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Fair Value of Financial Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2011
Fair Value of Financial Assets and Liabilities [Abstract]  
Cost and Fair Value of Nuclear Decommissioning Fund Investments
The following tables present the cost and fair value of Xcel Energy's non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund at Dec. 31, 2011 and 2010:

   
Dec. 31, 2011
 
      
Fair Value
    
                 
(Thousands of Dollars)
 
Cost
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Nuclear decommissioning fund (a)
               
Cash equivalents
 $26,123  $7,103  $19,020  $-  $26,123 
Commingled funds
  320,798   -   311,105   -   311,105 
International equity funds
  63,781   -   58,508   -   58,508 
Private equity investments
  9,203   -   -   9,203   9,203 
Real estate
  24,768   -   -   26,395   26,395 
Debt securities:
                    
Government securities
  116,490   -   117,256   -   117,256 
U.S. corporate bonds
  187,083   -   193,516   -   193,516 
International corporate bonds
  35,198   -   35,804   -   35,804 
Municipal bonds
  60,469   -   64,731   -   64,731 
Asset-backed securities
  16,516   -   -   16,501   16,501 
Mortgage-backed securities
  75,627   -   -   78,664   78,664 
Equity securities:
                    
Common stock
  408,122   398,625   -   -   398,625 
Total
 $1,344,178  $405,728  $799,940  $130,763  $1,336,431 
 
(a)
Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $92.7 million of equity investments in unconsolidated subsidiaries and $34.3 million of miscellaneous investments.
 
 
   
Dec. 31, 2010
 
      
Fair Value
    
                 
(Thousands of Dollars)
 
Cost
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Nuclear decommissioning fund (a)
               
Cash equivalents
 $83,837  $76,281  $7,556  $-  $83,837 
Commingled funds
  131,000   -   133,080   -   133,080 
International equity funds
  54,561   -   58,584   -   58,584 
Debt securities:
                    
Government securities
  146,473   -   146,654   -   146,654 
U.S. corporate bonds
  279,028   -   288,304   -   288,304 
International corporate bonds
  1,233   -   1,581   -   1,581 
Municipal bonds
  100,277   -   97,557   -   97,557 
Asset-backed securities
  32,558   -   -   33,174   33,174 
Mortgage-backed securities
  68,072   -   -   72,589   72,589 
Equity securities:
                    
Common stock
  436,334   435,270   -   -   435,270 
Total
 $1,333,373  $511,551  $733,316  $105,763  $1,350,630 
 
(a)
Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $97.6 million of equity investments in unconsolidated subsidiaries and $28.2 million of miscellaneous investments.
 
Changes in Level 3 Nuclear Decommissioning Fund Assets
The following tables present the changes in Level 3 nuclear decommissioning fund investments:

(Thousands of Dollars)
 
Jan. 1, 2011
  
Purchases
  
Settlements
  
Gains (Losses)
Recognized as
 Regulatory Assets
 and Liabilities
  Dec. 31, 2011 
Asset-backed securities
 $33,174  $16,518  $(32,560) $(631) $16,501 
Mortgage-backed securities
  72,589   168,688   (161,134)  (1,479)  78,664 
Real estate
  -   24,768   -   1,627   26,395 
Private equity investments
  -   9,203   -   -   9,203 
Total
 $105,763  $219,177   (193,694) $(483) $130,763 
 
(Thousands of Dollars) Jan. 1, 2010  Purchases  Settlements  GainsRecognized as Regulatory Assets and Liabilities  Dec. 31, 2010 
Asset-backed securities
 $11,918  $38,871  $(17,878) $263  $33,174 
Mortgage-backed securities
  81,189   63,497   (75,701)  3,604   72,589 
Total
 $93,107  $102,368   (93,579) $3,867  $105,763 
 
 
(Thousands of Dollars)
 Jan. 1, 2009  Purchases  Settlements  GainsRecognized as Regulatory Assets and Liabilities  Dec. 31, 2009 
Asset-backed securities
 $10,962  $7,271  $(7,755) $1,440  $11,918 
Mortgage-backed securities
  98,461   17,943   (45,815)  10,600   81,189 
Total
 $109,423  $25,214   (53,570) $12,040  $93,107 
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class
The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at Dec. 31, 2011:

   
Final Contractual Maturity
 
(Thousands of Dollars) Due in 1 Year or Less  Due in 1 to 5 Years  Due in 5 to 10 Years  Due after 10 Years  Total 
Government securities
 $113,179  $-  $4,077  $-  $117,256 
U.S. corporate bonds
  304   35,437   139,880   17,895   193,516 
International corporate bonds
  -   8,454   23,501   3,849   35,804 
Municipal bonds
  -   -   40,585   24,146   64,731 
Asset-backed securities
  -   9,907   6,594   -   16,501 
Mortgage-backed securities
  -   1,731   1,041   75,892   78,664 
Debt securities
 $113,483  $55,529  $215,678  $121,782  $506,472 
Gross Notional Amounts of Commodity Forwards, Options, and FTRs
The following table details the gross notional amounts of commodity forwards, options and FTRs at Dec. 31, 2011 and Dec. 31, 2010:

(Amounts in Thousands) (a)(b)
 
Dec. 31, 2011
  
Dec. 31, 2010
 
MWh of electricity
  38,822   46,794 
MMBtu of natural gas
  40,736   75,806 
Gallons of vehicle fuel
  600   800 
 
(a)
Amounts are not reflective of net positions in the underlying commodities.
(b)
Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise.
Impact of Qualifying Cash Flow Hedges on Accumulated OCI
Financial Impact of Qualifying Cash Flow Hedges - The impact of qualifying interest rate and vehicle fuel cash flow hedges on Xcel Energy's accumulated OCI, included in the consolidated statements of common stockholders' equity and comprehensive income, is detailed in the following table:

(Thousands of Dollars)
 
2011
  
2010
  
2009
 
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1
 $(8,094) $(6,435) $(13,113)
After-tax net unrealized losses related to derivatives accounted for as hedges
  (38,292)  (4,289)  (710)
After-tax net realized losses on derivative transactions reclassified into earnings
  648   2,630   7,388 
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31
 $(45,738) $(8,094) $(6,435)
Impact of Derivative Activity on OCI, Regulatory Assets and Liabilities, and Income
The following tables detail the impact of derivative activity during the years ended Dec. 31, 2011 and Dec. 31, 2010, on OCI, regulatory assets and liabilities, and income:

   
Dec. 31, 2011
  
                   
  Fair Value  Pre-Tax Amounts      
  Changes Recognized  Reclassified into Income   Pre-Tax Gains (Losses)  
  During the Period in:  During the Period from:     
  Accumulated     Accumulated           
   Other  Regulatory  Other    Regulatory    Recognized  
  Comprehensive  (Assets) and  Comprehensive   Assets and   During the Period  
(Thousands of Dollars) Loss  Liabilities  Loss   (Liabilities)   in Income  
Derivatives designated as cash flow hedges
                    
Interest rate
 $(63,573) $-  $1,424 
(a)
 $-    $-  
Vehicle fuel and other commodity
  195   -   (178)
(e)
  -     -  
Total
 $(63,378) $-  $1,246    $-    $-  
                           
Other derivative instruments
                         
Trading commodity
 $-  $-  $-    $-    $6,418 
(b)
Electric commodity
  -   49,818   -     (40,492)
(c)
  -  
Natural gas commodity
  -   (111,574)  -     91,743 
(d)
  (382)
(b)
Total
 $-  $(61,756) $-    $51,251    $6,036  
 
 
  
Dec. 31, 2010
  
  
Fair Value
  
Pre-Tax Amounts
      
  
Changes Recognized
  
Reclassified into Income
      
  
During the Period in:
  During the Period from:   
Pre-Tax Gains
  
  Accumulated     Accumulated         
  
Other
   Regulatory  
Other
   
Regulatory
   
Recognized
  
  
Comprehensive
  
(Assets) and
  
Comprehensive
   
Assets and
   
During the Period
  
(Thousands of Dollars)
 
Loss
  
Liabilities
  
Loss
   
(Liabilities)
   
in Income
  
Derivatives designated as cash flow hedges
                    
Interest rate
 $(7,210) $-  $1,107 
(a)
 $-    $-  
Vehicle fuel and other commodity
  (238)  -   3,474 
(e)
  -     -  
Total
 $(7,448) $-  $4,581    $-    $-  
                           
Other derivative instruments
                         
Trading commodity
 $-  $-  $-    $-    $11,004 
(b)
Electric commodity
  -   3,969   -     (21,840)
(c)
  -  
Natural gas commodity
  -   (105,396)  -     51,034 
(d)
  -  
Other
  -   -   -     -     135 
(b)
Total
 $-  $(101,427) $-    $29,194    $11,139  

(a)
Recorded to interest charges.
(b)
Recorded to electric operating revenues.  Portions of these total gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate.
(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.
(d)
Recorded to cost of natural gas sold and transported.  These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate.
(e)
Recorded to O&M expenses.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level
Recurring Fair Value Measurements - The following table presents for each of the hierarchy levels, Xcel Energy's derivative assets and liabilities that are measured at fair value on a recurring basis at Dec. 31, 2011:

   
Dec. 31, 2011
 
   
Fair Value
          
            
Fair Value
  
Counterparty
    
(Thousands of Dollars)
 
Level 1
  
Level 2
  
Level 3
  
Total
  
Netting (b)
  
Total
 
Current derivative assets
                  
Derivatives designated as cash flow hedges:
                  
Vehicle fuel and other commodity
 $-  $169  $-  $169  $(76) $93 
Other derivative instruments:
                        
Trading commodity
  -   32,682   -   32,682   (13,391)  19,291 
Electric commodity
  -   -   13,333   13,333   (1,471)  11,862 
Total current derivative assets
 $-  $32,851  $13,333  $46,184  $(14,938)  31,246 
Purchased power agreements (a)
                      33,094 
Current derivative instruments
                     $64,340 
Noncurrent derivative assets
                        
Derivatives designated as cash flow hedges:
                        
Vehicle fuel and other commodity
 $-  $107  $-  $107  $(59) $48 
Other derivative instruments:
                        
Trading commodity
  -   36,599   -   36,599   (5,540)  31,059 
Total noncurrent derivative assets
 $-  $36,706  $-  $36,706  $(5,599)  31,107 
Purchased power agreements (a)
                      121,780 
Noncurrent derivative instruments
                     $152,887 

 
  Dec. 31, 2011 
  Fair Value          
           
Fair Value
  Counterparty    
(Thousands of Dollars)
 
Level 1
  
Level 2
  
Level 3
  
Total
  
Netting (b)
  
Total
 
Current derivative liabilities
                  
Derivatives designated as cash flow hedges:
                  
Interest rate
 $-  $57,749  $-  $57,749  $-  $57,749 
Other derivative instruments:
                        
Trading commodity
  -   27,891   -   27,891   (14,417)  13,474 
Electric commodity
  -   698   916   1,614   (1,471)  143 
Natural gas commodity
  418   70,119   -   70,537   (7,486)  63,051 
Total current derivative liabilities
 $418  $156,457  $916  $157,791  $(23,374)  134,417 
Purchased power agreements (a)
                      22,997 
Current derivative instruments
                     $157,414 
Noncurrent derivative liabilities
                        
Other derivative instruments:
                        
Trading commodity
 $-  $20,966  $-  $20,966  $(5,599) $15,367 
Total noncurrent derivative liabilities
 $-  $20,966  $-  $20,966  $(5,599)  15,367 
Purchased power agreements (a)
                      248,539 
Noncurrent derivative instruments
                     $263,906 
 
(a)
In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments.  As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities.  During 2006, Xcel Energy qualified these contracts under the normal purchase exception.  Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
(b)
The accounting guidance for derivatives and hedging permits the netting of receivables and payables for derivatives and related collateral amounts when a legally enforceable master netting agreement exists between Xcel Energy and a counterparty.  A master netting agreement is an agreement between two parties who have multiple contracts with each other that provides for the net settlement of all contracts in the event of default on or termination of any one contract.

The following table presents for each of the hierarchy levels, Xcel Energy's derivative assets and liabilities that are measured at fair value on a recurring basis at Dec. 31, 2010:

   
Dec. 31, 2010
 
   
Fair Value
          
            
Fair Value
  
Counterparty
    
(Thousands of Dollars)
 
Level 1
  
Level 2
  
Level 3
  
Total
  
Netting (b)
  
Total
 
Current derivative assets
                  
Derivatives designated as cash flow hedges:
                  
Vehicle fuel and other commodity
 $-  $126  $-  $126  $-  $126 
Other derivative instruments:
                        
Trading commodity
  487   37,019   -   37,506   (21,352)  16,154 
Electric commodity
  -   -   3,619   3,619   (1,226)  2,393 
Natural gas commodity
  -   1,595   -   1,595   (1,219)  376 
Total current derivative assets
 $487  $38,740  $3,619  $42,846  $(23,797)  19,049 
Purchased power agreements (a)
                      35,030 
Current derivative instruments
                     $54,079 
Noncurrent derivative assets
                        
Derivatives designated as cash flow hedges:
                        
Vehicle fuel and other commodity
 $-  $150  $-  $150  $-  $150 
Other derivative instruments:
                        
Trading commodity
  -   32,621   -   32,621   (4,595)  28,026 
Natural gas commodity
  -   1,246   -   1,246   (269)  977 
Total noncurrent derivative assets
 $-  $34,017  $-  $34,017  $(4,864)  29,153 
Purchased power agreements (a)
                      154,873 
Noncurrent derivative instruments
                     $184,026 
 
 
   
Dec. 31, 2010
 
   
Fair Value
          
            
Fair Value
  
Counterparty
    
(Thousands of Dollars)
 
Level 1
  
Level 2
  
Level 3
  
Total
  
Netting (b)
  
Total
 
Current derivative liabilities
                  
Other derivative instruments:
                  
Trading commodity
 $392  $30,608  $-  $31,000  $(24,007) $6,993 
Electric commodity
  -   -   1,227   1,227   (1,227)  - 
Natural gas commodity
  20   52,709   -   52,729   (21,169)  31,560 
Total current derivative liabilities
 $412  $83,317  $1,227  $84,956  $(46,403)  38,553 
Purchased power agreements (a)
                      23,192 
Current derivative instruments
                     $61,745 
Noncurrent derivative liabilities
                        
Other derivative instruments:
                        
Trading commodity
 $-  $18,878  $-  $18,878  $(4,596) $14,282 
Natural gas commodity
  -   438   -   438   (269)  169 
Total noncurrent derivative liabilities
 $-  $19,316  $-  $19,316  $(4,865)  14,451 
Purchased power agreements (a)
                      271,535 
Noncurrent derivative instruments
                     $285,986 
 
 (a)
In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, Xcel Energy began recording several long-term purchased power agreements at fair value due to accounting requirements related to underlying price adjustments.  As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities.  During 2006, Xcel Energy qualified these contracts under the normal purchase exception.  Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.
(b)
The accounting guidance for derivatives and hedging permits the netting of receivables and payables for derivatives and related collateral amounts when a legally enforceable master netting agreement exists between Xcel Energy and a counterparty.  A master netting agreement is an agreement between two parties who have multiple contracts with each other that provides for the net settlement of all contracts in the event of default on or termination of any one contract.
Changes in Recurring Fair Value Measurements of Derivative Assets and Liabilities Unobservable Input Reconciliation
The following table presents the changes in Level 3 commodity derivatives for the years ended Dec. 31, 2011, 2010 and 2009:

   
Year Ended Dec. 31
 
(Thousands of Dollars)
 
2011
  
2010
  
2009
 
Balance at Jan. 1
 $2,392  $28,042  $23,221 
Purchases
  33,609   10,813   9,077 
Settlements
  (36,555)  (25,261)  (18,316)
Transfers (out of) into Level 3
  -   (13,525)  1,280 
Net transactions recorded during the period:
            
Gains recognized in earnings (a)
  69   6,237   8,228 
Gains (losses) recognized as regulatory assets and liabilities
  12,902   (3,914)  4,552 
Balance at Dec. 31
 $12,417  $2,392  $28,042 

(a)
These unrealized amounts relate to commodity derivatives held at the end of the period.
 
Recurring Fair Value Measurements of Derivative Assets and Liabilities Transfers Between Hierarchy Levels
The following table presents the transfers that occurred from Level 3 to Level 2 during the year ended Dec. 31, 2010.

   
Year Ended
 
(Thousands of Dollars)
 
Dec. 31, 2010
 
Trading commodity derivatives not designated as cash flow hedges:
   
Current assets
 $7,271 
Noncurrent assets
  26,438 
Current liabilities
  (4,115)
Noncurrent liabilities
  (16,069)
Total
 $13,525 
Carrying Amount and Fair Value of Long-term Debt
As of Dec. 31, 2011 and 2010, other financial instruments for which the carrying amount did not equal fair value were as follows:

   
2011
  
2010
 
(Thousands of Dollars)
 
Carrying
Amount
  
Fair Value
  
Carrying
Amount
  
Fair Value
 
Long-term debt, including current portion
 $9,908,435  $11,734,798  $9,318,559  $10,224,845