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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 001-3034
Xcel Energy Inc.
(Exact Name of Registrant as Specified in its Charter)
Minnesota41-0448030
(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)
414 Nicollet MallMinneapolisMinnesota55401
(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 Symbol(s)Name of each exchange on which registered
Common Stock, $2.50 par valueXELNasdaq Stock Market LLC

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 filerAccelerated filer
Non-accelerated filerSmaller 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at July 25, 2023
Common Stock, $2.50 par value551,532,742 shares



TABLE OF CONTENTS
PART IFINANCIAL INFORMATION
Item 1 —
Item 2 —
Item 3 —
Item 4 —
PART IIOTHER INFORMATION
Item 1 —
Item 1A —
Item 2 —
Item 5 —
Item 6 —
This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.
2


Definitions of Abbreviations
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
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
PSCoPublic Service Company of Colorado
SPSSouthwestern Public Service Company
Utility subsidiariesNSP-Minnesota, NSP-Wisconsin, PSCo and SPS
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
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
NMPRCNew Mexico Public Regulation Commission
NRCNuclear Regulatory Commission
OAGMinnesota Office of Attorney General
PSCWPublic Service Commission of Wisconsin
PUCTPublic Utility Commission of Texas
SECSecurities and Exchange Commission
SDPUCSouth Dakota Public Utilities Commission
Electric, Purchased Gas and Resource Adjustment Clauses
ECARetail electric commodity adjustment
GCAGas cost adjustment
Other
AFUDCAllowance for funds used during construction
ALJAdministrative Law Judge
ATMAt-the-market
BARTBest available retrofit technology
C&ICommercial and Industrial
CCRCoal combustion residuals
CCR RuleFinal rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDDCooling degree-days
CEOChief executive officer
CERCLAComprehensive Environmental Response, Compensation, and Liability Act
CFOChief financial officer
CORECORE Electric Cooperative
CSPVCrystalline Silicon Photovoltaic
DRIPDividend Reinvestment and Stock Purchase Program
EPSEarnings per share
ETREffective tax rate
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
LDCLocal distribution company
LLCLimited liability company
LP&LLubbock Power and Light
MGPManufactured gas plant
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
NOPRNotice of Proposed Rulemaking
NOxNitrogen Oxides
O&MOperating and maintenance
OATTOpen Access Transmission Tariff
PFASPer- and Polyfluoroalkyl Substances
PIMPerformance Incentive Mechanism
PPAPower purchase agreement
PTCProduction tax credit
RFPRequest for proposal
ROEReturn on equity
RTORegional Transmission Organization
SMMPASouthern Minnesota Municipal Power Agency
SPPSouthwest Power Pool, Inc.
TCATransmission cost adjustment
THITemperature-humidity index
TOsTransmission owners
VaRValue at Risk
Measurements
MWMegawatts

3


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 those relating to 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, 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 in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022 and subsequent filings with the SEC, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; 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; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or 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; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; 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 events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.
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PART I FINANCIAL INFORMATION
ITEM 1 FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(amounts in millions, except per share data)
Three Months Ended June 30Six Months Ended June 30
2023202220232022
Operating revenues
Electric$2,601 $2,923 $5,364 $5,556 
Natural gas393 476 1,681 1,566 
Other28 25 57 53 
Total operating revenues3,022 3,424 7,102 7,175 
Operating expenses
Electric fuel and purchased power1,030 1,181 2,147 2,275 
Cost of natural gas sold and transported170 251 1,014 961 
Cost of sales — other11 11 23 21 
Operating and maintenance expenses628 614 1,278 1,216 
Conservation and demand side management expenses63 81 139 173 
Depreciation and amortization565 638 1,189 1,200 
Taxes (other than income taxes)137 179 321 350 
Total operating expenses2,604 2,955 6,111 6,196 
Operating income418 469 991 979 
Other income (expense), net11 (6)16 (5)
Earnings from equity method investments9 11 20 26 
Allowance for funds used during construction — equity18 20 37 33 
Interest charges and financing costs
Interest charges — includes other financing costs of $8, $8, $16 and $16, respectively
268 247 521 461 
Allowance for funds used during construction — debt(12)(7)(22)(12)
Total interest charges and financing costs256 240 499 449 
Income before income taxes200 254 565 584 
Income tax benefit(88)(74)(141)(124)
Net income$288 $328 $706 $708 
Weighted average common shares outstanding:
Basic551 546 551 545 
Diluted552 546 551 546 
Earnings per average common share:
Basic$0.52 $0.60 $1.28 $1.30 
Diluted0.52 0.60 1.28 1.30 
See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended June 30Six Months Ended June 30
2023202220232022
Net income$288 $328 $706 $708 
Other comprehensive income
Pension and retiree medical benefits:
Reclassifications of loss to net income, net of tax of $, $, $ and $1, respectively
1 1 1 2 
Derivative instruments:
Net fair value increase, net of tax of $5, $4, $3 and $6, respectively
13 11 8 16 
Reclassification of losses to net income, net of tax of $, $, $1 and $1, respectively
1 1 2 2 
Total other comprehensive income15 13 11 20 
Total comprehensive income$303 $341 $717 $728 
See Notes to Consolidated Financial Statements



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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Six Months Ended June 30
 20232022
Operating activities
Net income$706 $708 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization1,202 1,210 
Nuclear fuel amortization53 61 
Deferred income taxes(192)(135)
Allowance for equity funds used during construction(37)(33)
Earnings from equity method investments(20)(26)
Dividends from equity method investments18 20 
Provision for bad debts36 30 
Share-based compensation expense12 14 
Changes in operating assets and liabilities:
Accounts receivable225 (97)
Accrued unbilled revenues364 70 
Inventories100 (44)
Other current assets39 26 
Accounts payable(443)137 
Net regulatory assets and liabilities569 213 
Other current liabilities(74)(134)
Pension and other employee benefit obligations(37)(32)
Other, net(66) 
Net cash provided by operating activities2,455 1,988 
Investing activities
Capital/construction expenditures(2,599)(2,040)
Purchase of investment securities(416)(787)
Proceeds from the sale of investment securities399 769 
Other, net(23)3 
Net cash used in investing activities(2,639)(2,055)
Financing activities
Repayments of short-term borrowings, net(269)(869)
Proceeds from issuances of long-term debt1,741 2,066 
Repayments of long-term debt, including reacquisition premiums(650)(600)
Proceeds from issuance of common stock75 151 
Dividends paid(536)(497)
Other, net(13)(15)
Net cash provided by financing activities348 236 
Net change in cash, cash equivalents and restricted cash164 169 
Cash, cash equivalents and restricted cash at beginning of period111 166 
Cash, cash equivalents and restricted cash at end of period$275 $335 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(461)$(425)
Cash paid for income taxes, net(49)(9)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$497 $401 
Inventory transfers to property, plant and equipment78 30 
Operating lease right-of-use assets50 15 
Allowance for equity funds used during construction37 33 
Issuance of common stock for reinvested dividends and/or equity awards32 27 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data)
June 30, 2023Dec. 31, 2022
Assets
Current assets
Cash and cash equivalents$275 $111 
Accounts receivable, net1,111 1,373 
Accrued unbilled revenues741 1,105 
Inventories625 803 
Regulatory assets828 1,059 
Derivative instruments233 279 
Prepaid taxes66 54 
Prepayments and other322 360 
Total current assets4,201 5,144 
Property, plant and equipment, net49,664 48,253 
Other assets
Nuclear decommissioning fund and other investments3,456 3,234 
Regulatory assets2,632 2,871 
Derivative instruments80 93 
Operating lease right-of-use assets1,143 1,204 
Other482 389 
Total other assets7,793 7,791 
Total assets$61,658 $61,188 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$1,051 $1,151 
Short-term debt544 813 
Accounts payable1,307 1,804 
Regulatory liabilities486 418 
Taxes accrued407 569 
Accrued interest233 217 
Dividends payable287 268 
Derivative instruments65 76 
Operating lease liabilities226 217 
Other625 545 
Total current liabilities5,231 6,078 
Deferred credits and other liabilities
Deferred income taxes4,657 4,756 
Deferred investment tax credits46 48 
Regulatory liabilities5,752 5,569 
Asset retirement obligations3,295 3,380 
Derivative instruments99 113 
Customer advances174 181 
Pension and employee benefit obligations353 390 
Operating lease liabilities966 1,038 
Other156 147 
Total deferred credits and other liabilities15,498 15,622 
Commitments and contingencies
Capitalization
Long-term debt24,015 22,813 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 551,375,255 and 549,578,018 shares outstanding at June 30, 2023 and December 31, 2022, respectively
1,378 1,374 
Additional paid in capital8,247 8,155 
Retained earnings7,371 7,239 
Accumulated other comprehensive loss(82)(93)
Total common stockholders’ equity16,914 16,675 
Total liabilities and equity$61,658 $61,188 
See Notes to Consolidated Financial Statements
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XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive Loss Total Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Three Months Ended June 30, 2023 and 2022
Balance at March 31, 2022544,530,987 $1,361 $7,801 $6,686 $(116)$15,732 
Net income328 328 
Other comprehensive income13 13 
Dividends declared on common stock ($0.4875 per share)
(266)(266)
Issuances of common stock2,276,806 6 153 159 
Share-based compensation6 (1)5 
Balance at June 30, 2022546,807,793 $1,367 $7,960 $6,747 $(103)$15,971 
Balance at March 31, 2023550,222,192 $1,376 $8,169 $7,370 $(97)$16,818 
Net income288 288 
Other comprehensive income15 15 
Dividends declared on common stock ($0.52 per share)
(286)(286)
Issuances of common stock1,153,063 2 75 77 
Share-based compensation3 (1)2 
Balance at June 30, 2023551,375,255 $1,378 $8,247 $7,371 $(82)$16,914 
Common Stock IssuedRetained EarningsAccumulated Other Comprehensive LossTotal Common Stockholders' Equity
SharesPar ValueAdditional Paid
In Capital
Six Months Ended June 30, 2023 and 2022      
Balance at Dec. 31, 2021544,025,269 $1,360 $7,803 $6,572 $(123)$15,612 
Net income708 708 
Other comprehensive income20 20 
Dividends declared on common stock ($0.975 per share)
(531)(531)
Issuances of common stock2,782,524 7 164 171 
Share-based compensation(7)(2)(9)
Balance at June 30, 2022546,807,793 $1,367 $7,960 $6,747 $(103)$15,971 
Balance at Dec. 31, 2022549,578,018 $1,374 $8,155 $7,239 $(93)$16,675 
Net income706 706 
Other comprehensive income11 11 
Dividends declared on common stock ($1.04 per share)
(572)(572)
Issuances of common stock1,797,237 4 91 95 
Share-based compensation1 (2)(1)
Balance at June 30, 2023551,375,255 $1,378 $8,247 $7,371 $(82)$16,914 
See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of June 30, 2023 and Dec. 31, 2022; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2023 and 2022; and Xcel Energy’s cash flows for the six months ended June 30, 2023 and 2022.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2023, 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, 2022 balance sheet information has been derived from the audited 2022 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2022.
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, 2022, filed with the SEC on Feb. 23, 2023.
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.
1. 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, 2022 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
As of June 30, 2023, there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on Xcel Energy’s consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)June 30, 2023Dec. 31, 2022
Accounts receivable, net
Accounts receivable$1,232 $1,495 
Less allowance for bad debts(121)(122)
Accounts receivable, net$1,111 $1,373 

(Millions of Dollars)June 30, 2023Dec. 31, 2022
Inventories
Materials and supplies$354 $330 
Fuel199 201 
Natural gas72 272 
Total inventories$625 $803 
(Millions of Dollars)June 30, 2023Dec. 31, 2022
Property, plant and equipment, net
Electric plant$50,816 $49,639 
Natural gas plant8,777 8,514 
Common and other property3,081 2,970 
Plant to be retired (a)
2,148 2,217 
Construction work in progress2,541 2,124 
Total property, plant and equipment67,363 65,464 
Less accumulated depreciation(18,032)(17,502)
Nuclear fuel3,278 3,183 
Less accumulated amortization(2,945)(2,892)
Property, plant and equipment, net$49,664 $48,253 
(a)Amounts include Sherco Units 1, 2 and 3 and A.S. King for NSP-Minnesota; Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion for PSCo; and Tolk and coal generation assets at Harrington pending facility gas conversion for SPS. Amounts are presented net of accumulated depreciation.
4. 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:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2023Year Ended Dec. 31, 2022
Borrowing limit$3,550 $3,550 
Amount outstanding at period end544 813 
Average amount outstanding516 552 
Maximum amount outstanding1,078 1,357 
Weighted average interest rate, computed on a daily basis5.26 %1.47 %
Weighted average interest rate at period end5.32 4.66 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $46 million and $43 million of letters of credit outstanding under the credit facilities at both June 30, 2023 and Dec. 31, 2022. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. 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.
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As of June 30, 2023, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,500 $476 $1,024 
PSCo700 29 671 
NSP-Minnesota700 15 685 
SPS500 70 430 
NSP-Wisconsin150  150 
Total$3,550 $590 $2,960 
(a)Expires in September 2027.
(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 credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the 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 of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2023 and Dec. 31, 2022.
Bilateral Credit Agreement
In April 2023, 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 June 30, 2023, NSP-Minnesota had $57 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the six months ended June 30, 2023, Xcel Energy Inc. and its utility subsidiaries issued the following:
PSCo issued $850 million of 5.25% first mortgage bonds due April 1, 2053.
NSP-Wisconsin issued $125 million of 5.30% first mortgage bonds due June 15, 2053.
NSP-Minnesota issued $800 million of 5.10% first mortgage bonds due May 15, 2053.
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 were issued (approximately $350 million). In 2022, 4.30 million shares of common stock were issued (approximately $300 million). In the six months ended June 30, 2023, 0.9 million shares were issued (approximately $62 million). As of June 30, 2023, approximately $88 million remained available for sale under the ATM program. Xcel Energy Inc. plans to file a new ATM program in 2023.
Equity through DRIP and Benefits Program Xcel Energy issued $61 million and $45 million of equity through the DRIP and benefits programs during the six months ended June 30, 2023 and 2022, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
5. Revenues
Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
Three Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$748 $216 $15 $979 
C&I1,337 124 8 1,469 
Other37  1 38 
Total retail2,122 340 24 2,486 
Wholesale174   174 
Transmission157   157 
Other4 32  36 
Total revenue from contracts with customers2,457 372 24 2,853 
Alternative revenue and other144 21 4 169 
Total revenues$2,601 $393 $28 $3,022 
Three Months Ended June 30, 2022
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$797 $257 $6 $1,060 
C&I1,416 164 7 1,587 
Other37  9 46 
Total retail2,250 421 22 2,693 
Wholesale318   318 
Transmission156   156 
Other12 37  49 
Total revenue from contracts with customers2,736 458 22 3,216 
Alternative revenue and other187 18 3 208 
Total revenues$2,923 $476 $25 $3,424 
Six Months Ended June 30, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$1,622 $1,005 $28 $2,655 
C&I2,690 547 20 3,257 
Other73  2 75 
Total retail4,385 1,552 50 5,987 
Wholesale398   398 
Transmission320   320 
Other13 80  93 
Total revenue from contracts with customers5,116 1,632 50 6,798 
Alternative revenue and other248 49 7 304 
Total revenues$5,364 $1,681 $57 $7,102 
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Six Months Ended June 30, 2022
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$1,614 $919 $15 $2,548 
C&I2,651 520 9 3,180 
Other69  23 92 
Total retail4,334 1,439 47 5,820 
Wholesale577   577 
Transmission308   308 
Other35 82  117 
Total revenue from contracts with customers5,254 1,521 47 6,822 
Alternative revenue and other302 45 6 353 
Total revenues$5,556 $1,566 $53 $7,175 
6. Income Taxes
Reconciliation between the statutory rate and ETR:
Three Months Ended June 30Six Months Ended June 30
2023202220232022
Federal statutory rate21.0 %21.0 %21.0 %21.0 %
State tax (net of federal tax effect)5.1 5.2 4.9 5.0 
(Decreases) increases:
Wind PTCs (a)
(64.0)(48.3)(44.1)(40.4)
Plant regulatory differences (b)
(6.3)(5.5)(5.8)(5.1)
Other tax credits, net operating loss & tax credits allowances(1.4)(1.4)(1.5)(1.5)
Other (net)1.6 (0.1)0.5 (0.2)
Effective income tax rate(44.0)%(29.1)%(25.0)%(21.2)%
(a)Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income.
(b)Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions.
7. Earnings Per Share
Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted 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 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 have been satisfied by the end of the reporting period.
Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.
Common shares outstanding used in the basic and diluted EPS computation:
Three Months Ended June 30Six Months Ended June 30
(Shares in Millions)2023202220232022
Basic 551 546551545
Diluted (a)
552546 551 546 
(a)Diluted common shares outstanding included common stock equivalents of 0.3 million for the three months ended June 30, 2023 and 2022, respectively. Diluted common shares outstanding included common stock equivalents of 0.2 million for the six months ended June 30, 2023 and 2022, respectively.
8. Fair Value of Financial Assets and Liabilities
Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.
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 actively traded instruments with observable actual trading prices.
Level 2 Pricing inputs are other than actual trading 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.
Level 3