The Board of Directors of Xcel Energy Inc. (NASDAQ: XEL) today raised the quarterly dividend on the company’s common stock from 48.75 cents per share to 52 cents per share, which is equivalent to an annual rate of $2.08 per share. The dividends are payable April 20, 2023, to shareholders of record on March 15, 2023.

“Since increasing our dividend growth objective in 2015 to 5-7 percent annually, we have delivered average annual dividend increases above 6 percent. Today's increase signals the confidence we have in our investment opportunities, and our commitment to provide shareholders an attractive total return profile,” said Bob Frenzel, chairman, president and CEO of Xcel Energy.

Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.8 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

This information is not given in connection with any sale or offer for sale or offer to buy any securities.

Statements in this press release regarding Xcel Energy’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.

Xcel Energy, Minneapolis Shareholder Services Darin Norman (612) 337-2310 or Paul Johnson, Vice President, Treasurer & Investor Relations (612) 215-4535 or Xcel Energy Media Relations Representatives (612) 215-5300

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