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Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Derivatives, Fair Value [Line Items]          
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Assets, Current   Assets, Current   Assets, Current
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent   Other Assets, Noncurrent   Other Assets, Noncurrent
Derivative Liability, Noncurrent $ 91   $ 91   $ 86
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Liabilities, Other than Long-Term Debt, Noncurrent   Liabilities, Other than Long-Term Debt, Noncurrent   Liabilities, Other than Long-Term Debt, Noncurrent
Reclaim Cash Collateral $ 5   $ 5   $ 7
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Fair value hedges 0 $ 0 0 $ 0  
Return Cash Collateral 0   0   0
Derivative Asset, Current $ 234   $ 234   $ 104
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current   Liabilities, Current   Liabilities, Current
Derivative Liability, Current $ 44   $ 44   $ 74
Commodity Trading          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Balance at beginning of period 91 78 90 235  
Purchases [1] 174 167 177 172  
Settlements [1] (110) (47) (161) (76)  
Gains (losses) recognized in earnings [2] 3 10 3 (2)  
Net gains recognized as regulatory assets and liabilities (a) [1] 81 1 130 (120)  
Balance at end of period 239 209 239 209  
Other Derivative Instruments          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) (15) 11 (3) 104  
Other Derivative Instruments | Electric Commodity          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) [3] (15) 11 (3) 94  
Other Derivative Instruments | Natural Gas Commodity          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)     0 10 [4]  
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)     2    
Designated as Hedging Instrument | Cash Flow Hedges          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 0 $ 0 0 $ 0  
Fair Value Measured on a Recurring Basis          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 93   93   133
Netting [5] (56)   (56)   (67)
Derivative Liability, Noncurrent 72   72   64
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 232   232   101
Derivative Liability, Current 37   37   66
Fair Value Measured on a Recurring Basis | Level 1          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 6   6   6
Fair Value Measured on a Recurring Basis | Level 2          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 78   78   115
Fair Value Measured on a Recurring Basis | Level 3          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 9   9   12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 89   89   97
Netting [5] (53)   (53)   (60)
Derivative Liability, Noncurrent 72   72   64
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 20   20   32
Derivative Liability, Current 36   36   37
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   7
Netting [5] (3)   (3)   (7)
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 208   208   55
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 1   1   12
Netting [5] 0   0   0
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current 4   4   14
Derivative Liability, Current 1   1   12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 6   6   6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 77   77   86
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 1   1   12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 6   6   5
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 3   3   7
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Gross 0   0   0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap          
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Liability, Current         17
Fair Value, Measurements, Nonrecurring | PPAs          
Derivatives, Fair Value [Line Items]          
Derivative Liability, Noncurrent [6] 19   19   22
Changes in Level 3 Commodity Derivatives [Roll Forward]          
Derivative Asset, Current [6] 2   2   3
Derivative Liability, Current [6] $ 7   $ 7   $ 8
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
[2] Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
[3] 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.
[4] 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.
[5] Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $7 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
[6] Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.