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Recurring Fair Value Measurements (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]      
Derivative instruments $ 114 $ 104  
Derivative instruments 72 76  
Derivative Liability, Net 77 86  
Return Cash Collateral 0 0  
Derivative Liability, Noncurrent 37 74  
Reclaim Cash Collateral 2 7  
Commodity Contract      
Changes in Level 3 Commodity Derivatives      
Balance at Jan. 1 90 236 $ 19
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases [1] 210 176 406
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements [1] (303) (154) (350)
(Losses) gains recognized in earnings [2] (9) 6 151
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Liability Net Losses Gains Recognized As Regulatory Assets And Liabilities [1] 111 (174) 10
Balance at Dec. 31 99 90 236
Other Derivative Instruments      
Changes in Level 3 Commodity Derivatives      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 22 138 13
Other Derivative Instruments | Electric Commodity      
Changes in Level 3 Commodity Derivatives      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) [3] (22) 123 3
Other Derivative Instruments | Natural Gas Commodity      
Changes in Level 3 Commodity Derivatives      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 0 (15) [4] 10 [4]
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power      
Changes in Level 3 Commodity Derivatives      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 3    
Designated as Hedging Instrument | Cash Flow Hedges      
Changes in Level 3 Commodity Derivatives      
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) 0 0 $ 0
Fair Value Measured on a Recurring Basis      
Derivatives, Fair Value [Line Items]      
Derivative instruments 114 101  
Derivative instruments 72 76  
Derivative Liability, Net 61 64  
Derivative Liability, Noncurrent 31 66  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Contract      
Derivatives, Fair Value [Line Items]      
Derivative instruments 11 32  
Derivative instruments 72 76  
Derivative Liability, Net 61 64  
Derivative Liability, Noncurrent 24 37  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 90 62  
Netting [5] (1) (7)  
Derivative instruments 89 55  
Derivative Liability, Gross 1 7  
Netting [5] (1) (7)  
Derivative Liability, Noncurrent 0 0  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0 0  
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0 0  
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 90 62  
Derivative Liability, Gross 1 7  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 14 14  
Netting [5] 0 0  
Derivative instruments 14 14  
Derivative Liability, Gross 7 12  
Netting [5] 0 0  
Derivative Liability, Noncurrent 7 12  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0 0  
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 14 14  
Derivative Liability, Gross 7 12  
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 0 0  
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Noncurrent 0 17  
Fair Value Measured on a Recurring Basis | Other Current Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 138 167  
Netting [5] (24) (66)  
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 6 8  
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 34 65  
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 98 94  
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 34 91  
Netting [5] (23) (59)  
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 6 8  
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 20 51  
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 8 32  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 92 110  
Netting [5] (20) (34)  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 8 14  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 37 51  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 47 45  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 92 110  
Netting [5] (20) (34)  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 8 14  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 37 51  
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Asset, Gross 47 45  
Fair Value Measured on a Recurring Basis | Other Current Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 55 133  
Netting [5] (24) (67)  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 7 6  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 42 115  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 6 12  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 47 97  
Netting [5] (23) (60)  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 7 6  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 35 86  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 5 5  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap      
Derivatives, Fair Value [Line Items]      
Netting [5] 0 0  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0 17  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Level 1 | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Level 2 | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0 17  
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Level 3 | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 0 0  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 83 103  
Netting [5] (22) (39)  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 11 16  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 32 50  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 40 37  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 83 103  
Netting [5] (22) (39)  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 1      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 11 16  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 2      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 32 50  
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 3      
Derivatives, Fair Value [Line Items]      
Derivative Liability, Gross 40 37  
Fair Value, Measurements, Nonrecurring | Purchased Power Agreements      
Derivatives, Fair Value [Line Items]      
Derivative instruments [6] 0 3  
Derivative Liability, Net [6] 16 22  
Derivative Liability, Noncurrent [6] $ 6 $ 8  
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP, respectively.
[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 $3 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 Dec. 31, 2024 and 2023, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2024 and 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 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.