What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-25 compared with 2025-02-27 · 134 added, 123 removed, 512 unchanged (33% of the section changed)

21 unchanged sentences

DOT United States Department of Transportation

EIA United States Energy Information Administration

EPA United States Environmental Protection Agency

21 unchanged sentences

GCA Gas cost adjustment

GMAC Grid modernization adjustment clause

RES Renewable energy standard

16 unchanged sentences

CIG Colorado Interstate Gas Company, LLC

CON Certificate of need

Carbon dioxide

CORE CORE Electric Cooperative

COD Commercial operation date

CPCN Certificate of public convenience and necessity

CSPV Crystalline silicon photovoltaic

CWIP Construction work in progress

7 unchanged sentences

GAAP Generally accepted accounting principles

GE General Electric

GHG Greenhouse gas

6 unchanged sentences

ITC Investment tax credit

LP&L Lubbock Power & Light

MGP Manufactured gas plant

6 unchanged sentences

O&M Operating and maintenance

OBBB One Big Beautiful Bill Act

ONES Operations, Nuclear, Environmental and Safety

4 unchanged sentences

Pre-65 Pre-Medicare

PSPS Public safety power shutoff

PTC Production tax credit

6 unchanged sentences

S&P Standard & Poor’s Global Ratings

SERP Supplemental executive retirement plan

SMMPA Southern Minnesota Municipal Power Agency

SIP State implementation plan

SOFR Secured overnight financing rate

SPP Southwest Power Pool, Inc.

6 unchanged sentences

VIE Variable interest entity

WACC Weighted average cost of capital

WMP Wildfire mitigation plan

XLI Xcel Large Industrials

Bcf Billion cubic feet

18 unchanged sentences

successful long-term operational planning;

risks associated with wildfires;

commodity risks associated with energy markets and production;

1 unchanged sentence

qualified employee workforce and third-party contractor factors;

violations of our Codes of Conduct;

reputational impacts of actions by employees, directors, or third-parties;

our ability to recover costs and our subsidiaries’ ability to recover costs from customers;

risks associated with the growth in large load customers;

changes in regulation;

21 unchanged sentences

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.

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

The Company’s nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings.

27 unchanged sentences

OUR CUSTOMERS

Xcel Energy is leading the ongoing clean energy transition while remaining focused on what matters most:

providing reliable, affordable energy that meets the increasing demands of our customers as they electrify more parts of their lives.

Customer affordability remains central to our strategy.

Through disciplined infrastructure investment and the advantages of our geographic footprint, we continue to deliver some of the lowest energy bills in the nation.

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

New demand remains robust in our territories, including load growth from new data centers, industrial electrification and electric vehicle adoption.

As such, we are transforming and expanding our electric grid to accommodate load growth, renewable energy and distributed energy resources.

We are in the process of installing smart electric meters, which will deliver customer and operational benefits, providing near-real-time communication, allowing customers to know how much energy they are using and what it will cost.

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

Customer affordability is critical to successful strategy execution.

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

New demand remains robust in our territories as we fuel the rapid growth from AI and data centers, industrial electrification and electric vehicle adoption.

As such, we are transforming and expanding our electric grid to accommodate this load growth, and supporting our expanded portfolio of renewable energy and distributed energy resources.

Since 2020, our lean operating program has generated $1.5 billion of cumulative 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 $6 billion since 2017 in avoided fuel costs and PTCs.

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

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

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

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

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

Investing in our communities is important to our collective success.

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

Nearly 59% of our supply chain spend was local.

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

Our annual Day of Service attracted 2,200 people who volunteered over 7,900 combined hours at over 110 nonprofit projects across the company’s service footprint.

In 2024, the Xcel Energy Foundation contributed $5 million to 390 nonprofit organizations that support its three charitable giving focus areas of STEM Career Pathways, Environmental Sustainability, and Community Vitality.

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

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

In turn, our residential customers in Colorado have the lowest share of wallet out of all 50 states, and average bills in our other states occupy 5 of the next 11 spots.

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

We continue to support critical programs to help our customers who may need assistance with their energy bills and reached nearly 200,000 customers and provided over $180 million in funding in 2025.

Going forward, our goal is to enable the clean energy transition while keeping long-term customer bill growth at 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.

Investing in our communities means supporting a wide array of industries that strengthen local economies.

In 2025, Xcel Energy initiated 15 economic development projects across our communities.

Collectively, these projects are projected to generate more than $7 billion in capital investments and nearly 1,400 jobs.

Nearly 53% of our supply chain spend was local and we spent nearly $1 billion with small or diverse suppliers.

In 2025, the Xcel Energy Foundation contributed $5 million in grant funding nearly 400 nonprofit organizations.

Through our 2025 Power Your Purpose Giving Campaign, Xcel Energy employees, contractors and retirees donated nearly $3 million to over 1,400 nonprofit and community organizations – exceeding our fundraising goal.

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

In 2025, employees volunteered nearly 100,000 hours in their communities.

Our annual Day of Service attracted over 2,900 volunteers who committed nearly 8,900 hours at over 100 nonprofit projects across the company’s service footprint.

Champion Safety

Continuously elevating the quality and safety of the workplace is a top priority.

We are considered a benchmark company for our Safety Always approach, focused on eliminating life-altering injuries through a trusted, transparent culture and the use of critical controls.

We are considered a leader in safety for our Safety Always approach, focused on eliminating life-altering injuries through a trusted, transparent culture and the use of critical controls.

All employees have “stop work authority” and are expected to keep each other, our customers and the public safe.

Employees are encouraged to speak up, share experiences and learn from events to help protect themselves, their coworkers and the public.

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

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

Cultivate an Inclusive, Best-in-Class Workforce

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

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

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

This starts with our Board of Directors.

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

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

The Board of Directors has oversight for workforce strategy, through the Governance, Compensation and Nominating Committee, including our inclusion initiatives, employee safety and inclusion KPIs tied to annual incentive compensation.

In 2025, a total of 70% of annual incentive compensation was tied to safety, system reliability and inclusion metrics.

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

19 unchanged sentences

We have consistently achieved our financial objectives, meeting or exceeding our initial ongoing earnings guidance range for 21 consecutive years and delivering dividend growth for 23 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.

Leading the Clean Energy Transition

Xcel Energy is committed to providing our customers with safe, reliable service at the lowest cost possible, while leading the clean energy transition.

Over the next five years, we plan to make $60 billion of capital investments to improve reliability, resiliency and sustainability and support demand growth across our system.

Significant investment in our transmission and distribution systems is essential to ensure resiliency and reliability for customers, we have approximately $29 billion in our 2026 - 2030 capital plan focused specifically on this.

Our sustainability commitments are summarized as follows:

Our current sustainability commitments are summarized as follows:

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

1 unchanged sentence

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.

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

In 2025, we completed the second phase of our Sherco Solar project in Minnesota, with a third phase coming online in 2026, making it the largest solar facility in the upper Midwest.

We are also proposing to add a fourth phase, which would bring the facility’s total generating capacity to 910 MW by 2029, providing enough clean energy to power 190,000 homes across the upper Midwest.

In our base 2026 - 2030 capital investment plan, we have ~9,500 MW of new and repowered wind, solar, and battery storage resources included and ~3,000 MW of new natural gas generation to ensure reliability.

Through 2025, we reduced carbon emissions from generation serving customers by an estimated 58% (from 2005 levels) and remain on track to 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.

Xcel Energy continues on the path to achieve our 2050 goal to provide net-zero natural gas service to our customers.

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.

• Optimizing the energy system with voluntary electrification-first approaches for new growth.

• Providing customers with a portfolio of energy solutions 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.

By 2035, Xcel Energy aims to enable the charging infrastructure for 1.5 million electric vehicles across the areas we serve.

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

1 unchanged sentence

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.

In 2025, we received commission approvals from both the Colorado and Texas commissions for our wildfire mitigation and system resiliency plans, as well as have public facing wildfire mitigation plans in each of our states.

This includes investments in advanced camera and weather station technologies, enhanced powerline safety setting installations, pole inspections and replacements, and operational measures such as wildfire safety operations and public safety power shutoffs.

In 2025, supportive utility wildfire legislation also passed in Texas and North Dakota, and we continue to explore similar structures in our other states.

Utility Subsidiaries

7 unchanged sentences

GAAP ROE 9.19%

Ongoing ROE 9.46%

Electric generating capacity (owned) 8,700 MW

24 unchanged sentences

GAAP ROE 5.66%

Ongoing ROE (See Item 7) 7.55%

Electric generating capacity (owned) 6,500 MW

63 unchanged sentences

(a) Includes the impact of PTCs.

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

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

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

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

The RFP process will start in 2025.

Owned — Owned and operated solar projects with corresponding capacity:

1 unchanged sentence

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.

NSP System 1 460 1 223

PSCo 1 325 — —

Total 2 785 1 223

PPAs — Solar PPAs capacity by type:

7 unchanged sentences

(a) Includes battery storage capacity of 225 MW.

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

Utility Subsidiary 2024 2023

NSP System $ 100 $ 90

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

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

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

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

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

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

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

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

Type Utility Subsidiary 2025 2024

Owned Generation (a) (b)

NSP System $ 54 N/A

PPA NSP System 97 100

PPA PSCo 31 31

PPA SPS 69 68

(a) Average cost per MWh includes projects placed in service in 2024.

For projects placed in service in 2025, cost per MWh will be available after a full year of operations.

(b) Includes the impact of PTCs.

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2025 net summer dependable capacity that safely and reliably generates carbon free electricity for the NSP System.

5 unchanged sentences

2025 $ 0.82 54 %

2024 $ 0.83 43 %

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

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

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

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

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

See Item 2 — Properties for further information.

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

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

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

Xcel Energy owned and operated coal units with approximately 4,500 MW of total 2025 net summer dependable capacity.

This amount includes the coal unit at Pawnee, which is in the process of being converted to natural gas (net summer dependable capacity of 505 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.

1 unchanged sentence

Year Utility Subsidiary Plant Unit Capacity (MW)

2025 PSCo Comanche 2 330

2026 PSCo Craig 1 (a)

2025 PSCo Pawnee (b)

2026 PSCo Comanche 2 (c)

2026 NSP-Minnesota Sherco 1 680

2027 PSCo Hayden 2 98 (a)

2028 PSCo Hayden 1 135 (a)

2028 PSCo Craig 2 40 (a)

2027 PSCo Hayden 2 98 (b)

2028 PSCo Hayden 1 135 (b)

2028 PSCo Craig 2 40 (b)

2028 NSP-Minnesota A.S.

1 unchanged sentence

2028 SPS Tolk 2 535

2030 NSP-Minnesota Sherco 3 517 (a)

2030 NSP-Minnesota Sherco 3 517 (b)

2030 PSCo Comanche 3 500

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

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

(a) In December 2025, the DOE issued an emergency order pursuant to section 202(c) of the Federal Power Act to Tri-State Generation and Transmission Association and other co-owners – including Xcel Energy – directing the co-owners to take all measures necessary to ensure that Unit 1 at the Craig Station in Craig, Colorado is available to operate.

This order is in effect from December 30, 2025 through March 30, 2026.

PSCo is working with Tri-State and the other partners in complying with the order.

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

(c) In December 2025, the CPUC issued a decision approving a variance that allows for the continued operation of Comanche Unit 2 in 2026, past the previously established retirement date of Dec.

The decision was issued in response to a joint petition filed by the trial staff of the CPUC, the Colorado Energy Office, the Colorado Office of the Utility Consumer Advocate, and PSCo seeking to modify the Comanche Unit 2 retirement date.

PSCo also entered into an agreement with the Colorado Department of Public Health and Environment that establishes compliance obligations for continued operation of the unit through 2026.

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):

2 unchanged sentences

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

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

Xcel Energy owned and operated natural gas plants with approximately 9,000 MW of total 2025 net summer dependable capacity.

Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel.

5 unchanged sentences

2025 $ 4.46 15 %

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

1 unchanged sentence

Utility Subsidiary MW Date MW Date

26 9,231 Aug.

PSCo 7,084 Aug.

1 6,909 July 24

8,445 July 15 8,822 Aug.

PSCo 7,010 July 28 7,084 Aug.

SPS 4,519 Aug.

19 4,372 Aug.

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

11 unchanged sentences

Transportation and other 41 <1 12

Sales/Revenue Statistics (a)

Sales/Revenue Statistics (a)(b)

MMBtu sales per retail customer 108 105

4 unchanged sentences

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

(b) Fluctuations in natural gas revenues associated with changes in natural gas sold and transported generally do not significantly impact earnings.

Capability and Demand

2 unchanged sentences

Utility Subsidiary MMBtu Date MMBtu Date

NSP-Minnesota 841,164 Jan.

19 753,642 Feb.

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

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

NSP-Minnesota 927,557 Dec.

12 841,164 Jan.

NSP-Wisconsin 177,201 Jan.

20 163,246 Jan.17

PSCo 2,148,039 Jan.

20 2,357,931 Jan.15

Natural Gas Supply and Cost

41 unchanged sentences

Our facilities strive to operate in compliance with applicable environmental standards and related monitoring and reporting requirements.

However, it is not possible to determine what additional facilities or modifications to existing or planned facilities will be required as a result of changes to regulations, interpretations or enforcement policies or what effect future laws or regulations may have.

We may be required to incur expenditures in the future for remediation of historic and current operating sites and other waste treatment, storage and disposal sites.

There are significant environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs.

3 unchanged sentences

Emerging Environmental Regulation

Throughout 2025, the EPA has announced various regulatory actions addressing a wide range of environmental regulations.

Xcel Energy will continue to monitor these proposed rules as they move toward final action.

Additionally, any other amendments and changes to rules will be evaluated as proposed by the EPA.

Clean Air Act

1 unchanged sentence

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.

In June 2025, the EPA proposed to repeal these and all other GHG emissions standards for the power sector.

In the alternative, the EPA proposed to repeal a narrower subset of the 2024 regulations.

In February 2026, the EPA issued a final rule repealing the 2009 Endangerment Finding and associated regulations addressing GHG emissions from the transportation sector under the Clean Air Act.

Xcel Energy will monitor any additional proposed rules and evaluate the impacts of any final rule on the utility sector.

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

2 unchanged sentences

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

Regional Haze — In July 2025, the EPA proposed to partially approve and partially disapprove the 2022 Colorado SIP revision implementing the Regional Haze rule in Colorado.

The proposal sought to remove mandatory retirement dates as enforceable provisions in the SIP.

In January 2026, the EPA issued a final rule fully disapproving the 2022 Colorado SIP revision, thereby removing the mandatory retirement dates.

The removal of the retirement dates from a federally approved SIP would only impact whether the SIP provisions become federally enforceable.

Colorado has a state regulation that reflects the SIP requirements, including retirement dates for Cherokee Unit 4, Comanche Unit 2, Craig Units 1 and 2, and Hayden Units 1 and 2 at a state level and would require amendment to modify or remove retirement dates.

Emerging Contaminants of Concern

11 unchanged sentences

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

Costs charged to operating expenses for nuclear decommissioning, spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste and depreciation of previously incurred capital expenditures for environmental improvements were approximately:

Costs charged to operating expenses for spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste and depreciation of previously incurred capital expenditures for environmental improvements were approximately:

• $280 million in 2025.

26 unchanged sentences

May 2016 — March 2020

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

May 2024 — Present

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

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

Patricia Correa 52 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

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

August 2021 — Present

Executive Vice President, Chief Generation Officer, Xcel Energy Inc.

March 2020 — August 2021

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

Michael Lamb 61 Executive Vice President, Chief Delivery Officer Xcel Energy Inc.

May 2025 — Present

Senior Vice President, Customer Delivery, Xcel Energy Inc.

September 2024 — April 2025

Senior Vice President, Distribution and Gas, Xcel Energy Inc.

June 2023 — August 2024

Senior Vice President, Transmission, Xcel Energy Inc.

April 2018 — May 2023

Lamb has been with Xcel Energy since 1985

Ryan Long 41 Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.

June 2025 — Present

Interim President, NSP-Minnesota June 2025 — October 2025

President, NSP-Minnesota January 2024 — June 2025

Interim General Counsel, Xcel Energy Inc.

October 2023 — January 2024

Vice President, Deputy General Counsel, Xcel Energy Services Inc.

May 2021 — October 2023

Managing Attorney, Xcel Energy Services Inc.

June 2020 — May 2021

Long has been with Xcel Energy since 2015

Amanda Rome 45 Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc.

6 unchanged sentences

June 2020 — June 2022

Vice President and Deputy General Counsel, Xcel Energy Services Inc.

October 2019 — June 2020

Rome has been with Xcel Energy since 2015

Scott Sharp 57 Executive Vice President, Chief Generation Officer, Xcel Energy Inc.

May 2025 — Present

Senior Vice President, Energy Supply and Commercial Operations, Xcel Energy Inc.

April 2023 — April 2025

Vice President, Energy Supply Operations, Xcel Energy Inc.

October 2020 — April 2023

Sharp has been with Xcel Energy since 2014

Van Abel 44 Executive Vice President, Chief Financial Officer, Xcel Energy Inc.

2 unchanged sentences

September 2018 — March 2020

Van Abel has been with Xcel Energy since 2010

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

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