What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-25 compared with 2025-02-27 · 46 added, 38 removed, 100 unchanged (46% of the section changed)

16 unchanged sentences

Black Dog-Burnsville, MN, 3 Units Natural Gas 1987 - 2018 491

Blue Lake-Shakopee, MN, 6 Units Natural Gas/Oil 1974 - 2005 454

Blue Lake-Shakopee, MN, 2 Units Natural Gas 2005 300 (d)

High Bridge-St.

Paul, MN, 3 Units Natural Gas 2008 530

Inver Hills-Inver Grove Heights, MN, 8 Units Natural Gas/ Oil 1972 - 1996 276

Inver Hills-Inver Grove Heights, MN, 6 Units Natural Gas 1972 - 1996 272

Riverside-Minneapolis, MN, 3 Units Natural Gas 2009 454

Reciprocating Generation:

Blue Lake-Shakopee, MN 3 Units Natural Gas Various 24

Hennepin Island-Minneapolis, MN 5 Units Hydro 1954-1955 6

Blazing Star 1-Lincoln County, MN, 100 Units Wind 2020 200 (d)

Blazing Star 2-Lincoln County, MN, 100 Units Wind 2021 200 (d)

Border-Rolette County, ND, 75 Units Wind 2015 148 (d)

Community Wind North-Lincoln County, MN, 12 Units Wind 2020 26 (d)

Courtenay Wind-Stutsman County, ND, 100 Units Wind 2016 190 (d)

Crowned Ridge 2-Grant County, SD, 88 Units Wind 2020 192 (d)

Dakota Range, SD, 72 Units Wind 2022 298 (d)

Foxtail-Dickey County, ND, 75 Units Wind 2019 150 (d)

Freeborn-Freeborn County, MN, 100 Units Wind 2021 200 (d)

Blazing Star 1-Lincoln County, MN, 100 Units Wind 2020 200 (e)

Blazing Star 2-Lincoln County, MN, 100 Units Wind 2021 200 (e)

Border-Rolette County, ND, 75 Units (f)

Wind 2015 150 (e)

Community Wind North-Lincoln County, MN, 12 Units Wind 2020 26 (e)

Courtenay Wind-Stutsman County, ND, 100 Units Wind 2016 190 (e)

Crowned Ridge 2-Grant County, SD, 88 Units Wind 2020 192 (e)

Dakota Range, SD, 72 Units Wind 2022 298 (e)

Foxtail-Dickey County, ND, 75 Units Wind 2019 150 (e)

Freeborn-Freeborn County, MN, 100 Units Wind 2021 200 (e)

Grand Meadow-Mower County, MN, 67 Units

Wind 2008 100 (d)

Jeffers-Cottonwood County, MN, 20 Units Wind 2020 43 (d)

Lake Benton-Pipestone County, MN, 44 Units Wind 2019 99 (d)

Mower-Mower County, MN, 43 Units Wind 2021 91 (d)

Nobles-Nobles County, MN, 133 Units Wind 2010 200 (d)

Northern Wind-Murray County, MN, 37 Units Wind 2023 92 (d)

Pleasant Valley-Mower County, MN, 100 Units Wind 2015 196 (d)

Rock Aetna-Murray County, MN, 8 Units Wind 2022 20 (d)

Sherco Solar 1-Becker, MN, 63 units Solar 2024 223

Wind 2008 100 (e)

Jeffers-Cottonwood County, MN, 20 Units Wind 2020 43 (e)

Lake Benton-Pipestone County, MN, 44 Units Wind 2019 99 (e)

Mower-Mower County, MN, 43 Units Wind 2021 91 (e)

Nobles-Nobles County, MN, 133 Units Wind 2010 200 (e)

Northern Wind-Murray County, MN, 37 Units Wind 2023 92 (e)

Pleasant Valley-Mower County, MN, 100 Units (f)

Wind 2015 200 (e)

Rock Aetna-Murray County, MN, 8 Units Wind 2022 20 (e)

Sherco Solar 1 and 2-Becker, MN, 130 units Solar 2024 - 2025 460 (e)

(a) Summer 2025 net dependable capacity.

2 unchanged sentences

(d) Net maximum capacity is attainable only when wind conditions are sufficiently available.

(d) Four units were retired in 2025.

(e) Net maximum capacity is attainable only when conditions are sufficiently available.

Typical average capacity factors are 35-50% for wind facilities.

For the year ended Dec.

31, 2024, NSP-Minnesota’s wind facilities had a weighted-average capacity factor of 46%.

31, 2025, wind facilities had a weighted-average capacity factor of 44%.

For solar projects placed in service in 2025, factors will be available after a full year of operations.

(f) Repowered in 2025.

NSP-Wisconsin

5 unchanged sentences

French Island-La Crosse, WI, 2 Units Oil 1974 119

Wheaton-Eau Claire, WI, 4 Units Natural Gas/Oil 1973 189 (c)

Wheaton-Eau Claire, WI, 1 Unit Natural Gas 2025 206 (c)

Reciprocating Generation:

Wheaton-Eau Claire, WI, 5 Units Natural Gas 2025 40 (c)

Various locations, 62 Units Hydro Various 135

1 unchanged sentence

(b) RDF is made from municipal solid waste.

(c) Four combustion turbine units were retired in 2025 and replaced with one new combustion turbine and five reciprocating generation units.

Station, Location and Unit at Dec.

6 unchanged sentences

Coal 1965 - 1976 233 (d)

Pawnee-Brush, CO, 1 Unit Coal 1981 505

Pawnee-Brush, CO, 1 Unit Coal 1981 505 (e)

Cherokee-Denver, CO, 1 Unit Natural Gas 1968 310

10 unchanged sentences

Various locations, 6 Units Hydro Various 23

Rush Creek, CO, 300 units Wind 2018 582 (e)

Cheyenne Ridge, CO, 229 units Wind 2020 477 (e)

Rush Creek, CO, 300 units Wind 2018 582 (f)

Cheyenne Ridge, CO, 229 units Wind 2020 477 (f)

Rocky Mountain Solar-Keenesburg, CO, 87 units Solar 2025 325 (f)

(a) Summer 2025 net dependable capacity.

Wind is presented as net maximum capacity.

Wind and solar is presented as net maximum capacity.

(b) Based on PSCo’s ownership of 67%.

1 unchanged sentence

(d) Based on PSCo’s ownership of 76% of Unit 1 and 37% of Unit 2.

(e) Net maximum capacity is attainable only when wind conditions are sufficiently available.

(e) Pawnee coal plant was retired in 2025 and completed conversion to natural gas in 2026.

(f) Net maximum capacity is attainable only when conditions are sufficiently available.

Typical average capacity factors are 35-50% for wind facilities.

For the year ended Dec.

31, 2024, PSCo’s wind facilities had a weighted-average capacity factor of 44%.

31, 2025, wind facilities had a weighted-average capacity factor of 41%.

For solar projects placed in service in 2025, factors will be available after a full year of operations.

Station, Location and Unit at Dec.

1 unchanged sentence

Cunningham-Hobbs, NM, 1 Unit Natural Gas 1957 - 1965 183

Harrington-Amarillo, TX 1 Unit Natural Gas 2024 339 (b)

Harrington-Amarillo, TX 2 Units Coal 1976 - 1980 679 (b)

Harrington-Amarillo, TX 3 Units Natural Gas 2024 - 2025 1,018

Jones-Lubbock, TX, 2 Units Natural Gas 1971 - 1974 486

7 unchanged sentences

Maddox-Hobbs, NM, 1 Unit Natural Gas 1963 - 1976 61

Hale-Plainview, TX, 239 Units Wind 2019 478 (c)

Sagamore-Dora, NM, 240 Units Wind 2020 507 (c)

Hale-Plainview, TX, 239 Units Wind 2019 478 (b)

Sagamore-Dora, NM, 240 Units Wind 2020 508 (b)

(a) Summer 2025 net dependable capacity.

Wind is presented as net maximum capacity.

(b) Harrington coal plant units 1-3 were retired in December 2024.

Unit 2 was repowered to natural gas in the fourth quarter of 2024.

Units 1 and 3 are also being repowered to natural gas in 2025, with Unit 1 having completed conversion in January and Unit 3 expected to be completed in the summer.

(b) Net maximum capacity is attainable only when conditions are sufficiently available.

Typical average capacity factors are 35-50% for wind facilities.

21 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 2. Properties