Schedule I, Condensed Financial Statements of Xcel Energy Inc

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I, Condensed Financial Information

	Year Ended Dec. 31
	2024		2023		2022
Income
Equity earnings of subsidiaries	$	2,122	$	1,948	$	1,905
Total income	2,122		1,948		1,905
Expenses and other deductions
Operating expenses	24		25		19
Other income	(76)		(13)		(2)
Interest charges and financing costs	300		235		206
Total expenses and other deductions	248		247		223
Income before income taxes	1,874		1,701		1,682
Income tax benefit	(62)		(70)		(54)
Net income	$	1,936	$	1,771	$	1,736
Other Comprehensive Income
Pension and retiree medical benefits, net of tax	$	2	$	(2)	$	9
Derivative instruments, net of tax	24		1		21
Other comprehensive income (loss)	26		(1)		30
Comprehensive income	$	1,962	$	1,770	$	1,766
Weighted average common shares outstanding:
Basic	563		552		547
Diluted	563		552		547
Earnings per average common share:
Basic	$	3.44	$	3.21	$	3.18
Diluted	3.44		3.21		3.17
See Notes to Condensed Financial Statements

	Dec. 31
	2024		2023
Assets
Cash and cash equivalents	$	16	$	24
Accounts receivable from subsidiaries, net	410		404
Other current assets	9		5
Total current assets	435		433
Investment in subsidiaries	26,519		23,873
Investment in debt securities — intercompany	166		—
Other assets	6		(20)
Total other assets	26,691		23,853
Total assets	$	27,126	$	24,286
Liabilities and Equity
Current portion of long-term debt	600		—
Dividends payable	314		289
Short-term debt	235		165
Other current liabilities	90		66
Total current liabilities	1,239		520
Other liabilities	28		12
Total other liabilities	28		12
Commitments and contingencies
Capitalization
Long-term debt	6,337		6,137
Common stockholders' equity	19,522		17,617
Total capitalization	25,859		23,754
Total liabilities and equity	$	27,126	$	24,286
See Notes to Condensed Financial Statements

	Year Ended Dec. 31
	2024		2023		2022
Operating activities
Net cash provided by operating activities	$	1,459	$	1,586	$	1,340
Investing activities
Capital contributions to subsidiaries	(2,184)		(975)		(921)
Investment in debt securities — intercompany	(105)		—		—
Net return in the utility money pool	21		21		—
Net cash used in investing activities	(2,268)		(954)		(921)
Financing activities
Proceeds from (repayment of) short-term borrowings, net	70		(66)		(407)
Proceeds from issuance of long-term debt	795		792		694
Repayment of long-term debt	—		(500)		—
Proceeds from issuance of common stock	1,117		270		322
Dividends paid	(1,175)		(1,092)		(1,012)
Other	(6)		(13)		(16)
Net cash provided by (used in) financing activities	801		(609)		(419)
Net change in cash, cash equivalents, and restricted cash	(8)		23		—
Cash, cash equivalents and restricted cash at beginning of period	24		1		1
Cash, cash equivalents and restricted cash at end of period	$	16	$	24	$	1
See Notes to Condensed Financial Statements

Notes to Condensed Financial Statements

Incorporated by reference are Xcel Energy’s consolidated statements of common stockholders’ equity and other comprehensive income in Part II, Item 8.

Basis of Presentation

The condensed financial information of Xcel Energy Inc. is presented to comply with Rule 12-04 of Regulation S-X. Xcel Energy Inc.’s investments in subsidiaries are presented under the equity method of accounting. Under this method, the assets and liabilities of subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded in the balance sheets. The income from operations of the subsidiaries is reported on a net basis as equity in income of subsidiaries.

As a holding company with no business operations, Xcel Energy Inc.’s assets consist primarily of investments in its utility subsidiaries. Xcel Energy Inc.’s material cash inflows are only from dividends and other payments received from its utility subsidiaries and the proceeds raised from the sale of debt and equity securities. The ability of its utility subsidiaries to make dividend and other payments is subject to the availability of funds after taking into account their respective funding requirements, the terms of their respective indebtedness, the regulations of the FERC under the Federal Power Act, and applicable state laws. Management does not expect maintaining these requirements to have an impact on Xcel Energy Inc.’s ability to pay dividends at the current level in the foreseeable future. Each of its utility subsidiaries, however, is legally distinct and has no obligation, contingent or otherwise, to make funds available to Xcel Energy Inc.

Guarantees and Indemnifications

Xcel Energy Inc. provides guarantees and bond indemnities under specified agreements or transactions, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability of the relevant subsidiary under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. limit the exposure to a maximum stated amount. As of Dec. 31, 2024 and 2023, Xcel Energy Inc. had no assets held as collateral related to guarantees, bond indemnities and indemnification agreements.

Guarantees and bond indemnities issued and outstanding as of Dec. 31, 2024:

(Millions of Dollars)	Guarantor	Guarantee Amount	Current Exposure	Triggering Event
Guarantees of Capital Services purchase contracts for wind and solar generating equipment	Xcel Energy Inc.	951	(a)	(b)
Guarantees of Xcel Energy Services Inc. performance and payments on operating lease agreements	Xcel Energy Inc.	29	29	(b)
Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (c)	Xcel Energy Inc.	93	(d)	(e)

(a)Given that the manufacturing of equipment has not yet commenced, related exposure to the performance obligations of Capital Services at Dec. 31, 2024 has been assessed as immaterial.

(b)Nonperformance and/or nonpayment.

(c)The surety bonds primarily relate to workers compensation benefits and utility projects. The workers compensation bonds are renewed annually and the project based bonds expire in conjunction with the completion of the related projects.

(d)Due to the number of projects associated with the surety bonds, the total current exposure of this indemnification cannot be determined. Xcel Energy Inc. believes the exposure to be significantly less than the total amount of the outstanding bonds.

(e)Per the indemnity agreement between Xcel Energy Inc. and the various surety companies, surety companies have the discretion to demand that collateral be posted.

Indemnification Agreements

Xcel Energy Inc. provides indemnifications through contracts entered into in the normal course of business. Indemnifications are primarily against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and certain income tax matters. Obligations under these agreements may be limited in terms of duration or amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.

Related Party Transactions

Xcel Energy Inc. presents related party receivables net of payables. Accounts receivable net of payables with affiliates at Dec. 31:

(Millions of Dollars)	2024		2023
NSP-Minnesota	$	79	$	120
NSP-Wisconsin	11		13
PSCo	77		44
SPS	41		47
Xcel Energy Services Inc.	163		144
Other subsidiaries of Xcel Energy Inc.	39		35
	$	410	$	403

Dividends — Cash dividends paid to Xcel Energy Inc. by its subsidiaries were $1,685 million, $1,693 million and $1,503 million for the years ended Dec. 31, 2024, 2023 and 2022, respectively. These cash receipts are included in operating cash flows of the condensed statements of cash flows.

Money Pool — FERC approval was received to establish a utility money pool arrangement with the utility subsidiaries, subject to receipt of required state regulatory approvals. The utility money pool allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc.

Money pool lending for Xcel Energy Inc.:

(Amounts in Millions, Except Interest Rates)	Year Ended Dec. 31, 2024			Year Ended Dec. 31, 2023			Year Ended Dec. 31, 2022
Loan outstanding at period end	$	—		$	21		$	—
Average loan outstanding	18			27			10
Maximum loan outstanding	209			250			204
Weighted average interest rate, computed on a daily basis	5.34		%	5.33		%	0.73		%
Weighted average interest rate at end of period	5.34			5.34			N/A
Money pool interest income	$	1		$	1		$	—

There were no money pool activities for quarter ended December 31, 2024.

During 2024, Xcel Energy Inc. purchased $166 million in aggregate principal amounts of NSP-Minnesota’s 2.60% First Mortgage Bonds Series due June 1, 2051 for $105 million.

See notes to the consolidated financial statements in Part II, Item 8.