Xcel Energy Inc.000007290312/312024Q1FALSE3/31/2024http://fasb.org/us-gaap/2024#AssetsCurrenthttp://fasb.org/us-gaap/2024#AssetsCurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2024#LiabilitiesOtherThanLongtermDebtNoncurrenthttp://fasb.org/us-gaap/2024#LiabilitiesOtherThanLongtermDebtNoncurrent00000729032024-01-012024-03-3100000729032024-04-22xbrli:sharesiso4217:USD00000729032023-01-012023-03-310000072903us-gaap:RetainedEarningsMember2024-01-012024-03-310000072903us-gaap:RetainedEarningsMember2023-01-012023-03-31iso4217:USDxbrli:shares0000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-3100000729032023-12-3100000729032022-12-3100000729032024-03-3100000729032023-03-310000072903us-gaap:CommonStockMember2022-12-310000072903us-gaap:AdditionalPaidInCapitalMember2022-12-310000072903us-gaap:RetainedEarningsMember2022-12-310000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000072903us-gaap:CommonStockMember2023-01-012023-03-310000072903us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000072903us-gaap:CommonStockMember2023-03-310000072903us-gaap:AdditionalPaidInCapitalMember2023-03-310000072903us-gaap:RetainedEarningsMember2023-03-310000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000072903us-gaap:CommonStockMember2023-12-310000072903us-gaap:AdditionalPaidInCapitalMember2023-12-310000072903us-gaap:RetainedEarningsMember2023-12-310000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000072903us-gaap:CommonStockMember2024-01-012024-03-310000072903us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000072903us-gaap:CommonStockMember2024-03-310000072903us-gaap:AdditionalPaidInCapitalMember2024-03-310000072903us-gaap:RetainedEarningsMember2024-03-310000072903us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000072903us-gaap:PublicUtilitiesInventorySuppliesMember2024-03-310000072903us-gaap:PublicUtilitiesInventorySuppliesMember2023-12-310000072903us-gaap:PublicUtilitiesInventoryFuelMember2024-03-310000072903us-gaap:PublicUtilitiesInventoryFuelMember2023-12-310000072903us-gaap:PublicUtilitiesInventoryNaturalGasMember2024-03-310000072903us-gaap:PublicUtilitiesInventoryNaturalGasMember2023-12-310000072903us-gaap:ElectricGenerationEquipmentMember2024-03-310000072903us-gaap:ElectricGenerationEquipmentMember2023-12-310000072903us-gaap:GasTransmissionEquipmentMember2024-03-310000072903us-gaap:GasTransmissionEquipmentMember2023-12-310000072903us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2024-03-310000072903us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2023-12-310000072903xel:PlantToBeRetiredMember2024-03-310000072903xel:PlantToBeRetiredMember2023-12-310000072903us-gaap:ConstructionInProgressMember2024-03-310000072903us-gaap:ConstructionInProgressMember2023-12-310000072903us-gaap:NuclearFuelMember2024-03-310000072903us-gaap:NuclearFuelMember2023-12-310000072903us-gaap:CommercialPaperMember2024-03-310000072903us-gaap:CommercialPaperMember2023-12-310000072903us-gaap:CommercialPaperMember2024-01-012024-03-310000072903us-gaap:CommercialPaperMember2023-01-012023-12-31xbrli:pure0000072903us-gaap:LetterOfCreditMember2024-01-012024-03-310000072903us-gaap:LetterOfCreditMember2024-03-310000072903us-gaap:LetterOfCreditMember2023-12-310000072903us-gaap:RevolvingCreditFacilityMembersrt:ParentCompanyMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMemberxel:PscoMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMemberxel:NspMinnesotaMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMemberxel:SpsMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMemberxel:NSPWisconsinMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMember2024-03-310000072903us-gaap:RevolvingCreditFacilityMember2023-12-310000072903us-gaap:LetterOfCreditMemberxel:NspMinnesotaMemberxel:BilateralCreditAgreementMember2024-01-012024-03-310000072903us-gaap:LetterOfCreditMemberxel:NspMinnesotaMemberxel:BilateralCreditAgreementMember2024-03-310000072903xel:SeriesDueMarch152034Memberus-gaap:BondsMemberxel:XCELENERGYINCMember2024-03-310000072903xel:SeriesDueMarch152054Memberus-gaap:BondsMemberxel:NspMinnesotaMember2024-03-310000072903xel:PscoMemberus-gaap:BondsMemberxel:SeriesDueMay152034Memberus-gaap:SubsequentEventMember2024-04-040000072903xel:PscoMemberus-gaap:BondsMemberxel:SeriesDueMay152054Memberus-gaap:SubsequentEventMember2024-04-0400000729032023-10-012023-12-310000072903xel:DividendReinvestmentProgramMember2024-01-012024-03-310000072903xel:DividendReinvestmentProgramMember2023-01-012023-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMemberxel:ResidentialCustomersMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMemberxel:ResidentialCustomersMember2024-01-012024-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMemberxel:ResidentialCustomersMember2024-01-012024-03-310000072903xel:RetailDistributionMemberxel:ResidentialCustomersMember2024-01-012024-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMember2024-01-012024-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMember2024-01-012024-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMemberxel:OtherCustomersMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMemberxel:OtherCustomersMember2024-01-012024-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMemberxel:OtherCustomersMember2024-01-012024-03-310000072903xel:RetailDistributionMemberxel:OtherCustomersMember2024-01-012024-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMember2024-01-012024-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903xel:RetailDistributionMember2024-01-012024-03-310000072903xel:RegulatedElectricMemberxel:WholesaleDistributionMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:WholesaleDistributionMember2024-01-012024-03-310000072903us-gaap:AllOtherSegmentsMemberxel:WholesaleDistributionMember2024-01-012024-03-310000072903xel:WholesaleDistributionMember2024-01-012024-03-310000072903xel:TransmissionServicesMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:TransmissionServicesMemberxel:RegulatedNaturalGasMember2024-01-012024-03-310000072903xel:TransmissionServicesMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903xel:TransmissionServicesMember2024-01-012024-03-310000072903xel:OtherServicesMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberxel:OtherServicesMember2024-01-012024-03-310000072903xel:OtherServicesMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903xel:OtherServicesMember2024-01-012024-03-310000072903us-gaap:ProductMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberus-gaap:ProductMember2024-01-012024-03-310000072903us-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903us-gaap:ProductMember2024-01-012024-03-310000072903xel:AlternativeandOtherMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903xel:AlternativeandOtherMemberxel:RegulatedNaturalGasMember2024-01-012024-03-310000072903xel:AlternativeandOtherMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903xel:AlternativeandOtherMember2024-01-012024-03-310000072903us-gaap:OperatingSegmentsMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903us-gaap:OperatingSegmentsMemberxel:RegulatedNaturalGasMember2024-01-012024-03-310000072903us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903us-gaap:OperatingSegmentsMember2024-01-012024-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMemberxel:ResidentialCustomersMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMemberxel:ResidentialCustomersMember2023-01-012023-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMemberxel:ResidentialCustomersMember2023-01-012023-03-310000072903xel:RetailDistributionMemberxel:ResidentialCustomersMember2023-01-012023-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMember2023-01-012023-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903xel:CommercialandIndustrialCustomersMemberxel:RetailDistributionMember2023-01-012023-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMemberxel:OtherCustomersMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMemberxel:OtherCustomersMember2023-01-012023-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMemberxel:OtherCustomersMember2023-01-012023-03-310000072903xel:RetailDistributionMemberxel:OtherCustomersMember2023-01-012023-03-310000072903xel:RetailDistributionMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:RetailDistributionMember2023-01-012023-03-310000072903xel:RetailDistributionMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903xel:RetailDistributionMember2023-01-012023-03-310000072903xel:RegulatedElectricMemberxel:WholesaleDistributionMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:WholesaleDistributionMember2023-01-012023-03-310000072903us-gaap:AllOtherSegmentsMemberxel:WholesaleDistributionMember2023-01-012023-03-310000072903xel:WholesaleDistributionMember2023-01-012023-03-310000072903xel:TransmissionServicesMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:TransmissionServicesMemberxel:RegulatedNaturalGasMember2023-01-012023-03-310000072903xel:TransmissionServicesMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903xel:TransmissionServicesMember2023-01-012023-03-310000072903xel:OtherServicesMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberxel:OtherServicesMember2023-01-012023-03-310000072903xel:OtherServicesMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903xel:OtherServicesMember2023-01-012023-03-310000072903us-gaap:ProductMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberus-gaap:ProductMember2023-01-012023-03-310000072903us-gaap:ProductMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903us-gaap:ProductMember2023-01-012023-03-310000072903xel:AlternativeandOtherMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:AlternativeandOtherMemberxel:RegulatedNaturalGasMember2023-01-012023-03-310000072903xel:AlternativeandOtherMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903xel:AlternativeandOtherMember2023-01-012023-03-310000072903us-gaap:OperatingSegmentsMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903us-gaap:OperatingSegmentsMemberxel:RegulatedNaturalGasMember2023-01-012023-03-310000072903us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903us-gaap:OperatingSegmentsMember2023-01-012023-03-3100000729032023-01-012023-06-300000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberxel:CommingledFundsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2024-03-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000072903xel:RegulatedNaturalGasMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CashAndCashEquivalentsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberxel:CommingledFundsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberxel:CommingledFundsMember2023-12-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:EquitySecuritiesMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000072903us-gaap:InterestRateSwapMember2024-03-310000072903xel:CashflowhedgecommodityMember2024-03-310000072903xel:ElectricCommodityMember2024-03-31utr:MWh0000072903xel:ElectricCommodityMember2023-12-310000072903xel:NaturalGasCommodityMember2024-03-31utr:MMBTU0000072903xel:NaturalGasCommodityMember2023-12-310000072903us-gaap:CreditConcentrationRiskMemberus-gaap:ExternalCreditRatingInvestmentGradeMember2024-03-31xel:Counterparty0000072903us-gaap:CreditConcentrationRiskMember2024-03-310000072903us-gaap:CreditConcentrationRiskMemberus-gaap:InternalInvestmentGradeMember2024-03-310000072903us-gaap:CreditConcentrationRiskMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-03-310000072903us-gaap:CreditConcentrationRiskMemberxel:MunicipalorCooperativeEntitiesorOtherUtilitiesMember2024-03-310000072903us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMember2024-01-012024-03-310000072903us-gaap:NondesignatedMemberxel:NaturalGasCommodityMember2024-01-012024-03-310000072903us-gaap:NondesignatedMember2024-01-012024-03-310000072903us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMember2023-01-012023-03-310000072903us-gaap:NondesignatedMemberxel:NaturalGasCommodityMember2023-01-012023-03-310000072903us-gaap:NondesignatedMember2023-01-012023-03-310000072903us-gaap:NondesignatedMemberxel:CommodityTradingContractMember2024-01-012024-03-310000072903us-gaap:NondesignatedMemberxel:NaturalGasCommodityContractMember2024-01-012024-03-310000072903us-gaap:NondesignatedMemberxel:CommodityTradingContractMember2023-01-012023-03-310000072903us-gaap:NondesignatedMemberxel:NaturalGasCommodityContractMember2023-01-012023-03-310000072903us-gaap:NondesignatedMemberxel:NaturalGasCommodityContractMemberxel:ElectricFuelAndPurchasedPowerMember2024-01-012024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentAssetsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:FairValueMeasurementsNonrecurringMemberxel:PurchasedPowerAgreementsMember2024-03-310000072903us-gaap:FairValueMeasurementsNonrecurringMemberxel:PurchasedPowerAgreementsMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMember2024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:InterestRateSwapMember2023-12-310000072903us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberxel:ElectricCommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:NondesignatedMemberxel:ElectricCommodityContractMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberxel:NaturalGasCommodityContractMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:NondesignatedMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-03-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000072903us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000072903us-gaap:CommodityContractMember2023-12-310000072903us-gaap:CommodityContractMember2022-12-310000072903us-gaap:CommodityContractMember2024-01-012024-03-310000072903us-gaap:CommodityContractMember2023-01-012023-03-310000072903us-gaap:CommodityContractMember2024-03-310000072903us-gaap:CommodityContractMember2023-03-310000072903us-gaap:FairValueInputsLevel2Member2024-03-310000072903us-gaap:FairValueInputsLevel2Member2023-12-310000072903us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000072903us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000072903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-03-310000072903us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-03-310000072903us-gaap:PensionPlansDefinedBenefitMembersrt:ParentCompanyMember2024-01-012024-01-310000072903xel:GasTradingLitigationMember2024-03-31xel:complaintxel:Claims0000072903xel:NspMinnesotaMember2021-01-012021-01-3100000729032021-01-310000072903xel:NspMinnesotaMember2023-09-220000072903xel:OtherMGPLandfillOrDisposalSitesMember2024-03-31xel:Period0000072903xel:PscoMemberxel:FederalCoalAshRegulationMember2024-03-31xel:sites0000072903xel:PscoMembersrt:MaximumMemberxel:FederalCoalAshRegulationMember2024-03-310000072903xel:FederalCleanWaterActSection316bMemberus-gaap:CapitalAdditionsMember2024-03-310000072903xel:PurchasedPowerAgreementsMember2024-01-012024-03-310000072903xel:PurchasedPowerAgreementsMember2023-01-012023-03-310000072903us-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-01-012024-03-310000072903us-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-01-012023-03-310000072903xel:PurchasedPowerAgreementsMember2024-03-310000072903us-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-03-310000072903xel:WYCOInc.Member2024-03-310000072903us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-12-31utr:MW0000072903us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2024-03-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-12-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-12-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-012023-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000072903us-gaap:InterestRateSwapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310000072903us-gaap:InterestRateSwapMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000072903us-gaap:InterestRateSwapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-012023-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000072903us-gaap:InterestRateSwapMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000072903us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-03-310000072903us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000072903xel:RegulatedNaturalGasMember2023-12-310000072903us-gaap:IntersegmentEliminationMemberxel:RegulatedElectricMember2024-01-012024-03-310000072903us-gaap:IntersegmentEliminationMemberxel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedElectricMember2024-01-012024-03-310000072903xel:RegulatedElectricMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310000072903xel:RegulatedNaturalGasMember2024-01-012024-03-310000072903xel:RegulatedNaturalGasMember2023-01-012023-03-310000072903us-gaap:AllOtherSegmentsMember2024-01-012024-03-310000072903us-gaap:AllOtherSegmentsMember2023-01-012023-03-310000072903us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000072903us-gaap:IntersegmentEliminationMember2023-01-012023-03-31

xcelenergylogoa01.jpg
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 March 31, 2024
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)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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 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 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 April 22, 2024
Common Stock, $2.50 par value555,639,439 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
DOEUnited States Department of Energy
EPAUnited States Environmental Protection Agency
FERCFederal Energy Regulatory Commission
MPUCMinnesota Public Utilities Commission
MPSCMichigan Public Service Commission
NDPSCNorth Dakota Public Service 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
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
CPCNCertificate of Public Convenience and Necessity
CSPVCrystalline Silicon Photovoltaic
CUBCitizens Utility Board
DRIPDividend Reinvestment and Stock Purchase Program
EPSEarnings per share
ETREffective tax rate
FTRFinancial transmission right
GAAPUnited States generally accepted accounting principles
GCAGas cost adjustment
GEGeneral Electric Company
HDDHeating degree-days
IPPIndependent power producing entity
IRPIntegrated Resource Plan
LLCLimited liability company
LP&LLubbock Power and Light
MGPManufactured gas plant
MPHMiles per hour
MISOMidcontinent Independent System Operator, Inc.
NAVNet asset value
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.
TEPTransportation electrification plan
THITemperature-humidity index
VaRValue at Risk
WACCWeighted average cost of capital
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 2024 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, 2023 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 workforce 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; cybersecurity 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.
4
Table of Contents

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 March 31
20242023
Operating revenues
Electric$2,685 $2,763 
Natural gas941 1,288 
Other23 29 
Total operating revenues3,649 4,080 
Operating expenses
Electric fuel and purchased power948 1,117 
Cost of natural gas sold and transported483 844 
Cost of sales — other8 12 
Operating and maintenance expenses605 650 
Conservation and demand side management expenses97 76 
Depreciation and amortization658 624 
Taxes (other than income taxes)171 184 
Total operating expenses2,970 3,507 
Operating income679 573 
Other income, net14 5 
Earnings from equity method investments8 11 
Allowance for funds used during construction — equity37 19 
Interest charges and financing costs
Interest charges — includes other financing costs 291 253 
Allowance for funds used during construction — debt(14)(10)
Total interest charges and financing costs277 243 
Income before income taxes461 365 
Income tax benefit(27)(53)
Net income$488 $418 
Weighted average common shares outstanding:
Basic556 551 
Diluted556 551 
Earnings per average common share:
Basic$0.88 $0.76 
Diluted0.88 0.76 
See Notes to Consolidated Financial Statements

5
Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)
Three Months Ended March 31
20242023
Net income$488 $418 
Other comprehensive income
Derivative instruments:
Net fair value increase (decrease), net of tax22 (5)
Reclassification of losses to net income, net of tax1 1 
Total other comprehensive income (loss)23 (4)
Total comprehensive income$511 $414 
See Notes to Consolidated Financial Statements



6
Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)
 Three Months Ended March 31
 20242023
Operating activities
Net income$488 $418 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization664 631 
Nuclear fuel amortization20 29 
Deferred income taxes154 (73)
Allowance for equity funds used during construction(37)(19)
Earnings from equity method investments(8)(11)
Dividends from equity method investments9 9 
Provision for bad debts17 23 
Share-based compensation expense6 9 
Changes in operating assets and liabilities:
Accounts receivable78 50 
Accrued unbilled revenues73 329 
Inventories50 189 
Other current assets(65)8 
Accounts payable(114)(359)
Net regulatory assets and liabilities81 345 
Other current liabilities(180)63 
Pension and other employee benefit obligations(103)(45)
Other, net(83)(59)
Net cash provided by operating activities1,050 1,537 
Investing activities
Capital/construction expenditures(1,537)(1,265)
Purchase of investment securities(189)(236)
Proceeds from the sale of investment securities179 228 
Other, net(9)(11)
Net cash used in investing activities(1,556)(1,284)
Financing activities
Repayments of short-term borrowings, net(322)266 
Proceeds from issuances of long-term debt1,478 — 
Repayments of long-term debt, including reacquisition premiums— (250)
Proceeds from issuance of common stock8 6 
Dividends paid(280)(259)
Other, net(6)(13)
Net cash provided by (used in) financing activities878 (250)
Net change in cash, cash equivalents and restricted cash372 3 
Cash, cash equivalents and restricted cash at beginning of period129 111 
Cash, cash equivalents and restricted cash at end of period$501 $114 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)$(230)$(209)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers131 (1)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions$452 $449 
Inventory transfers to property, plant and equipment99 34 
Operating lease right-of-use assets— 47 
Allowance for equity funds used during construction37 19 
Issuance of common stock for reinvested dividends and/or equity awards15 21 
See Notes to Consolidated Financial Statements
7
Table of Contents
XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data
March 31, 2024Dec. 31, 2023
Assets
Current assets
Cash and cash equivalents$501 $129 
Accounts receivable, net1,220 1,315 
Accrued unbilled revenues779 853 
Inventories623 711 
Regulatory assets647 611 
Derivative instruments86 104 
Prepaid taxes85 52 
Prepayments and other548 294 
Total current assets4,489 4,069 
Property, plant and equipment, net52,765 51,642 
Other assets
Nuclear decommissioning fund and other investments3,746 3,599 
Regulatory assets2,769 2,798 
Derivative instruments90 76 
Operating lease right-of-use assets1,164 1,217 
Other562 678 
Total other assets8,331 8,368 
Total assets$65,585 $64,079 
Liabilities and Equity
Current liabilities
Current portion of long-term debt$552 $552 
Short-term debt463 785 
Accounts payable1,461 1,668 
Regulatory liabilities557 528 
Taxes accrued638 557 
Accrued interest291 251 
Dividends payable304 289 
Derivative instruments45 74 
Operating lease liabilities228 226 
Other671 722 
Total current liabilities5,210 5,652 
Deferred credits and other liabilities
Deferred income taxes5,108 4,885 
Deferred investment tax credits58 60 
Regulatory liabilities5,990 5,827 
Asset retirement obligations3,255 3,218 
Derivative instruments90 86 
Customer advances159 167 
Pension and employee benefit obligations364 469 
Operating lease liabilities980 1,038 
Other134 148 
Total deferred credits and other liabilities16,138 15,898 
Commitments and contingencies
Capitalization
Long-term debt26,396 24,913 
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 555,470,302 and 554,941,703 shares outstanding at March 31, 2024 and December 31, 2023, respectively
1,389 1,387 
Additional paid in capital8,481 8,465 
Retained earnings8,042 7,858 
Accumulated other comprehensive loss(71)(94)
Total common stockholders’ equity17,841 17,616 
Total liabilities and equity$65,585 $64,079 
See Notes to Consolidated Financial Statements
8
Table of Contents
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 March 31, 2024 and 2023
Balance at Dec. 31, 2022549,578,018 $1,374 $8,155 $7,239 $(93)$16,675 
Net income418 418 
Other comprehensive loss(4)(4)
Dividends declared on common stock ($0.52 per share)
(286)(286)
Issuances of common stock644,174 2 16 18 
Share-based compensation(2)(1)(3)
Balance at March 31, 2023550,222,192 $1,376 $8,169 $7,370 $(97)$16,818 
Balance at Dec. 31, 2023554,941,703 $1,387 $8,465 $7,858 $(94)$17,616 
Net income488 488 
Other comprehensive income23 23 
Dividends declared on common stock ($0.5475 per share)
(304)(304)
Issuances of common stock528,599 2 10 12 
Share-based compensation6 6 
Balance at March 31, 2024555,470,302 $1,389 $8,481 $8,042 $(71)$17,841 
See Notes to Consolidated Financial Statements

9
Table of Contents
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 March 31, 2024 and Dec. 31, 2023; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholders’ equity for the three months ended March 31, 2024 and 2023.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2024, 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, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023.
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, 2023, filed with the SEC on Feb. 21, 2024.
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, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference.
2. Accounting Pronouncements
Recently Issued
Segment Reporting — In November 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. The ASU is effective for annual periods beginning after Dec. 15, 2023 and quarterly periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.
Income Taxes — In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, with new disclosure requirements including presentation of prescribed line items in the effective tax rate reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements.
Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. Xcel Energy does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.
3. Selected Balance Sheet Data
(Millions of Dollars)March 31, 2024Dec. 31, 2023
Accounts receivable, net
Accounts receivable$1,339 $1,443 
Less allowance for bad debts(119)(128)
Accounts receivable, net$1,220 $1,315 
(Millions of Dollars)March 31, 2024Dec. 31, 2023
Inventories
Materials and supplies$384 $377 
Fuel192 211 
Natural gas47 123 
Total inventories$623 $711 
(Millions of Dollars)March 31, 2024Dec. 31, 2023
Property, plant and equipment, net
Electric plant$52,982 $52,494 
Natural gas plant9,198 9,080 
Common and other property3,216 3,190 
Plant to be retired (a)
1,996 2,055 
Construction work in progress3,773 2,873 
Total property, plant and equipment71,165 69,692 
Less accumulated depreciation(18,771)(18,399)
Nuclear fuel3,379 3,337 
Less accumulated amortization(3,008)(2,988)
Property, plant and equipment, net$52,765 $51,642 
(a)Amounts include Sherco 1 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 Unit 1 and 2 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.
10
Table of Contents

Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2024Year Ended Dec. 31, 2023
Borrowing limit$3,550 $3,550 
Amount outstanding at period end463 785 
Average amount outstanding807 491 
Maximum amount outstanding1,314 1,241 
Weighted average interest rate, computed on a daily basis5.53 %5.12 %
Weighted average interest rate at period end5.49 5.52 
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 was $44 million of letters of credit outstanding under the credit facilities at both March 31, 2024 and Dec. 31, 2023. 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.
As of March 31, 2024, 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 $50 $1,450 
PSCo700 298 402 
NSP-Minnesota700 15 685 
SPS500 145 355 
NSP-Wisconsin150 — 150 
Total$3,550 $508 $3,042 
(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 March 31, 2024 and Dec. 31, 2023.
Bilateral Credit Agreement
In April 2024, 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 March 31, 2024, NSP-Minnesota had $65 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the three months ended March 31, 2024, Xcel Energy Inc. and its utility subsidiaries issued the following:
•Xcel Energy Inc. issued $800 million of 5.50% Senior Unsecured Notes due March 15, 2034.
•NSP-Minnesota issued $700 million of 5.40% First Mortgage Bonds due March 15, 2054.
On April 4, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054.
ATM Equity Offering — In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, Xcel Energy Inc. issued 3.12 million shares of common stock ($188 million in net proceeds and $2 million in transaction fees paid). In the three months ended March 31, 2024, no shares were issued under the ATM program. As of March 31, 2024, approximately $2.3 billion remained available for sale under the ATM program.
Equity through DRIP and Benefits Program — Xcel Energy issued $17 million and $15 million of equity through the DRIP and benefits programs during the three months ended March 31, 2024 and 2023, 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 March 31, 2024
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$859 $568 $10 $1,437 
C&I1,276 274 9 1,559 
Other34 — 2 36 
Total retail2,169 842 21 3,032 
Wholesale173 — — 173 
Transmission158 — — 158 
Other19 59 — 78 
Total revenue from contracts with customers2,519 901 21 3,441 
Alternative revenue and other166 40 2 208 
Total revenues$2,685 $941 $23 $3,649 
11
Table of Contents

Three Months Ended March 31, 2023
(Millions of Dollars)ElectricNatural GasAll OtherTotal
Major revenue types
Revenue from contracts with customers:
Residential$875 $789 $13 $1,677 
C&I1,352 423 12 1,787 
Other36 — 1 37 
Total retail2,263 1,212 26 3,501 
Wholesale224 — — 224 
Transmission163 — — 163 
Other9 48 — 57 
Total revenue from contracts with customers2,659 1,260 26 3,945 
Alternative revenue and other104 28 3 135 
Total revenues$2,763 $1,288 $29 $4,080 
6. Income Taxes
Reconciliation between the statutory rate and ETR:
Three Months Ended March 31
20242023
Federal statutory rate21.0 %21.0 %
State tax (net of federal tax effect)4.8 4.8 
(Decreases) increases:
Wind PTCs (a)
(25.9)(33.1)
Plant regulatory differences (b)
(5.6)(5.5)
Other tax credits, net operating loss & tax credit allowances(0.6)(1.6)
Other (net)0.4 (0.1)
Effective income tax rate(5.9)%(14.5)%
(a)Wind PTCs net of estimated transfer discounts are generally 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 March 31
(Shares in Millions)20242023
Basic 556 551
Diluted (a)
556551 
(a)Diluted common shares outstanding included common stock equivalents of 0.2 million for the three months ended March 31, 2024 and 2023.
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 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.
Specific valuation methods include:
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 funds 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 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.
12
Table of Contents

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 contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs 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 an 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 values of these instruments are derived from, and designed to offset, the costs 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 these instruments.
FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.
Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.
Non-Derivative Fair Value Measurements
Nuclear Decommissioning Fund
The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.
NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset.
Unrealized gains for the nuclear decommissioning fund were $1.3 billion and $1.2 billion as of March 31, 2024 and Dec. 31, 2023, respectively, and unrealized losses were $34 million and $29 million as of March 31, 2024 and Dec. 31, 2023, respectively.
Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
March 31, 2024
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$57 $57 $— $— $— $57 
Commingled funds718 — — — 1,042 1,042 
Debt securities804 — 781 9 — 790 
Equity securities511 1,457 2 — — 1,459 
Total$2,090 $1,514 $783 $9 $1,042 $3,348 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $247 million of equity method investments and $151 million of rabbi trust assets and other miscellaneous investments.
Dec. 31, 2023
Fair Value
(Millions of Dollars)CostLevel 1Level 2Level 3NAVTotal
Nuclear decommissioning fund (a)
Cash equivalents$41 $41 $— $— $— $41 
Commingled funds721 — — — 1,049 1,049 
Debt securities784 — 771 9 — 780 
Equity securities508 1,339 2 — — 1,341 
Total$2,054 $1,380 $773 $9 $1,049 $3,211 
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments.
For the three months ended March 31, 2024 and 2023, there were no Level 3 nuclear decommissioning fund investments or transfer of amounts between levels.
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2024:
Final Contractual Maturity
(Millions of Dollars)Due in 1 Year or LessDue in 1 to 5 YearsDue in 5 to 10 YearsDue after 10 YearsTotal
Debt securities$6 $276 $257 $251 $790 
Rabbi Trusts
Xcel Energy has established rabbi trusts to provide partial funding for future distributions of a deferred compensation plan. The fair value of assets held in the rabbi trusts were $92 million and $88 million at March 31, 2024 and Dec. 31, 2023, respectively, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet.
Derivative Activities and 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, and utility commodity prices.
13
Table of Contents

Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.
As of March 31, 2024, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of March 31, 2024, Xcel Energy had no unsettled interest swaps outstanding.
See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.
Wholesale and Commodity Trading — 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 the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
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. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.
The most significant derivative positions outstanding at March 31, 2024 and Dec. 31, 2023 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion.
When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of March 31, 2024, Xcel Energy had no commodity contracts designated as cash flow hedges.
Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b)
March 31, 2024Dec. 31, 2023
Megawatt hours of electricity35 48 
Million British thermal units of natural gas78 84 
(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 on 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 March 31, 2024, four of Xcel Energy’s ten most significant counterparties for these activities, comprising $43 million, or 22%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.
Five of the ten most significant counterparties, comprising $68 million, or 34%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade.
One of these significant counterparties, comprising $54 million, or 27%, 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.
Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and 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.
As of March 31, 2024 and Dec. 31, 2023, there were $14 million and $12 million, respectively, of derivative liabilities with such underlying contract provisions, respectively.
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of March 31, 2024 and Dec. 31, 2023, there were approximately $86 million and $88 million of derivative liabilities with such underlying contract provisions, respectively.
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These 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 March 31, 2024 and Dec. 31, 2023.
14
Table of Contents

Recurring Derivative Fair Value Measurements
Impact of derivative activity:
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)Accumulated Other Comprehensive LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate$29 $— 
Total$29 $— 
Other derivative instruments:
Electric commodity$— $(1)
Natural gas commodity— 4 
Total$— $3 
Three Months Ended March 31, 2023
Derivatives designated as cash flow hedges:
Interest rate$(7)$— 
Total$(7)$— 
Other derivative instruments:
Electric commodity$— $(92)
Natural gas commodity— 3 
Total$— $(89)
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 LossRegulatory Assets and Liabilities
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $(8)
(b)
Electric commodity— 12 
(c)
— 
Natural gas commodity— — 

(14)
(d)(e)
Total$— $12 $(22)
Three Months Ended March 31, 2023
Derivatives designated as cash flow hedges:
Interest rate$1 
(a)
$— $— 
Total$1 $— $— 
Other derivative instruments:
Commodity trading$— $— $(1)
(b)
Electric commodity— 82 
(c)
— 
Natural gas commodity— 9 
(d)
(19)
(d)(e)
Total$— $91 $(20)
(a)Recorded to interest charges.
(b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
(d)Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(e)Relates primarily to option premium amortization.
Xcel Energy had no derivative instruments designated as fair value hedges during the three months ended March 31, 2024 and 2023.
15
Table of Contents

Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
March 31, 2024Dec. 31, 2023
Fair ValueFair Value Total
Netting (a)
TotalFair ValueFair Value Total
Netting (a)
Total
(Millions of Dollars)Level 1Level 2Level 3Level 1Level 2Level 3
Current derivative assets
Other derivative instruments:
Commodity trading$9 $45 $30 $84 $(50)$34 $8 $51 $32 $91 $(59)$32 
Electric commodity— — 54 54 (4)50 — — 62 62 (7)55 
Natural gas commodity— — — — — — — 14 — 14 — 14 
Total current derivative assets$9 $45 $84 $138 $(54)84 $8 $65 $94 $167 $(66)101 
PPAs (b)
2 3 
Current derivative instruments$86 $104 
Noncurrent derivative assets
Other derivative instruments:
Commodity trading$12 $54 $51 $117 $(34)$83 $14 $51 $