Item 2. Properties
ITEM 2 — PROPERTIES
Virtually all of the utility plant property of the utility subsidiaries is subject to the lien of their respective first mortgage bond indentures.
NSP-Minnesota
Station, Location and Unit at Dec. 31, 2025
Fuel Installed MW (a)
Steam:
A.S. King-Bayport, MN, 1 Unit Coal 1968 511
Sherco-Becker, MN
Unit 1 Coal 1976 680
Unit 3 Coal 1987 517 (b)
Monticello, MN, 1 Unit Nuclear 1971 617
Prairie Island-Welch, MN
Unit 1 Nuclear 1973 521
Unit 2 Nuclear 1974 519
Various locations, 4 Units Wood/RDF Various 36 (c)
Combustion Turbine:
Angus Anson-Sioux Falls, SD, 3 Units Natural Gas 1994 - 2005 343
Black Dog-Burnsville, MN, 3 Units Natural Gas 1987 - 2018 491
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, 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
Hydro:
Hennepin Island-Minneapolis, MN 5 Units Hydro 1954-1955 6
Wind:
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 (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)
Solar:
Sherco Solar 1 and 2-Becker, MN, 130 units Solar 2024 - 2025 460 (e)
Total 8,732
(a) Summer 2025 net dependable capacity. Wind and solar is presented as net maximum capacity.
(b) Based on NSP-Minnesota’s ownership of 59%.
(c) RDF is made from municipal solid waste.
(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, 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
Station, Location and Unit at Dec. 31, 2025
Fuel Installed MW (a)
Steam:
Bay Front-Ashland, WI, 2 Units Wood/Natural Gas 1948 - 1956 41
French Island-La Crosse, WI, 2 Units Wood/RDF 1940 - 1948 16 (b)
Combustion Turbine:
French Island-La Crosse, WI, 2 Units Oil 1974 119
Wheaton-Eau Claire, WI, 1 Unit Natural Gas 2025 206 (c)
Reciprocating Generation:
Wheaton-Eau Claire, WI, 5 Units Natural Gas 2025 40 (c)
Hydro:
Various locations, 62 Units Hydro Various 135
Total 557
(a) Summer 2025 net dependable capacity.
(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.
PSCo
Station, Location and Unit at Dec. 31, 2025
Fuel Installed MW (a)
Steam:
Comanche-Pueblo, CO
Unit 2 Coal 1975 330
Unit 3 Coal 2010 500 (b)
Craig-Craig, CO, 2 Units Coal 1979 - 1980 82 (c)
Hayden-Hayden, CO, 2 Units
Coal 1965 - 1976 233 (d)
Pawnee-Brush, CO, 1 Unit Coal 1981 505 (e)
Cherokee-Denver, CO, 1 Unit Natural Gas 1968 310
Combustion Turbine:
Blue Spruce-Aurora, CO, 2 Units Natural Gas 2003 264
Cherokee-Denver, CO, 3 Units Natural Gas 2015 576
Fort St. Vrain-Platteville, CO, 6 Units Natural Gas 1972 - 2009 1,022
Manchief-Brush, CO, 2 Units Natural Gas 2000 250
Rocky Mountain-Keenesburg, CO, 3 Units Natural Gas 2004 592
Valmont-Boulder, CO, 3 units Natural Gas 1973 - 2001 119
Various locations, 5 Units Natural Gas Various 128
Hydro:
Cabin Creek-Georgetown, CO
Pumped Storage, 2 Units Hydro 1967 210
Various locations, 6 Units Hydro Various 23
Wind:
Rush Creek, CO, 300 units Wind 2018 582 (f)
Cheyenne Ridge, CO, 229 units Wind 2020 477 (f)
Solar:
Rocky Mountain Solar-Keenesburg, CO, 87 units Solar 2025 325 (f)
Total 6,528
(a) Summer 2025 net dependable capacity. Wind and solar is presented as net maximum capacity.
(b) Based on PSCo’s ownership of 67%.
(c) Based on PSCo’s ownership of 10%.
(d) Based on PSCo’s ownership of 76% of Unit 1 and 37% of Unit 2.
(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, 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.
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Table of Contents
SPS
Station, Location and Unit at Dec. 31, 2025
Fuel Installed MW (a)
Steam:
Cunningham-Hobbs, NM, 1 Unit Natural Gas 1957 - 1965 183
Harrington-Amarillo, TX 3 Units Natural Gas 2024 - 2025 1,018
Jones-Lubbock, TX, 2 Units Natural Gas 1971 - 1974 486
Maddox-Hobbs, NM, 1 Unit Natural Gas 1967 112
Nichols-Amarillo, TX, 3 Units Natural Gas 1960 - 1968 457
Plant X-Earth, TX, 1 Unit Natural Gas 1952 - 1964 190
Tolk-Muleshoe, TX, 2 Units Coal 1982 - 1985 1,067
Combustion Turbine:
Cunningham-Hobbs, NM, 2 Units Natural Gas 1997 207
Jones-Lubbock, TX, 2 Units Natural Gas 2011 - 2013 334
Maddox-Hobbs, NM, 1 Unit Natural Gas 1963 - 1976 61
Wind:
Hale-Plainview, TX, 239 Units Wind 2019 478 (b)
Sagamore-Dora, NM, 240 Units Wind 2020 508 (b)
Total 5,101
(a) Summer 2025 net dependable capacity. Wind is presented as net maximum capacity.
(b) 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, 2025 SPS’ wind facilities had a weighted-average capacity factor of 47%.
Electric utility overhead and unde rground transmis sion and distribution lines at Dec. 31, 2025:
Conductor Miles NSP-Minnesota NSP-Wisconsin PSCo SPS
Transmission
500 KV 2,921 — — —
345 KV 13,394 3,019 8,233 11,668
230 KV 2,299 — 12,393 9,863
161 KV 610 1,816 — —
138 KV — — 92 —
115 KV 8,137 1,860 5,004 15,044
Less than 115 KV 6,569 5,666 1,717 4,546
Total Transmission 33,930 12,361 27,439 41,121
Distribution
Less than 115 KV 87,271 28,582 84,079 25,261
Total 121,201 40,943 111,518 66,382
Electric utility transmission and distribution substations at Dec. 31, 2025:
NSP-Minnesota NSP-Wisconsin PSCo SPS
Substations 352 208 236 466
Natural gas utility mains at Dec. 31, 2025:
Miles NSP-Minnesota NSP-Wisconsin PSCo SPS WGI
Transmission 78 3 2,022 38 11
Distribution 11,117 2,628 24,291 — —