Segments and Related Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Xcel Energy’s chief operating decision maker, the CEO, sets financial performance objectives and budgets and establishes separate targets for the regulated electric utility net income of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility net income of NSP-Minnesota, NSP-Wisconsin and PSCo.

The regulated electric utility and regulated natural gas utility segments are managed separately because of inherent differences between activities to serve electric customers and those required to serve natural gas customers, and as the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. The CEO assesses financial performance, including quarterly and annual budget-to-actual and year-over-year variances in revenues and expenses, to inform operating decisions, capital investments and cost recovery strategies.

Xcel Energy has the following reportable segments:

•Regulated Electric Utility — The regulated electric utility segment generates, purchases, transmits, distributes and sells electricity in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin; each state’s regulated electric utility activities qualify as an operating segment, and is aggregated into Xcel Energy’s regulated electric utility segment. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The regulated electric utility segment also includes wholesale commodity and trading operations.

•Regulated Natural Gas Utility — The regulated natural gas utility segment purchases, transports, stores, distributes and sells natural gas primarily in portions of Colorado, Michigan, Minnesota, North Dakota and Wisconsin; each state’s regulated natural gas utility activities qualify as an operating segment, and is aggregated into Xcel Energy’s regulated natural gas utility segment.

Equity method investments in the regulated natural gas utility segment of $85 million and $92 million at Dec. 31, 2024 and 2023, respectively, primarily relate to WYCO. Non-segment equity method investments of $161 million and $152 million as of Dec. 31, 2024 and 2023, respectively, relate to investments in energy technology funds.

Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.

Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.

Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.

Other segment expenses, net, for the reportable segments includes conservation and DSM expenses, taxes (other than income taxes), other income (expense), net, earnings from equity method investments, intersegment expenses and AFUDC - equity.

Non-segment revenues include steam, appliance repair and non-utility real estate activities and revenues associated with processing solid waste into RDF and from investments in rental housing projects that qualify for low-income housing tax credits. Non-segment net loss also includes costs associated with these activities as well as unallocated corporate O&M expenses, interest charges and income taxes as well as earnings from equity method investments in energy technology funds.

Segment information and reconciliations to Xcel Energy’s consolidated operating revenues and net income:

	2024
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	11,147	$	2,230	$	13,377
Intersegment revenue	2		22		24
Total segment revenues	11,149		2,252		13,401
Electric fuel and purchased power	3,788		—		3,788
Cost of natural gas sold and transported	—		951		951
O&M expenses	2,102		409		2,511
Depreciation and amortization	2,373		357		2,730
Other segment expenses, net	693		123		816
Interest charges and financing costs	767		113		880
Income tax (benefit) expense	(420)		62		(358)
Net income	$	1,846	$	237	$	2,083
Total segment revenues					$	13,401
Eliminate intersegment revenue					(24)
Non-segment revenues					64
Consolidated operating revenues					$	13,441
Total segment net income					$	2,083
Non-segment net loss					(147)
Consolidated net income					$	1,936

	2023
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	11,446	$	2,645	$	14,091
Intersegment revenue	2		3		5
Total segment revenues	11,448		2,648		14,096
Electric fuel and purchased power	4,278		—		4,278
Cost of natural gas sold and transported	—		1,456		1,456
O&M expenses	2,011		386		2,397
Depreciation and amortization	2,111		323		2,434
Other segment expenses, net (a)	827		118		945
Interest charges and financing costs	670		96		766
Income tax (benefit) expense	(135)		50		(85)
Net income	$	1,686	$	219	$	1,905
Total segment revenues					$	14,096
Eliminate intersegment revenue					(5)
Non-segment revenues					115
Consolidated operating revenues					$	14,206
Total segment net income					$	1,905
Non-segment net loss					(134)
Consolidated net income					$	1,771

(a)Other segment expenses, net, for 2023 additionally includes loss on Comanche Unit 3 litigation and workforce reduction expenses.

	2022
(Millions of Dollars)	Regulated electric utility		Regulated natural gas utility		Total segments
Operating revenues	$	12,123	$	3,080	$	15,203
Intersegment revenue	2		2		4
Total segment revenues	12,125		3,082		15,207
Electric fuel and purchased power	5,005		—		5,005
Cost of natural gas sold and transported	—		1,910		1,910
O&M expenses	2,069		370		2,439
Depreciation and amortization	2,122		276		2,398
Other segment expenses, net	824		108		932
Interest charges and financing costs	636		86		722
Income tax (benefit) expense	(162)		68		(94)
Net income	$	1,631	$	264	$	1,895
Total segment revenues					$	15,207
Eliminate intersegment revenue					(4)
Non-segment revenues					107
Consolidated operating revenues					$	15,310
Total segment net income					$	1,895
Non-segment net loss					(159)
Consolidated net income					$	1,736