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Borrowings and Other Financing Instruments Borrowings and Other Financing Instruments
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt — Xcel Energy meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and other borrowings outstanding:
(Millions of Dollars, Except Interest Rates)Three Months Ended Dec. 31, 2022Year Ended Dec. 31
202220212020
Borrowing limit$3,550 $3,550 $3,100 $3,100 
Amount outstanding at period end813 813 1,005 584 
Average amount outstanding416 552 1,399 1,126 
Maximum amount outstanding813 1,357 2,054 2,080 
Weighted average interest rate, computed on a daily basis4.20 %1.47 %0.57 %1.45 %
Weighted average interest rate at period end4.66 4.66 0.31 0.23 
Bilateral Credit Agreement — In April 2022, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of Dec. 31, 2022, NSP-Minnesota had $54 million outstanding letters of credit under the $75 million Bilateral Credit Agreement.
Letters of Credit — Xcel Energy uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. As of Dec. 31, 2022 and 2021, there were $43 million and $19 million of letters of credit outstanding under the credit facilities, respectively. Amounts approximate their fair value.
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 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.
Amended Credit Agreements — In September 2022, Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each entered into an amended five-year credit agreement with a syndicate of banks. The aggregate borrowing limit was increased to $3.55 billion. The amended credit agreements have substantially the same terms and conditions as the prior agreements, with the following changes:
•Maturities extended from June 2024 to September 2027.
•Borrowing limit for Xcel Energy Inc. increased from $1.25 billion to $1.5 billion.
•Borrowing limit for NSP-Minnesota increased from $500 million to $700 million.
Features of the credit facilities:
Debt-to-Total Capitalization Ratio (a)
Amount Facility May Be Increased (millions of dollars)
Additional Periods for Which a One-Year Extension May Be Requested (b)
20222021
Xcel Energy Inc. (c)
60 %60 %$350 2 
NSP-Minnesota48 47 150 2 
NSP-Wisconsin47 49 N/A1 
SPS46 47 50 2 
PSCo44 44 100 2 
(a)    Each credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%.
(b)    All extension requests are subject to majority bank group approval.
(c)     The Xcel Energy Inc. credit facility has a cross-default provision that Xcel Energy Inc. would be in default on its borrowings under the facility if it or any of its subsidiaries (except NSP-Wisconsin as long as its total assets do not comprise more than 15% of Xcel Energy’s consolidated total assets) default on indebtedness in an aggregate principal amount exceeding $75 million.
If Xcel Energy Inc. or its utility subsidiaries do not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2022, Xcel Energy Inc. and its subsidiaries were in compliance with all financial covenants.
Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available as of Dec. 31, 2022:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,500 $231 $1,269 
PSCo700 321 379 
NSP-Minnesota700 222 478 
SPS500 36 464 
NSP-Wisconsin150 47 103 
Total$3,550 $857 $2,693 
(a)These credit facilities mature in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facilities. Xcel Energy Inc. and its utility subsidiaries had no direct advances on facilities outstanding as of Dec. 31, 2022 and 2021.
Long-Term Borrowings and Other Financing Instruments
Generally, the property of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS is subject to the liens of their respective first mortgage indentures for the benefit of bondholders.
Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance.
Long-term debt obligations for Xcel Energy Inc. and its utility subsidiaries as of Dec. 31 (in millions of dollars):
Xcel Energy Inc.
Financing InstrumentInterest RateMaturity Date20222021
Unsecured senior notes0.50 Oct. 15, 2023500 500 
Unsecured senior notes3.30 June 1, 2025250 250 
Unsecured senior notes3.30 June 1, 2025350 350 
Unsecured senior notes3.35 Dec. 1, 2026500 500 
Unsecured senior notes (a)
1.75 March 15,2027500 500 
Unsecured senior notes 4.00 June 15, 2028130 130 
Unsecured senior notes 4.00 June 15, 2028500 500 
Unsecured senior notes 2.60 Dec. 1, 2029500 500 
Unsecured senior notes3.40 June 1, 2030600 600 
Unsecured senior notes (a)
2.35 Nov. 15, 2031300 300 
Unsecured senior notes (b)
4.60 June 1, 2032700 — 
Unsecured senior notes6.50 July 1, 2036300 300 
Unsecured senior notes4.80 Sep. 15, 2041250 250 
Unsecured senior notes3.50 Dec. 1, 2049500 500 
Unamortized discount(7)(8)
Unamortized debt issuance cost(35)(33)
Current maturities (500)— 
Total long-term debt$5,338 $5,139 
(a)2021 financing.
(b)2022 financing.
NSP-Minnesota
Financing InstrumentInterest RateMaturity Date20222021
First mortgage bonds2.15 %Aug. 15, 2022$— $300 
First mortgage bonds2.60 May 15, 2023400 400 
First mortgage bonds7.125 July 1, 2025250 250 
First mortgage bonds6.50 March 1, 2028150 150 
First mortgage bonds (a)
2.25 April 1, 2031425 425 
First mortgage bonds5.25 July 15, 2035250 250 
First mortgage bonds6.25 June 1, 2036400 400 
First mortgage bonds6.20 July 1, 2037350 350 
First mortgage bonds5.35 Nov. 1, 2039300 300 
First mortgage bonds4.85 Aug. 15, 2040250 250 
First mortgage bonds3.40 Aug. 15, 2042500 500 
First mortgage bonds4.125 May 15, 2044300 300 
First mortgage bonds4.00 Aug. 15, 2045300 300 
First mortgage bonds3.60 May 15, 2046350 350 
First mortgage bonds3.60 Sep. 15, 2047600 600 
First mortgage bonds2.90 March 1, 2050600 600 
First mortgage bonds2.60 June 1, 2051700 700 
First mortgage bonds (a)
3.20 April 1,2052425 425 
First mortgage bonds (b)
4.50 June 1, 2052500 — 
Other long-term debt3 3 
Unamortized discount(45)(44)
Unamortized debt issuance cost(66)(62)
Current maturities(400)(300)
Total long-term debt$6,542 $6,447 
(a)2021 financing.
(b)2022 financing.
NSP-Wisconsin
Financing InstrumentInterest RateMaturity Date20222021
First mortgage bonds3.30 June 15, 2024100 100 
First mortgage bonds3.30 June 15, 2024100 100 
First mortgage bonds6.375 Sept. 1, 2038200 200 
First mortgage bonds3.70 Oct. 1, 2042100 100 
First mortgage bonds3.75 Dec. 1, 2047100 100 
First mortgage bonds 4.20 Sept. 1, 2048200 200 
First mortgage bonds3.05 May 1, 2051100 100 
First mortgage bonds (a)
2.82 May 1, 2051100 100 
First mortgage bonds (b)
4.86 Sept. 15, 2052100 — 
Other long-term debt— 1 
Unamortized discount(3)(4)
Unamortized debt issuance cost(11)(10)
Total long-term debt$1,086 $987 
(a)2021 financing.
(b)2022 financing.
PSCo
Financing InstrumentInterest RateMaturity Date20222021
First mortgage bonds2.25 %Sept. 15, 2022$— $300 
First mortgage bonds2.50 March 15, 2023250 250 
First mortgage bonds2.90 May 15, 2025250 250 
First mortgage bonds 3.70 June 15, 2028350 350 
First mortgage bonds1.90 Jan. 15, 2031375 375 
First mortgage bonds (a)
1.875 June 15, 2031750 750 
First mortgage bonds (b)
4.10 June 1, 2032300 — 
First mortgage bonds6.25 Sept. 1, 2037350 350 
First mortgage bonds6.50 Aug. 1, 2038300 300 
First mortgage bonds4.75 Aug. 15, 2041250 250 
First mortgage bonds3.60 Sept. 15, 2042500 500 
First mortgage bonds3.95 March 15, 2043250 250 
First mortgage bonds4.30 March 15, 2044300 300 
First mortgage bonds3.55 June 15, 2046250 250 
First mortgage bonds3.80 June 15, 2047400 400 
First mortgage bonds4.10 June 15, 2048350 350 
First mortgage bonds4.05 Sept. 15, 2049400 400 
First mortgage bonds3.20 March 1, 2050550 550 
First mortgage bonds2.70 Jan. 15, 2051375 375 
First mortgage bonds (b)
4.50 June 1, 2052400 — 
Unamortized discount(37)(33)
Unamortized debt issuance cost(53)(50)
Current maturities(250)(300)
Total long-term debt$6,610 $6,167 
(a)2021 financing.
(b)2022 financing.
SPS
Financing InstrumentInterest RateMaturity Date20222021
First mortgage bonds3.30 %June 15, 2024$150 $150 
First mortgage bonds3.30 June 15, 2024200 200 
Unsecured senior notes6.00 Oct. 1, 2033100 100 
Unsecured senior notes6.00 Oct. 1, 2036250 250 
First mortgage bonds4.50 Aug. 15, 2041200 200 
First mortgage bonds4.50 Aug. 15, 2041100 100 
First mortgage bonds4.50 Aug. 15, 2041100 100 
First mortgage bonds3.40 Aug. 15, 2046300 300 
First mortgage bonds3.70 Aug. 15, 2047450 450 
First mortgage bonds4.40 Nov. 15, 2048300 300 
First mortgage bonds3.75 June 15, 2049300 300 
First mortgage bonds3.15 May 1, 2050350 350 
First mortgage bonds (a)
3.15 May 1, 2050250 250 
First mortgage bonds (b)
5.15 June 1, 2052200 — 
Unamortized discount(10)(9)
Unamortized debt issuance cost(29)(28)
Total long-term debt$3,211 $3,013 
(a)2020 financing re-opened in 2021.
(b)2022 financing.
Other Subsidiaries
Financing InstrumentInterest RateMaturity Date20222021
Various Eloigne affordable housing project notes0.00% - 8.00%2024 - 2055$27 $27 
Current maturities(1)(1)
Total long-term debt$26 $26 
Maturities of long-term debt:
(Millions of Dollars)
2023$1,151 
2024552 
20251,103 
2026501 
2027501 
Deferred Financing Costs — Deferred financing costs of approximately $193 million and $184 million, net of amortization, are presented as a deduction from the carrying amount of long-term debt as of Dec. 31, 2022 and 2021, respectively.
Equity through DRIP and Benefits Program — Xcel Energy issued $84 million and $74 million of equity through the DRIP and benefits programs in 2022 and 2021, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
ATM Equity Offering — In November 2021, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $800 million of its common stock through an ATM program. In 2021, 5.33 million shares of common stock were issued (approximately $350 million). In 2022, 4.30 million shares of common stock were issued (approximately $300 million). As of Dec. 31, 2022, approximately $150 million remained available for sale under the ATM program.
Capital Stock — Preferred stock authorized/outstanding:
Preferred Stock Authorized (Shares)Par Value of Preferred StockPreferred Stock Outstanding (Shares) 2022 and 2021
Xcel Energy Inc.7,000,000 $100 — 
PSCo10,000,000 0.01 — 
SPS10,000,000 1.00 — 
Xcel Energy Inc. had the following common stock authorized/outstanding:
Common Stock Authorized (Shares)Par Value of Common StockCommon Stock Outstanding (Shares) as of Dec. 31, 2022Common Stock Outstanding (Shares) as of Dec. 31, 2021
1,000,000,000 $2.50 549,578,018 544,025,269 
Dividend and Other Capital-Related Restrictions — Xcel Energy depends on its utility subsidiaries to pay dividends. Xcel Energy Inc.’s utility subsidiaries’ dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings. Certain covenants also require Xcel Energy Inc. to be current on interest payments prior to dividend disbursements.
State regulatory commissions impose dividend limitations for NSP-Minnesota, NSP-Wisconsin and SPS, which are more restrictive than those imposed by the FERC.
Requirements and actuals as of Dec. 31, 2022:
Equity to Total
Capitalization Ratio
Required Range 		Equity to Total Capitalization Ratio Actual
LowHigh2022
NSP-Minnesota47.2 %57.6 %52.3 %
NSP-Wisconsin52.5 N/A52.8 
SPS (a)
45.0 55.0 54.3 
(a)    Excludes short-term debt.
(Amounts in Millions)Unrestricted Retained EarningsTotal CapitalizationLimit on Total Capitalization
NSP-Minnesota$1,446 $14,984 $16,140 
NSP-Wisconsin (a)
11 2,280 N/A
SPS (b)
540 7,094 N/A
(a)    Cannot pay annual dividends in excess of forecasted levels if its average equity-to-total capitalization ratio falls below the commission authorized level.
(b)    May not pay a dividend that would cause a loss of its investment grade bond rating.
Issuance of securities by Xcel Energy Inc. is not generally subject to regulatory approval. However, utility financings and intra-system financings are subject to the jurisdiction of state regulatory commissions and/or the FERC. Xcel Energy may seek additional authorization as necessary.
Amounts authorized to issue as of Dec. 31, 2022:
(Millions of Dollars)Long-Term DebtShort-Term Debt
NSP-Minnesota52.8% of total capitalization
(a)
$2,400 
(a)
NSP-Wisconsin$50 150 
SPS— 600 
PSCo1,300 

800 
(a)NSP-Minnesota has authorization to issue long-term securities provided the equity-to-total capitalization remains within the required range, and to issue short-term debt provided it does not exceed 15% of total capitalization.