Borrowings and Other Financing Instruments

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Borrowings and Other Financing Instruments

Short-Term Borrowings

SPS meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool.

Money Pool — Xcel Energy and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy 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.

Money pool borrowings:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2025		Year Ended Dec. 31, 2024
Borrowing limit	$	100	$	100
Amount outstanding at period end	—		7
Average amount outstanding	—		24
Maximum amount outstanding	—		100
Weighted average interest rate, computed on a daily basis	N/A		5.29		%
Weighted average interest rate at period end	N/A		4.58

Commercial Paper — Commercial paper outstanding:

(Amounts in Millions, Except Interest Rates)	Three Months Ended Sept. 30, 2025		Year Ended Dec. 31, 2024
Borrowing limit	$	600	$	500
Amount outstanding at period end	—		145
Average amount outstanding	—		35
Maximum amount outstanding	—		160
Weighted average interest rate, computed on a daily basis	N/A		5.47		%
Weighted average interest rate at period end	N/A		4.66

Letters of Credit — SPS uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. At both Sept. 30, 2025 and Dec. 31, 2024, there were no letters of credit outstanding under the credit facility. Amounts approximate their fair value and are subject to fees.

Revolving Credit Facility — In order to issue its commercial paper, SPS must have a revolving credit facility equal to or greater than the commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

In May 2025, SPS entered into an amended five-year credit agreement with a syndicate of banks, with substantially the same terms and conditions as the prior credit agreements. The borrowing limit for SPS was increased from $500 million to $600 million, and the maturity was extended from September 2027 to December 2029.

SPS has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval.

As of Sept. 30, 2025, SPS had the following committed revolving credit facility available (in millions of dollars):

Credit Facility (a)		Drawn (b)		Available
$	600	$	—	$	600

(a)Expires in December 2029.

(b)Includes outstanding letters of credit.

All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. SPS had no direct advances on the credit facility outstanding as of Sept. 30, 2025 and Dec. 31, 2024.

Long-Term Borrowings

During the nine months ended Sept. 30, 2025, SPS issued $500 million of 5.30% First Mortgage Bonds due May 15, 2035.