What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-02-27 compared with 2024-02-21 · 125 added, 136 removed, 657 unchanged (28% of the section changed)

13 unchanged sentences

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.

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.

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.

The company and CEO entered into an aircraft time sharing agreement allowing the CEO to reimburse the company for costs associated with non-business use of company aircraft.

A copy of the agreement is filed as Exhibit 10.30 hereto.

Xcel Energy encourages non-business use of the company aircraft by the CEO when that use does not interfere with the use of company aircraft for business purposes and provides non-reimbursable access to the CEO for up to 100 hours per annum.

Among other advantages, non-business use of the aircraft provides efficiencies, a confidential work environment and enhanced security.

ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

1 unchanged sentence

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 required under this Item with respect to Directors and Corporate Governance will be set forth in Xcel Energy Inc.’s Proxy Statement for its 2025 Annual Meeting of Shareholders, which is expected to be filed on April 8, 2025, incorporated by reference.

Information with respect to Executive Officers is included in Item 1 to this report.

8 unchanged sentences

34 )) is contained in Xcel Energy Inc.’s Proxy Statement for its 2025 Annual Meeting of Shareholders, which is incorporated by reference.

ITEM 15 — EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 — EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

1 Consolidated Financial Statements

8 unchanged sentences

Consolidated Balance Sheets — As of Dec.

31, 2023, 2022.

31, 2024 and 2023.

Consolidated Statements of Common Stockholders’ Equity — For each of the three years ended Dec.

19 unchanged sentences

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

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee

Xcel Energy Inc.

3 unchanged sentences

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

Bank Trust Company (as successor to Computershare Trust Company, N.A.

), 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

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

Replacement Capital Covenant, dated Jan.

Xcel Energy Inc.

Form 8-K dated Jan.

16, 2008 4.03

Supplemental Indenture No.

1 unchanged sentence

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.

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee , creating $250 million of 4.80% Senior Notes, Series due Sept.

Xcel Energy Inc.

3 unchanged sentences

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

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $250 million aggregate principal amount of 3.30% Senior Notes, Series due June 1, 2025

Xcel Energy Inc.

3 unchanged sentences

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.

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $500 million aggregate principal amount of 3.35% Senior Notes, Series due Dec.

Xcel Energy Inc.

2 unchanged sentences

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

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee, creating $500 million aggregate principal amount of 4.00% Senior Notes, Series due June 15, 2028

Xcel Energy Inc.

3 unchanged sentences

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.

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), 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.

3 unchanged sentences

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

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), as Trustee , creating $600 million aggregate principal amount of 3.40% Senior Notes, Series due June 1, 2030

Xcel Energy Inc.

3 unchanged sentences

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.

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), 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.

Xcel Energy Inc.

2 unchanged sentences

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

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), 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

1 unchanged sentence

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.

and U.S Bank Trust Company (as successor to Computershare Trust Company, N.A.), 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

Supplemental Indenture No.

18, dated as of February 29, 2024 by and between Xcel Energy Inc.

Bank Trust Company, National Association (as successor to Computershare Trust Company, N.A.), as trustee, creating $800,000,000 aggregate principal amount of 5.50% Senior Notes, Series due March 15, 2034.

Xcel Energy Inc Form 8-K dated February 29, 2024 4.01

Xcel Energy Inc.

23 unchanged sentences

Form 10-Q for the quarter ended June 30, 2020 10.01

Tenth Amendment to Exhibit 10.02 dated May 20, 2024

Xcel Energy Inc.

39 unchanged sentences

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

2015 Omnibus Incentive Plan for awards in 2024

Xcel Energy Inc.

Form 10-K for the year ended Dec.

31, 2023 10.16

Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc.

2 unchanged sentences

Form 8-K dated Dec.

X cel Energy Inc.

Xcel Energy Inc.

Annual Incentive Plan, effective Feb.

Xcel Energy Inc.

Form 10-K for the year ended Dec.

31, 2023 10.18

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

Form 8-K dated Jan.

20, 2025 10.01

Stock Equivalent Plan for Non-Employee Directors of Xcel Energy Inc.

8 unchanged sentences

31, 2018 10.36

Xcel Energy Inc.

2024 Equity Incentive Plan

Xcel Energy Inc.

Form S-8 dated May 22, 2024 4.03

Xcel Energy Inc.

Stock Program for Non-Employee Directors (Effective May 22, 2024) under the 2024 Equity Incentive Plan

Xcel Energy Inc.

Form 8-K dated May 22, 2024 10.01

Form of Award Agreement for Restricted Stock Units under the Xcel Energy Inc.

2024 Equity Incentive Plan for awards since 2025.

Form of Award Agreement for Performance S tock Units under the Xcel Energy Inc.

2024 Equity Incentive Plan for awards since 2025.

Form of Award Agreement for Retention-Based Restricted Stock Units under the Xcel Energy Inc.

2024 Equity Incentive Plan

Xcel Energy Inc.

Form 8-K dated May 22, 2024 10.03

Form of Award Agreement for Restricted Stock under the Xcel Energy Inc.

Equity Incentive Plan

Xcel Energy Inc.

Form 8-K dated May 22, 2024 10.04

Form of Services Agreement between Xcel Energy Services Inc.

2 unchanged sentences

Form U5B dated Nov.

Aircraft Time Sharing Agreement, effective Feb.

25, 2025, between Xcel Energy Services Inc., as Operator, and the Chief Executive Officer of Operator

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.

2 unchanged sentences

Form 8-K dated Sept.

Securities Trading Overall Policy

Securities Trading for Pre-Clearance Persons Policy

NSP-Minnesota

13 unchanged sentences

NSP-Minnesota Form 10-12G dated Oct.

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)

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.

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

37 unchanged sentences

NSP-Minnesota 8-K dated May 9, 2022 4.01

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.

Supplemental Trust Indenture dated as of May 1, 2023 between NSP-Minnesota 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

Supplemental Trust Indenture dated as of February 1, 2024 between Northern States Power Company and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $700,000,000 aggregate principal amount of 5.40% First Mortgage Bonds, Series due March 15, 2054.

NSP-Minnesota Form 8-K dated February 29, 2024 4.01

Restated Interchange Agreement dated Jan.

28 unchanged sentences

10, 2012 4.01

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

Supplemental Trust Indenture, dated as of Nov 1, 2017, by and between NSP-Wisconsin and U.S.

22 unchanged sentences

NSP-Wisconsin Form 8-K dated May 10, 2023 4.01

Supplemental Indenture dated as of May 13, 2024 between Northern States Power Company and U.S.

Bank Trust Company, National Association, as successor Trustee, creating $400 million principal amount of 5.65% First Mortgage Bonds, Series due June 15, 2054

NSP-Wisconsin Form 8-K dated May 16, 2024 4.01

Restated Interchange Agreement dated Jan.

103 unchanged sentences

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.

40 due April 1, 2053.

PSCo Form 8-K dated April 3, 2023

Proposed Settlement Agreement, excerpts, as filed with the CPUC

Xcel Energy Inc.

Form 8-K dated Dec.

3, 2004 99.02

Supplemental Indenture dated as of April 1, 2024, between Public Service Company of Colorado and U.S.

Bank Trust Company, National Association, as successor Trustee, creating $450 million principal amount of 5.35% First Mortgage Bonds, Series No.

41 due 2034 and $750 million principal amount of 5.75% First Mortgage Bonds, Series No.

PSCo Form 8-K dated April 4, 2024 4.01

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.

30 unchanged sentences

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

Supplemental Indenture No.

4, dated as of Aug.

38 unchanged sentences

SPS Form 8-K dated August 21, 2023

Supplemental Indenture No.

11 dated as of May 15, 2024 between Southwestern Public Service Company and U.S.

Bank Trust Company, National Association (as successor to U.S.

Bank National Association), as Trustee, creating $600 million principal amount of 6.00% First Mortgage Bonds, Series No.

SPS Form 8-K dated June 6, 2024 4.02

Fourth Amended and Restated Credit Agreement, dated as of Sept.

15 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

M andatory Compensation Recovery Policy for Section 16 Officers

Mandatory 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

14 unchanged sentences

Operating expenses 24 25 19

Other (income) expenses ( 13 ) ( 2 ) 3

Other income ( 76 ) ( 13 ) ( 2 )

Interest charges and financing costs 300 235 206

6 unchanged sentences

Derivative instruments, net of tax 24 1 21

Other comprehensive income ( 1 ) 30 18

Other comprehensive income (loss) 26 ( 1 ) 30

Comprehensive income $ 1,962 $ 1,770 $ 1,766

7 unchanged sentences

XCEL ENERGY INC.

CONDENSED STATEMENTS OF CASH FLOWS

(amounts in millions)

Year Ended Dec.

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

1 unchanged sentence

Cash and cash equivalents $ 16 $ 24

Accounts receivable from subsidiaries 404 443

Derivative instruments — 1

Accounts receivable from subsidiaries, net 410 404

Other current assets 9 5

1 unchanged sentence

Investment in subsidiaries 26,519 23,873

Investment in debt securities — intercompany 166 —

Other assets 6 ( 20 )

16 unchanged sentences

See Notes to Condensed Financial Statements

XCEL ENERGY INC.

CONDENSED STATEMENTS OF CASH FLOWS

(amounts in millions)

Year Ended Dec.

2024 2023 2022

Operating activities

Net cash provided by operating activities $ 1,459 $ 1,586 $ 1,340

Investing activities

Capital contributions to subsidiaries ( 2,184 ) ( 975 ) ( 921 )

Investment in debt securities — intercompany ( 105 ) — —

Net return in the utility money pool 21 21 —

Net cash used in investing activities ( 2,268 ) ( 954 ) ( 921 )

Financing activities

Proceeds from (repayment of) short-term borrowings, net 70 ( 66 ) ( 407 )

Proceeds from issuance of long-term debt 795 792 694

Repayment of long-term debt — ( 500 ) —

Proceeds from issuance of common stock 1,117 270 322

Dividends paid ( 1,175 ) ( 1,092 ) ( 1,012 )

Other ( 6 ) ( 13 ) ( 16 )

Net cash provided by (used in) financing activities 801 ( 609 ) ( 419 )

Net change in cash, cash equivalents, and restricted cash ( 8 ) 23 —

Cash, cash equivalents and restricted cash at beginning of period 24 1 1

Cash, cash equivalents and restricted cash at end of period $ 16 $ 24 $ 1

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.

Basis of Presentation

The condensed financial information of Xcel Energy Inc.

is presented to comply with Rule 12-04 of Regulation S-X.

20 unchanged sentences

Exposure Triggering

Guarantees of Capital Services purchase contracts for wind and solar generating equipment (a)

Xcel Energy Inc.

Guarantees of Xcel Energy Inc.’s utility subsidiaries’ performance on tax credit sale agreements Xcel Energy Inc.

Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (e)

Guarantees of Capital Services purchase contracts for wind and solar generating equipment Xcel Energy Inc.

Guarantees of Xcel Energy Services Inc.

performance and payments on operating lease agreements Xcel Energy Inc.

Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (c)

Xcel Energy Inc.

(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.

(a) Given that the manufacturing of equipment has not yet commenced, related exposure to the performance obligations of Capital Services at Dec.

31, 2024 has been assessed as immaterial.

(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.

(b) Nonperformance and/or nonpayment.

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.

(d) 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.

(e) Per the indemnity agreement between Xcel Energy Inc.

and the various surety companies, surety companies have the discretion to demand that collateral be posted.

5 unchanged sentences

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.

Related Party Transactions

Xcel Energy Inc.

presents related party receivables net of payables.

15 unchanged sentences

Money pool lending for Xcel Energy Inc.:

(Amounts in Millions, Except Interest Rates) Three Months Ended Dec.

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.

5 unchanged sentences

Weighted average interest rate, computed on a daily basis 5.34 % 5.33 % 0.73 %

Weighted average interest rate at end of period 5.34 N/A N/A

Weighted average interest rate at end of period 5.34 5.34 N/A

Money pool interest income $ 1 $ 1 $ —

There were no money pool activities for quarter ended December 31, 2024.

During 2024, Xcel Energy Inc.

purchased $ 166 million in aggregate principal amounts of NSP-Minnesota’s 2.60 % First Mortgage Bonds Series due June 1, 2051 for $ 105 million.

See notes to the consolidated financial statements in Part II, Item 8.

22 unchanged sentences

VAN ABEL Executive Vice President, Chief Financial Officer

Van Abel (Principal Accounting Officer and Principal Financial Officer)

Van Abel (Principal Financial Officer)

/s/ MELISSA L.

OSTROM Senior Vice President, Controller

Ostrom (Principal Accounting Officer)

Megan Burkhart Director

8 unchanged sentences

James Prokopanko Director

Devin Stockfish Director

Timothy Welsh Director

3 unchanged sentences

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 9A. Controls and Procedures