Revenues

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue is classified by the type of goods/services rendered and market/customer type. SPS’ operating revenues consisted of the following:

	Three Months Ended June 30
(Millions of Dollars)	2025			2024
Major revenue types
Revenue from contracts with customers:
Residential	$	95		$	83
C&I	289		(a)	219
Other	12			13
Total retail	396			315
Wholesale	23			30
Transmission	78			70
Other	1			1
Total revenue from contracts with customers	498			416
Alternative revenue and other	10			42
Total revenues	$	508		$	458

(a)For the three months ended June 30, 2025, revenues from one C&I customer represented approximately 10.1% of total revenues.

	Six Months Ended June 30
(Millions of Dollars)	2025		2024
Major revenue types
Revenue from contracts with customers:
Residential	$	209	$	169
C&I (a)	577		436
Other	23		22
Total retail	809		627
Wholesale	48		66
Transmission	154		141
Other	2		1
Total revenue from contracts with customers	1,013		835
Alternative revenue and other	16		51
Total revenues	$	1,029	$	886

(a)For the six months ended June 30, 2025 and 2024, revenues from one C&I customer represented approximately 9.7% and 10.2% of total revenues, respectively.