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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
001-3034
(Commission File Number)
Xcel Energy Inc.
(Exact name of registrant as specified in its charter)
Minnesota
41-0448030
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)
414 Nicollet Mall
Minneapolis
Minnesota
55401
(Address of Principal Executive Offices)

(Zip Code)
612
330-5500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $2.50 par value
XEL
Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  Large accelerated filer  Accelerated filer  Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.  Yes
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes No
As of June 30, 2020, the aggregate market value of the voting common stock held by non-affiliates of the Registrant was $32,825,311,125.
As of Feb. 11, 2021, there were 537,648,833 shares of common stock outstanding, $2.50 par value.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
1


TABLE OF CONTENTS
PART I
Item 1 —
Item 1A —
Item 1B —
Item 2 —
Item 3 —
Item 4 —
PART II
Item 5 —
Item 6 —
Item 7 —
Item 7A —
Item 8 —
Item 9 —
Item 9A —
Item 9B —
PART III
Item 10 —
Item 11 —
Item 12 —
Item 13 —
Item 14 —
PART IV
Item 15 —
Item 16 —

2

Table of Contents
PART I
ITEM 1 — BUSINESS
Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
Capital ServicesCapital Services, LLC
EloigneEloigne Company
e primee prime inc.
NSP-MinnesotaNorthern States Power Company, a Minnesota corporation
NSP SystemThe electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-WisconsinNorthern States Power Company, a Wisconsin corporation
Operating companiesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Co.
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGIWestGas InterState, Inc.
WYCOWYCO Development, LLC
Xcel EnergyXcel Energy Inc. and its subsidiaries
Federal and State Regulatory Agencies
CPUCColorado Public Utilities Commission
D.C. CircuitUnited States Court of Appeals for the District of Columbia Circuit
DOCMinnesota Department of Commerce
DOEUnited States Department of Energy
DOTUnited States Department of Transportation
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
Fifth CircuitUnited States Court of Appeals for the Fifth Circuit
IRSInternal Revenue Service
Minnesota District CourtU.S. District Court for the District of Minnesota
MPSCMichigan Public Service Commission
MPUCMinnesota Public Utilities Commission
NDPSCNorth Dakota Public Service Commission
NERCNorth American Electric Reliability Corporation
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
PHMSAPipeline and Hazardous Materials Safety Administration
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SDPUCSouth Dakota Public Utilities Commission
SECSecurities and Exchange Commission
TCEQTexas Commission on Environmental Quality
Electric, Purchased Gas and Resource Adjustment Clauses
CEPAColorado Energy Plan Adjustment
CIPConservation improvement program
DCRFDistribution cost recovery factor
DSMDemand side management
DSMCADSM cost adjustment
ECARetail electric commodity adjustment
EECRFEnergy efficiency cost recovery factor
EIREnvironmental improvement rider
FCAFuel clause adjustment
FPPCACFuel and purchased power cost adjustment clause
GCAGas cost adjustment
GUICGas utility infrastructure cost rider
PCCAPurchased capacity cost adjustment
PCRFPower cost recovery factor
PGAPurchased gas adjustment
PSIAPipeline system integrity adjustment
RDFRenewable development fund
RERRenewable energy rider
RESRenewable energy standard
RESARES adjustment
SCASteam cost adjustment
SEPState energy policy rider
TCATransmission cost adjustment
TCRTransmission cost recovery adjustment
TCRFTransmission cost recovery factor
WCAWind cost adjustment
Other
ADITAccumulated deferred income taxes
AFUDCAllowance for funds used during construction
ALLETEALLETE, Inc.
AROAsset retirement obligation
ASCFASB Accounting Standards Codification
ASUFASB Accounting Standards Update
BARTBest available retrofit technology
BoulderCity of Boulder, CO
C&ICommercial and Industrial
CAGRCompound annual growth rate
CACJAClean Air Clean Jobs Act
CapX2020Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CFOChief financial officer
CIGColorado Interstate Gas Company, LLC
COVID-19Novel coronavirus
CWAClean Water Act
CWIPConstruction work in progress
DECONDecommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level
DRIPDividend Reinvestment Program
EEIEdison Electric Institute
ELGEffluent limitations guidelines
EMANIEuropean Mutual Association for Nuclear Insurance
EPSEarnings per share
ETREffective tax rate
FASBFinancial Accounting Standards Board
FTRFinancial transmission right
GAAPGenerally accepted accounting principles
GEGeneral Electric
GHGGreenhouse gas
HDDHeating degree-days
IMIntegrated market
INPOInstitute of Nuclear Power Operations
3

Table of Contents
IPPIndependent power producing entity
IRPIntegrated Resource Plan
ITCInvestment Tax Credit
JOAJoint operating agreement
LSP TransmissionLSP Transmission Holdings, LLC
MDLMulti-district litigation
MECMankato Energy Center
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
Moody’sMoody’s Investor Services
NAAQSNational Ambient Air Quality Standard
Native loadDemand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAVNet asset value
NEILNuclear Electric Insurance Ltd.
NOLNet operating loss
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PIPrairie Island nuclear generating plant
Post-65Post-Medicare
PPAPurchased power agreement
Pre-65Pre-Medicare
PTCProduction tax credit
RECRenewable energy credit
ROEReturn on equity
ROFRRight-of-first-refusal
ROURight-of-use
RPSRenewable portfolio standards
RTORegional Transmission Organization
S&PStandard & Poor’s Global Ratings
SERPSupplemental executive retirement plan
SMMPASouthern Minnesota Municipal Power Agency
SO2
Sulfur dioxide
SPPSouthwest Power Pool, Inc.
TCEHTexas Competitive Energy Holdings
TCJA2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THITemperature-humidity index
TOsTransmission owners
TSRTotal shareholder return
VaRValue at Risk
VIEVariable interest entity
WOTUSWaters of the U.S.
Measurements
BcfBillion cubic feet
KVKilovolts
KWhKilowatt hours
MMBtuMillion British thermal units
MWMegawatts
MWhMegawatt hours
Where to Find More Information
Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K.
Xcel Energy intends to make future announcements regarding Company developments and financial performance through its website, www.xcelenergy.com, as well as through press releases, filings with the SEC, conference calls and webcasts.
Forward-Looking Statements
Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including the 2021 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future bad debt expense, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, and expectations regarding regulatory proceedings, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.
The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K hereto), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic; operational safety, including our nuclear generation facilities; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; ability to recover costs; changes in regulation and subsidiaries’ ability to recover costs from customers; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including inflation rates, monetary fluctuations and their impact on capital expenditures and the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; and costs of potential regulatory penalties.




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Overview
Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). Xcel Energy serves customers in eight mid-western and western states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.7 million electric customers and 2.1 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. Xcel Energy’s nonregulated subsidiaries include Eloigne, Capital Services and Nicollet Project Holdings.
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 Utility Subsidiaries’ Service Territory
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Electric customers3.7 million
Natural gas customers2.1 million
Total assets$54 billion
Electric generating capacity20,140 MW
Natural gas storage capacity53.4 Bcf
Electric transmission lines (conductor miles)110,353 miles
Electric distribution lines (conductor miles)208,586 miles
Natural gas transmission lines2,172 miles
Natural gas distribution lines35,936 miles
Vision, Mission and Values
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Strategy
Xcel Energy strives to be the preferred and trusted provider of the energy our customers need, while offering a competitive total return to shareholders. We deliver on our vision through three strategic priorities:
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Lead the Clean Energy Transition
For more than a decade, Xcel Energy has proactively managed the risk of climate change and responded to increasing customer demand for renewable energy. We reduced carbon emissions from generation serving customers by 51% from 2005 to 2020 and are on track to reach 60% renewable generation by 2030.
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Our recently announced generation transition plans include:
Adding economic wind and solar resources.
Limiting coal generation through seasonal dispatch of coal facilities where possible and early retirement of coal plants (e.g., Hayden and Craig), including fully exiting coal in the upper Midwest by 2030 (e.g., Sherco).
Using natural gas as a means to ensure system reliability.
Extending the life of our Monticello nuclear plant.
Converting Harrington, our coal plant in Texas, to natural gas.
A proposal to close the Hayden coal plant, retiring Unit 2 by the end of 2027 and Unit 1 in 2028.
Retiring Craig coal plant with Unit 1 closing in 2025 and Unit 2 closing in 2028.
Our March 2021 Colorado resource plan filing will outline a range of options for us to achieve 80% carbon reduction by 2030 in the state, including:
Proposed plans for our remaining coal units (approximately 1,200 MW), such as early retirements and natural gas conversions.
Additional renewables and storage.
Transmission expansion.
We are confident we can achieve our 80% interim carbon reduction goal with today’s technology. New carbon-free dispatchable technologies will be required in order to achieve the remaining 20% carbon reduction. Reliability, customer affordability and innovation remain paramount to a successful transition.
Xcel Energy’s clean energy leadership extends to our natural gas distribution system as we work to keep our methane emissions rate below 0.2%. Our plans include the following:
Working with upstream suppliers on reducing emissions on their system.
Reducing methane emissions from our own operations.
Designing programs that encourage customer conservation and electrification where beneficial.
Enhance the Customer Experience
Xcel Energy is committed to providing programs that customers want and value. We continue to expand renewable offerings and promote cost savings and conservation programs, in which we have invested over $2 billion in the past decade.
Xcel Energy is transforming our electric grid to accommodate increased levels of renewables and distributed energy resources and continues to offer customers directly sourced renewable energy solutions. We are also working to develop new programs for C&I customers who desire higher than standard service reliability, with the goal being to make it both easy and affordable for business customers to meet their resiliency needs.
Additionally, we have partnered with policymakers, state agencies and innovative partners to develop nation-leading electric vehicle solutions for our customers. Our electric vehicle plans include residential, fleet and public charging offerings. In 2020, our residential, flat-fee subscription service pilot won Public Utility Fortnightly’s Smartest Transportation Electrification Project award. Xcel Energy has full or pilot electric vehicle programs underway in Minnesota, Colorado and Wisconsin, including our $110 million, three-year Colorado plan which was approved in December 2020.
In 2020, we set an ambitious goal to power 1.5 million electric vehicles across our service territory by 2030, which is estimated to save customers $1 billion in fueling costs and cut carbon emissions by nearly 5 million tons annually by 2030.
Keep Bills Low
Affordability is foundational to our strategy. Our goal is to keep bill increases at or below the rate of inflation. Xcel Energy has kept residential bills relatively flat since 2013.
Our states benefit from strong wind and solar capacity factors. This geographic advantage, coupled with renewable tax credits and avoided fuel costs, enables Xcel Energy to increase its investment in renewables while saving customers money. We call this our “Steel for Fuel” strategy. From 2017 to 2020, we added nearly 3,000 MW of wind to our system while delivering approximately $430 million in fuel savings to our customers.
Xcel Energy continues to control O&M expense without compromising reliability or safety. Since 2014, total O&M has remained flat and we expect annual growth to remain below 1% through 2025 as declines in base O&M offset approximately $100 million of incremental wind O&M. We are continuing to prudently invest in appropriate areas and remain committed to taking costs out of the business through ongoing improvements in processes and technology.
Deliver a Competitive Total Return to Investors and Maintain Strong Investment Grade Credit Rating
Successful execution of our strategy, along with our disciplined approach to growth, investments, operations and management of environmental, social and corporate governance issues, positions Xcel Energy to continue delivering a competitive TSR.
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We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for sixteen consecutive years and delivering dividend growth for seventeen consecutive years.
GAAP and ongoing earnings have grown 5.6% and 6.1%, respectively, annually since 2005 and our dividend grew 6.3% annually from 2013-2020. Xcel Energy works to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range. Our current ratings are consistent with this objective.
Environmental, Social and Governance Leadership
Sustainability is embedded in Xcel Energy’s strategy and our values:
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We are retiring coal plants, adding renewables, exploring new technologies and helping to electrify other sectors, while keeping customer bills low. Xcel Energy has demonstrated leadership in mitigating climate, operational and financial risks, while remaining committed to customers, employees and communities.
Environmental
Xcel Energy was the first major U.S. utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 and an 80% carbon reduction by 2030 (from 2005 levels). Our plans to achieve 80% carbon reduction are aligned with targets of the Paris Accord, as validated by a lead author for the Intergovernmental Panel on Climate Change.
Xcel Energy has provided a voluntary, third-party verified annual GHG disclosure since 2005, longer than any other U.S. utility. We are a founding member of The Climate Registry and a supporter of the Task Force on Climate-Related Financial Disclosures. We have been the number one provider of wind to customers for 12 of the past 15 years. Our wind capacity is expected to reach 11,000 MW by the end of 2021, including nearly 4,500 MW of owned wind.
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As Xcel Energy transitions to cleaner sources, we expect to achieve a 70% reduction in water consumed in electric generation by 2030 (from 2005 levels). Through 2020, we reduced our water consumption 34% (from 2005 levels).
Social
Community
We work to foster economic sustainability and continued affordability by partnering with communities, policymakers and customers to build facilities, foster job growth and attract new businesses. In 2020, Xcel Energy completed 20 economic development projects across our service territory. Additionally, 71% of Xcel Energy’s supply chain spend was local.
In addition to our annual giving, in 2020 Xcel Energy further supported our communities by committing the net gain of nearly $20 million from our Mankato plant sale to short and long-term corporate giving.
We work to mitigate the impacts of early plant retirements on our employees and community, consistent with our Principles for a Responsible Transition. We provide advanced notice, offer retraining and relocation opportunities and have had no layoffs as a result of plant retirements. We also seek to make investments in the communities in which our coal plants are being shut down