Subsidiary MW Date MW Date

26 9,231 Aug.

PSCo 7,084 Aug.

1 6,909 July 24

SPS 4,437 Aug.

19 4,372 Aug.

Transmission lines deliver electricity at high voltages and over long distances from power sources to substations closer to customers.

A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy.

Xcel Energy owns approximately 110,000 conductor miles of transmission lines, serving 22,000 MW of customer load, across its service territory.

Xcel Energy plans to build approximately 1,750 additional conductor miles of transmission lines, primarily as part of the MISO Tranche 1, MN Energy Connection and Colorado Power Pathway projects between 2024 and 2028.

Xcel Energy owns approximately 111,000 conductor miles of transmission lines across its service territory.

See Item 2 - Properties for further information.

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Xcel Energy has a vast distribution network, owning and operating approximately 221,000 conductor miles of distribution lines across our eight-state service territory.

31, 2023, Xcel Energy has invested approximately $1.1 billion of $1.6 billion to implement new network infrastructure, smart meters, advanced software, equipment sensors and related data analytics capabilities.

These investments will improve reliability and reduce outage restoration times for our customers, while enabling new options and opportunities for increased efficiency savings.

The new capabilities will also enable integration of battery storage and other distributed energy resources into the grid, including electric vehicles.

See Item 2 - Properties for further information.

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Capability and Demand

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

Natural gas supply requirements are categorized as firm or interruptible.

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

Utility Subsidiary MMBtu Date MMBtu Date

NSP-Minnesota 753,642 Feb.

NSP-Minnesota 841,164 Jan.

19 753,642 Feb.

NSP-Wisconsin 158,029 Jan.

30 187,961 Jan.

PSCo 2,190,155 Jan.

30 2,243,552 Dec.

NSP-Wisconsin 163,246 Jan.17 158,029 Jan.

PSCo 2,357,931 Jan.15 2,190,155 Jan.

Natural Gas Supply and Cost

Xcel Energy seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility, decreases interruption, financial risks and customer rates.

Xcel Energy seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility and decreases interruption, financial risks and customer rates.

In addition, the utility subsidiaries conduct natural gas price hedging activities approved by their states’ commissions.

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The FERC has continued to promote competitive wholesale markets through open access transmission and other means.

Xcel Energy’s wholesale customers can purchase energy from generation resources of competing generation resources quantities and transmission services from other service providers to serve their native load.

Xcel Energy’s wholesale customers can purchase energy from other generation resources and transmission services from other service providers to serve their native load.

FERC Order No.

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Future environmental regulations may result in substantial costs.

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

Emerging Environmental Regulation

Clean Air Act

Power Plant Greenhouse Gas Regulations — In May 2023, the EPA published proposed rules addressing control of CO 2 emissions from the power sector.

The rule proposed regulations for new natural gas generating units and emission guidelines for existing coal and certain natural gas generation.

The proposed rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization.

Power Plant Greenhouse Gas Regulations — In April 2024, the EPA published final rules addressing control of CO 2 emissions from the power sector.

The rules regulate new natural gas generating units and emission guidelines for existing coal and certain natural gas generation.

The rules create subcategories of coal units based on planned retirement date and subcategories of natural gas combustion turbines and combined cycle units based on utilization.

The CO 2 control requirements vary by subcategory.

Based on current estimates and assumptions, Xcel Energy has determined that due to scheduled plant retirements, there is minimal financial or operational impact associated with these requirements and believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Waste-to-Energy Air Regulations — In January 2024, the EPA proposed air regulations addressing new and existing large municipal waste combustors.

The proposed rules lower current emission standards for certain pollutants and would require installation of new pollution controls and/or more intense use of existing pollution controls at French Island Generating Station, Red Wing Generating Plant and Wilmarth Generating Plant.

Until final rules are issued, it is not certain what the impact will be on Xcel Energy.

Xcel Energy believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Coal Ash Regulation

In May 2023, the EPA published proposed rules to regulate legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at regulated CCR facilities under the CCR Rule for the first time.

The proposed rule would subject these areas to the CCR Rule requirements, including groundwater monitoring, corrective action, closure, and post-closure care requirements, among other requirements, with several of the deadlines accelerated.

The EPA has committed to a May 2024 publication date for those new rules.

It is also anticipated that the EPA may issue other CCR proposed rules in 2024 and 2025 that further expand the scope of the CCR Rule.

Until final rules are issued, it is not certain what the impact will be on Xcel Energy.

Xcel Energy believes that the cost of these initiatives would be recoverable through rates based on prior state commission practices.

Emerging Contaminants of Concern

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Xcel Energy does not manufacture PFAS, but because PFAS are so ubiquitous in products and the environment, it may impact our operations.

In September 2022, the EPA proposed to designate two types of PFAS as “hazardous substances” under the CERCLA.

In March 2023, the EPA published a proposed rule that would establish enforceable drinking water standards for certain PFAS chemicals.

Final rules are expected in 2024.

Costs are uncertain until a final rule is published.

The proposed rules could result in new obligations for investigation and cleanup.

Xcel Energy is monitoring changes to state laws addressing PFAS.

The impact of these proposed regulations is uncertain.

In June 2024, the EPA finalized a rule that designated certain PFAS as hazardous substances under CERCLA.

In July 2024, the EPA finalized another rule that set enforceable drinking water standards for certain PFAS.

Potential costs for these rules and any additional proposed regulations related to PFAS are uncertain and will be determined on a site specific basis where applicable.

If costs are incurred, Xcel Energy believes the costs will be recoverable through rates based on prior state commission practices.

Effluent Limitation Guidelines

In March 2023, the EPA released a proposed rule under the Clean Water Act, setting forth proposed Effluent Limitations Guidelines and Standards for steam generating coal plants.

This proposed rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants.

The impact of these proposed regulations is uncertain until a final rule is published.

In April 2024, the EPA published final rules under the Clean Water Act, setting Effluent Limitations Guidelines and Standards for steam generating coal plants.

This rule establishes more stringent wastewater discharge standards for bottom ash transport water, flue-gas desulfurization wastewater, and combustion residuals leachate from steam electric power plants, particularly coal-fired power plants.

Based on current estimates and assumptions, Xcel Energy has determined that there is minimal financial or operational impact associated with these requirements and that any costs would be recoverable through rates based on prior state commission practices.

Environmental Costs

29 unchanged sentences

May 2016 — March 2020

Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp.

February 2012 — April 2016

Robert Berntsen 55 Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.

May 2024 — Present

Senior Vice President, General Counsel, BHE Renewables, LLC, a development and commercial management of renewable energy projects company December 2020 — May 2024

Senior Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, MidAmerican Energy Company, a regulated electric and gas utility March 2015 — December 2020

Patricia Correa 51 Senior Vice President, Chief Human Resources Officer, Xcel Energy Inc.

1 unchanged sentence

Senior Vice President, Human Resources, Eaton Corporation, a power management company July 2019 — January 2022

Vice President, Human Resources, Eaton Corporation March 2016 — July 2019

Timothy O’Connor 65 Executive Vice President, Chief Operations Officer, Xcel Energy Inc.

3 unchanged sentences

Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc February 2013 — March 2020

Frank Prager 61 Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer, Xcel Energy Inc.

March 2022 — Present

Senior Vice President, Strategy, Planning and External Affairs, Xcel Energy Inc.

March 2020 — March 2022

Vice President, Policy and Federal Affairs, Xcel Energy Services Inc.

January 2015 — March 2020

Amanda Rome 44 Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc.

1 unchanged sentence

Interim General Counsel, Xcel Energy Inc.

January 2024 — Present

January 2024 — May 2024

Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.

4 unchanged sentences

October 2019 — June 2020

Positions of increasing responsibility in the Legal Department, Xcel Energy Services Inc.

July 2015 — October 2019

Van Abel 43 Executive Vice President, Chief Financial Officer, Xcel Energy Inc.

2 unchanged sentences

September 2018 — March 2020

Vice President, Treasurer, Xcel Energy Services Inc.

July 2015 — September 2018

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

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

Texas Competitive Energy Holdings emerged from Chapter 11 in October 2016.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business