QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Xcel Energy Inc. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
N/A | ||
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Class | Outstanding at Oct. 19, 2020 | |||||||
Common Stock, $2.50 par value |
PART I | FINANCIAL INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 2 — | |||||||||||
Item 3 — | |||||||||||
Item 4 — | |||||||||||
PART II | OTHER INFORMATION | ||||||||||
Item 1 — | |||||||||||
Item 1A — | |||||||||||
Item 2 — | |||||||||||
Item 6 — | |||||||||||
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
e prime | e prime inc. | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Co. | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WGI | West Gas Interstate | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |||||
CPUC | Colorado Public Utilities Commission | ||||
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | ||||
DOC | Department of Commerce | ||||
EPA | United States Environmental Protection Agency | ||||
FERC | Federal Energy Regulatory Commission | ||||
IRS | Internal Revenue Service | ||||
MPUC | Minnesota Public Utilities Commission | ||||
NMPRC | New Mexico Public Regulation Commission | ||||
NRC | Nuclear Regulatory Commission | ||||
OAG | Minnesota Office of the Attorney General | ||||
PSCW | Public Service Commission of Wisconsin | ||||
PUCT | Public Utility Commission of Texas | ||||
SEC | Securities and Exchange Commission |
Electric, Purchased Gas and Resource Adjustment Clauses | |||||
DSM | Demand side management | ||||
FCA | Fuel clause adjustment | ||||
FPPCAC | Fuel and purchased power cost adjustment clause | ||||
GUIC | Gas utility infrastructure cost rider | ||||
RES | Renewable energy standard | ||||
TCR | Transmission cost recovery adjustment |
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
AGIS | Advanced Grid Intelligence and Security | ||||
ALJ | Administrative Law Judge | ||||
ASC | FASB Accounting Standards Codification | ||||
C&I | Commercial and Industrial | ||||
CCR | Coal combustion residual | ||||
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste | ||||
CDD | Cooling degree-days | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
COVID-19 | Novel coronavirus | ||||
DRIP | Dividend Reinvestment and Stock Purchase Program | ||||
EPS | Earnings per share | ||||
ETR | Effective tax rate | ||||
FASB | Financial Accounting Standards Board | ||||
FTR | Financial transmission right | ||||
GAAP | Generally accepted accounting principles | ||||
GE | General Electric | ||||
HDD | Heating degree-days | ||||
IPP | Independent power producing entity | ||||
LLC | Limited liability company | ||||
MDL | Multi district litigation | ||||
MEC | Mankato Energy Center | ||||
MGP | Manufactured gas plant | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
NAV | Net asset value | ||||
NOL | Net operating loss |
O&M | Operating and maintenance | ||||
OATT | Open Access Transmission Tariff | ||||
PPA | Power purchase agreement | ||||
PTC | Production tax credit | ||||
ROE | Return on equity | ||||
ROFR | Right-of-first refusal | ||||
RTO | Regional Transmission Organization | ||||
SMMPA | Southern Minnesota Municipal Power Agency | ||||
SPP | Southwest Power Pool, Inc. | ||||
THI | Temperature-humidity index | ||||
TOs | Transmission owners | ||||
VaR | Value at Risk | ||||
VIE | Variable interest entity |
Measurements | |||||
MW | Megawatts |
Forward-Looking Statements |
ITEM 1 — FINANCIAL STATEMENTS |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Natural gas | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Electric fuel and purchased power | |||||||||||||||||||||||
Cost of natural gas sold and transported | |||||||||||||||||||||||
Cost of sales — other | |||||||||||||||||||||||
Operating and maintenance expenses | |||||||||||||||||||||||
Conservation and demand side management expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes (other than income taxes) | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense), net | ( | ||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | |||||||||||||||||||||||
Allowance for funds used during construction — equity | |||||||||||||||||||||||
Interest charges and financing costs | |||||||||||||||||||||||
Interest charges — includes other financing costs of $ | |||||||||||||||||||||||
Allowance for funds used during construction — debt | ( | ( | ( | ( | |||||||||||||||||||
Total interest charges and financing costs | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Earnings per average common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | |||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Pension and retiree medical benefits: | |||||||||||||||||||||||
Net pension and retiree medical losses arising during the period, net of tax of $ | |||||||||||||||||||||||
Amortization of losses included in net periodic benefit cost, net of tax of $ | |||||||||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||
Net fair value decrease, net of tax of $ | ( | ( | ( | ||||||||||||||||||||
Reclassification of losses to net income, net of tax of $ | |||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Nine Months Ended Sept. 30 | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Nuclear fuel amortization | |||||||||||
Deferred income taxes | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Equity earnings of unconsolidated subsidiaries | ( | ( | |||||||||
Dividends from unconsolidated subsidiaries | |||||||||||
Provision for bad debts | |||||||||||
Share-based compensation expense | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | ( | ( | |||||||||
Other current assets | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Net regulatory assets and liabilities | ( | ( | |||||||||
Other current liabilities | ( | ( | |||||||||
Pension and other employee benefit obligations | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities | |||||||||||
Capital/construction expenditures | ( | ( | |||||||||
Sale of MEC | |||||||||||
Purchase of investment securities | ( | ( | |||||||||
Proceeds from the sale of investment securities | |||||||||||
Other, net | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing activities | |||||||||||
Proceeds from short-term borrowings, net | ( | ( | |||||||||
Proceeds from issuances of long-term debt | |||||||||||
Repayments of long-term debt, including reacquisition premiums | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Dividends paid | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest (net of amounts capitalized) | $ | ( | $ | ( | |||||||
Cash (paid) received for income taxes, net | ( | ||||||||||
Supplemental disclosure of non-cash investing and financing transactions: | |||||||||||
Accrued property, plant and equipment additions | $ | $ | |||||||||
Inventory transfers to property, plant and equipment | |||||||||||
Operating lease right-of-use assets | |||||||||||
Allowance for equity funds used during construction | |||||||||||
Issuance of common stock for equity awards | |||||||||||
See Notes to Consolidated Financial Statements |
Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Accrued unbilled revenues | |||||||||||
Inventories | |||||||||||
Regulatory assets | |||||||||||
Derivative instruments | |||||||||||
Prepaid taxes | |||||||||||
Prepayments and other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets | |||||||||||
Nuclear decommissioning fund and other investments | |||||||||||
Regulatory assets | |||||||||||
Derivative instruments | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Short-term debt | |||||||||||
Accounts payable | |||||||||||
Regulatory liabilities | |||||||||||
Taxes accrued | |||||||||||
Accrued interest | |||||||||||
Dividends payable | |||||||||||
Derivative instruments | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total current liabilities | |||||||||||
Deferred credits and other liabilities | |||||||||||
Deferred income taxes | |||||||||||
Deferred investment tax credits | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Derivative instruments | |||||||||||
Customer advances | |||||||||||
Pension and employee benefit obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total deferred credits and other liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Capitalization | |||||||||||
Long-term debt | |||||||||||
Common stock — | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total common stockholders’ equity | |||||||||||
Total liabilities and equity | $ | $ | |||||||||
See Notes to Consolidated Financial Statements |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Three Months Ended Sept. 30, 2020 and 2019 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuances of common stock | |||||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuances of common stock | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders' Equity | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||
Nine Months Ended Sept. 30, 2020 and 2019 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuances of common stock | |||||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | |||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||
Issuances of common stock | |||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||
Share-based compensation | ( | ||||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | ( | ( | |||||||||||||||||||||||||||||||||
Balance at Sept. 30, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
2. Accounting Pronouncements |
3. Selected Balance Sheet Data |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Accounts receivable, net | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Less allowance for bad debts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Inventories | ||||||||||||||
Materials and supplies | $ | $ | ||||||||||||
Fuel | ||||||||||||||
Natural gas | ||||||||||||||
Total inventories | $ | $ |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Property, plant and equipment, net | ||||||||||||||
Electric plant | $ | $ | ||||||||||||
Natural gas plant | ||||||||||||||
Common and other property | ||||||||||||||
Plant to be retired (a) | ||||||||||||||
Construction work in progress | ||||||||||||||
Total property, plant and equipment | ||||||||||||||
Less accumulated depreciation | ( | ( | ||||||||||||
Nuclear fuel | ||||||||||||||
Less accumulated amortization | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
4. Borrowings and Other Financing Instruments |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||
Borrowing limit | $ | $ | ||||||||||||
Amount outstanding at period end | ||||||||||||||
Average amount outstanding | ||||||||||||||
Maximum amount outstanding | ||||||||||||||
Weighted average interest rate, computed on a daily basis | % | % | ||||||||||||
Weighted average interest rate at period end |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | |||||||||||||||||
Xcel Energy Inc. | $ | $ | $ | |||||||||||||||||
PSCo | ||||||||||||||||||||
NSP-Minnesota | ||||||||||||||||||||
SPS | ||||||||||||||||||||
NSP-Wisconsin | ||||||||||||||||||||
Total | $ | $ | $ |
(Millions of Dollars) | Limit | Amount Used | Available | |||||||||||||||||
Xcel Energy, Inc. | $ | $ | $ |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | $ | $ |
5. Revenues |
Three Months Ended Sept. 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Three Months Ended Sept. 30, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Nine Months Ended Sept. 30, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
Nine Months Ended Sept. 30, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
C&I | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total retail | ||||||||||||||||||||||||||
Wholesale | ||||||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue from contracts with customers | ||||||||||||||||||||||||||
Alternative revenue and other | ||||||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
6. Income Taxes |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Federal statutory rate | % | % | % | % | ||||||||||||||||||||||
State tax (net of federal tax effect) | ||||||||||||||||||||||||||
Decreases: | ||||||||||||||||||||||||||
Wind PTCs | ( | ( | ( | ( | ||||||||||||||||||||||
Plant regulatory differences (a) | ( | ( | ( | ( | ||||||||||||||||||||||
NOL carryback | ( | ( | ||||||||||||||||||||||||
Other tax credits and NOL allowances (net) | ( | ( | ( | ( | ||||||||||||||||||||||
Other (net) | ( | ( | ( | ( | ||||||||||||||||||||||
Effective income tax rate | % | % | % | % |
Tax Years | Expiration | |||||||
2014 — 2016 | July 2021 |
State | Year | |||||||
Colorado | 2009 | |||||||
Minnesota | 2009 | |||||||
Texas | 2011 | |||||||
Wisconsin | 2014 |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Unrecognized tax benefit — Permanent tax positions | $ | $ | ||||||||||||
Unrecognized tax benefit — Temporary tax positions | ||||||||||||||
Total unrecognized tax benefit | $ | $ |
(Millions of Dollars) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
NOL and tax credit carryforwards | $ | ( | $ | ( |
7. Earnings Per Share |
8. Fair Value of Financial Assets and Liabilities |
Sept. 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commingled funds | ||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commingled funds | ||||||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Final Contractual Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Due in 1 year or Less | Due in 1 to 5 Years | Due in 5 to 10 Years | Due after 10 years | Total | |||||||||||||||||||||||||||
Debt securities | $ | $ | $ | $ | $ |
Sept. 30, 2020 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Rabbi Trusts (a) | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
(Amounts in Millions) (a)(b) | Sept. 30, 2020 | Dec. 31, 2019 | ||||||||||||
Megawatt hours of electricity | ||||||||||||||
Million British thermal units of natural gas | ||||||||||||||
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||||||||
Three Months Ended Sept. 30, 2020 | ||||||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | $ | ( | |||||||||||
Natural gas commodity | ||||||||||||||
Total | $ | $ | ( | |||||||||||
Nine Months Ended Sept. 30, 2020 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | ( | $ | |||||||||||
Total | $ | ( | $ | |||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | $ | ( | |||||||||||
Natural gas commodity | ( | |||||||||||||
Total | $ | $ | ( | |||||||||||
Three Months Ended Sept. 30, 2019 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | ( | $ | |||||||||||
Total | $ | ( | $ | |||||||||||
Other derivative instruments | ||||||||||||||
Natural gas commodity | $ | $ | ( | |||||||||||
Total | $ | $ | ( | |||||||||||
Nine Months Ended Sept. 30, 2019 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | ( | $ | |||||||||||
Total | $ | ( | $ | |||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | $ | ||||||||||||
Natural gas commodity | ( | |||||||||||||
Total | $ | $ | ( |
Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | ||||||||||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | |||||||||||||||||||||
Three Months Ended Sept. 30, 2020 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | (a) | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | $ | $ | (b) | |||||||||||||||||||
Electric commodity | ( | (c) | |||||||||||||||||||||
Total | $ | $ | ( | $ | |||||||||||||||||||
Nine Months Ended Sept. 30, 2020 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | (a) | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | $ | $ | ( | (b) | ||||||||||||||||||
Electric commodity | ( | (c) | |||||||||||||||||||||
Natural gas commodity | (d) | ( | (d) | ||||||||||||||||||||
Total | $ | $ | ( | $ | ( | ||||||||||||||||||
Three Months Ended Sept. 30, 2019 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | (a) | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | $ | $ | (b) | |||||||||||||||||||
Electric commodity | ( | (c) | |||||||||||||||||||||
Total | $ | $ | ( | $ | |||||||||||||||||||
Nine Months Ended Sept. 30, 2019 | |||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||
Interest rate | $ | (a) | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | ||||||||||||||||||||
Other derivative instruments | |||||||||||||||||||||||
Commodity trading | $ | $ | $ | (b) | |||||||||||||||||||
Natural gas commodity | ( | (d) | ( | (d) | |||||||||||||||||||
Total | $ | $ | ( | $ |
Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | $ |
Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | $ | $ |
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at July 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
(Losses) gains recognized in earnings (a) | ( | |||||||||||||
Net gains recognized as regulatory assets and liabilities | ||||||||||||||
Balance at Sept. 30 | $ | ( | $ | |||||||||||
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Balance at Jan. 1 | $ | $ | ||||||||||||
Purchases | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Net transactions recorded during the period: | ||||||||||||||
Losses recognized in earnings (a) | ( | ( | ||||||||||||
Net gains recognized as regulatory assets and liabilities | ||||||||||||||
Balance at Sept. 30 | $ | ( | $ |
Sept. 30, 2020 | Dec. 31, 2019 | |||||||||||||||||||||||||
(Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Long-term debt, including current portion | $ | $ | $ | $ |
9. Benefit Plans and Other Postretirement Benefits |
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net loss (a) | ||||||||||||||||||||||||||
Net periodic benefit cost (credit) | ( | ( | ||||||||||||||||||||||||
Effects of regulation | ||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | $ | $ | $ | ( |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
(Millions of Dollars) | Pension Benefits | Postretirement Health Care Benefits | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost (a) | ||||||||||||||||||||||||||
Expected return on plan assets (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of prior service credit (a) | ( | ( | ( | ( | ||||||||||||||||||||||
Amortization of net loss (a) | ||||||||||||||||||||||||||
Net periodic benefit cost (credit) | ( | ( | ||||||||||||||||||||||||
Effects of regulation | ||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | $ | $ | $ | ( | $ | ( |
10. Commitments and Contingencies |
11. Other Comprehensive Income (Loss) |
Three Months Ended Sept. 30, 2020 | Three Months Ended Sept. 30, 2019 | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at July 1 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $ $ | ( | ( | ||||||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $ | ||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $ | ||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Nine Months Ended Sept. 30, 2020 | Nine Months Ended Sept. 30, 2019 | |||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
Other comprehensive (loss) gain before reclassifications (net of taxes of $( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $ | ||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $ | ||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Sept. 30 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
12. Segment Information |
Three Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues from external customers | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues from external customers | $ | $ | ||||||||||||
Net income (loss) | ( | |||||||||||||
All Other | ||||||||||||||
Total operating revenue | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenue | $ | $ | ||||||||||||
Reconciling eliminations | ( | |||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Regulated Electric | ||||||||||||||
Operating revenues from external customers | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Net income | ||||||||||||||
Regulated Natural Gas | ||||||||||||||
Operating revenues from external customers | $ | $ | ||||||||||||
Intersegment revenue | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Net income | ||||||||||||||
All Other | ||||||||||||||
Total operating revenue | $ | $ | ||||||||||||
Net loss | ( | ( | ||||||||||||
Consolidated Total | ||||||||||||||
Total revenue | $ | $ | ||||||||||||
Reconciling eliminations | ( | ( | ||||||||||||
Total operating revenues | $ | $ | ||||||||||||
Net income |
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
NSP-Minnesota | $ | 0.46 | $ | 0.40 | $ | 0.89 | $ | 0.81 | ||||||||||||||||||
PSCo | 0.42 | 0.39 | 0.87 | 0.86 | ||||||||||||||||||||||
SPS | 0.24 | 0.20 | 0.46 | 0.42 | ||||||||||||||||||||||
NSP-Wisconsin | 0.08 | 0.06 | 0.16 | 0.12 | ||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | 0.01 | 0.01 | 0.04 | 0.04 | ||||||||||||||||||||||
Regulated utility (a) | 1.21 | 1.06 | 2.42 | 2.24 | ||||||||||||||||||||||
Xcel Energy Inc. and Other | (0.07) | (0.05) | (0.17) | (0.16) | ||||||||||||||||||||||
Total (a) | $ | 1.14 | $ | 1.01 | $ | 2.25 | $ | 2.08 |
Diluted Earnings (Loss) Per Share | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||
GAAP and ongoing diluted EPS - 2019 | $ | 1.01 | $ | 2.08 | ||||||||||
Components of change - 2020 vs. 2019 | ||||||||||||||
Higher electric margin (a) | 0.20 | 0.22 | ||||||||||||
Lower ETR (b) | 0.07 | 0.17 | ||||||||||||
Lower O&M | — | 0.08 | ||||||||||||
Higher AFUDC | 0.03 | 0.07 | ||||||||||||
Higher depreciation and amortization | (0.09) | (0.19) | ||||||||||||
Higher interest charges | (0.03) | (0.07) | ||||||||||||
Lower natural gas margins | — | (0.03) | ||||||||||||
Lower other income (expense), net | (0.01) | (0.03) | ||||||||||||
Other (net) | (0.04) | (0.05) | ||||||||||||
GAAP and ongoing diluted EPS - 2020 | $ | 1.14 | $ | 2.25 |
Diluted Earnings (Loss) Per Share | Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||
Electric margin (excluding reductions in sales and demand) | $ | 0.21 | $ | 0.30 | ||||||||||
Reductions in sales and demand (*) | (0.01) | (0.08) | ||||||||||||
Higher electric margins | $ | 0.20 | $ | 0.22 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||||
2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | 2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
HDD | 48.4 | % | (64.0) | % | 251.2 | % | (2.8) | % | 10.7 | % | (11.2) | % | |||||||||||||||||||||||
CDD | 20.7 | 27.4 | 1.3 | 21.2 | 6.4 | 21.3 | |||||||||||||||||||||||||||||
THI | 4.6 | (2.6) | 8.3 | 7.0 | (8.2) | 18.3 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||||
2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | 2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | ||||||||||||||||||||||||||||||
Retail electric | $ | 0.079 | $ | 0.040 | $ | 0.039 | $ | 0.096 | $ | 0.035 | $ | 0.061 | |||||||||||||||||||||||
Decoupling and sales true-up | (0.035) | — | (0.035) | (0.044) | 0.001 | (0.045) | |||||||||||||||||||||||||||||
Electric total | $ | 0.044 | $ | 0.040 | $ | 0.004 | $ | 0.052 | $ | 0.036 | $ | 0.016 | |||||||||||||||||||||||
Firm natural gas | — | (0.001) | 0.001 | (0.005) | 0.021 | (0.026) | |||||||||||||||||||||||||||||
Total | $ | 0.044 | $ | 0.039 | $ | 0.005 | $ | 0.047 | $ | 0.057 | $ | (0.010) |
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual (a) | ||||||||||||||||||||||||||||||||
Electric residential | 8.7 | % | 11.8 | % | 4.4 | % | 6.6 | % | 9.1 | % | ||||||||||||||||||||||
Electric C&I | (4.5) | (5.2) | (5.5) | (4.1) | (5.0) | |||||||||||||||||||||||||||
Total retail electric sales | (0.1) | 0.1 | (3.5) | (1.2) | (0.9) | |||||||||||||||||||||||||||
Firm natural gas sales | 1.1 | 2.1 | N/A | 11.2 | 2.0 |
Three Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized (a) | ||||||||||||||||||||||||||||||||
Electric residential | 3.8 | % | 4.3 | % | 2.2 | % | 2.0 | % | 3.7 | % | ||||||||||||||||||||||
Electric C&I | (4.2) | (5.3) | (5.0) | (4.6) | (4.8) | |||||||||||||||||||||||||||
Total retail electric sales | (1.6) | (2.3) | (3.5) | (2.7) | (2.4) | |||||||||||||||||||||||||||
Firm natural gas sales | (4.8) | (1.8) | N/A | 6.6 | (3.3) |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual (a) | ||||||||||||||||||||||||||||||||
Electric residential | 6.9 | % | 5.6 | % | 5.0 | % | 2.9 | % | 5.8 | % | ||||||||||||||||||||||
Electric C&I | (4.2) | (7.3) | (3.4) | (5.6) | (5.2) | |||||||||||||||||||||||||||
Total retail electric sales | (0.7) | (3.4) | (2.0) | (3.2) | (2.2) | |||||||||||||||||||||||||||
Firm natural gas sales | (7.3) | (9.3) | N/A | (9.9) | (8.1) |
Nine Months Ended Sept. 30 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized (a) | ||||||||||||||||||||||||||||||||
Electric residential | 3.5 | % | 3.3 | % | 2.0 | % | 2.7 | % | 3.2 | % | ||||||||||||||||||||||
Electric C&I | (4.7) | (7.5) | (3.5) | (5.8) | (5.5) | |||||||||||||||||||||||||||
Total retail electric sales | (2.1) | (4.2) | (2.6) | (3.4) | (3.1) | |||||||||||||||||||||||||||
Firm natural gas sales | (1.7) | 2.2 | N/A | 3.6 | (0.2) |
Nine Months Ended Sept. 30 (Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-Normalized (a) | ||||||||||||||||||||||||||||||||
Electric residential | 3.2 | % | 3.0 | % | 1.6 | % | 2.3 | % | 2.8 | % | ||||||||||||||||||||||
Electric C&I | (5.1) | (7.8) | (3.9) | (6.2) | (5.8) | |||||||||||||||||||||||||||
Total retail electric sales | (2.5) | (4.6) | (3.0) | (3.8) | (3.5) | |||||||||||||||||||||||||||
Firm natural gas sales | (2.5) | 1.4 | N/A | 2.8 | (1.0) |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Electric revenues | $ | 2,941 | $ | 2,771 | $ | 7,430 | $ | 7,345 | ||||||||||||||||||
Electric fuel and purchased power | (981) | (952) | (2,611) | (2,679) | ||||||||||||||||||||||
Electric margin | $ | 1,960 | $ | 1,819 | $ | 4,819 | $ | 4,666 |
(Millions of Dollars) | Three Months Ended Sept. 30, 2020 vs. 2019 | Nine Months Ended Sept. 30, 2020 vs. 2019 | ||||||||||||
Regulatory rate outcomes (Colorado, Wisconsin, Texas and New Mexico) (a) | $ | 123 | $ | 158 | ||||||||||
Non-fuel riders | 19 | 43 | ||||||||||||
Wholesale transmission revenue (net) | 10 | 35 | ||||||||||||
MEC purchased capacity costs (b) | 4 | 35 | ||||||||||||
Estimated impact of weather (net of decoupling/sales true-up) | 4 | 12 | ||||||||||||
PTCs flowed back to customers (offset by lower ETR) | (28) | (81) | ||||||||||||
Sales and demand (c) | (9) | (56) | ||||||||||||
Other (net) | 18 | 7 | ||||||||||||
Total increase in electric margin | $ | 141 | $ | 153 |
Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||||||||||
(Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Natural gas revenues | $ | 219 | $ | 222 | $ | 1,082 | $ | 1,324 | ||||||||||||||||||
Cost of natural gas sold and transported | (54) | (55) | (425) | (646) | ||||||||||||||||||||||
Natural gas margin | $ | 165 | $ | 167 | $ | 657 | $ | 678 |
(Millions of Dollars) | Three Months Ended Sept. 30, 2020 vs. 2019 | Nine Months Ended Sept. 30, 2020 vs. 2019 | ||||||||||||
Estimated impact of weather | $ | 1 | $ | (18) | ||||||||||
Retail sales decline | (1) | (2) | ||||||||||||
Regulatory rate outcomes (Wisconsin) | — | (2) | ||||||||||||
Transport sales | 1 | (1) | ||||||||||||
Infrastructure and integrity riders | 1 | 6 | ||||||||||||
Other (net) | (4) | (4) | ||||||||||||
Total decrease in natural gas margin | $ | (2) | $ | (21) |
(Millions of Dollars) | Three Months Ended Sept. 30, 2020 vs. 2019 | Nine Months Ended Sept. 30, 2020 vs. 2019 | ||||||||||||
Distribution | $ | (10) | $ | (40) | ||||||||||
Transmission | (4) | (10) | ||||||||||||
Generation | (3) | (8) | ||||||||||||
Texas rate case deferral | 13 | 5 | ||||||||||||
Other (net) | 3 | (3) | ||||||||||||
Total decrease in O&M expenses | $ | (1) | $ | (56) |
Public Utility Regulation |
Proceeding | Amount (in millions) | Filing Date | Approval | |||||||||||||||||
2020 Electric Rate Case | TBD | November 2020 | Pending Filing | |||||||||||||||||
2020 TCR Electric Rider | $82 | November 2019 | Pending | |||||||||||||||||
2020 GUIC Electric Rider | $21 | November 2019 | Pending | |||||||||||||||||
2020 RES Electric Rider | $102 | November 2019 | Pending |
Proceeding | Amount (in millions) | Filing Date | Approval | |||||||||||||||||
2020 Natural Gas Rate Case | $127 | February 2020 | Received | |||||||||||||||||
2019 Electric Rate Case | $158 | May 2019 | Received | |||||||||||||||||
2019 Natural Gas Rate Case Appeal | N/A | April 2019 | Pending | |||||||||||||||||
Wildfire Protection Rider | $325 | July 2020 | Pending | |||||||||||||||||
Advanced Grid Rider | $850 | July 2020 | Pending |
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Forecasted annual revenue requirement | $ | 17 | $ | 24 | $ | 29 | $ | 32 | $ | 34 |
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Forecasted annual revenue requirement | $ | 53 | $ | 69 | $ | 83 | $ | 89 | $ | 99 |
Proceeding | Amount (in millions) | Filing Date | Approval | |||||||||||||||||
2019 Texas Electric Rate Case | $88 | August 2019 | Received | |||||||||||||||||
2020 New Mexico Electric Rate Case | TBD | January 2021 | Pending Filing | |||||||||||||||||
2020 Texas Electric Rate Case | TBD | February 2021 | Pending Filing |
(Millions of Dollars) | Nine Months Ended Sept. 30, 2020 | |||||||
Revenue surcharge accrual | $ | 70 | ||||||
Depreciation and amortization | (37) | |||||||
O&M expense | (15) | |||||||
Interest expense | (11) | |||||||
Taxes other than income taxes | (7) |
Environmental |
Derivatives, Risk Management and Market Risk |
Futures / Forwards Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (a) | $ | (4) | $ | (1) | $ | 2 | $ | 3 | $ | — | ||||||||||||||||||||||
NSP- Minnesota (b) | 2 | (1) | (2) | (6) | (7) | |||||||||||||||||||||||||||
PSCo (a) | — | 1 | — | — | 1 | |||||||||||||||||||||||||||
PSCo (b) | (14) | (31) | (19) | — | (64) | |||||||||||||||||||||||||||
$ | (16) | $ | (32) | $ | (19) | $ | (3) | $ | (70) |
Options Maturity | ||||||||||||||||||||||||||||||||
(Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | |||||||||||||||||||||||||||
NSP-Minnesota (b) | $ | 1 | $ | — | $ | — | $ | 1 | $ | 2 | ||||||||||||||||||||||
PSCo (b) | 5 | 4 | 1 | — | 10 | |||||||||||||||||||||||||||
$ | 6 | $ | 4 | $ | 1 | $ | 1 | $ | 12 |
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Fair value of commodity trading net contract (liabilities) assets outstanding at Jan. 1 | $ | (59) | $ | 17 | ||||||||||
Contracts realized or settled during the period | (9) | (13) | ||||||||||||
Commodity trading contract additions and changes during the period | 10 | (61) | ||||||||||||
Fair value of commodity trading net contract (liabilities) assets outstanding at Sept. 30 | $ | (58) | $ | (57) |
(Millions of Dollars) | Three Months Ended Sept. 30 | VaR Limit | Average | High | Low | |||||||||||||||||||||||||||
2020 | $ | 1.2 | $ | 3.0 | $ | 1.0 | $ | 1.3 | $ | 0.8 | ||||||||||||||||||||||
2019 | 0.5 | 3.0 | 1.0 | 1.3 | 0.5 |
FAIR VALUE MEASUREMENTS |
LIQUIDITY AND CAPITAL RESOURCES |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Cash provided by operating activities | $ | 2,174 | $ | 2,557 |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Cash used in investing activities | $ | (3,021) | $ | (3,129) |
Nine Months Ended Sept. 30 | ||||||||||||||
(Millions of Dollars) | 2020 | 2019 | ||||||||||||
Cash provided by financing activities | $ | 1,484 | $ | 1,289 |
(Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | — | $ | 1,250 | $ | 269 | $ | 1,519 | ||||||||||||||||||||||
PSCo | 700 | 8 | 692 | 2 | 694 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 10 | 490 | 202 | 692 | |||||||||||||||||||||||||||
SPS | 500 | 16 | 484 | 1 | 485 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | 10 | 140 | — | 140 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 44 | $ | 3,056 | $ | 474 | $ | 3,530 |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 46 | $ | 29 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Sept. 30, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||
Borrowing limit | $ | 3,600 | $ | 3,600 | ||||||||||
Amount outstanding at period end | 500 | 595 | ||||||||||||
Average amount outstanding | 1,195 | 1,115 | ||||||||||||
Maximum amount outstanding | 1,438 | 1,780 | ||||||||||||
Weighted average interest rate, computed on a daily basis | 0.81 | % | 2.72 | % | ||||||||||
Weighted average interest rate at period end | 0.66 | 2.34 |
Base Capital Forecast (Millions of Dollars) | ||||||||||||||||||||||||||||||||||||||
By Regulated Utility | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | ||||||||||||||||||||||||||||||||
PSCo | $ | 1,700 | $ | 1,835 | $ | 1,750 | $ | 1,695 | $ | 1,655 | $ | 8,635 | ||||||||||||||||||||||||||
NSP-Minnesota | 1,630 | 1,605 | 1,635 | 1,645 | 1,890 | 8,405 | ||||||||||||||||||||||||||||||||
SPS | 505 | 710 | 770 | 735 | 675 | 3,395 | ||||||||||||||||||||||||||||||||
NSP-Wisconsin | 360 | 430 | 395 | 515 | 470 | 2,170 | ||||||||||||||||||||||||||||||||
Other (a) | (20) | (15) | 10 | 10 | 10 | (5) | ||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 4,175 | $ | 4,565 | $ | 4,560 | $ | 4,600 | $ | 4,700 | $ | 22,600 |
Base Capital Forecast (Millions of Dollars) | ||||||||||||||||||||||||||||||||||||||
By Function | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | ||||||||||||||||||||||||||||||||
Electric distribution | $ | 1,205 | $ | 1,440 | $ | 1,550 | $ | 1,505 | $ | 1,475 | $ | 7,175 | ||||||||||||||||||||||||||
Electric transmission | 870 | 1,285 | 1,285 | 1,270 | 1,290 | 6,000 | ||||||||||||||||||||||||||||||||
Electric generation | 630 | 575 | 560 | 750 | 975 | 3,490 | ||||||||||||||||||||||||||||||||
Natural gas | 615 | 615 | 665 | 670 | 625 | 3,190 | ||||||||||||||||||||||||||||||||
Other | 545 | 575 | 485 | 405 | 335 | 2,345 | ||||||||||||||||||||||||||||||||
Renewables | 310 | 75 | 15 | — | — | 400 | ||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 4,175 | $ | 4,565 | $ | 4,560 | $ | 4,600 | $ | 4,700 | $ | 22,600 |
Incremental Capital Forecast (Millions of Dollars) (a) | ||||||||||||||||||||||||||||||||||||||
NSP-Minnesota Proposal | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | ||||||||||||||||||||||||||||||||
Wind repowering | $ | 150 | $ | 180 | $ | 150 | $ | 270 | $ | — | $ | 750 | ||||||||||||||||||||||||||
Solar | 40 | 150 | 460 | — | — | 650 | ||||||||||||||||||||||||||||||||
Total incremental capital | $ | 190 | $ | 330 | $ | 610 | $ | 270 | $ | — | $ | 1,400 |
(Millions of Dollars) | ||||||||
Funding Capital Expenditures | ||||||||
Cash from Operations (a) | $ | 14,680 | ||||||
New Debt (b) | 7,260 | |||||||
Equity through the DRIP and Benefit Program | 410 | |||||||
Other Equity | 250 | |||||||
Base Capital Expenditures 2021-2025 | $ | 22,600 | ||||||
Maturing Debt | $ | 4,120 |
Issuer | Security | Amount | Status | Tenor | Coupon | |||||||||||||||||||||||||||
Xcel Energy Inc. | Senior Unsecured Notes | $ | 600 | million | Completed | 10 Year | 3.40 | % | ||||||||||||||||||||||||
NSP-Minnesota | First Mortgage Bonds | 700 | million | Completed | 31 Year | 2.60 | ||||||||||||||||||||||||||
NSP-Wisconsin | First Mortgage Bonds | 100 | million | Completed | 31 Year | 3.05 | ||||||||||||||||||||||||||
PSCo | First Mortgage Bonds | 375 | million | Completed | 31 Year | 2.70 | ||||||||||||||||||||||||||
PSCo | First Mortgage Bonds | 375 | million | Completed | 11 Year | 1.90 | ||||||||||||||||||||||||||
SPS | First Mortgage Bonds | 350 | million | Completed | 30 Year | 3.15 | ||||||||||||||||||||||||||
Xcel Energy Inc. | Senior Unsecured Notes | 500 | million | Completed | 3 Year | 0.50 | ||||||||||||||||||||||||||
COVID-19 |
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4 — CONTROLS AND PROCEDURES |
ITEM 1 — LEGAL PROCEEDINGS |
ITEM 1A — RISK FACTORS |
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 - July 31, 2020 | — | $ | — | — | — | |||||||||||||||||||||
Aug. 1, 2020 - Aug. 31, 2020 | — | — | — | — | ||||||||||||||||||||||
Sept. 1, 2020 - Sept. 30, 2020 (a) | 54,475 | 70.49 | — | — | ||||||||||||||||||||||
54,475 | — | — |
ITEM 6 — EXHIBITS |
Exhibit Number | Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference | ||||||||||
3.01* | Xcel Energy Inc. Form 8-K dated May 16, 2012 | 001-03034 | 3.01 | |||||||||||
3.02* | Xcel Energy Inc Form 8-K dated April 3, 2020 | 001-03034 | 3.01 | |||||||||||
4.01* | Xcel Energy Inc. 8-K dated Sept. 25, 2020 | 001-03034 | 4.01 | |||||||||||
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. | |||||||||||||
101.SCH | Inline XBRL Schema | |||||||||||||
101.CAL | Inline XBRL Calculation | |||||||||||||
101.DEF | Inline XBRL Definition | |||||||||||||
101.LAB | Inline XBRL Label | |||||||||||||
101.PRE | Inline XBRL Presentation | |||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
XCEL ENERGY INC. | ||||||||
Oct. 29, 2020 | By: | /s/ JEFFREY S. SAVAGE | ||||||
Jeffrey S. Savage | ||||||||
Senior Vice President, Controller | ||||||||
(Principal Accounting Officer) | ||||||||
/s/ BRIAN J. VAN ABEL | ||||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ BEN FOWKE | |||||
Ben Fowke | |||||
Chairman, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
/s/ BRIAN J. VAN ABEL | |||||
Brian J. Van Abel | |||||
Executive Vice President, Chief Financial Officer | |||||
(Principal Financial Officer) |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Recently Adopted Credit Losses — In 2016, the FASB issued Financial Instruments - Credit Losses, Topic 326 (ASC Topic 326), which changes how entities account for losses on receivables and certain other assets. The guidance requires use of a current expected credit loss model, which may result in earlier recognition of credit losses than under previous accounting standards. Xcel Energy implemented the guidance using a modified-retrospective approach, recognizing a cumulative effect charge of $2 million (after tax) to retained earnings on Jan. 1, 2020. Other than first-time recognition of an allowance for bad debts on accrued unbilled revenues, the Jan. 1, 2020, adoption of ASC Topic 326 did not have a significant impact on Xcel Energy’s consolidated financial statements.
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Comprehensive income: | ||||
Net income | $ 603 | $ 527 | $ 1,185 | $ 1,080 |
Pension and retiree medical benefits: | ||||
Net pension and retiree medical losses arising during the period, net of tax of $—, $—, $— and $1, respectively | 0 | 0 | 0 | 2 |
Net pension gains, tax | 0 | 0 | 0 | 1 |
Amortization of losses included in net periodic benefit cost, net of tax of $—, $—, $1 and $1, respectively | 1 | 1 | 4 | 3 |
Pension reclassification's, Tax | 0 | 0 | 1 | 1 |
Derivative instruments: | ||||
Net fair value decrease, net of tax of $—, $(3), $(3) and $(8), respectively | 0 | (9) | (10) | (25) |
Derivative fair value decrease, tax | 0 | (3) | (3) | (8) |
Reclassification of losses to net income, net of tax of $—, $—, $1 and $1, respectively | 1 | 1 | 4 | 2 |
Derivative reclassification's, tax | 0 | 0 | 1 | 1 |
Total comprehensive income | 605 | 520 | 1,183 | 1,062 |
Other comprehensive income | $ 2 | $ (7) | $ (2) | $ (18) |
Management's Opinion |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with U.S. GAAP, the financial position of Xcel Energy Inc. and its subsidiaries as of Sept. 30, 2020 and Dec. 31, 2019; the results of Xcel Energy’s operations, including the components of net income and comprehensive income, and changes in stockholders’ equity for the three and nine months ended Sept. 30, 2020 and 2019; and Xcel Energy’s cash flows for the nine months ended Sept. 30, 2020 and 2019. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after Sept. 30, 2020, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2019 balance sheet information has been derived from the audited 2019 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019. Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2019, filed with the SEC on Feb. 21, 2020. Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
|
Selected Balance Sheet Data |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Balance Sheet Data |
(a)The CPUC has approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively, and PSCo’s Craig 1 in approximately 2025. Amounts are presented net of accumulated depreciation.
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
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Borrowings and Other Financing Instruments |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Other Financing Instruments | Short-Term Borrowings Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows:
Letters of Credit — Xcel Energy Inc. and its subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At both Sept. 30, 2020 and Dec. 31, 2019, there were $20 million of letters of credit outstanding under the credit facilities. The contract amounts of these letters of credit approximate their fair value and are subject to fees. Revolving Credit Facilities — In order to use commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper in an aggregate amount exceeding available capacity under these credit facilities. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of Sept. 30, 2020, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(a)Expires in June 2024. (b)Includes outstanding commercial paper and letters of credit. Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the revolving credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the revolving credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the respective credit facilities. Xcel Energy Inc. and its subsidiaries had no direct advances on the credit facilities outstanding as of Sept. 30, 2020 and Dec. 31, 2019. Term Loan Agreements — In December 2019, Xcel Energy Inc. entered into a $500 million 364-Day Term Loan Agreement that matures Dec. 1, 2020. Xcel Energy has an option to request an extension through Nov. 30, 2021. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 65 percent. Interest is at a rate equal to either the Eurodollar rate, plus 50.0 basis points, or an alternate base rate. In September 2020, Xcel Energy Inc. repaid an incremental $700 million 364-Day Term Loan Agreement that was entered into in March 2020. As of Sept. 30, 2020, Xcel Energy Inc.’s term loan borrowings were as follows:
Bilateral Credit Agreement In March 2019, NSP-Minnesota entered into a -year uncommitted bilateral credit agreement. The credit agreement is limited in use to support letters of credit. In March 2020, NSP-Minnesota renewed its bilateral credit agreement for an additional -year term. As of Sept. 30, 2020, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:
Long-Term Borrowings During the nine months ended Sept. 30, 2020, Xcel Energy Inc. and its utility subsidiaries issued the following: •Xcel Energy Inc. issued $600 million of 3.40% senior unsecured notes due June 1, 2030; •PSCo issued $375 million of 2.70% first mortgage bonds due Jan. 15, 2051 and $375 million of 1.90% first mortgage bonds due Jan. 15, 2031; •SPS issued $350 million of 3.15% first mortgage bonds due May 1, 2050; •NSP-Wisconsin issued $100 million of 3.05% first mortgage bonds due May 1, 2051; •NSP-Minnesota issued $700 million of 2.60% first mortgage bonds due June 1, 2051; and •Xcel Energy Inc. issued $500 million of 0.50% senior unsecured notes due Oct. 15, 2023. Forward Equity Agreements — In November 2019, Xcel Energy Inc. entered into forward sale agreements in connection with a completed $743 million public offering of 11.8 million shares of Xcel Energy common stock. The initial forward agreement was for 10.3 million shares with an additional agreement for 1.5 million shares that was exercised at the option of the banking counterparty. At Sept. 30, 2020, the forward agreements could have been settled with physical delivery of 11.8 million common shares to the banking counterparty in exchange for cash of $722 million. The forward instruments could also have been settled at Sept. 30, 2020, with delivery of approximately $92 million of cash or approximately 1.3 million shares of common stock to the counterparty, if Xcel Energy unilaterally elected net cash or net share settlement, respectively. The forward price used to determine amounts due at settlement is calculated based on the November 2019 public offering price for Xcel Energy’s common stock of $62.69, increased for the overnight bank funding rate, less a spread of 0.75% and less expected dividends on Xcel Energy’s common stock during the period the instruments are outstanding. Xcel Energy may settle the agreements at any time up to the maturity date of Dec. 31, 2020. Depending on settlement timing, cash proceeds are expected to be approximately $720 million. Forward equity instruments were recognized within stockholders’ equity at fair value at execution of the agreements and will not be subsequently adjusted until settlement. Other Equity — Xcel Energy Inc. issued $30 million and $29 million of equity through the DRIP during the nine months ended Sept. 30, 2020 and 2019, respectively. The program allows shareholders to elect dividend reinvestment in Xcel Energy Inc. common stock through a non-cash transaction. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 7 to the consolidated financial statements included in Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, represents, in all material respects, the current status of other income tax matters except to the extent noted below, and are incorporated herein by reference. The following table reconciles the difference between the statutory rate and the ETR:
(a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions. Federal Tax Loss Carryback Claims — In 2020, Xcel Energy identified certain expenses related to tax years 2009-2011 that qualify for an extended carryback claim. As a result, a tax benefit of approximately $13 million was recognized in 2020. Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
Additionally, the statute of limitations related to the federal tax loss carryback claim referenced above has been extended. Xcel Energy has recognized its best estimate of income tax expense that will result from a final resolution of this issue; however, the outcome and timing of a resolution is unknown. In 2017, the IRS concluded the audit of tax years 2012 and 2013 and proposed an adjustment that would impact Xcel Energy’s NOL and ETR. Xcel Energy filed a protest with the IRS. In April 2020, Xcel Energy and Office of Appeals reached an agreement and no material adjustments were required. In 2018, the IRS began an audit of tax years 2014 - 2016. In July 2020, Xcel Energy and the IRS reached an agreement and the related benefit was recognized. State Audits — Xcel Energy files consolidated state tax returns based on income in its major operating jurisdictions and various other state income-based tax returns. As of Sept. 30, 2020, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows:
•In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of Sept. 30, 2020, no material adjustments have been proposed. •In July 2020, Minnesota began a review of the 2015-2018 Research and Experimentation Credits. As of Sept. 30, 2020, no material adjustments have been proposed. •No other state income tax audits were in progress as of Sept. 30, 2020. Unrecognized Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual ETR. In addition, the unrecognized tax benefit balance includes temporary tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment to the taxing authority to an earlier period. Unrecognized tax benefits — permanent vs. temporary:
Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
Net deferred tax liability associated with the unrecognized tax benefit amounts and related NOLs and tax credit carryforwards were $23 million at Sept. 30, 2020 and $29 million at Dec. 31, 2019. As the IRS audit resumes and state audits progress, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $19 million in the next 12 months. Payables for interest related to unrecognized tax benefits were not material and no amounts were accrued for penalties related to unrecognized tax benefits as of Sept. 30, 2020 or Dec. 31, 2019.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||
Earnings Per Share |
Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to forward equity agreements and time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: •Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions for settlement have been satisfied by the end of the reporting period; and •Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Diluted common shares outstanding included common stock equivalents of 1.6 million and 1.0 million for the three and nine months ended Sept. 30, 2020, respectively, and 1.8 million and 1.6 million for the three and nine months ended Sept. 30, 2019, respectively.
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Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. •Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices; •Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs; and •Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. Specific valuation methods include: Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted NAV. Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled fund investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds investments may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations and are generally assigned a Level 2 classification. When contractual settlements relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of forward prices and volatilities on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from a RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of certain inputs to the value of FTRs between auction processes, including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms as applicable in each jurisdiction and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of FTRs relative to the electric utility operations of NSP-Minnesota and SPS, the numerous unobservable quantitative inputs pertinent to the value of FTRs are insignificant to the consolidated financial statements. Derivative Instruments Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. Interest Rate Derivatives — Xcel Energy enters into various instruments that effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes, with changes in fair value prior to settlement recorded as other comprehensive income. As of Sept. 30, 2020, accumulated other comprehensive loss related to settled interest rate derivatives included $6 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of Sept. 30, 2020. Xcel Energy had no unsettled interest rate derivatives. Wholesale and Commodity Trading Risk — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in activities governed by this policy. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel and weather derivatives. Xcel Energy may enter into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, but may not be designated as qualifying hedging transactions. The classification as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms. As of Sept. 30, 2020, Xcel Energy had no commodity contracts designated as cash flow hedges. Xcel Energy enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenues, net of amounts credited to customers under margin-sharing mechanisms. Gross notional amounts of commodity forwards, options and FTRs:
(a)Not reflective of net positions in the underlying commodities. (b)Notional amounts for options included on a gross basis but weighted for the probability of exercise. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of Sept. 30, 2020, six of Xcel Energy’s 10 most significant counterparties for these activities, comprising $147 million, or 57%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Three of the 10 most significant counterparties, comprising $38 million, or 15%, of this credit exposure, were not rated by these external agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising $9 million or 4% of this credit exposure, had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. Impact of derivative activity:
(a)Recorded to interest charges. (b)Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. (d)Amounts for both the three and nine months ended Sept. 30, 2020 and 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and nine months ended Sept. 30, 2020 and 2019 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate. Xcel Energy had no derivative instruments designated as fair value hedges during the three and nine months ended Sept. 30, 2020 and 2019. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase-normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies, or for cross default contractual provisions if there was a failure under other financing arrangements related to payment terms or other covenants. As of Sept. 30, 2020 and Dec. 31, 2019, there were $4 million and $7 million derivative instruments in a liability position with such underlying contract provisions, respectively. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. Provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of Sept. 30, 2020 and Dec. 31, 2019. Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis:
(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2020 and Dec. 31, 2019. At Sept. 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $6 million and $11 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b)During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. Changes in Level 3 commodity derivatives:
(a)Amounts relate to commodity derivatives held at the end of the period. Xcel Energy recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three and nine months ended Sept. 30, 2020 and 2019. Fair Value of Long-Term Debt Other financial instruments which the carrying amount did not equal fair value:
Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of Sept. 30, 2020 and Dec. 31, 2019 and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.
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Benefit Plans and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost (Credit)
(a) Components of net periodic cost other than the service cost component are included in the line item “Other income (expense), net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. In January 2020, contributions of $150 million were made across four of Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2020.
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Commitments and Contingencies |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following include commitments, contingencies and unresolved contingencies that are material to Xcel Energy’s financial position. Legal Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy Inc. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy Inc., between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. Two cases remain active which include an MDL matter consisting of a Colorado purported class (Breckenridge) and a Wisconsin purported class (Arandell Corp.). Breckenridge/Colorado — In February 2019, the MDL panel remanded Breckenridge back to the U.S. District Court in Colorado. Arandell Corp. — In February 2019, the case was remanded back to the U.S. District Court in Wisconsin. Plaintiffs are seeking class certification. It is uncertain when the court will rule on this issue. Xcel Energy has concluded that a loss is remote for both remaining lawsuits. Rate Matters and Other NSP-Minnesota — Sherco — In NSP-Minnesota’s 2013 fuel reconciliation filing, the MPUC made recovery of replacement power costs associated with the 2011 incident at its Sherco Unit 3 plant provisional and subject to further review following conclusion of litigation commenced by NSP-Minnesota, SMMPA (Co-owner of Sherco Unit 3) and insurance companies against GE. In 2018, NSP-Minnesota and SMMPA reached a settlement with GE. NSP-Minnesota notified the MPUC of its proposal to refund the GE settlement proceeds back to customers through the FCA. The insurance providers continued their litigation against GE and the case went to trial. In 2018, GE prevailed in the lawsuit with the insurance companies, however, the jury found comparable fault, finding that GE was 52% and NSP-Minnesota was 48% at fault. At that point in the litigation, NSP-Minnesota was no longer involved in the case and was not present to make arguments about its role in the event. The specific issue leading to the fault apportionment was also not before the jury and not relevant to the outcome of the trial. In January 2019, the DOC recommended that NSP-Minnesota refund $20 million of previously recovered purchased power costs to its customers, based on the jury’s apportionment of fault. The OAG recommended the MPUC withhold any decision until the underlying litigation by the insurance providers (currently under appeal) is concluded. The DOC subsequently filed comments agreeing with the OAG’s recommendation to withhold a decision pending the outcome of any appeals. NSP-Minnesota filed reply comments arguing that the DOC recommendations are without merit and that it acted prudently in operating the plant and its settlement with GE was reasonable. In March 2019, MPUC approved NSP-Minnesota’s proposal to refund the GE settlement proceeds back to customers through the FCA. It also decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of the pending litigation between GE and NSP-Minnesota’s insurers. The lower court’s decision was affirmed on appeal. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court. On April 28, 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In accordance with a prior MPUC order, NSP-Minnesota made a compliance filing on Aug. 24, 2020 detailing all costs that resulted from the outage and all insurance recoveries received by NSP-Minnesota in connection with the outage. The MPUC has indicated it intends to review the prudence of the Company’s actions and costs in connection with the outage now that the ligation is complete. The MPUC has not specified what process it will use to complete that review. Westmoreland Arbitration — In November 2014, insurers for Westmoreland Coal Company filed an arbitration demand against NSP-Minnesota, SMMPA and Western Fuels Association, seeking recovery of alleged business losses due to a turbine failure at Sherco Unit 3. The Westmoreland insurers claim NSP-Minnesota’s invocation of the force majeure clause of the applicable coal supply agreement to stop the supply of coal was improper because the incident was allegedly caused by NSP-Minnesota’s failure to conform to industry maintenance standards. Westmoreland’s insurers quantified their losses as approximately $36 million. All parties tolled the arbitration pending resolution of a separate lawsuit brought by NSP-Minnesota, SMMPA, and their insurers against various GE entities based on the inspection and maintenance advice GE provided for Sherco Unit 3. In July 2020, the litigation has been resolved and notice of resolution was served, triggering the arbitration to resume. NSP-Minnesota denies the claims asserted by the Westmoreland insurers, believes it properly stopped the supply of coal based upon the force majeure provision in the coal supply agreement and intends to defend the matter. It is uncertain when a final resolution will occur, but it is unlikely an arbitration hearing will take place before 2021. At this early stage of the proceeding, before any discovery has been conducted, a reasonable estimate of damages or range of damages cannot be determined. MISO ROE Complaints — In November 2013 and February 2015, customers filed complaints against MISO TOs including NSP-Minnesota and NSP-Wisconsin. The first complaint argued for a reduction in the base ROE in MISO transmission formula rates from 12.38% to 9.15%, and removal of ROE adders (including those for RTO membership). The second complaint sought to reduce base ROE from 12.38% to 8.67%. In September 2016, the FERC issued an order granting a 10.32% base ROE (10.82% with the RTO adder) effective for the first complaint period of Nov. 12, 2013 to Feb. 11, 2015 and subsequent to the date of the order. The D.C. Circuit subsequently vacated and remanded FERC Opinion No. 531, which had established the ROE methodology on which the September 2016 FERC order was based. In November 2019, the FERC issued Opinion No. 569 adopting a new ROE methodology and settling the MISO base ROE at 9.88% (10.38% with the RTO adder), effective Sept. 28, 2016 and for the refund period in the first complaint. The second complaint was also dismissed. In December 2019, MISO TOs filed a request for rehearing. Customers also filed requests for rehearing, claiming among other points, that the FERC erred by dismissing the second complaint without refunds. The FERC accepted the requests for rehearing in January 2020. In March 2020, the FERC issued a Notice of Proposed Rulemaking regarding changes to its policies for transmission incentives, including a proposal to increase the RTO participation adder from 50 to 100 basis points and to make the adder available regardless of whether a utility’s ongoing participation in the RTO is voluntary or required by legislation or a regulator. In May 2020, the FERC issued Opinion No. 569-A, which granted rehearing in part to Opinion 569 and further refined the FERC’s ROE methodology, most significantly to incorporate the risk premium model (in addition to the discounted cash flow and capital asset pricing models), resulting in a new base ROE of 10.02%, effective Sept. 28, 2016 and for the refund period in the first complaint. The FERC also affirmed its decision in Opinion 569 to dismiss the second complaint. The May 2020 FERC opinion remains subject to pending requests for rehearing, as well as the pending judicial review, NSP-Minnesota has recognized a liability for its best estimate of final refunds to customers. SPP OATT Upgrade Costs — Under the SPP OATT, costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges and SPP subsequently billed SPS approximately $13 million. In July 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover these previously unbilled charges was remanded to the FERC. In February 2019, the FERC reversed its 2016 decision and ordered SPP to refund the charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In March 2020, SPP and Oklahoma Gas & Electric separately filed petitions for review of FERC’s orders at the D.C. Circuit. SPS has intervened in both appeals in support of FERC. Any refunds received by SPS are expected to be given back to SPS customers through future rates. In October 2017, SPS filed a separate related complaint against SPP asserting that SPP has assessed upgrade charges to SPS in violation of the SPP OATT. In March 2018, the FERC issued an order denying the SPS complaint in its entirety, and finding SPP’s calculations to be consistent with the SPS Tariff. SPS filed a request for rehearing in April 2018. The FERC issued a tolling order granting a rehearing for further consideration in May 2018. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amounts through future SPS customer rates. MEC Transactions — In January 2020, Xcel Energy, Inc. purchased MEC, a 760 MW natural gas combined cycle facility, for approximately $650 million from Southern Power Company. In July 2020, Xcel Energy sold MEC to Southwest Generation for $684 million. The gain on sale of approximately $20 million, which was offset by charitable giving, including COVID-19 relief efforts, had no material impact on earnings in the third quarter of 2020. Environmental MGP, Landfill and Disposal Sites Ashland MGP Site — NSP-Wisconsin was named a responsible party for contamination at the Ashland/Northern States Power Lakefront Superfund Site (the Site) in Ashland, Wisconsin. Remediation was completed in 2019 and restoration activities were completed in 2020. Groundwater treatment activities will continue for many years. The cost estimate for remediation and restoration of the entire site is approximately $199 million. At Sept. 30, 2020 and Dec. 31, 2019, NSP-Wisconsin had a total liability of $20 million and $23 million, respectively, for the entire site. NSP-Wisconsin has deferred the unrecovered portion of the estimated Site remediation and restoration costs as a regulatory asset. The PSCW has authorized NSP-Wisconsin rate recovery for all remediation and restoration costs incurred at the Site and application of a 3% carrying charge to the regulatory asset. In addition to the Ashland Site, Xcel Energy is currently investigating, remediating or performing post-closure actions at 13 other MGP, landfill or other disposal sites across its service territories. Xcel Energy has recognized its best estimate of costs/liabilities that will result from final resolution of these issues, however, the outcome and timing is unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — Xcel Energy’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, Xcel Energy has nine regulated ash units in operation. Xcel Energy is conducting groundwater sampling and, where appropriate, implementing assessment of corrective measures at certain CCR landfills and surface impoundments. Groundwater monitoring consistent with the CCR Rule continued in 2020. In NSP-Minnesota, no results above the groundwater protection standards in the rule were identified. In PSCo, statistically significant increases above background concentrations were detected at four locations. Subsequently, assessment monitoring samples were collected at these locations and, based on the results, PSCo is evaluating options for corrective action at two locations. At one location, monitoring results indicate potential offsite impacts to groundwater. Until PSCo completes its assessment, it is uncertain what impact, if any, there will be on the operations, financial condition or cash flows. On Aug. 28, 2020, the EPA published its final rule to implement a cease receipt and initiate a closure date of April 11, 2021 for all CCR impoundments affected by an August 2018 D.C. Circuit ruling. The D.C. Circuit concluded that the EPA cannot allow utilities to continue to use unlined impoundments (including clay lined impoundments) for the storage or disposal of coal ash. This final rule requires NSP-Minnesota to expedite closure plans for one impoundment at an estimated cost of $4 million and the construction of a new impoundment at the cost of $9 million. NSP-Minnesota completed construction of this new impoundment, an ash pond, and placed it in service on Oct. 5, 2020. With the new ash pond in service, NSP-Minnesota is required to initiate closure activities for the existing ash pond. In accordance with the CCR rule, NSP-Minnesota has five years to complete closure activities, and the facility’s National Pollutant Discharge Elimination System permit will be initiated. PSCo is pursuing options to provide alternative storage capacity consistent with the CCR Rule at one facility until the affected generating units are retired in 2025. Closure costs for existing impoundments are included in the calculation of the asset retirement obligation. VIEs Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP. The utility subsidiaries had approximately 4,062 MW and 3,986 MW of capacity under long-term PPAs at Sept. 30, 2020 and Dec. 31, 2019, respectively, with entities that have been determined to be VIEs. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. The PPAs have expiration dates through 2041. Other Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of Sept. 30, 2020 and Dec. 31, 2019, Xcel Energy Inc. and its subsidiaries had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were $62 million at Sept. 30, 2020 and Dec. 31, 2019. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.
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Other Comprehensive Income (Loss) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2020 and 2019:
(a)Included in interest charges. (b)Included in the computation of net periodic pension and postretirement benefit costs.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided, including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. Xcel Energy has the following reportable segments: •Regulated Electric — The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations. •Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Xcel Energy presents Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits and the operations of MEC until July 2020. Xcel Energy had equity investments in unconsolidated subsidiaries of $160 million and $155 million as of Sept. 30, 2020 and Dec. 31, 2019, respectively, included in the natural gas utility and all other segments. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment. Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. Xcel Energy’s segment information for the three and nine months ended Sept. 30:
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Selected Balance Sheet Data (Tables) |
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Accounts receivable, net |
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Property, plant and equipment, net |
(a)The CPUC has approved early retirement of PSCo’s Comanche Units 1 and 2 in approximately 2022 and 2025, respectively, and PSCo’s Craig 1 in approximately 2025. Amounts are presented net of accumulated depreciation.
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Xcel Energy’s operating revenues consisted of the following:
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Borrowings and Other Financing Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper and term loan borrowings | Commercial paper and term loan borrowings outstanding for Xcel Energy were as follows:
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Credit Facilities | As of Sept. 30, 2020, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(a)Expires in June 2024. (b)Includes outstanding commercial paper and letters of credit. As of Sept. 30, 2020, NSP-Minnesota’s outstanding letters of credit under the bilateral credit agreement were as follows:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the difference between the statutory rate and the ETR:
(a) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred credits are offset by corresponding revenue reductions.
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Summary of Statute of Limitations Applicable to Open Tax Years [Table Text Block] | Federal Audits — Statute of limitations applicable to Xcel Energy’s consolidated federal income tax returns expire as follows:
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Earliest Open Tax Years Subject to Examination by State Taxing Authorities in the Major Operating Jurisdictions | As of Sept. 30, 2020, Xcel Energy’s earliest open tax years (subject to examination by state taxing authorities in its major operating jurisdictions) were as follows:
•In 2018, Wisconsin began an audit of tax years 2014 - 2016. As of Sept. 30, 2020, no material adjustments have been proposed. •In July 2020, Minnesota began a review of the 2015-2018 Research and Experimentation Credits. As of Sept. 30, 2020, no material adjustments have been proposed. •No other state income tax audits were in progress as of Sept. 30, 2020.
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Reconciliation of Unrecognized Tax Benefits | Unrecognized tax benefits — permanent vs. temporary:
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Tax Benefits Associated with NOL and Tax Credit Carryforwards | Unrecognized tax benefits were reduced by tax benefits associated with NOL and tax credit carryforwards:
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Fair Value of Financial Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $160 million of equity investments in unconsolidated subsidiaries and $132 million of rabbi trust assets and miscellaneous investments.
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $155 million of equity investments in unconsolidated subsidiaries and $136 million of rabbi trust assets and miscellaneous investments.
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Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Sept. 30, 2020:
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Rabbi Trust Securities Amortized Cost and Fair Value Measured on Recurrring Basis [Table Text Block] | Cost and fair value of assets held in rabbi trusts:
(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets.
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Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs:
(a)Not reflective of net positions in the underlying commodities. (b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
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Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | Impact of derivative activity:
(a)Recorded to interest charges. (b)Recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. (c)Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. (d)Amounts for both the three and nine months ended Sept. 30, 2020 and 2019 included no settlement gains or losses on derivatives entered to mitigate natural gas price risk for electric generation recorded to electric fuel and purchased power, subject to cost-recovery mechanisms and reclassified to a regulatory asset, as appropriate. Remaining settlement losses for both the three and nine months ended Sept. 30, 2020 and 2019 related to natural gas operations and were recorded to cost of natural gas sold and transported. These gains and losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset or liability, as appropriate.
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements — Derivative assets and liabilities measured at fair value on a recurring basis:
(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Sept. 30, 2020 and Dec. 31, 2019. At Sept. 30, 2020 and Dec. 31, 2019, derivative assets and liabilities include $32 million of obligations to return cash collateral and rights to reclaim cash collateral of $6 million and $11 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. (b)During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
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Change in Level 3 Commodity Derivative | Changes in Level 3 commodity derivatives:
(a)Amounts relate to commodity derivatives held at the end of the period.
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Carrying Amount and Fair Value of Long-term Debt | Other financial instruments which the carrying amount did not equal fair value:
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Benefit Plans and Other Postretirement Benefits (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost (Credit)
(a) Components of net periodic cost other than the service cost component are included in the line item “Other income (expense), net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
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Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive loss, net of tax, for the three and nine months ended Sept. 30, 2020 and 2019:
(a)Included in interest charges. (b)Included in the computation of net periodic pension and postretirement benefit costs.
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results from Operations by Reportable Segment | Xcel Energy’s segment information for the three and nine months ended Sept. 30:
|
Accounting Pronouncements Accounting Pronouncements (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Sep. 30, 2020 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | |
Retained Earnings | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Credit Losses, Topic 326 (ASC Topic 326) | $ 2 | $ 2 |
Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 965 | $ 892 |
Less allowance for bad debts | (66) | (55) |
Accounts receivable, net | $ 899 | $ 837 |
Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Public Utilities, Inventory [Line Items] | ||
Total inventories | $ 512 | $ 544 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 275 | 270 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 157 | 191 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 80 | $ 83 |
Revenues (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 3,182 | $ 3,013 | $ 8,579 | $ 8,731 |
Regulated Electric | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,941 | 2,771 | 7,430 | 7,345 |
Regulated Natural Gas | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 219 | 222 | 1,082 | 1,324 |
All Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 22 | 20 | 67 | 62 |
Total revenue from contracts with customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,963 | 2,875 | 8,078 | 8,378 |
Total revenue from contracts with customers | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,737 | 2,652 | 6,981 | 7,037 |
Total revenue from contracts with customers | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 208 | 206 | 1,041 | 1,288 |
Total revenue from contracts with customers | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 17 | 56 | 53 |
Retail | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,534 | 2,482 | 6,942 | 7,295 |
Retail | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,097 | 999 | 3,035 | 3,046 |
Retail | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,401 | 1,447 | 3,809 | 4,148 |
Retail | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 36 | 36 | 98 | 101 |
Retail | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,336 | 2,283 | 5,931 | 6,038 |
Retail | Regulated Electric | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 962 | 865 | 2,356 | 2,216 |
Retail | Regulated Electric | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,340 | 1,383 | 3,481 | 3,724 |
Retail | Regulated Electric | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 34 | 35 | 94 | 98 |
Retail | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 180 | 182 | 955 | 1,204 |
Retail | Regulated Natural Gas | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 124 | 124 | 647 | 801 |
Retail | Regulated Natural Gas | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 56 | 58 | 308 | 403 |
Retail | Regulated Natural Gas | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Retail | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 18 | 17 | 56 | 53 |
Retail | All Other | Residential | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11 | 10 | 32 | 29 |
Retail | All Other | C&I | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 5 | 6 | 20 | 21 |
Retail | All Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2 | 1 | 4 | 3 |
Wholesale | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 227 | 205 | 553 | 548 |
Wholesale | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 227 | 205 | 553 | 548 |
Wholesale | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Wholesale | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 157 | 151 | 442 | 409 |
Transmission | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 157 | 151 | 442 | 409 |
Transmission | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Transmission | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 45 | 37 | 141 | 126 |
Other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 17 | 13 | 55 | 42 |
Other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 28 | 24 | 86 | 84 |
Other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Alternative revenue and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 219 | 138 | 501 | 353 |
Alternative revenue and other | Regulated Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 204 | 119 | 449 | 308 |
Alternative revenue and other | Regulated Natural Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | 11 | 16 | 41 | 36 |
Alternative revenue and other | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue and other | $ 4 | $ 3 | $ 11 | $ 9 |
Short-Term Debt (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 500 | $ 595 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 3,600 | 3,600 |
Amount outstanding at period end | 500 | 595 |
Average amount outstanding | 1,195 | 1,115 |
Maximum amount outstanding | $ 1,438 | $ 1,780 |
Weighted average interest rate, computed on a daily basis | 0.81% | 2.72% |
Weighted average interest rate at period end | 0.66% | 2.34% |
Letters of Credit (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 500 | $ 595 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 20 | $ 20 |
Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | $ 3,100 | ||||
Outstanding | [2] | 20 | ||||
Available | 3,080 | |||||
Direct advances on the credit facility outstanding | 0 | $ 0 | ||||
PSCo [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | 700 | ||||
Outstanding | [2] | 8 | ||||
Available | 692 | |||||
NSP-Minnesota | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | 500 | ||||
Outstanding | [2] | 10 | ||||
Available | 490 | |||||
SPS | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | 500 | ||||
Outstanding | [2] | 2 | ||||
Available | 498 | |||||
NSP-Wisconsin | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | 150 | ||||
Outstanding | [2] | 0 | ||||
Available | 150 | |||||
Xcel Energy Inc. | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit Facility | [1] | 1,250 | ||||
Outstanding | [2] | 0 | ||||
Available | $ 1,250 | |||||
|
Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Mar. 23, 2020 |
Dec. 31, 2019 |
Dec. 20, 2019 |
|
Short-term Debt [Line Items] | |||||
Amount outstanding at period end | $ 500,000,000 | $ 595,000,000 | |||
Proceeds from issuance of common stock | 5,000,000 | $ 457,000,000 | |||
Expiration Period, Line of Credit | $ 364 | $ 364 | |||
364-Day Term Loan [Member] | Short-term Debt [Member] | Xcel Energy Inc. | |||||
Short-term Debt [Line Items] | |||||
Credit Facility | 500,000,000 | $ 700,000,000 | $ 500,000,000 | ||
Required debt to total capitalization ratio | 65.00% | ||||
Basis points | 50.0 | ||||
Amount outstanding at period end | 500,000,000 | ||||
Available | $ 0 |
Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 500 | $ 595 |
Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Amount outstanding at period end | $ 20 | $ 20 |
Bilateral Credit Agreement [Member] | NSP Minnesota [Member] | Letter of Credit | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year | |
Credit Facility | $ 75 | |
Amount outstanding at period end | 46 | |
Available | $ 29 |
Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] - USD ($) |
Jun. 15, 2020 |
May 26, 2020 |
May 18, 2020 |
May 15, 2020 |
Apr. 01, 2020 |
---|---|---|---|---|---|
XCEL ENERGY INC [Member] | Series due June 1, 2030 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.40% | ||||
XCEL ENERGY INC [Member] | Series Due October 15, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.50% | ||||
PSCo [Member] | Series Due June 1, 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||||
PSCo [Member] | Series due Jan. 15, 2031 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 375,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | ||||
SPS | Series Due 2050 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | ||||
NSP-Wisconsin | Series Due May 1, 2051 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | ||||
NSP Minnesota [Member] | Series Due June 1, 2051 [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 700,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% |
Borrowings and Other Financing Instruments Forward Equity Agreement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Nov. 04, 2019 |
|
Forward Contract Indexed to Issuer's Equity [Line Items] | |||
Proceeds from issuance of common stock | $ 5 | $ 457 | |
Forward Equity Agreements [Member] | |||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||
Common Stock, Value, to be Issued through Forward Equity Agreement | $ 743 | ||
Common Stock, Shares to be Issued through forward Equity Agreement | 11.8 | ||
Common shares, price per share used in forward calculation | $ 62.69 | ||
Common stock, interest rate spread used in forward calculation | 0.75% | ||
Period End Settlement Price, In Shares | 11.8 | ||
Period End Settlement Price, in Cash | $ 722 | ||
Period End Net Cash Settlement Price | $ 92 | ||
Period End Net Share Settlement Price | 1.3 | ||
Common stock, initial shares in an agreement | 10.3 | ||
Common stock, additional shares in an agreement | 1.5 | ||
Forward Equity Agreements [Member] | Maximum [Member] | |||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||
Expected settlement price | 720 | ||
Dividend Reinvestment Program [Member] | |||
Forward Contract Indexed to Issuer's Equity [Line Items] | |||
Proceeds from issuance of common stock | $ 30 | $ 29 |
Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Income Tax Disclosure [Abstract] | ||||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | ||
State tax (net of federal tax effect) | 5.00% | 5.00% | 5.10% | 5.00% | ||
Wind PTCs | (8.00%) | (6.10%) | (13.20%) | (8.10%) | ||
Plant regulatory differences | [1] | (7.20%) | (5.60%) | (7.40%) | (5.50%) | |
NOL carryback | (1.00%) | (1.70%) | (1.20%) | (1.80%) | ||
Other (net) | (1.20%) | (0.60%) | (1.30%) | (0.50%) | ||
Effective income tax rate | 6.70% | 12.00% | 2.00% | 10.10% | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ 13 | |||||
Income Tax Examination [Line Items] | ||||||
Federal income tax adjustment | $ 0 | $ 0 | ||||
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent | (1.90%) | 0.00% | (1.00%) | 0.00% | ||
|
Income Taxes State Audits (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
WISCONSIN | |
Income Tax Examination [Line Items] | |
Potential Tax Adjustments | $ 0 |
NSP Minnesota [Member] | |
Income Tax Examination [Line Items] | |
Potential Tax Adjustments | $ 0 |
Income Taxes Unrecognized Benefits (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit — Permanent tax positions | $ 36,000,000 | $ 35,000,000 |
Unrecognized tax benefit — Temporary tax positions | 5,000,000 | 9,000,000 |
Total unrecognized tax benefit | 41,000,000 | 44,000,000 |
NOL and tax credit carryforwards | 28,000,000 | 40,000,000 |
Net Deferred Tax Liability associated with the Unrecognized Tax Benefit Amounts and Related NOLs and Tax Credit Carryforwards | (23,000,000) | (29,000,000) |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 19,000,000 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | $ 0 |
Common Stock Equivalents (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Dilutive Effect of Contingently Issuable Shares | 1.6 | 1.8 | 1.0 | 1.6 |
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Unrealized Gain on Securities | $ 770 | $ 706 | ||||||
Unrealized Loss on Securities | 13 | 6 | ||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity investments in unconsolidated subsidiaries | 160 | 155 | ||||||
Miscellaneous investments | 132 | 136 | ||||||
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||||||||
Due in one year or less | 1 | |||||||
Due in 1 to 5 years | 109 | |||||||
Due in 5 to 10 years | 208 | |||||||
Due after 10 years | 241 | |||||||
Total | 559 | |||||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Decommissioning Fund Investments | 1,764 | [1] | 1,740 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Cash equivalents | 22 | [1] | 33 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Commingled funds | 773 | [1] | 733 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Debt securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Debt securities | 519 | [1] | 489 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity securities | 450 | [1] | 485 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Alternative investment | 956 | [1] | 935 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Cash equivalents | 22 | [1] | 33 | [2] | ||||
Alternative investment | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Commingled funds | 956 | [1] | 935 | [2] | ||||
Alternative investment | 956 | [1] | 935 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Debt securities | 559 | [1] | 508 | [2] | ||||
Alternative investment | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity securities | 984 | [1] | 964 | [2] | ||||
Alternative investment | 0 | [1] | 0 | [2] | ||||
Decommissioning Fund Investments | 2,521 | [1] | 2,440 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Decommissioning Fund Investments | 1,005 | [1] | 995 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Cash equivalents | 22 | [1] | 33 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Commingled funds | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Debt securities | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity securities | 983 | [1] | 962 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Decommissioning Fund Investments | 547 | [1] | 497 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Cash equivalents | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Commingled funds | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Debt securities | 546 | [1] | 495 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity securities | 1 | [1] | 2 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Decommissioning Fund Investments | 13 | [1] | 13 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Cash equivalents | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Commingled funds | 0 | [1] | 0 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Debt securities | 13 | [1] | 13 | [2] | ||||
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | ||||||||
Nuclear decommissinoning fund [Abstract] | ||||||||
Equity securities | [1] | $ 0 | [2] | |||||
|
Rabbi Trust (Details) - Rabbi Trust [Member] - Fair Value, Measured on a Recurring Basis - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Cost | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Rabbi Trusts Assets at Fair Value | [1] | $ 75 | $ 74 | |
Cost | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [1] | 17 | 17 | |
Cost | Mutual Fund [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mutual funds | [1] | 58 | 57 | |
Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Rabbi Trusts Assets at Fair Value | [1] | 82 | 82 | |
Fair Value | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [1] | 17 | 17 | |
Fair Value | Mutual Fund [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mutual funds | [1] | 65 | 65 | |
Fair Value | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Rabbi Trusts Assets at Fair Value | [1] | 82 | 82 | |
Fair Value | Level 1 | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [1] | 17 | 17 | |
Fair Value | Level 1 | Mutual Fund [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mutual funds | [1] | 65 | 65 | |
Fair Value | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 | |
Fair Value | Level 2 | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [1] | 0 | 0 | |
Fair Value | Level 2 | Mutual Fund [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mutual funds | [1] | 0 | 0 | |
Fair Value | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Rabbi Trusts Assets at Fair Value | [1] | 0 | 0 | |
Fair Value | Level 3 | Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | [1] | 0 | 0 | |
Fair Value | Level 3 | Mutual Fund [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Mutual funds | [1] | $ 0 | $ 0 | |
|
Interest Rate Derivatives (Details) - Interest rate derivatives $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 6 |
Derivative Liability, Notional Amount | $ 0 |
Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions |
Sep. 30, 2020
USD ($)
MWh
MMBTU
|
Dec. 31, 2019
MMBTU
MWh
|
||||
---|---|---|---|---|---|---|
Cash Flow Hedge Commodity [Member] | ||||||
Derivative [Line Items] | ||||||
Commodity contracts designated as cash flow hedges | $ | $ 0 | |||||
Electric Commodity [Member] | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MWh | [1],[2] | 107 | 95 | |||
Natural Gas Commodity | ||||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||||
Derivative, Nonmonetary Notional Amount | MMBTU | [1],[2] | 177 | 110 | |||
|
Consideration of Credit Risk and Concentrations (Details) |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020
USD ($)
Counterparty
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
Counterparty
|
Sep. 30, 2019
USD ($)
|
|||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Fair value hedges | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Other Derivative Instruments | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (1,000,000) | (3,000,000) | (4,000,000) | (1,000,000) | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (3,000,000) | (1,000,000) | (1,000,000) | (1,000,000) | ||||||||
Pre-tax gains (losses) recognized during the period in income | 2,000,000 | 1,000,000 | (7,000,000) | 1,000,000 | ||||||||
Other Derivative Instruments | Electric Commodity | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | |||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (3,000,000) | (3,000,000) | 4,000,000 | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | |||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [1] | (3,000,000) | (1,000,000) | (6,000,000) | ||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||||||||||
Other Derivative Instruments | Natural Gas Commodity | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 2,000,000 | (3,000,000) | (1,000,000) | (5,000,000) | ||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | ||||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [2] | (5,000,000) | (1,000,000) | |||||||||
Pre-tax gains (losses) recognized during the period in income | [2] | (6,000,000) | (4,000,000) | |||||||||
Other Derivative Instruments | Commodity Trading | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 | 0 | ||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||
Pre-tax gains (losses) recognized during the period in income | [3] | 2,000,000 | 1,000,000 | (1,000,000) | 5,000,000 | |||||||
Other Derivative Instruments | Natural Gas Commodity for Electric Generation | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | 0 | ||||||||
Designated as Hedging Instrument | Cash Flow Hedges | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (12,000,000) | (13,000,000) | (33,000,000) | |||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 1,000,000 | 5,000,000 | 3,000,000 | ||||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | 0 | 0 | ||||||||
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | ||||||||||||
Impact of Derivative Activity [Abstract] | ||||||||||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | (12,000,000) | (13,000,000) | (33,000,000) | |||||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | 0 | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [4] | 1,000,000 | 1,000,000 | 5,000,000 | 3,000,000 | |||||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | 0 | 0 | ||||||||
Pre-tax gains (losses) recognized during the period in income | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Credit Concentration Risk | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | 10 | ||||||||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 8 | 8 | ||||||||||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | 6 | ||||||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 147,000,000 | $ 147,000,000 | ||||||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 57.00% | 57.00% | ||||||||||
Credit Concentration Risk | Internal Investment Grade [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | 3 | ||||||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 38,000,000 | $ 38,000,000 | ||||||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 15.00% | 15.00% | ||||||||||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | ||||||||||||
Derivative [Line Items] | ||||||||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | 1 | ||||||||||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | $ 9,000,000 | $ 9,000,000 | ||||||||||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 4.00% | 4.00% | ||||||||||
|
Credit Related Contingent Features (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Derivative, Gross Liability Position, Aggregate Fair Value | $ 4 | $ 7 |
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 |
Recurring Fair Value Measurements (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Return Cash Collateral | $ 32,000,000 | $ 32,000,000 | $ 32,000,000 | ||||||||
Reclaim Cash Collateral | 6,000,000 | 6,000,000 | 11,000,000 | ||||||||
Commodity Trading | |||||||||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | |||||||||||
Balance at beginning of period | 34,000,000 | $ 28,000,000 | 4,000,000 | $ 29,000,000 | |||||||
Purchases | 0 | 5,000,000 | 49,000,000 | 42,000,000 | |||||||
Settlements | (17,000,000) | (21,000,000) | (59,000,000) | (48,000,000) | |||||||
Gains (losses) recognized in earnings | [1] | (25,000,000) | 1,000,000 | (11,000,000) | (9,000,000) | ||||||
Net gains recognized as regulatory assets and liabilities | 2,000,000 | 2,000,000 | 11,000,000 | 1,000,000 | |||||||
Balance at end of period | (6,000,000) | 15,000,000 | (6,000,000) | 15,000,000 | |||||||
Transfers Level 3, Net | 0 | $ 0 | 0 | $ 0 | |||||||
Other Current Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Net | 69,000,000 | 69,000,000 | 55,000,000 | ||||||||
Other Noncurrent Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Net | 31,000,000 | 31,000,000 | 22,000,000 | ||||||||
Other Current Liabilities | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Net | 48,000,000 | 48,000,000 | 38,000,000 | ||||||||
Other Noncurrent Liabilities | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Net | 158,000,000 | 158,000,000 | 175,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 116,000,000 | 116,000,000 | 105,000,000 | ||||||||
Netting | [2] | (50,000,000) | (50,000,000) | (53,000,000) | |||||||
Derivative Asset, Net | 66,000,000 | 66,000,000 | 52,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 10,000,000 | 10,000,000 | 3,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 67,000,000 | 67,000,000 | 57,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 39,000,000 | 39,000,000 | 45,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 68,000,000 | 68,000,000 | 78,000,000 | ||||||||
Netting | [2] | (49,000,000) | (49,000,000) | (52,000,000) | |||||||
Derivative Asset, Net | 19,000,000 | 19,000,000 | 26,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 32,000,000 | 32,000,000 | 21,000,000 | ||||||||
Netting | [2] | (1,000,000) | (1,000,000) | (1,000,000) | |||||||
Derivative Asset, Net | 31,000,000 | 31,000,000 | 20,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 16,000,000 | 16,000,000 | 6,000,000 | ||||||||
Netting | [2] | 0 | 0 | 0 | |||||||
Derivative Asset, Net | 16,000,000 | 16,000,000 | 6,000,000 | ||||||||
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 | 10,000,000 | 10,000,000 | 3,000,000 | ||||||||
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 | ||||||||
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 | ||||||||
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 | 51,000,000 | 51,000,000 | 51,000,000 | ||||||||
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 | ||||||||
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 | 16,000,000 | 16,000,000 | 6,000,000 | ||||||||
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 | 7,000,000 | 7,000,000 | 24,000,000 | ||||||||
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 | 32,000,000 | 32,000,000 | 21,000,000 | ||||||||
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 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 67,000,000 | 67,000,000 | 54,000,000 | ||||||||
Netting | [2] | (46,000,000) | (46,000,000) | (45,000,000) | |||||||
Derivative Asset, Net | 21,000,000 | 21,000,000 | 9,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 10,000,000 | 10,000,000 | 9,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 36,000,000 | 36,000,000 | 38,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 21,000,000 | 21,000,000 | 7,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Gross | 67,000,000 | 67,000,000 | 54,000,000 | ||||||||
Netting | [2] | (46,000,000) | (46,000,000) | (45,000,000) | |||||||
Derivative Asset, Net | 21,000,000 | 21,000,000 | 9,000,000 | ||||||||
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 | 10,000,000 | 10,000,000 | 9,000,000 | ||||||||
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 | 36,000,000 | 36,000,000 | 38,000,000 | ||||||||
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 | 21,000,000 | 21,000,000 | 7,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 81,000,000 | 81,000,000 | 84,000,000 | ||||||||
Netting | [2] | (50,000,000) | (50,000,000) | (64,000,000) | |||||||
Derivative Liability, Net | 31,000,000 | 31,000,000 | 20,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 13,000,000 | 13,000,000 | 4,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 55,000,000 | 55,000,000 | 64,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 13,000,000 | 13,000,000 | 16,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 77,000,000 | 77,000,000 | 78,000,000 | ||||||||
Netting | [2] | (49,000,000) | (49,000,000) | (63,000,000) | |||||||
Derivative Liability, Net | 28,000,000 | 28,000,000 | 15,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
Netting | [2] | (1,000,000) | (1,000,000) | (1,000,000) | |||||||
Derivative Liability, Net | 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 | 3,000,000 | 3,000,000 | 5,000,000 | ||||||||
Netting | [2] | 0 | 0 | 0 | |||||||
Derivative Liability, Net | 3,000,000 | 3,000,000 | 5,000,000 | ||||||||
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 | 13,000,000 | 13,000,000 | 4,000,000 | ||||||||
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 | ||||||||
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 | ||||||||
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 | 52,000,000 | 52,000,000 | 59,000,000 | ||||||||
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 | ||||||||
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 | 3,000,000 | 3,000,000 | 5,000,000 | ||||||||
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 | 12,000,000 | 12,000,000 | 15,000,000 | ||||||||
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 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||
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 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 116,000,000 | 116,000,000 | 113,000,000 | ||||||||
Netting | [2] | (20,000,000) | (20,000,000) | (13,000,000) | |||||||
Derivative Liability, Net | 96,000,000 | 96,000,000 | 100,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 5,000,000 | 5,000,000 | 2,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 58,000,000 | 58,000,000 | 79,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 53,000,000 | 53,000,000 | 32,000,000 | ||||||||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Gross | 116,000,000 | 116,000,000 | 113,000,000 | ||||||||
Netting | [2] | (20,000,000) | (20,000,000) | (13,000,000) | |||||||
Derivative Liability, Net | 96,000,000 | 96,000,000 | 100,000,000 | ||||||||
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 | 5,000,000 | 5,000,000 | 2,000,000 | ||||||||
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 | 58,000,000 | 58,000,000 | 79,000,000 | ||||||||
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 | 53,000,000 | 53,000,000 | 32,000,000 | ||||||||
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Net | [3] | 3,000,000 | 3,000,000 | 3,000,000 | |||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Asset, Net | [3] | 10,000,000 | 10,000,000 | 13,000,000 | |||||||
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Net | [3] | 17,000,000 | 17,000,000 | 18,000,000 | |||||||
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Liability, Net | [3] | $ 62,000,000 | $ 62,000,000 | $ 75,000,000 | |||||||
|
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Carrying Amount | $ 20,361 | $ 18,109 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 24,396 | $ 20,227 |
Benefit Plans and Other Postretirement Benefits (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jan. 31, 2020
USD ($)
Plan
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
|||
Pension Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | $ 24 | $ 22 | $ 72 | $ 64 | |||
Interest Cost | [1] | 31 | 36 | 94 | 108 | ||
Expected Return on Plan Assets | [1] | (52) | (51) | (156) | (152) | ||
Amortization of Prior Service Credit | [1] | (1) | (1) | (3) | (3) | ||
Amortization of Net Loss | [1] | 25 | 22 | 74 | 66 | ||
Net periodic benefit cost (credit) | 27 | 28 | 81 | 83 | |||
Effects of regulation | 4 | 0 | 7 | 2 | |||
Net benefit cost (credit) recognized for financial reporting | 31 | 28 | 88 | 85 | |||
Pension Plan [Member] | Parent Company | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Contributions to Xcel Energy's pension plans | $ 150 | ||||||
Number of pension plans to which contributions were made | Plan | 4 | ||||||
Other Postretirement Benefits Plan [Member] | |||||||
Components of Net Periodic Benefit Cost [Abstract] | |||||||
Service cost | 0 | 0 | 1 | 1 | |||
Interest Cost | [1] | 5 | 6 | 14 | 17 | ||
Expected Return on Plan Assets | [1] | (5) | (5) | (15) | (16) | ||
Amortization of Prior Service Credit | [1] | (2) | (3) | (6) | (8) | ||
Amortization of Net Loss | [1] | 1 | 1 | 3 | 4 | ||
Net periodic benefit cost (credit) | (1) | (1) | (3) | (2) | |||
Effects of regulation | 1 | 0 | 2 | 1 | |||
Net benefit cost (credit) recognized for financial reporting | $ 0 | $ (1) | $ (1) | $ (1) | |||
|
Gas Trading Litigation (Details) |
Sep. 30, 2020 |
---|---|
Gas Trading Litigation | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
Commitments and Contingencies NSP-Minnesota-Sherco (Details) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended |
---|---|---|
Jan. 31, 2019 |
Jun. 30, 2019 |
|
General Electric (GE) [Domain] | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 52.00% | |
NSP-Minnesota | ||
Rate Matters [Abstract] | ||
Percentage of Fault | 48.00% | |
Customer refund of previously recovered purchased power costs | $ 20 |
Commitments and Contingencies (Details) - Westmoreland $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Gain (Loss) Related to Litigation Settlement | $ 36 |
Commitments and Contingencies MISO ROE Complaints (Details) - NSP Minnesota and NSP Wisconsin - FERC Proceeding, MISO ROE Complaint [Member] - Federal Energy Regulatory Commission (FERC) [Member] |
1 Months Ended | 6 Months Ended | 39 Months Ended | ||
---|---|---|---|---|---|
Feb. 28, 2015 |
Nov. 30, 2013 |
Jun. 30, 2017 |
Dec. 31, 2019 |
Sep. 30, 2020 |
|
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% | |||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Approved | 10.32% | ||||
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, with RTO Adder, Approved | 10.82% | ||||
Public Utilities, ROE developed with new approach | 9.88% | ||||
Public Utilities, ROE developed with new approach, with RTO Adder, Approved | 10.38% | ||||
Public Utilities, ROE New Base, Complaint Number 1 | 10.02% | ||||
Minimum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Basis points | 50 | ||||
Maximum [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Basis points | 100 |
SPP OATT Upgrade Costs (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2017
USD ($)
| |
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Billed Charges For Transmission Service Upgrades | $ 13 |
Commitments and Contingencies NSP-Minnesota - MEC Transactions (Details) $ in Millions |
6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jan. 13, 2020
USD ($)
|
Jun. 30, 2020
MW
|
Sep. 30, 2020
USD ($)
|
Jul. 10, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Public Utilities, General Disclosures [Line Items] | |||||
Other Liabilities, Current | $ 416 | $ 468 | |||
Liabilities, Current | 4,393 | $ 4,568 | |||
Gain on Sale | $ 20 | ||||
MEC Holdings LLC | Unregulated Operation [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Facility Output | MW | 760 | ||||
PP&E Additions | $ 650 | ||||
MEC Holdings LLC | Unregulated Operation [Member] | Southwest Generation [Domain] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
PP&E Sale | $ 684 |
MGP, Landfill and Disposal Sites (Details) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Other MGP, Landfill, or Disposal Sites [Domain] | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 13 | |
NSP-Wisconsin | Ashland MGP Site | ||
Manufactured Gas Plant (MGP) Site [Abstract] | ||
Current Cost Estimate for Site Remediation | $ 199 | |
Accrual for Environmental Loss Contingencies, Gross | $ 20 | $ 23 |
Carrying cost percentage to be applied to unamortized regulatory asset | 3.00% |
Commitments and Contingencies Environmental Requirements - Water and Waste (Details) - Federal Coal Ash Regulation [Domain] $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2019 |
|
Site Contingency [Line Items] | ||
Number of sites where regulated ash units will still be in operation at a specified date | 9 | |
NSP Minnesota [Member] | ||
Site Contingency [Line Items] | ||
Number of sites where statistically significant increases over established groundwater standards exist | 0 | |
Number of impoundments where closure plans will be expedited | 1 | 1 |
Estimated cost of closure of an impoundment | $ 4 | |
Estimated cost of construction of a new impoundment | $ 9 | |
Time period of existing ash pond closure completion in accordance with the CCR rule | 5 years | |
PSCo [Member] | ||
Site Contingency [Line Items] | ||
Number of sites where statistically significant increases over established groundwater standards exist | 4 | |
Number of sites where corrective action options are being evaluated for locations with statistically significant increases above background concentrations | 2 | |
Number of sites where monitoring results indicate potential offsite impacts to groundwater | 1 |
Variable Interest Entities (Details) - MW |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements (in MW) | 4,062 | 3,986 |
Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments and Contingencies, Guarantees and Indemnifications [Abstract] | ||
Assets Held As Collateral For Guarantor Obligations | $ 0 | $ 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 62,000,000 | 62,000,000 |
Site Contingency [Line Items] | ||
Assets Held As Collateral For Guarantor Obligations | 0 | 0 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 62,000,000 | $ 62,000,000 |
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) at beginning of period | $ 13,239 | |||||||
Other Comprehensive Income (Loss), Tax | $ 0 | $ (3) | (3) | $ (8) | ||||
Interest Rate Derivatives, Tax | 43 | 72 | 24 | 121 | ||||
Accumulated other comprehensive income (loss) at end of period | 13,777 | 13,777 | ||||||
Gains and Losses on Cash Flow Hedges | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) at beginning of period | (87) | (75) | (80) | (60) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (9) | (10) | (25) | ||||
Losses reclassified from net accumulated other comprehensive loss | [1] | 0 | 0 | 0 | 0 | |||
Net current period other comprehensive income (loss) | 1 | (8) | (6) | (23) | ||||
Accumulated other comprehensive income (loss) at end of period | (86) | (83) | (86) | (83) | ||||
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Tax | 0 | (3) | (3) | (9) | ||||
Interest Rate Derivatives, Tax | 0 | 0 | 1 | 1 | ||||
Amortization of Net Actuarial Loss, Tax | 0 | 0 | 0 | 0 | ||||
Gains and Losses on Cash Flow Hedges | Interest Rate Swap | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 1 | 1 | 4 | 2 | |||
Defined Benefit Pension and Postretirement Items | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) at beginning of period | (58) | (60) | (61) | (64) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 2 | ||||
Losses reclassified from net accumulated other comprehensive loss | [1] | 1 | 1 | 4 | 3 | |||
Net current period other comprehensive income (loss) | 1 | 1 | 4 | 5 | ||||
Accumulated other comprehensive income (loss) at end of period | (57) | (59) | (57) | (59) | ||||
Defined Benefit Pension and Postretirement Items | Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | 1 | ||||
Interest Rate Derivatives, Tax | 0 | 0 | 0 | 0 | ||||
Amortization of Net Actuarial Loss, Tax | 0 | 0 | (1) | (1) | ||||
Defined Benefit Pension and Postretirement Items | Interest Rate Swap | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | 0 | 0 | 0 | 0 | |||
Total | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) at beginning of period | (145) | (135) | (141) | (124) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (9) | (10) | (23) | ||||
Losses reclassified from net accumulated other comprehensive loss | [1] | 1 | 1 | 4 | 3 | |||
Net current period other comprehensive income (loss) | 2 | (7) | (2) | (18) | ||||
Accumulated other comprehensive income (loss) at end of period | (143) | (142) | (143) | (142) | ||||
Total | Interest Rate Swap | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Losses reclassified from net accumulated other comprehensive loss | [2] | $ 1 | $ 1 | $ 4 | $ 2 | |||
|
Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | $ 160 | $ 160 | $ 155 | ||
Regulated Operating Revenue, Electric | 2,941 | $ 2,771 | 7,430 | $ 7,345 | |
Net income | 603 | 527 | 1,185 | 1,080 | |
Regulated Operating Revenue, Gas | 219 | 222 | 1,082 | 1,324 | |
Unregulated Operating Revenue | 22 | 20 | 67 | 62 | |
Regulated and Unregulated Operating Revenue | 3,182 | 3,013 | 8,579 | 8,731 | |
Equity Method Investments | 160 | 160 | 155 | ||
Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net income | 632 | 550 | 1,148 | 1,032 | |
Revenues Including Intersegment Revenues | 2,942 | 2,771 | 7,431 | 7,346 | |
Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Equity investments in unconsolidated subsidiaries | 160 | 160 | 155 | ||
Net income | 0 | (1) | 111 | 127 | |
Revenues Including Intersegment Revenues | 1,083 | 1,325 | |||
Equity Method Investments | 160 | 160 | $ 155 | ||
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net income | (29) | (22) | (74) | (79) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | 3,183 | 3,013 | 8,581 | 8,733 | |
Operating Segments | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | 2,941 | 2,771 | 7,430 | 7,345 | |
Operating Segments | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | 219 | 222 | 1,082 | 1,324 | |
Operating Segments | All Other | |||||
Segment Reporting Information [Line Items] | |||||
Unregulated Operating Revenue | 22 | 20 | 67 | 62 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Regulated and Unregulated Operating Revenue | (1) | 0 | (2) | (2) | |
Intersegment Eliminations | Electricity, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Electric | $ 1 | $ 0 | 1 | 1 | |
Intersegment Eliminations | Natural Gas, US Regulated [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Regulated Operating Revenue, Gas | $ 1 | $ 1 |
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