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Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Derivatives, Fair Value [Line Items]      
Obligation to return cash $ 31.5   $ 31.5
Right to reclaim cash 0.0   7.9
Commodity Trading      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Balance at beginning of period 5.3 $ 14.2  
Purchases 0.0 0.0  
Settlements (11.7) (3.4)  
Gains (losses) recognized in earnings [1] 6.2 (18.5)  
Net gains (losses) recognized as regulatory assets and liabilities 3.0 (2.4)  
Balance at end of period 2.8 (10.1)  
Other Noncurrent Assets      
Derivatives, Fair Value [Line Items]      
Derivative asset 25.3   9.2
Other Current Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative liability 26.4   25.0
Other Noncurrent Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative liability 122.9   110.2
Fair Value Measured on a Recurring Basis | Level 3      
Changes in Level 3 Commodity Derivatives [Roll Forward]      
Transfers level 3, net 0.0 $ 0.0  
Fair Value Measured on a Recurring Basis | Other Current Assets      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 70.2   75.5
Netting, asset [2] (47.9)   (43.0)
Derivative asset 22.3   32.5
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 3.0   1.6
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 48.0   41.6
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 19.2   32.3
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 66.8   64.7
Netting, asset [2] (47.6)   (42.1)
Derivative asset 19.2   22.6
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 3.4   8.7
Netting, asset [2] (0.3)   (0.9)
Derivative asset 3.1   7.8
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   2.1
Netting, asset [2] 0.0   0.0
Derivative asset 0.0   2.1
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 3.0   1.6
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 48.0   39.5
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   2.1
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 15.8   23.6
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 3.4   8.7
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 62.5   43.9
Netting, asset [2] (37.3)   (34.8)
Derivative asset 25.2   9.1
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 9.9   8.5
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 31.2   29.4
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 21.4   6.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 62.5   43.9
Netting, asset [2] (37.3)   (34.8)
Derivative asset 25.2   9.1
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 9.9   8.5
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 31.2   29.4
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative asset, gross 21.4   6.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 60.5   62.0
Netting, liability [2] (47.9)   (50.8)
Derivative liability 12.6   11.2
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 3.8   2.2
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 42.3   43.8
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 14.4   16.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 60.0   59.3
Netting, liability [2] (47.6)   (49.8)
Derivative liability 12.4   9.5
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.3   1.0
Netting, liability [2] (0.3)   (1.0)
Derivative liability 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.2   1.7
Netting, liability [2] 0.0   0.0
Derivative liability 0.2   1.7
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 3.8   2.2
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 42.1   42.1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.2   1.7
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 14.1   15.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.3   1.0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 0.0   0.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 69.9   51.3
Netting, liability [2] (5.7)   (3.3)
Derivative liability 64.2   48.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 2.4   2.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 44.1   32.3
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 23.4   17.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 69.9   51.3
Netting, liability [2] (5.7)   (3.3)
Derivative liability 64.2   48.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 2.4   2.0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 44.1   32.3
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading      
Derivatives, Fair Value [Line Items]      
Derivative liability, gross 23.4   17.0
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs      
Derivatives, Fair Value [Line Items]      
Derivative asset [3] 0.1   0.1
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs      
Derivatives, Fair Value [Line Items]      
Derivative liability [3] 13.8   13.8
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs      
Derivatives, Fair Value [Line Items]      
Derivative liability [3] $ 58.7   $ 62.2
[1]
These amounts relate to commodity derivatives held at the end of the period.
[2]
NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at March 31, 2020 and Dec. 31, 2019. At both March 31, 2020 and Dec. 31, 2019, derivative assets and liabilities include $31.5 million of obligations to return cash collateral. At March 31, 2020, no derivative assets and liabilities include the rights to reclaim cash collateral and $7.9 million at Dec. 31, 2019. The counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
[3]
During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.