Annual Report (10-k)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022 or


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____


001-3034
(Commission File Number)


Xcel Energy Inc.
(Exact name of registrant as specified in its charter)

Minnesota

41-0448030

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

414 Nicollet Mall

Minneapolis

Minnesota

55401

(Address of Principal Executive Offices)

(Zip Code)


612			330-5500
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $2.50 par value per share

XEL

Nasdaq Stock Market LLC

Securities registered pursuant to section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of June 30, 2022, the aggregate market value of the voting common stock held by non-affiliates of the Registrant was $38,692,119,433.

As of Feb. 16, 2023, there were 549,847,034 shares of common stock outstanding, $2.50 par value.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS


PART I
Item 1 —	Business	3
Item 1A —	Risk Factors	17
Item 1B —	Unresolved Staff Comments	23
Item 2 —	Properties	24
Item 3 —	Legal Proceedings	25
Item 4 —	Mine Safety Disclosures	25

PART II
Item 5 —	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
Item 6 —	[Reserved]	26
Item 7 —	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 7A —	Quantitative and Qualitative Disclosures About Market Risk	44
Item 8 —	Financial Statements and Supplementary Data	44
Item 9 —	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	79
Item 9A —	Controls and Procedures	79
Item 9B —	Other Information	79
Item 9C —	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	79

PART III
Item 10 —	Directors, Executive Officers and Corporate Governance	79
Item 11 —	Executive Compensation	79
Item 12 —	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	79
Item 13 —	Certain Relationships and Related Transactions, and Director Independence	79
Item 14 —	Principal Accountant Fees and Services	80

PART IV
Item 15 —	Exhibit and Financial Statement Schedules	80
Item 16 —	Form 10-K Summary	86

Signatures		87

Table of Contents

PART I


ITEM 1 — BUSINESS

Definitions of Abbreviations


Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)
Capital Services			Capital Services, LLC
Eloigne			Eloigne Company
e prime			e prime inc.
NSP-Minnesota			Northern States Power Company, a Minnesota corporation
NSP System			The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin			Northern States Power Company, a Wisconsin corporation
Operating companies			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
PSCo			Public Service Company of Colorado
SPS			Southwestern Public Service Co.
Utility subsidiaries			NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WGI			WestGas InterState, Inc.
WYCO			WYCO Development, LLC
Xcel Energy			Xcel Energy Inc. and its subsidiaries


Federal and State Regulatory Agencies
CPUC			Colorado Public Utilities Commission
DOC			Minnesota Department of Commerce
DOE			United States Department of Energy
DOT			United States Department of Transportation
EPA			United States Environmental Protection Agency

FERC			Federal Energy Regulatory Commission
IRS			Internal Revenue Service
MPCA			Minnesota Pollution Control Agency

MPUC			Minnesota Public Utilities Commission
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
NMPRC			New Mexico Public Regulation Commission
NRC			Nuclear Regulatory Commission
PHMSA			Pipeline and Hazardous Materials Safety Administration
PSCW			Public Service Commission of Wisconsin
PUCT			Public Utility Commission of Texas
SDPUC			South Dakota Public Utility Commission
SEC			Securities and Exchange Commission
TCEQ			Texas Commission on Environmental Quality


Electric, Purchased Gas and Resource Adjustment Clauses
CIP			Conservation improvement program
DSM			Demand side management
ECA			Retail electric commodity adjustment
FCA			Fuel clause adjustment
GCA			Gas cost adjustment
GUIC			Gas utility infrastructure cost rider

RES			Renewable energy standard


Other
AFUDC			Allowance for funds used during construction
AMT			Alternative minimum tax
ALJ			Administrative Law Judge
ARO			Asset retirement obligation
ASC			Financial Accounting Standards Board Accounting Standards Codification
ATM			At-the-market
BART			Best available retrofit technology
C&I			Commercial and Industrial

CapX2020			Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort
CCR			Coal combustion residuals


CCR Rule			Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD			Cooling degree-days
CEO			Chief executive officer
CFO			Chief financial officer
CIG			Colorado Interstate Gas Company, LLC

CON			Certificate of Need



CSPV			Crystalline Silicon Photovoltaic
CWIP			Construction work in progress
D.C. Circuit			United States Court of Appeals for the District of Columbia Circuit
DECON			Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level
DRIP			Dividend Reinvestment Program
EEI			Edison Electric Institute
EIP			Energy Impact Partners

EMANI			European Mutual Association for Nuclear Insurance
EPS			Earnings per share

ETR			Effective tax rate



FTR			Financial transmission right
GAAP			Generally accepted accounting principles
GE			General Electric
GHG			Greenhouse gas
HDD			Heating degree-days
INPO			Institute of Nuclear Power Operations


IPP			Independent power producing entity
IRA			Inflation Reduction Act
ISO			Independent System Operator
ITC			Investment Tax Credit
LP&L			Lubbock Power & Light
MEC			Mankato Energy Center
MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator, Inc.

Native load			Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract
NAV			Net asset value
NEIL			Nuclear Electric Insurance Ltd.
NOL			Net operating loss
NOPR			Notice of proposed rulemaking
NOx			Nitrogen Oxides
O&M			Operating and maintenance

OATT			Open Access Transmission Tariff
PFAS			Per- and PolyFluoroAlkyl Substances
PI			Prairie Island nuclear generating plant
Post-65			Post-Medicare
PPA			Purchased power agreement
Pre-65			Pre-Medicare
PTC			Production tax credit
REC			Renewable energy credit
RFP			Request for proposal
ROE			Return on equity
ROU			Right-of-use
RTO			Regional Transmission Organization
S&P			Standard & Poor’s Global Ratings
SERP			Supplemental executive retirement plan

SO2			Sulfur dioxide
SPP			Southwest Power Pool, Inc.
TCA			Transmission cost adjustment

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TCJA			2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act
THI			Temperature-humidity index
TO			Transmission owner
TSR			Total shareholder return
VaR			Value at Risk
VIE			Variable interest entity
WACC			Weighted Average Cost of Capital


Measurements
Bcf			Billion cubic feet
KV			Kilovolts
KWh			Kilowatt hours
MMBtu			Million British thermal units
MW			Megawatts
MWh			Megawatt hours


Where to Find More Information

Xcel Energy’s website address is www.xcelenergy.com. Xcel Energy makes available through its website, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after the reports are electronically filed with or furnished to the SEC.

The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically at http://www.sec.gov. The information on Xcel Energy’s website is not a part of, or incorporated by reference in, this annual report on Form 10-K. Xcel Energy intends to make future announcements regarding Company developments and financial performance through its website, www.xcelenergy.com, as well as through press releases, filings with the SEC, conference calls and webcasts.


Forward-Looking Statements

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed elsewhere in this Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022 (including risk factors listed from time to time by Xcel Energy Inc. in reports filed with the SEC, including “Risk Factors” in Item 1A of this Annual Report on Form 10-K), could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics, the duration and magnitude of business restrictions including shutdowns (domestically and globally), the potential impact on the workforce, including shortages of employees or third-party contractors due to quarantine policies, vaccination requirements or government restrictions, impacts on the transportation of goods and the generalized impact on the economy; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.


Overview

Xcel Energy (the “Company”) is a major U.S. regulated electric and natural gas delivery company headquartered in Minneapolis, Minnesota (incorporated in Minnesota in 1909). The Company serves customers in eight states, including portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. Xcel Energy provides a comprehensive portfolio of energy-related products and services to approximately 3.8 million electric customers and 2.1 million natural gas customers through four utility subsidiaries (i.e., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS). Along with the utility subsidiaries, the transmission-only subsidiaries, WYCO (a joint venture formed with CIG to develop and lease natural gas pipelines, storage and compression facilities) and WGI (an interstate natural gas pipeline company) comprise the regulated utility operations. The Company’s nonregulated subsidiaries include Eloigne, Capital Services, Venture Holdings and Nicollet Project Holdings.

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Subsidiary / Affiliate						Function
NSP-Minnesota						Electric & Gas
NSP-Wisconsin						Electric & Gas
PSCo						Electric & Gas
SPS						Electric
WGI						Interstate gas pipeline
WYCO						Gas storage and transportation
Other Subsidiaries						See Note 1 to the consolidated financial statements for further information


Utility Subsidiary Overview
Electric customers						3.8 million
Natural gas customers						2.1 million
Total assets						$61.1 billion
Electric generating capacity						20,897 MW
Natural gas storage capacity						53.5 Bcf
Electric transmission lines (conductor miles)						110,000 miles
Electric distribution lines (conductor miles)						213,000 miles
Natural gas transmission lines						2,200 miles
Natural gas distribution lines						37,000 miles


Service Territory


Strategy

Xcel Energy’s vision is to be the preferred and trusted provider of the energy our customers need. We will deliver on this vision while offering a competitive total return to shareholders. Our mission is to provide our customers with safe, clean, reliable energy services they want and value at a competitive price.

We execute on our vision and mission through three strategic priorities.


LEAD THE CLEAN ENERGY TRANSITION			ENHANCE THE CUSTOMER EXPERIENCE			KEEP BILLS LOW

Our employees are guided by our four corporate values: Connected, Committed, Safe, and Trustworthy.

Our values, culture and Code of Conduct serve as the foundation upon which Xcel Energy’s Board of Directors, employees, contractors and suppliers approach their work in delivering on our three strategic priorities.

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Our sustainability and Environmental, Social and Governance commitments are summarized as follows:

(1)Spans natural gas supply, delivery and customer use.

(2)Includes the Xcel Energy fleet; zero-carbon fuel is electricity or other clean energy.

Deliver a Competitive Total Return to Investors

Successful strategy execution, along with our disciplined approach to growth, operations and management of environmental, social and governance issues, positions us to continue delivering a competitive TSR.

We have consistently achieved our financial objectives, meeting or exceeding our initial earnings guidance range for 18 consecutive years and delivering dividend growth for 19 consecutive years.

Over the past five years, GAAP earnings per share have grown by 7.1% annually and our annual dividend growth was 6.3%. Xcel Energy works to maintain senior secured debt credit ratings in the A range and senior unsecured debt credit ratings in the BBB+ to A range. Current ratings are consistent with this goal.

LEAD THE CLEAN ENERGY TRANSITION

For nearly two decades, Xcel Energy has proactively managed the risk of climate change and worked to meet increasing demand for cleaner energy.

Carbon-free Electricity by 2050

In 2018, Xcel Energy became the first U.S. utility to establish a carbon-free vision, targeting 100% carbon-free electricity by 2050 with an interim goal to reduce carbon emissions 80% by 2030 (from 2005 levels), including owned and purchased power. A lead author for the climate change scientific analysis issued by the Intergovernmental Panel on Climate Change confirmed that our vision aligns with science-based scenarios likely to limit global warming to 1.5 degrees Celsius from pre-industrial levels.

Goal includes owned and purchased power.

The pace of achieving a carbon-free vision is governed by reliability and customer affordability. Our approved resource plans outline a clear, transparent path for reducing carbon emissions 80% using current technologies, while maintaining customer bill increases at or below the rate of inflation. Moving from 80% carbon reduction to 100% carbon-free electricity will require new dispatchable technologies that are economically viable, as well as supportive public policy.

See Item 1A for risks and uncertainties related to strategic and sustainability goals and objectives.

Through 2022, we reduced carbon emissions from generation serving customers by an estimated 53% (from 2005 levels) and remain on track to achieve 80% carbon reduction by 2030.

Xcel Energy will be coal-free by year-end 2030, pending the approval of the proposed acceleration of the Tolk coal plant retirement to 2028. As we transition to clean energy, service reliability is a priority. Xcel Energy was ranked in the top quartile for customer reliability as determined in the 2022 Institute of Electrical and Electronics Engineers Annual Benchmarking Study.

Xcel Energy’s wind capacity is now over 11,000 MW, including nearly 4,500 MW of owned wind. Our fleet continues to demonstrate high wind availability with 2022 performance at approximately 97%, while saving customers over $3 billion in fuel related costs and PTCs since 2017.In 2022, Minnesota and Colorado commissions approved resource plans that will add nearly 10,000 MW of utility-scale renewable energy to our systems.

Beyond carbon emissions, we have significantly reduced other emissions and environmental impacts. Notable environmental improvements include:

*Reductions in water consumption are from owned and purchased electricity that serves our customers. All other reductions are from owned generating plants.

**Coal ash and water consumption data are as of 2021.

As we prepare for early coal plant retirements, employees are provided advanced notice and offered retraining and relocation opportunities. To date, we have been successful in avoiding lay offs associated with our early coal plant retirements. We also help foster economic development opportunities to offset community economic impacts associated with coal plant closures. Xcel Energy has a long track record of working with our communities on energy, climate and environmental initiatives that impact them and has publicly committed to furthering environmental justice.

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Significant transmission expansion will also be required to enable the clean energy transition, and Xcel Energy is already investing towards its goals. For example, our $2 billion Pathway project in Colorado will provide over 560 miles of transmission lines and enable nearly 5,500 MW of new renewable energy. In addition, as part of MISO’s planned transmission expansion over the next decade, Xcel Energy has been awarded $1.2 billion of projects as part of Tranche 1.

Natural Gas Use in Buildings – Net Zero GHG by 2050

In 2021, we committed to reduce GHG emissions 25% by 2030 (from 2020 levels) and provide net-zero natural gas service by 2050 from the supply, distribution and end-use of natural gas. Similar to our electric plan, our vision to deliver gas service with net-zero emissions by 2050 aligns with science-based scenarios likely to limit warming by 1.5 C.

Our net-zero natural gas strategy includes:

•Working with suppliers to purchase only low emissions gas supply by 2030.

•Operating the cleanest possible system to achieve net-zero methane emissions on the system by 2030.

•Offering customer options that promote conservation, encourage electrification, where beneficial, and incorporate clean fuels such as hydrogen and renewable natural gas.

•Applying high quality carbon offsets through projects that remove emissions from other parts of the economy while providing additional environmental and social benefit.

Electrification of the Transportation Sector

In addition to transitioning our own generation fleet, we are helping to decarbonize other sectors, starting with transportation. We aim to enable one out of five vehicles in our service areas to be electric by 2030, representing a nearly $2 billion investment, 0.6% to 0.7% incremental annual retail sales growth and avoidance of roughly 5 million tons of CO2 emissions annually. By 2050, our vision is to run all vehicles in our service area with carbon-free electricity or other clean energy. We have launched new products and services across our service territories. In addition, we have an approved, transportation electrification plan in Colorado and comprehensive transportation plans in Minnesota and Wisconsin that are pending commission approval.

Innovation and Policy

Passage of the IRA is expected to reduce the cost of renewables for our customers, improve the competitiveness of our renewable projects and improve liquidity and credit metrics. The IRA is expected to reduce the cost of future wind projects by 50-60% and solar projects by 25-40% (levelized cost of energy basis). The IRA also lowers the costs of hydrogen production that could be used for generation and the natural gas system. Finally, the IRA is likely to provide customers additional benefits from PTCs for the generation of electricity from our nuclear fleet.

New and emerging technologies are foundational to fulfilling our strategic priorities. Advancement of economical, resilient and reliable zero-carbon 24/7 power technologies, as well as advanced storage and new low-carbon fuels, are needed to deliver on our clean energy goals by 2050.

We actively monitor and participate in emerging and advanced energy technologies through collaborations with researchers, technology developers, venture investors and others in our industry. We have several initiatives, pilots and demonstration projects underway that are advancing and testing the real-world applications of cutting-edge technologies. Our recently announced partnership with Form Energy to develop two 10 MW, 100-hour energy storage pilot projects is an example.

ENHANCE THE CUSTOMER EXPERIENCE

Xcel Energy has a comprehensive suite of renewable and conservation programs that provide customers with clean energy options and help keep their bills low. We are also transforming and expanding our electric grid to accommodate load growth, renewable energy and distributed energy resources. We are in the process of installing smart meters, which will deliver numerous customer and operational benefits, providing near-real-time communication, allowing customers to know how much energy they are using and what it will cost them. Along with the smart meters, customers will have new digital tools to make it easier to access their energy information, gain useful insights to better understand and manage their energy use and make smarter energy choices that lower their bills.

KEEP BILLS LOW

Customer affordability is critical to successful strategy execution. From 2013 - 2022, we have kept residential electric bill growth to 1.8% per year and below the rate of inflation. Residential gas bills were near flat, growing 0.3% per year from 2013 - 2021. Global pressures on natural gas prices increased customer natural gas bills in 2022. We pass the cost of natural gas directly to customers (without markup) through fuel clauses in most of our states, and higher gas prices affected the affordability of the service we provide.

We have taken several steps to address this concern:

•Low-income customers are eligible to receive assistance with their bills. In 2022, we set a company record for energy assistance outreach as 193,000 customers were connected to programs that provided $216 million in funding.

•Xcel Energy has invested more than $2 billion over the past decade in a comprehensive suite of electric and natural gas conservation programs.

•We also kept O&M expenses flat from 2014 through 2021. While O&M increased in 2022 due to global inflation pressures and other drivers, our goal is to reduce 2023 O&M expenses 2% from 2022 levels and keep them relatively flat thereafter.

•We continue to invest to reduce operating costs through ongoing process and technology improvements, including the use of drone technologies, automated work processes, artificial intelligence and continuous improvement methodologies.

•In addition, we are augmenting our One Xcel Energy Way program in 2023, which we expect to drive increased productivity and efficiency across all levels of the Company.

•As previously discussed, our geographic advantages in wind and solar also enable customer savings, which we call our “Steel for Fuel” strategy. High capacity factors, coupled with renewable tax credits and avoided fuel costs, enable Xcel Energy to add renewable energy while saving customers money.

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REACHING OUR GOALS RESPONSIBLY

We instituted oversight of environmental performance by the Board of Directors beginning in 2000 and was among the first U.S. energy providers to tie carbon reduction to executive compensation over fifteen years ago.

Xcel Energy has provided a voluntary, third-party verified annual GHG disclosure since 2005, longer than any other U.S. utility. We are a founding member of The Climate Registry and a supporter of the Task Force on Climate-Related Financial Disclosures. Our disclosures also align with the Global Reporting Initiative, Sustainability Accounting Standards Board and United Nations Sustainable Development Goals frameworks.

STRENGTHEN OUR COMMUNITIES

We provide a fundamental service, powering communities with safe, reliable, affordable and increasingly clean energy.

For our local communities, we initiated 40 economic development projects in 2022, which are projected to create over $1.8 billion in capital investments and 2,900 jobs. Additionally, nearly 60% of our supply chain spend was local and we spent approximately $550 million with diverse suppliers.

Our employees served on more than 520 nonprofit organization or local community boards in 2022. The Xcel Energy Foundation contributed $4.4 million to 426 nonprofit organizations that support its three charitable giving focus areas: STEM Career Pathways, Environmental Sustainability, and Community Vitality.

The Foundation, Company, employees and retirees also contributed more than $5 million to local communities through Xcel Energy’s annual United Way Giving Campaign and nearly 3,000 volunteers participated in Xcel Energy’s annual Day of Service, supporting more than 100 nonprofit projects.

VALUE PEOPLE AND OPERATE WITH INTEGRITY

Champion Safety

Continuously elevating the quality and safety of the workplace is a top priority. We are considered a benchmark company for our Safety Always approach, focused on eliminating life-altering injuries through a trusted, transparent culture and the use of critical controls. All employees have “stop work authority” and are expected to keep each other, our customers and the public safe. Employees are encouraged to speak up, share experiences and learn from events to help protect themselves, their coworkers and the public.

The Board of Directors has oversight for employee and public safety through the Operations, Nuclear, Environmental and Safety committee, both of which are also tied to annual incentive compensation.

Cultivate a Diverse, Best-in-Class Workforce

We aim to create an inclusive culture where employees are treated equitably, and diversity is not only accepted but celebrated. This starts with our Board of Directors.

The Board of Directors oversees our workforce strategy, including diversity and inclusion initiatives. In 2021, Xcel Energy added an incentive-based metric focused on diverse interview panels, executive sponsorship and employee feedback on inclusion in the workplace. A total of 70% of annual incentive pay was tied to safety, system reliability and diversity, equity and inclusion metrics.

Management continuously evaluates benefits to maintain a market-competitive, performance-based, shareholder-aligned total rewards package that supports our ability to attract, engage and retain a talented and diverse workforce, while reinforcing and rewarding strong performance.

We partner with educational and community organizations to attract and hire diverse employees who reflect the communities we serve and live our values. Xcel Energy had 11,982 full-time employees and workforce demographics as of December 2022 were as follows:


	Female		Ethnically Diverse
Board of Directors	33	%	17	%
CEO direct reports	33		22
Management	25		12
Employees	24		18
New hires	35		24
Interns (hired throughout 2022)	32		25

To help foster a culture of inclusivity, we offer leaders and employees training on microinequities and unconscious bias. The Company hosts 12 business resource groups to support employee interests and obtain diverse perspectives when solving challenges and achieving goals.

Xcel Energy also respects employees’ freedom of association and their right to collectively organize. As of Dec. 31, 2022, approximately 42% of our employees (5,087) were covered by collective bargaining agreements.

Employee turnover for 2022 and future projected retirement eligibility:


Employee Turnover			Retirement Eligibility
Bargaining	7	%	Within next 5 years	24	%
Non-Bargaining	15		Within next 10 years	35
Overall (a)	11

(a)24% of turnover was due to retirements.

We have publicly confirmed our commitment to the advancement and protection of human rights, consistent with U.S. human rights laws and the general principles in the International Labour Organization Conventions.

Annual Code of Conduct training is required for all employees and the Board of Directors.

We do not tolerate Code of Conduct violations or other unacceptable behaviors. We expect and offer employees multiple avenues to raise concerns or report wrong-doing and do not permit any retaliation.

Xcel Energy received the following recognitions in 2022:



Fortune	Human Rights Campaign	Ethisphere	GI Jobs
World’s Most Admired Companies	Best Places to Work for LGBTQ Equality	World’s Most Ethical Companies	Military Friendly Employer

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Utility Subsidiaries

NSP-Minnesota

Electric customers

1.5 million

NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota.

Natural gas customers

0.5 million

Total assets

$23.7 billion

Rate Base (estimated)

$15.1 billion

ROE (net income / average stockholder's equity)

8.76%

Electric generating capacity

8,949 MW

Gas storage capacity

17.1 Bcf

Electric transmission lines (conductor miles)

33,000 miles

Electric distribution lines (conductor miles)

82,000 miles

Natural gas transmission lines

78 miles

Natural gas distribution lines

11,000 miles

NSP-Wisconsin

Electric customers

0.3 million

NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.

Natural gas customers

0.1 million

Total assets

$3.4 billion

Rate Base (estimated)

$2.1 billion

ROE (net income / average stockholder's equity)

10.57%

Electric generating capacity

548 MW

Gas storage capacity

4.3 Bcf

Electric transmission lines (conductor miles)

12,000 miles

Electric distribution lines (conductor miles)

28,000 miles

Natural gas transmission lines

3 miles

Natural gas distribution lines

3,000 miles

PSCo

Electric customers

1.6 million

PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas.

Natural gas customers

1.5 million

Total assets

$23.6 billion

Rate Base (estimated)

$14.9 billion

ROE (net income / average stockholder's equity)

8.23%

Electric generating capacity

6,151 MW

Gas storage capacity

32.1 Bcf

Electric transmission lines (conductor miles)

25,000 miles

Electric distribution lines (conductor miles)

79,000 miles

Natural gas transmission lines

2,000 miles

Natural gas distribution lines

24,000 miles

SPS

SPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity.

Electric customers

0.4 million

Total assets

$9.7 billion

Rate Base (estimated)

$6.7 billion

ROE (net income / average stockholder's equity)

9.36%

Electric generating capacity

5,249 MW

Electric transmission lines (conductor miles)

41,000 miles

Electric distribution lines (conductor miles)

24,000 miles

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Operations Overview

Utility operations are generally conducted as either electric or gas utilities in our four utility subsidiaries.


Electric Operations

Electric operations consist of energy supply, generation, transmission and distribution activities across all four operating companies. Xcel Energy had electric sales volume of 116,885 (millions of KWh), 3.8 million customers and electric revenues of $12,123 million for 2022.


Electric Operations (percentage of total)	Sales Volume		Number of Customers		Revenues
Residential	23	%	86	%	29	%
C&I	55		12		48
Other	22		2		23

Retail Sales/Revenue Statistics (a)


	2022			2021
KWh sales per retail customer	24,285			23,968
Revenue per retail customer	$	2,513		$	2,405
Residential revenue per KWh	13.41		¢	12.94		¢
C&I revenue per KWh	9.02		¢	8.73		¢
Total retail revenue per KWh	10.35		¢	10.03		¢

(a) See Note 6 to the consolidated financial statements for further information.

Owned and Purchased Energy Generation — 2022

Electric Energy Sources

Total electric energy generation by source for the year ended Dec. 31:

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Carbon-Free

Xcel Energy’s carbon-free energy portfolio includes wind, nuclear, hydroelectric, biomass and solar power from both owned generation facilities and PPAs. Carbon-free percentages will vary year-over-year based on system additions, commodity costs, weather, system demand and transmission constraints.

See Item 2 — Properties for further information.

Wind

Owned — Owned and operated wind farms with corresponding capacity:


Utility Subsidiary	2022		2021
	Wind Farms	Capacity (MW) (a)	Wind Farms	Capacity (MW) (b)
NSP System	16	2,352	14	2,031
PSCo	2	1,059	2	1,059
SPS	2	984	2	984
Total	20	4,395	18	4,074

(a) Summer 2022 net dependable capacity.

(b) Summer 2021 net dependable capacity.

PPAs — Number of PPAs with capacity range:


Utility Subsidiary	2022		2021
	PPAs	Range (MW)	PPAs	Range (MW)
NSP System	129	1 — 206	128	1 — 206
PSCo	17	23 — 301	17	23 — 301
SPS	17	1 — 250	17	1 — 250

Capacity — Wind capacity (MW) for owned wind farms and PPAs:


Utility Subsidiary	2022	2021
NSP System	4,515	3,997
PSCo	4,082	4,085
SPS	2,548	2,548

Average Cost (Owned) — Average cost per MWh of wind energy from owned generation:


Utility Subsidiary	2022		2021
NSP System	$	18	$	25
PSCo	11		17
SPS	13		17

Average Cost (PPAs) — Average cost per MWh of wind energy under existing PPAs:


Utility Subsidiary	2022		2021
NSP System	$	37	$	37
PSCo	38		35
SPS	27		27

Wind Development — Xcel Energy placed into service, repowered, or contracted for the following during 2022:

Project

Utility Subsidiary

Capacity (MW)

Dakota Range

NSP-Minnesota

298

(a)(b)

Nobles Repower

NSP-Minnesota

200

(a)(b)

Rock Aetna

NSP-Minnesota

(a)(b)

Various PPAs

Various

220

(c)

(a) Summer 2022 net dependable capacity.

(b) Values disclosed are the maximum generation levels. Capacity is attainable only when wind conditions are sufficiently available.

Xcel Energy currently has approximately 550 MW of owned wind under development or being repowered.

Project

Utility Subsidiary

Capacity (MW)

Estimated Completion

Northern Wind

NSP-Minnesota

100

2023

(a)

Grand Meadow Repower

NSP-Minnesota

100

2023

Border Winds Repower

NSP-Minnesota

150

2025

Pleasant Valley Repower

NSP-Minnesota

200

2025

(a)Placed in service in January 2023.

Solar

PPAs — Solar PPAs capacity by type:

Type

Utility Subsidiary

Capacity (MW)

Distributed Generation

NSP System

1,074

Utility-Scale

NSP System

269

Distributed Generation

PSCo

848

Utility-Scale

PSCo

732

Distributed Generation

SPS

Utility-Scale

SPS

192

Total

3,135

Average Cost (PPAs) — Average cost per MWh of solar energy under existing PPAs:


Utility Subsidiary	2022		2021
NSP System	$	79	$	90
PSCo	69		67
SPS	62		61

Solar Development — In September 2022, the MPUC approved NSP-Minnesota's proposal to add 460 MW of solar facilities at the Sherco site. The project is expected to cost approximately $690 million (two phases to be completed in 2024 and 2025). As a result of the IRA, the levelized cost of the project is expected to be approximately 30% lower than previously estimated.

PSCo placed approximately 200 MW of PPAs into service during 2022 and expects to place approximately 800 MW (including storage) of PPAs into service during 2023.

Nuclear

Xcel Energy has two nuclear plants with approximately 1,700 MW of total 2022 net summer dependable capacity that serve the NSP System. Our nuclear fleet has become one of the best performing and dependable in the nation, as rated by both the NRC and INPO. Xcel Energy secures contracts for uranium concentrates, uranium conversion, uranium enrichment and fuel fabrication to operate its nuclear plants. We use varying contract lengths as well as multiple producers for uranium concentrates, conversion services and enrichment services to minimize potential impacts caused by supply interruptions due to geographical and world political issues.

Nuclear Fuel Cost — Delivered cost per MMBtu of nuclear fuel consumed for owned electric generation and the percentage of total fuel requirements (nuclear, natural gas and coal):


Utility Subsidiary	Nuclear
NSP System	Cost		Percent
2022	$	0.76	51	%
2021	0.77		50

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Other — Xcel Energy’s other carbon-free energy portfolio includes hydro from owned generating facilities.

See Item 2 — Properties for further information.

Fossil Fuel

Xcel Energy’s fossil fuel energy portfolio includes coal and natural gas power from both owned generating facilities and PPAs.

Coal

Xcel Energy owns and operates coal units with approximately 6,200 MW of total 2022 net summer dependable capacity, which provided 23% of Xcel Energy’s energy mix in 2022.

Xcel Energy has plans to retire all of its existing coal generation by the end of 2030. Approved early coal plant retirements:


Year	Utility Subsidiary	Plant Unit	Capacity (MW)
2023	NSP-Minnesota	Sherco 2	682
2024	SPS	Harrington (a)	1,018
2025	PSCo	Comanche 2	335
2025	PSCo	Craig 1	42	(b)
2025	PSCo	Pawnee (c)	505
2026	NSP-Minnesota	Sherco 1	680
2027	PSCo	Hayden 2	98	(b)
2028	PSCo	Hayden 1	135	(b)
2028	PSCo	Craig 2	40	(b)
2028	NSP-Minnesota	A.S. King	511
2030	NSP-Minnesota	Sherco 3	517	(b)
2030	PSCo	Comanche 3	500	(b)
2034	SPS	Tolk 1 (d)	532
2034	SPS	Tolk 2 (d)	535

(a)Reflects expected conversion from coal to natural gas following the TCEQ order that Harrington cease use of coal fuel by Jan. 1, 2025.

(b)Based on Xcel Energy’s ownership interest.

(c)Reflects conversion from coal to natural gas.

(d)Tolk Unit 1 and 2 are approved to be retired early in 2034. SPS proposed to retire both units in 2028 in the pending New Mexico and Texas rate cases.

Coal Fuel Cost — Delivered cost per MMBtu of coal consumed for owned electric generation and the percentage of fuel requirements (nuclear, natural gas and coal):


	Coal (a)
Utility Subsidiary	Cost		Percent
NSP System
2022	$	2.27	37	%
2021	1.95		34
PSCo
2022	1.48		55
2021	1.43		62
SPS
2022	2.37		59
2021	2.07		66

(a) Includes refuse-derived fuel and wood for the NSP System.

Natural Gas

Xcel Energy has 23 natural gas plants with approximately 8,100 MW of total 2022 net summer dependable capacity, which provided 24% of Xcel Energy’s mix in 2022.

Natural gas supplies, transportation and storage services for power plants are procured to provide an adequate supply of fuel. Remaining requirements are procured through a liquid spot market. Generally, natural gas supply contracts have variable pricing that is tied to natural gas indices. Natural gas supply and transportation agreements include obligations for the purchase and/or delivery of specified volumes or payments in lieu of delivery.

Natural Gas Cost — Delivered cost per MMBtu of natural gas consumed for owned electric generation and the percentage of total fuel requirements (nuclear, natural gas and coal):


	Natural Gas
Utility Subsidiary	Cost		Percent
NSP System
2022	$	7.58	12	%
2021 (a)	4.98		16
PSCo
2022	7.09		45
2021 (a)	8.38		38
SPS
2022	5.87		41
2021 (a)	6.72		34

(a)Reflective of Winter Storm Uri.

Capacity and Demand

Uninterrupted system peak demand and occurrence date:


	System Peak Demand (MW)
	2022		2021
NSP System	9,245	June 20	8,837	June 9
PSCo	6,821	Sept. 6	6,958	July 28
SPS	4,280	July 19	4,054	Aug. 9

Transmission

Transmission lines deliver electricity at high voltages and over long distances from power sources to transmission substations closer to customers. A strong transmission system ensures continued reliable and affordable service, ability to meet state and regional energy policy goals, and support for a diverse generation mix, including renewable energy. Xcel Energy owns approximately 110,000 conductor miles of transmission lines, serving 22,000 MW of customer load, across its service territory.

Between 2023 and 2028, Xcel Energy plans to build approximately 1,700 additional conductor miles of transmission lines, primarily as part of the MISO Tranche 1 and Colorado Power Pathway projects.

See Item 2 - Properties for further information.

Distribution

Distribution lines allow electricity to travel at lower voltages from substations directly to customers. Xcel Energy has a vast distribution network, owning and operating approximately 210,000 conductor miles of distribution lines across our eight-state service territory.

To continue providing reliable, affordable electric service and enable more flexibility for customers, we are working to digitize the distribution grid, while at the same time keeping it secure. Xcel Energy plans to invest approximately $1.7 billion implementing new network infrastructure, smart meters, advanced software, equipment sensors and related data analytics capabilities. As of Dec. 31, 2022, Xcel Energy had spent approximately $765 million on these investments.

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Investments of this nature will further improve reliability and reduce outage restoration times for our customers, while at the same time enabling new options and opportunities for increased efficiency savings. The new capabilities will also enable integration of battery storage and other distributed energy resources into the grid, including electric vehicles.

See Item 2 - Properties for further information.


Natural Gas Operations

Natural gas operations consist of purchase, transportation and distribution of natural gas to end-use residential, C&I and transport customers in NSP-Minnesota, NSP-Wisconsin and PSCo. Xcel Energy had natural gas deliveries of 400,741 (thousands of MMBtu), 2.1 million customers and natural gas revenues of $3,080 million for 2022.


Natural Gas (percentage of total)	Deliveries		Number of Customers		Revenues
Residential	38	%	92	%	59	%
C&I	24		8		32
Transportation and other	38		<1		9

Sales/Revenue Statistics (a)


	2022		2021
MMBtu sales per retail customer	116		114
Revenue per retail customer	$	1,318	$	917
Residential revenue per MMBtu	11.97		8.61
C&I revenue per MMBtu	10.45		7.20
Transportation and other revenue per MMBtu	1.16		1.20

(a)See Note 6 to the consolidated financial statements for further information.

Capability and Demand

Natural gas supply requirements are categorized as firm or interruptible (customers with an alternate energy supply).

Maximum daily output (firm and interruptible) and occurrence date:

2022

2021

Utility Subsidiary

MMBtu

Date

MMBtu

Date (a)

NSP-Minnesota

867,385

Feb. 12

899,133

Feb. 11

NSP-Wisconsin

187,961

Jan. 6

167,656

Feb. 11

PSCo

2,243,552

Dec. 22

2,316,283

Feb. 14

(a)Reflective of Winter Storm Uri.

Natural Gas Supply and Cost

Xcel Energy seeks natural gas supply, transportation and storage alternatives to yield a diversified portfolio, which increases flexibility, decreases interruption, financial risks and customer rates. In addition, the utility subsidiaries conduct natural gas price hedging activities approved by their states’ commissions.

Average delivered cost per MMBtu of natural gas for regulated retail distribution:


Utility Subsidiary	2022		2021 (a)
NSP-Minnesota	$	7.00	$	7.48
NSP-Wisconsin	6.68		7.11
PSCo	6.33		6.06

(a)Reflective of Winter Storm Uri.

NSP-Minnesota, NSP-Wisconsin and PSCo have natural gas supply transportation and storage agreements that include obligations for purchase and/or delivery of specified volumes or to make payments in lieu of delivery.


General

General Economic Conditions

Economic conditions may have a material impact on Xcel Energy’s operating results. Management cannot predict the impact of fluctuating energy or commodity prices, pandemics, terrorist activity, war or the threat of war. We could experience a material impact to our results of operations, future growth or ability to raise capital resulting from a sustained general slowdown in economic growth or a significant increase in interest rates or inflation.

Seasonality

Demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.

Competition

Xcel Energy is subject to public policies that promote competition and development of energy markets. Xcel Energy’s industrial and large commercial customers have the ability to generate their own electricity. In addition, customers may have the option of substituting other fuels or relocating their facilities to a lower cost region.

Customers have the opportunity to supply their own power with distributed generation including solar generation and in most jurisdictions can currently avoid paying for most of the fixed production, transmission and distribution costs incurred to serve them.

Several states have incentives for the development of rooftop solar, community solar gardens and other distributed energy resources. Distributed generating resources are potential competitors to Xcel Energy’s electric service business with these incentives and federal tax subsidies.

The FERC has continued to promote competitive wholesale markets through open access transmission and other means. Xcel Energy’s wholesale customers can purchase their output from generation resources of competing suppliers or non-contracted quantities and use the transmission systems of the utility subsidiaries on a comparable basis to serve their native load.

FERC Order No. 1000 established competition for ownership of certain new electric transmission facilities under Federal regulations. Some states have state laws that allow the incumbent a Right of First Refusal to own these transmission facilities.

FERC Order 2222 requires that RTO and ISO markets allow participation of aggregations of distributed energy resources. This order is expected to incentivize distributed energy resource adoption, however implementation is expected to vary by RTO/ISO and the near, medium, and long-term impacts of Order 2222 remain unclear.

Xcel Energy Inc.’s utility subsidiaries have franchise agreements with cities subject to periodic renewal; however, a city could seek alternative means to access electric power or gas, such as municipalization. No municipalization activities are occurring presently.

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While each utility subsidiary faces these challenges, Xcel Energy believes their rates and services are competitive with alternatives currently available.


Governmental Regulations

Public Utility Regulation

See Item 7 for discussion of public utility regulation.

Environmental Regulation

Our facilities are regulated by federal and state agencies that have jurisdiction over air emissions, water quality, wastewater discharges, solid and hazardous wastes or substances. Certain Xcel Energy activities require registrations, permits, licenses, inspections and approvals from these agencies.

Xcel Energy has received necessary authorizations for the construction and continued operation of its generation, transmission and distribution systems. Our facilities strive to operate in compliance with applicable environmental standards and related monitoring and reporting requirements.

However, it is not possible to determine what additional facilities or modifications to existing or planned facilities will be required as a result of changes to regulations, interpretations or enforcement policies or what effect future laws or regulations may have. We may be required to incur expenditures in the future for remediation of historic and current operating sites and other waste treatment, storage and disposal sites.

There are significant environmental regulations to encourage use of clean energy technologies and regulate emissions of GHGs. We have undertaken numerous initiatives to meet current requirements and prepare for potential future regulations, reduce GHG emissions and respond to state renewable and energy efficiency goals. Future environmental regulations may result in substantial costs.

Emerging Environmental Regulation

Clean Air Act — In April 2022, the EPA proposed regulations under the "Good Neighbor" provisions of the Clean Air Act. The proposed rules apply to Minnesota, Texas and Wisconsin. The proposal establishes an allowance trading program for NOx, potentially impacting Xcel Energy fossil fuel generating facilities. Under the proposed rule, facilities without NOx controls will have to secure additional allowances, install NOx controls, or develop a strategy of operations that utilizes the existing allowance allocations. The EPA has indicated that it intends for the rule to be final and applicable in the first half of 2023. While the financial impacts of the proposed regulation are uncertain and dependent on market forces, Xcel Energy anticipates that costs will be approximately $60 million annually and will be recoverable through regulatory mechanisms based on prior state commission practices.

In a June 2022 ruling, the United States Supreme Court held that an economy-wide approach to reducing greenhouse gas emissions from coal-fired power plants was not consistent with the Clean Air Act. Therefore, if the EPA proceeds with new rules, it cannot set a standard based on economy-wide generation shifting to other sources, such as renewable energy. It is anticipated that EPA will propose rules to limit GHG emissions from new and existing coal and natural gas-fired electric generating units in 2023. If any new rules require additional investment, Xcel Energy believes that the cost of these initiatives or replacement generation would be recoverable through rates based on prior state commission practices.

Coal Ash Regulation — In February 2023, the EPA entered into a Consent Decree, committing the agency to either issue new proposed rules by May 5, 2023, to regulate inactive CCR landfills under the CCR Rule for the first time, or to determine no such rules are necessary by that date. If proposed rules are issued in May, the EPA has committed to a May 2024 effective date for the new rules. Until proposed rules are issued, it is not certain what the impact will be on Xcel Energy, but we anticipate that additional inactive ash units could become regulated for the first time. It is also anticipated that the EPA may issue other CCR proposed rules in 2023 that further expand the scope of the CCR Rule.

Emerging Contaminants of Concern — PFAS are man-made chemicals that are widely used in consumer products and can persist and bio-accumulate in the environment. Xcel Energy does not manufacture PFAS but because PFAS are so ubiquitous in products and the environment, it may impact our operations. In September 2022, the EPA proposed to designate two types of PFAS as “hazardous substances” under the Comprehensive Environmental Response, Compensation, and Liability Act, specifically perfluorooctanoic acid and perfluorooctanesulfonic acid. This proposed rule could result in new obligations for investigation and cleanup wherever PFAS are found to be present. The impact the proposed regulation may have on electric and gas utilities is currently uncertain.

Environmental Costs

Environmental costs include amounts for nuclear plant decommissioning and payments for storage of spent nuclear fuel, disposal of hazardous materials and waste, remediation of contaminated sites, monitoring of discharges to the environment and compliance with laws and permits with respect to emissions.

Costs charged to operating expenses for nuclear decommissioning, spent nuclear fuel disposal, environmental monitoring and remediation and disposal of hazardous materials and waste and depreciation of previously incurred capital expenditures for environmental improvements were approximately:

•$365 million in 2022.

•$365 million in 2021.

•$400 million in 2020.

Average annual expense of approximately $430 million from 2023 – 2027 is estimated for similar costs. The precise timing and amount of environmental costs, including those for site remediation and disposal of hazardous materials, are unknown. Additionally, the extent to which environmental costs will be included in and recovered through rates may fluctuate.

Capital expenditures for environmental improvements were approximately:

•$20 million in 2022.

•$60 million in 2021.

•$30 million in 2020.

Certain previously collected nuclear storage costs for the federal nuclear waste program are reimbursed to customers by the federal government as a result of a settlement we pursued regarding the government’s failure to deliver a disposal program. Installments received are reimbursed to customers as approved by the MPUC and other state regulators.

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Other

Our operations are subject to workplace safety standards under the Federal Occupational Safety and Health Act of 1970 (“OSHA”) and comparable state laws that regulate the protection of worker health and safety. In addition, the Company is subject to other government regulations impacting such matters as labor, competition, data privacy, etc. Based on information to date and because our policies and business practices are designed to comply with all applicable laws, we do not believe the effects of compliance on our operations, financial condition or cash flows are material.


Capital Spending and Financing

See Item 7 for discussion of capital expenditures and funding sources.

Information about our Executive Officers (a)

Name

Age (b)

Current and Recent Positions

Time in Position

Robert C. Frenzel

Chairman of the Board of Directors, Xcel Energy Inc.

December 2021 — Present

President and Chief Executive Officer and Director, Xcel Energy Inc.

August 2021 — Present

Chief Executive Officer, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS

August 2021 — Present

President and Chief Operating Officer, Xcel Energy Inc.

March 2020 — August 2021

Executive Vice President, Chief Financial Officer, Xcel Energy Inc.

May 2016 — March 2020

Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp. (c)

February 2012 — April 2016

Brett C. Carter

Executive Vice President, Group President, Utilities, and Chief Customer Officer, Xcel Energy Inc.

March 2022 — Present

Executive Vice President and Chief Customer and Innovation Officer, Xcel Energy Inc.

May 2018 — March 2022

Senior Vice President and Shared Services Executive, Bank of America, an institutional investment bank and financial services company

October 2015 — May 2018

Patricia Correa

Senior Vice President, Chief Human Resources Officer, Xcel Energy Inc.

February 2022 — Present

Senior Vice President, Human Resources, Eaton Corporation, a power management company

July 2019 — January 2022

Vice President, Human Resources, Eaton Corporation

March 2016 — July 2019

Timothy O’Connor

Executive Vice President, Chief Operations Officer, Xcel Energy Inc.

August 2021 — Present

Executive Vice President, Chief Generation Officer, Xcel Energy Inc.

March 2020 — August 2021

Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc

February 2013 — March 2020

Frank Prager

Senior Vice President, Strategy, Security and External Affairs and Chief Sustainability Officer, Xcel Energy Inc.

March 2022 — Present

Senior Vice President, Strategy, Planning and External Affairs, Xcel Energy Inc.

March 2020 — March 2022

Vice President, Policy and Federal Affairs, Xcel Energy Services Inc.

January 2015 — March 2020

Amanda Rome

Executive Vice President, Chief Legal and Compliance Officer, Xcel Energy Inc.

June 2022 — Present

Executive Vice President, General Counsel, Xcel Energy Inc.

June 2020 — June 2022

Vice President and Deputy General Counsel, Xcel Energy Services Inc.

October 2019 — June 2020

Managing Attorney, Xcel Energy Services Inc.

July 2018 — October 2019

Rotational Position, Xcel Energy Services Inc.

January 2018 — July 2018

Lead Assistant General Counsel, Xcel Energy Services Inc.

July 2015 — January 2018

Brian J. Van Abel

Executive Vice President, Chief Financial Officer, Xcel Energy Inc.

March 2020 — Present

Senior Vice President, Finance and Corporate Development, Xcel Energy Services Inc.

September 2018 — March 2020

Vice President, Treasurer, Xcel Energy Services Inc.

July 2015 — September 2018

(a) No family relationships exist between any of the executive officers or directors.

(b)Ages as of Feb. 23, 2023.

(c)In April 2014, Energy Future Holdings Corp., the majority of its subsidiaries, including Texas Competitive Energy Holdings the parent company of Luminant, filed a voluntary bankruptcy petition under Chapter 11 of the United States Bankruptcy Code. Texas Competitive Energy Holdings emerged from Chapter 11 in October 2016.

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ITEM 1A — RISK FACTORS

Xcel Energy is subject to a variety of risks, many of which are beyond our control. Risks that may adversely affect the business, financial condition, results of operations or cash flows are described below. Although the risks are organized by heading, and each risk is described separately, many of the risks are interrelated. These risks should be carefully considered together with the other information set forth in this report and future reports that we file with the SEC. You should not interpret the disclosure of any risk factor to imply that the risk has not already materialized.

While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our business, financial condition, results of operations or cash flows in the future.

Oversight of Risk and Related Processes

The Board of Directors is responsible for the oversight of material risk and maintaining an effective risk monitoring process. Management and the Board of Directors’ committees have responsibility for overseeing the identification and mitigation of key risks and reporting its assessments and activities to the full Board of Directors.

Xcel Energy maintains a robust compliance program and promotes a culture of compliance beginning with the tone at the top. The risk mitigation process includes adherence to our Code of Conduct and compliance policies, operation of formal risk management structures and overall business management. Xcel Energy further mitigates inherent risks through formal risk committees and corporate functions such as internal audit, and internal controls over financial reporting and legal.

Management identifies and analyzes risks to determine materiality and other attributes such as timing, probability and controllability. Identification and risk analysis occurs formally through risk assessment conducted by senior management, the financial disclosure process, hazard risk procedures, internal audit and compliance with financial and operational controls.

Management also identifies and analyzes risk through the business planning process, development of goals and establishment of key performance indicators, including identification of barriers to implementing Xcel Energy’s strategy. The business planning process also identifies likelihood and mitigating factors to prevent the assumption of inappropriate risk to meet goals.

Management communicates regularly with the Board of Directors and key stakeholders regarding risk. Senior management presents and communicates a periodic risk assessment to the Board of Directors, providing information on the risks that management believes are material, including financial impact, timing, likelihood and mitigating factors. The Board of Directors regularly reviews management’s key risk assessments, which includes areas of existing and future macroeconomic, financial, operational, policy, environmental, safety and security risks.

The oversight, management and mitigation of risk is an integral and continuous part of the Board of Directors’ governance of Xcel Energy. The Board of Directors assigns oversight of critical risks to each of its four committees to confirm these risks are well understood and given appropriate focus.

The Audit Committee is responsible for reviewing the adequacy of the committees’ risk oversight and affirming appropriate aggregate oversight occurs. Committees regularly report on their oversight activities and certain risk issues may be brought to the full Board of Directors for consideration when deemed appropriate.

Emerging risks are considered and assigned as appropriate during the annual Board of Directors and committee evaluation process, resulting in updates to the committee charters and annual work plans. Additionally, the Board of Directors conducts an annual strategy session where Xcel Energy’s future plans and initiatives are reviewed.

Risks Associated with Our Business

Operational Risks

Our natural gas and electric generation/transmission and distribution operations involve numerous risks that may result in accidents and other operating risks and costs.

Our natural gas transmission and distribution activities include inherent hazards and operating risks, such as leaks, explosions, outages and mechanical problems. Our electric generation, transmission and distribution activities include inherent hazards and operating risks such as contact, fire and outages.

These risks could result in loss of life, significant property damage, environmental pollution, impairment of our operations and substantial financial losses to employees, third-party contractors, customers or the public. We maintain insurance against most, but not all, of these risks and losses.

The occurrence of these events, if not fully covered by insurance, could have a material effect on our financial condition, results of operations and cash flows as well as potential loss of reputation.

Other uncertainties and risks inherent in operating and maintaining Xcel Energy's facilities include, but are not limited to:

•Risks associated with facility start-up operations, such as whether the facility will achieve projected operating performance on schedule and otherwise as planned.

•Failures in the availability, acquisition or transportation of fuel or other supplies.

•Impact of adverse weather conditions and natural disasters, including, tornadoes, icing events, floods and droughts.

•Performance below expected or contracted levels of output or efficiency.

•Availability of replacement equipment.

•Availability of adequate water resources and ability to satisfy water intake and discharge requirements.

•Availability or changes to wind patterns.

•Inability to identify, manage properly or mitigate equipment defects.

•Use of new or unproven technology.

•Risks associated with dependence on a specific type of fuel or fuel source, such as commodity price risk, availability of adequate fuel supply and transportation and lack of available alternative fuel sources.

•Increased competition due to, among other factors, new facilities, excess supply, shifting demand and regulatory changes.

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Additionally, compliance with existing and potential new regulations related to the operation and maintenance of our natural gas infrastructure could result in significant costs. The PHMSA is responsible for administering the DOT’s national regulatory program to assure the safe transportation of natural gas, petroleum and other hazardous materials by pipelines. The PHMSA continues to develop regulations and other approaches to risk management to assure safety in design, construction, testing, operation, maintenance and emergency response of natural gas pipeline infrastructure. We have programs in place to comply with these regulations and systematically monitor and renew infrastructure over time, however, a significant incident or material finding of non-compliance could result in penalties and higher costs of operations.

Our natural gas and electric transmission and distribution operations are dependent upon complex information technology systems and network infrastructure, the failure of which could disrupt our normal business operations, which could have a material adverse effect on our ability to process transactions and provide services.

Our utility operations are subject to long-term planning and project risks.

Most electric utility investments are planned to be used for decades. Transmission and generation investments typically have long lead times and are planned well in advance of in-service dates and typically subject to long-term resource plans. These plans are based on numerous assumptions such as: sales growth, customer usage, commodity prices, economic activity, costs, regulatory mechanisms, customer behavior, available technology and public policy. Xcel Energy’s long-term resource plan is dependent on our ability to obtain required approvals, develop necessary technical expertise, allocate and coordinate sufficient resources and adhere to budgets and timelines.

In addition, the long-term nature of both our planning processes and our asset lives are subject to risk. The electric utility sector is undergoing significant change (e.g., increases in energy efficiency, wider adoption of distributed generation and shifts away from fossil fuel generation to renewable generation). Customer adoption of these technologies and increased energy efficiency could result in excess transmission and generation resources, downward pressure on sales growth, and potentially stranded costs if we are not able to fully recover costs and investments.

The magnitude and timing of resource additions and changes in customer demand may not coincide with evolving customer preference for generation resources and end-uses, which introduces further uncertainty into long-term planning. Efforts to electrify the transportation and building sectors to reduce GHG emissions may result in higher electric demand and lower natural gas demand over time. Higher electric demand may require us to adopt new technologies and make significant transmission and distribution investments including advanced grid infrastructure, which increases exposure to overall grid instability and technology obsolescence. Evolving stakeholder preference for lower emissions from generation sources and end-uses, like heating, may impact our resource mix and put pressure on our ability to recover capital investments in natural gas generation and delivery. Multiple states may not agree as to the appropriate resource mix, which may lead to costs to comply with one jurisdiction that are not recoverable across all jurisdictions served by the same assets.

We require inputs such as coal, natural gas, uranium and water to cool our facilities. Lack of availability of these resources could jeopardize long-term operations of our facilities or make them uneconomic to operate.

Our utilities are highly dependent on suppliers to deliver components in accordance with short and long-term project schedules.

Our products contain components that are globally sourced from suppliers who, in turn, source components from their suppliers. A shortage of key components in which an alternative supplier is not identified could significantly impact operations and project plans for Xcel Energy and our customers. Such impacts could include timing of projects, including potential for project cancellation. Failure to adhere to project budgets and timelines adversely impacts our results of operations, financial condition or cash flows.

We are subject to commodity risks and other risks associated with energy markets and energy production.

A significant increase in fuel costs could cause a decline in customer demand, adverse regulatory outcomes and an increase in bad debt expense which may have a material impact on our results of operations. Despite existing fuel cost recovery mechanisms in most of our states, higher fuel costs could significantly impact our results of operations if costs are not recovered. Delays in the timing of the collection of fuel cost recoveries could impact our cash flows and liquidity.

A significant disruption in supply could cause us to seek alternative supply services at potentially higher costs. Additionally, supply shortages may not be fully resolved, which negatively impacts our ability to provide services to our customers. Failure to provide service due to disruptions may also result in fines, penalties or cost disallowances through the regulatory process. Also, significantly higher energy or fuel costs relative to sales commitments negatively impacts our cash flows and results of operations.

We also engage in wholesale sales and purchases of electric capacity, energy and energy-related products as well as natural gas. In many markets, emission allowances and/or RECs are also needed to comply with various statutes and commission rulings. As a result, we are subject to market supply and commodity price risk.

Commodity price changes can affect the value of our commodity trading derivatives. We mark certain derivatives to estimated fair market value on a daily basis. Settlements can vary significantly from estimated fair values recorded and significant changes from the assumptions underlying our fair value estimates could cause earnings variability. The management of risks associated with hedging and trading is based, in part, on programs and procedures which utilize historical prices and trends.

Public perception often does not distinguish between pass through commodity costs and base rates. High commodity prices that are being passed through to customer bills could impact our ability to recover costs for other improvements and operations.

Due to the uncertainty involved in price movements and potential deviation from historical pricing, Xcel Energy is unable to fully assure that its risk management programs and procedures would be effective to protect against all significant adverse market deviations.

In addition, the Company cannot fully assure that its controls will be effective against all potential risks. If such programs and procedures are not effective, Xcel Energy’s results of operations, financial condition or cash flows could be materially impacted.

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Failure to attract and retain a qualified workforce could have an adverse effect on operations.

The competition for talent has become increasingly prevalent, and we have experienced increased employee turnover due to the condition of the labor market. In addition, specialized knowledge and skills are required for many of our positions, which may pose additional difficulty for us as we work to recruit, retain and motivate employees in this climate.

Failure to hire and adequately train replacement employees, including the transfer of significant knowledge and expertise to new employees or future availability and cost of contract labor may adversely affect the ability to manage and operate our business. Inability to attract and retain these employees adversely impacts our results of operations, financial condition or cash flows.

Our operations use third-party contractors in addition to employees to perform periodic and ongoing work.

We rely on third-party contractors to perform operations, maintenance and construction work. Our contractual arrangements with these contractors typically include performance and safety standards, progress payments, insurance requirements and security for performance. Poor vendor performance or contractor unavailability could impact ongoing operations, restoration operations, regulatory recovery, our reputation and could introduce financial risk or risks of fines.

Our employees, directors, third-party contractors, or suppliers may violate or be perceived to violate our Codes of Conduct, which could have an adverse effect on our reputation.

We are exposed to risk of employee or third-party contractor fraud or misconduct. All employees and members of the Board of Directors are subject to comply with our Code of Conduct and are required to participate in annual training. Additionally, suppliers are subject to comply with our Supplier Code of Conduct.

Xcel Energy does not tolerate discrimination, violations of our Code of Conduct or other unacceptable behaviors. However, it is not always possible to identify and deter misconduct by employees and other third-parties, which may result in governmental investigations, other actions or lawsuits. If such actions are taken against us we may suffer loss of reputation and such actions could have a material effect on our financial condition, results of operations and cash flows.

Our subsidiary, NSP-Minnesota, is subject to the risks of nuclear generation.

NSP-Minnesota has two nuclear generation plants, PI and Monticello. Risks of nuclear generation include:

•Hazards associated with the use of radioactive material in energy production, including management, handling, storage and disposal.

•Limitations on insurance available to cover losses that may arise in connection with nuclear operations, as well as obligations to contribute to an insurance pool in the event of damages at a covered U.S. reactor.

•Technological and financial uncertainties related to the costs of decommissioning nuclear plants may cause our funding obligations to change.

The NRC has authority to impose licensing and safety-related requirements for the operation of nuclear generation facilities, including the ability to impose fines and/or shut down a unit until compliance is achieved. NRC safety requirements could necessitate substantial capital expenditures or an increase in operating expenses. In addition, the INPO reviews NSP-Minnesota’s nuclear operations. Compliance with the INPO’s recommendations could result in substantial capital expenditures or a substantial increase in operating expenses.

If a nuclear incident did occur, it could have a material impact on our results of operations, financial condition or cash flows. Furthermore, non-compliance or the occurrence of a serious incident at other nuclear facilities could result in increased industry regulation, which may increase NSP-Minnesota’s compliance costs.

Financial Risks

Our profitability depends on the ability of our utility subsidiaries to recover their costs and changes in regulation may impair the ability of our utility subsidiaries to recover costs from their customers.

We are subject to comprehensive regulation by federal and state utility regulatory agencies, including siting and construction of facilities, customer service and the rates that we can charge customers.

The profitability of our utility operations is dependent on our ability to recover the costs of providing energy and utility services and earn a return on capital investment. Our rates are generally regulated and are based on an analysis of the utility’s costs incurred in a test year. The utility subsidiaries are subject to both future and historical test years depending upon the regulatory jurisdiction. Thus, the rates a utility is allowed to charge may or may not match its costs at any given time. Rate regulation is premised on providing an opportunity to earn a reasonable rate of return on invested capital.

There can also be no assurance that our regulatory commissions will judge all the costs of our utility subsidiaries to be prudent, which could result in disallowances, or that the regulatory process will always result in rates that will produce full recovery.

Overall, management believes prudently incurred costs are recoverable given the existing regulatory framework. However, there may be changes in the regulatory environment that could impair the ability of our utility subsidiaries to recover costs historically collected from customers, or these subsidiaries could exceed caps on capital costs required by commissions and result in less than full recovery.

Changes in the long-term cost-effectiveness or to the operating conditions of our assets may result in early retirements of utility facilities. While regulation typically provides cost recovery relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

Higher than expected inflation or tariffs may increase costs of construction and operations. Also, rising fuel costs could increase the risk that our utility subsidiaries will not be able to fully recover their fuel costs from their customers.

Adverse regulatory rulings (including changes in recovery mechanisms) or the imposition of additional regulations could have an adverse impact on our results of operations and materially affect our ability to meet our financial obligations, including debt payments and the payment of dividends on common stock.

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Any reductions in our credit ratings could increase our financing costs and the cost of maintaining certain contractual relationships.

We cannot be assured that our current credit ratings will remain in effect, or that a rating will not be lowered or withdrawn by a rating agency. Significant events including disallowance of costs, use of historic test years, elimination of riders or interim rates, increasing depreciation lives, lower returns on equity, changes to equity ratios and impacts of tax policy may impact our cash flows and credit metrics, potentially resulting in a change in our credit ratings. In addition, our credit ratings may change as a result of the differing methodologies or change in the methodologies used by the various rating agencies.

Any credit ratings downgrade could lead to higher borrowing costs or lower proceeds from equity issuances. It could also impact our ability to access capital markets. Also, our utility subsidiaries may enter into contracts that require posting of collateral or settlement if credit ratings fall below investment grade.

We are subject to capital market and interest rate risks.

Utility operations require significant capital investment. As a result, we frequently need to access capital markets. Any disruption in capital markets could have a material impact on our ability to fund our operations. Capital market disruption and financial market distress could prevent us from issuing commercial paper, issuing new securities or cause us to issue securities with unfavorable terms and conditions, such as higher interest rates or lower proceeds from equity issuances. Higher interest rates on short-term borrowings with variable interest rates could also have an adverse effect on our operating results.

The performance of capital markets impacts the value of assets held in trusts to satisfy future obligations to decommission NSP-Minnesota’s nuclear plants and satisfy our defined benefit pension and postretirement benefit plan obligations. These assets are subject to market fluctuations and yield uncertain returns, which may fall below expected returns. A decline in the market value of these assets may increase funding requirements. Additionally, the fair value of the debt securities held in the nuclear decommissioning and/or pension trusts may be impacted by changes in interest rates.

We are subject to credit risks.

Credit risk includes the risk that our customers will not pay their bills, which may lead to a reduction in our liquidity and an increase in bad debt expense. Credit risk is comprised of numerous factors including the price of products and services provided, the economy and unemployment rates.

Credit risk also includes the risk that counterparties that owe us money or product will become insolvent and may breach their obligations. Should the counterparties fail to perform, we may be forced to enter into alternative arrangements. In that event, our financial results could be adversely affected and incur losses.

Xcel Energy may have direct credit exposure in our short-term wholesale and commodity trading activity to financial institutions trading for their own accounts or issuing collateral support on behalf of other counterparties. We may also have some indirect credit exposure due to participation in organized markets, (e.g., MISO, SPP, Electric Reliability Council of Texas and California Independent System Operator), in which any credit losses are socialized to all market participants.

We have additional indirect credit exposure to financial institutions from letters of credit provided as security by power suppliers under various purchased power contracts. If any of the credit ratings of the letter of credit issuers were to drop below investment grade, the supplier would need to replace that security with an acceptable substitute. If the security were not replaced, the party could be in default under the contract.

Increasing costs of our defined benefit retirement plans and employee benefits may adversely affect our results of operations, financial condition or cash flows.

We have defined benefit pension and postretirement plans that cover most of our employees. Assumptions related to future costs, return on investments, interest rates and other actuarial assumptions have a significant impact on our funding requirements of these plans. Estimates and assumptions may change. In addition, the Pension Protection Act sets the minimum funding requirements for defined benefit pension plans. Therefore, our funding requirements and contributions may change in the future.

Also, the payout of a significant percentage of pension plan liabilities in a single year, due to high numbers of retirements or employees leaving, would trigger settlement accounting and could require Xcel Energy to recognize incremental pension expense related to unrecognized plan losses in the year liabilities are paid. Changes in industry standards utilized in key assumptions (e.g., mortality tables) could have a significant impact on future obligations and benefit costs.

Increasing costs associated with health care plans may adversely affect our results of operations.

Increasing levels of large individual health care claims and overall health care claims could have an adverse impact on our results of operations, financial condition or cash flows. Health care legislation could also significantly impact our benefit programs and costs.

We must rely on cash from our subsidiaries to make dividend payments.

Investments in our subsidiaries are our primary assets. Substantially all our operations are conducted by our subsidiaries. Consequently, our operating cash flow and ability to service our debt and pay dividends depends upon the operating cash flows of our subsidiaries and their payment of dividends.

Our subsidiaries are separate legal entities that have no obligation to pay any amounts due pursuant to our obligations or to make any funds available for dividends on our common stock. In addition, each subsidiary’s ability to pay dividends depends on statutory and/or contractual restrictions which may include requirements to maintain minimum levels of equity ratios, working capital or assets.

If the utility subsidiaries were to cease making dividend payments, our ability to pay dividends on our common stock or otherwise meet our financial obligations could be adversely affected. Our utility subsidiaries are regulated by state utility commissions, which possess broad powers to prioritize that the needs of the utility customers are met. We may be negatively impacted by the actions of state commissions that limit the payment of dividends by our utility subsidiaries.

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Federal tax law may significantly impact our business.

Our utility subsidiaries collect estimated federal, state and local tax payments through their regulated rates. Changes to federal tax law may benefit or adversely affect our earnings and customer costs. Tax depreciable lives and the value/availability of various tax credits or the timeliness of their utilization may impact the economics or selection of resources. If tax rates are increased, there could be timing delays before regulated rates provide for recovery of such tax increases in revenues. In addition, certain IRS tax policies, such as tax normalization, may impact our ability to economically deliver certain types of resources relative to market prices.

Macroeconomic Risks

Economic conditions impact our business.

Xcel Energy’s operations are affected by economic conditions, which correlates to customers/sales growth (decline). Economic conditions may be impacted by recessionary factors, rising interest rates and insufficient financial sector liquidity leading to potential increased unemployment, which may impact customers’ ability to pay their bills, which could lead to additional bad debt expense.

Our utility subsidiaries face competitive factors, which could have an adverse impact on our financial condition, results of operations and cash flows. Further, worldwide economic activity impacts the demand for basic commodities necessary for utility infrastructure, which may inhibit our ability to acquire sufficient supplies. We operate in a capital-intensive industry and federal trade policy could significantly impact the cost of materials we use. There may be delays before these additional material costs can be recovered in rates.

We face risks related to health epidemics and other outbreaks, which may have a material effect on our financial condition, results of operations and cash flows.

Health epidemics continue to impact countries, communities, supply chains and markets. Uncertainty continues to exist regarding epidemics; the duration and magnitude of business restrictions including shutdowns (domestically and globally); the potential impact on the workforce including shortages of employees and third-party contractors due to quarantine policies, vaccination requirements or government restrictions; impacts on the transportation of goods, and the generalized impact on the economy.

We cannot ultimately predict whether an epidemic will have a material impact on our future liquidity, financial condition or results of operations. Nor can we predict the impact on the health of our employees, our supply chain or our ability to recover higher costs associated with managing an outbreak.

Operations could be impacted by war, terrorism or other events.

Our generation plants, fuel storage facilities, transmission and distribution facilities and information and control systems may be targets of terrorist activities. Any disruption could impact operations or result in a decrease in revenues and additional costs to repair and insure our assets. These disruptions could have a material impact on our financial condition, results of operations or cash flows.

The potential for terrorism has subjected our operations to increased risks and could have a material effect on our business. We have incurred increased costs for security and capital expenditures in response to these risks. The insurance industry has also been affected by these events and the availability of insurance may decrease. In addition, insurance may have higher deductibles, higher premiums and more restrictive policy terms.

A disruption of the regional electric transmission grid, interstate natural gas pipeline infrastructure or other fuel sources, could negatively impact our business, brand and reputation. Because our facilities are part of an interconnected system, we face the risk of possible loss of business due to a disruption caused by the actions of a neighboring utility.

We also face the risks of possible loss of business due to significant events such as severe storms, temperature extremes, wildfires (particularly in Colorado), widespread pandemic, generator or transmission facility outage, pipeline rupture, railroad disruption, operator error, sudden and significant increase or decrease in wind generation or a workforce disruption.

In addition, major catastrophic events throughout the world may disrupt our business. While we have business continuity plans in place, our ability to recover may be prolonged due to the type and extent of the event. Xcel Energy participates in a global supply chain, which includes materials and components that are globally sourced. A prolonged disruption could result in the delay of equipment and materials that may impact our ability to connect, restore and reliably serve our customers.

A major disruption could result in a significant decrease in revenues, additional costs to repair assets, and an adverse impact on the cost and availability of insurance, which could have a material impact on our results of operations, financial condition or cash flows.

A cyber incident or security breach could have a material effect on our business.

We operate in an industry that requires the continued operation of sophisticated information technology, control systems and network infrastructure. In addition, we use our systems and infrastructure to create, collect, use, disclose, store, dispose of and otherwise process sensitive information, including Company data, customer energy usage data, and personal information regarding customers, employees and their dependents, contractors, shareholders and other individuals.

Xcel Energy’s generation, transmission, distribution and fuel storage facilities, information technology systems and other infrastructure or physical assets as well as information processed in our systems (e.g., information regarding our customers, employees, operations, infrastructure and assets) could be affected by cyber security incidents, including those caused by human error.

The utility industry has been the target of several attacks on operational systems and has seen an increased volume and sophistication of cyber security incidents from international activist organizations, other countries and individuals. We expect to continue to experience attempts to compromise our information technology and control systems, network infrastructure and other assets. To date, no cybersecurity incident or attack has had a material impact on our business or results of operations.

Cyber security incidents could harm our businesses by limiting our generating, transmitting and distributing capabilities, delaying our development and construction of new facilities or capital improvement projects to existing facilities, disrupting our customer operations or causing the release of customer information, all of which would likely receive state and federal regulatory scrutiny and could expose us to liability.

Xcel Energy’s generation, transmission systems and natural gas pipelines are part of an interconnected system. Therefore, a disruption caused by the impact of a cyber security incident on the regional electric transmission grid, natural gas pipeline infrastructure or other fuel sources of our third-party service providers’ operations, could also negatively impact our business.

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Our supply chain for procurement of digital equipment and services may expose software or hardware to these risks and could result in a breach or significant costs of remediation. We are unable to quantify the potential impact of cyber security threats or subsequent related actions. Cyber security incidents and regulatory action could result in a material decrease in revenues and may cause significant additional costs (e.g., penalties, third-party claims, repairs, insurance or compliance) and potentially disrupt our supply and markets for natural gas, oil and other fuels.

We maintain security measures to protect our information technology and control systems, network infrastructure and other assets. However, these assets and the information they process may be vulnerable to cyber security incidents, including asset failure or unauthorized access to assets or information.

A failure or breach of our technology systems or those of our third-party service providers could disrupt critical business functions and may negatively impact our business, our brand, and our reputation. The cyber security threat is dynamic and evolves continually, and our efforts to prioritize network protection may not be effective given the constant changes to threat vulnerability.

While the Company maintains insurance relating to cybersecurity events, such insurance is subject to a number of exclusions and may be insufficient to offset any losses, costs or damages experienced. Also, the market for cybersecurity insurance is relatively new and coverage available for cybersecurity events is evolving as the industry matures.

Our operating results may fluctuate on a seasonal and quarterly basis and can be adversely affected by milder weather.

Our electric and natural gas utility businesses are seasonal and weather patterns can have a material impact on our operating performance. Demand for electricity is often greater in the summer and winter months associated with cooling and heating. Because natural gas is heavily used for residential and commercial heating, the demand depends heavily upon weather patterns. A significant amount of natural gas revenues are recognized in the first and fourth quarters related to the heating season. Accordingly, our operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer. Unusually mild winters and summers could have an adverse effect on our financial condition, results of operations or cash flows.

Public Policy Risks

Increased risks of regulatory penalties could negatively impact our business.

The Energy Act increased civil penalty authority for violation of FERC statutes, rules and orders. FERC can impose penalties of up to $1.5 million per violation per day, particularly as it relates to energy trading activities for both electricity and natural gas. In addition, NERC electric reliability standards and critical infrastructure protection requirements are mandatory and subject to potential financial penalties. Also, the PHMSA, Occupational Safety and Health Administration and other federal agencies have the authority to assess penalties.

In the event of serious incidents, these agencies may pursue penalties. In addition, certain states have the authority to impose substantial penalties. If a serious reliability, cyber or safety incident did occur, it could have a material effect on our results of operations, financial condition or cash flows.

The continued use of natural gas for both power generation and gas distribution have increasingly become a public policy advocacy target. These efforts may result in a limitation of natural gas as an energy source for both power generation and heating, which could impact our ability to reliably and affordably serve our customers.

In recent years, there have been various local and state agency proposals within and outside our service territories that would attempt to restrict the use and availability of natural gas. If such policies were to prevail, we may be forced to make new resource investment decisions which could potentially result in stranded costs if we are not able to fully recover costs and investments and impact the overall reliability of our service.

Environmental Policy Risks

We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly.

Legislative and regulatory responses related to climate change may create financial risk as our facilities may be subject to additional regulation at either the state or federal level in the future. International agreements could additionally lead to future federal or state regulations.

In 2015, the United Nations Framework Convention on Climate Change reached consensus among 190 nations on an agreement (the Paris Agreement) that establishes a framework for GHG mitigation actions by all countries, with a goal of holding the increase in global average temperature to below 2º Celsius above pre-industrial levels and an aspiration to limit the increase to 1.5º Celsius.

International commitments and agreements could result in future additional GHG reductions in the United States. In addition, in 2023 the EPA intends to publish draft regulations for GHG emissions from the power sector consistent with the agency’s Clean Air Act authorities.

Many states and localities continue to pursue their own climate policies. The steps Xcel Energy has taken to date to reduce GHG emissions, including energy efficiency measures, adding renewable generation and retiring or converting coal plants to natural gas, occurred under state-endorsed resource plans, renewable energy standards and other state policies.

We may be subject to climate change lawsuits. An adverse outcome could require substantial capital expenditures and possibly require payment of substantial penalties or damages. Defense costs associated with such litigation can also be significant and could affect results of operations, financial condition or cash flows if such costs are not recovered through regulated rates.

If our regulators do not allow us to recover all or a part of the cost of capital investment or the O&M costs incurred to comply with the mandates, it could have a material effect on our results of operations, financial condition or cash flows.

We are subject to environmental laws and regulations, with which compliance could be difficult and costly.

We are subject to environmental laws and regulations that affect many aspects of our operations, including air emissions, water quality, wastewater discharges and the generation, transport and disposal of solid wastes and hazardous substances. Laws and regulations require us to obtain permits, licenses, and approvals and to comply with a variety of environmental requirements.

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Environmental laws and regulations can also require us to restrict or limit the output of facilities or the use of certain fuels, shift generation to lower-emitting facilities, install pollution control equipment, clean up spills and other contamination and correct environmental hazards. Failure to meet requirements of environmental mandates may result in fines or penalties. We may be required to pay all or a portion of the cost to remediate sites where our past activities, or the activities of other parties, caused environmental contamination.

Changes in environmental policies and regulations or regulatory decisions may result in early retirements of our generation facilities. While regulation typically provides relief for these types of changes, there is no assurance that regulators would allow full recovery of all remaining costs.

We are subject to mandates to provide customers with clean energy, renewable energy and energy conservation offerings. It could have a material effect on our results of operations, financial condition or cash flows if our regulators do not allow us to recover the cost of capital investment or O&M costs incurred to comply with the requirements.

In addition, existing environmental laws or regulations may be revised and new laws or regulations may be adopted. We may also incur additional unanticipated obligations or liabilities under existing environmental laws and regulations.

We are subject to physical and financial risks associated with climate change and other weather, natural disaster and resource depletion impacts.

Climate change can create physical and financial risk. Physical risks include changes in weather conditions and extreme weather events. Our customers’ energy needs vary with weather. To the extent weather conditions are affected by climate change, customers’ energy use could increase or decrease. Increased energy use due to weather changes may require us to invest in generating assets, transmission and infrastructure. Decreased energy use due to weather changes may result in decreased revenues.

Climate change may impact the economy, which could impact our sales and revenues. The price of energy has an impact on the economic health of our communities. The cost of additional regulatory requirements, such as regulation of GHG, could impact the availability of goods and prices charged by our suppliers which would normally be borne by consumers through higher prices for energy and purchased goods.

To the extent financial markets view climate change and emissions of GHGs as a financial risk, this could negatively affect our ability to access capital markets or cause us to receive less than ideal terms and conditions.

We establish strategies and expectations related to climate change and other environmental matters. Our ability to achieve any such strategies or expectations is subject to numerous factors and conditions, many of which are outside of our control. Examples of such factors include, but are not limited to, evolving legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets. Failures or delays (whether actual or perceived) in achieving our strategies or expectations related to climate change and other environmental matters could adversely affect our business, operations, and reputation, and increase risk of litigation.

Severe weather impacts our service territories, primarily when thunderstorms, flooding, tornadoes, wildfires and snow or ice storms or extreme temperatures (high heating/cooling days) occur. Extreme weather conditions in general require system backup and can contribute to increased system stress, including service interruptions. Extreme weather conditions creating high energy demand may raise electricity prices, increasing the cost of energy we provide to our customers.

To the extent the frequency of extreme weather events increases, this could increase our cost of providing service and result in more frequent service interruptions. Periods of extreme temperatures could also impact our ability to meet demand.

More frequent and severe drought conditions, extreme swings in amount and timing of precipitation, changes in vegetation, unseasonably warm temperatures, very low humidity, stronger winds and other factors have increased the duration of the wildfire season and the potential impact of an event. Also, the expansion of the wildland urban interface increases the wildfire risk to surrounding communities and Xcel Energy's electric and natural gas infrastructure.

Other potential risks associated with wildfires include the inability to secure sufficient insurance coverage, or increased costs of insurance, regulatory recovery risk, and the potential for a credit downgrade and subsequent additional costs to access capital markets.

While we carry liability insurance, given an extreme event, if Xcel Energy was found to be liable for wildfire damages, amounts that potentially exceed our coverage could negatively impact our results of operations, financial condition or cash flows.

Drought or water depletion could adversely impact our ability to provide electricity to customers, cause early retirement of power plants and increase the cost for energy. Adverse events may result in increased insurance costs and/or decreased insurance availability. We may not recover all costs related to mitigating these physical and financial risks.


ITEM 1B — UNRESOLVED STAFF COMMENTS

None.

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ITEM 2 — PROPERTIES

Virtually all of the utility plant property of the operating companies is subject to the lien of their respective first mortgage bond indentures.

NSP-Minnesota

Station, Location and Unit at Dec. 31, 2022

Fuel

Installed

MW (a)

Steam:

A.S. King-Bayport, MN, 1 Unit

Coal

1968

511

Sherco-Becker, MN

Unit 1

Coal

1976

680

Unit 2

Coal

1977

682

Unit 3

Coal

1987

517

(b)

Monticello, MN, 1 Unit

Nuclear

1971

617

PI-Welch, MN

Unit 1

Nuclear

1973

521

Unit 2

Nuclear

1974

519

Various locations, 4 Units

Wood/Refuse

Various

(c)

Combustion Turbine:

Angus Anson-Sioux Falls, SD, 3 Units

Natural Gas

1994 - 2005

327

Black Dog-Burnsville, MN, 3 Units

Natural Gas

1987 - 2018

494

Blue Lake-Shakopee, MN, 6 Units

Natural Gas

1974 - 2005

447

High Bridge-St. Paul, MN, 3 Units

Natural Gas

2008

530

Inver Hills-Inver Grove Heights, MN, 6 Units

Natural Gas

1972

252

Riverside-Minneapolis, MN, 3 Units

Natural Gas

2009

454

Various locations, 7 Units

Natural Gas

Various

Wind:

Blazing Star 1-Lincoln County, MN, 100 Units

Wind

2020

200

(d)

Blazing Star 2-Lincoln County, MN, 100 Units

Wind

2021

200

(d)

Border-Rolette County, ND, 75 Units

Wind

2015

148

(d)

Community Wind North-Lincoln County, MN, 12 Units

Wind

2020

(d)

Courtenay Wind-Stutsman County, ND, 100 Units

Wind

2016

190

(d)

Crowned Ridge 2-Grant County, SD, 88 Units

Wind

2020

192

(d)

Dakota Range, SD, 72 Units

Wind

2022

298

(d)

Foxtail-Dickey County, ND, 75 Units

Wind

2019

150

(d)

Freeborn-Freeborn County, MN, 100 Units

Wind

2021

200

(d)

Grand Meadow-Mower County, MN, 67 Units

Wind

2008

(d)

Jeffers-Cottonwood County, MN, 20 Units

Wind

2020

(d)

Lake Benton-Pipestone County, MN, 44 Units

Wind

2019

(d)

Mower-Mower County, MN, 43 Units

Wind

2021

(d)

Nobles-Nobles County, MN, 133 Units (e)

Wind

2010

200

(d)

Pleasant Valley-Mower County, MN, 100 Units

Wind

2015

196

(d)

Rock Aetna - Murray County, MN, 8 Units

Wind

2022

(d)

Total

8,949

(a)Summer 2022 net dependable capacity.

(b)Based on NSP-Minnesota’s ownership of 59%.

(c)Refuse-derived fuel is made from municipal solid waste.

(d)Capacity is attainable only when wind conditions are sufficiently available.

(e)Repowered in 2022.

NSP-Wisconsin

Station, Location and Unit at Dec. 31, 2022

Fuel

Installed

MW (a)

Steam:

Bay Front-Ashland, WI, 2 Units

Wood/Natural Gas

1948 - 1956

French Island-La Crosse, WI, 2 Units

Wood/Refuse

1940 - 1948

(b)

Combustion Turbine:

French Island-La Crosse, WI, 2 Units

Oil

1974

122

Wheaton-Eau Claire, WI, 5 Units

Natural Gas/Oil

1973

234

Hydro:

Various locations, 62 Units

Hydro

Various

135

Total

548

(a)Summer 2022 net dependable capacity.

(b)Refuse-derived fuel is made from municipal solid waste.

PSCo

Station, Location and Unit at Dec. 31, 2022

Fuel

Installed

MW (a)

Steam:

Comanche-Pueblo, CO

Unit 2

Coal

1975

335

Unit 3

Coal

2010

500

(b)

Craig-Craig, CO, 2 Units

Coal

1979 - 1980

(c)

Hayden-Hayden, CO, 2 Units

Coal

1965 - 1976

233

(d)

Pawnee-Brush, CO, 1 Unit

Coal

1981

505

Cherokee-Denver, CO, 1 Unit

Natural Gas

1968

310

Combustion Turbine:

Blue Spruce-Aurora, CO, 2 Units

Natural Gas

2003

264

Cherokee-Denver, CO, 3 Units

Natural Gas

2015

576

Fort St. Vrain-Platteville, CO, 6 Units

Natural Gas

1972 - 2009

973

Manchief, CO, 2 Units (e)

Natural Gas

2000

250

Rocky Mountain-Keenesburg, CO, 3 Units

Natural Gas

2004

580

Various locations, 8 Units

Natural Gas

Various

251

Hydro:

Cabin Creek-Georgetown, CO

Pumped Storage, 2 Units

Hydro

1967

210

Various locations, 6 Units

Hydro

Various

Wind:

Rush Creek, CO, 300 units

Wind

2018

582

(f)

Cheyenne Ridge, CO, 229 units

Wind

2020

477

(f)

Total

6,151

(a)Summer 2022 net dependable capacity.

(b)Based on PSCo’s ownership of 67%.

(c)Based on PSCo’s ownership of 10%.

(d)Based on PSCo’s ownership of 76% of Unit 1 and 37% of Unit 2.

(e)Purchased in 2022.

(f)Capacity is attainable only when wind conditions are sufficiently available.

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SPS Station, Location and Unit at Dec. 31, 2022	Fuel	Installed	MW (a)
Steam:
Cunningham-Hobbs, NM, 2 Units	Natural Gas	1957 - 1965	225
Harrington-Amarillo, TX, 3 Units	Coal	1976 - 1980	1,018
Jones-Lubbock, TX, 2 Units	Natural Gas	1971 - 1974	486
Maddox-Hobbs, NM, 1 Unit	Natural Gas	1967	112
Nichols-Amarillo, TX, 3 Units	Natural Gas	1960 - 1968	457
Plant X-Earth, TX, 3 Units	Natural Gas	1952 - 1964	298
Tolk-Muleshoe, TX, 2 Units	Coal	1982 - 1985	1,067
Combustion Turbine:
Cunningham-Hobbs, NM, 2 Units	Natural Gas	1997	207
Jones-Lubbock, TX, 2 Units	Natural Gas	2011 - 2013	334
Maddox-Hobbs, NM, 1 Unit	Natural Gas	1963 - 1976	61
Wind:
Hale-Plainview, TX, 239 Units	Wind	2019	477	(b)
Sagamore-Dora, NM, 240 Units	Wind	2020	507	(b)
		Total	5,249

(a) Summer 2022 net dependable capacity.

(b) Capacity is attainable only when wind conditions are sufficiently available.

Electric utility overhead and underground transmission and distribution lines at Dec. 31, 2022:


Conductor Miles	NSP-Minnesota	NSP-Wisconsin	PSCo	SPS
Transmission
500 KV	2,915	—	—	—
345 KV	12,183	2,457	5,418	11,676
230 KV	2,300	—	12,141	9,829
161 KV	626	1,795	—	—
138 KV	—	—	92	—
115 KV	8,033	1,829	5,011	14,905
Less than 115 KV	6,537	5,571	1,839	4,469
Total Transmission	32,594	11,652	24,501	40,879

Distribution
Less than 115 KV	82,024	27,817	79,331	23,538

Total	114,618	39,469	103,832	64,417

Electric utility transmission and distribution substations at Dec. 31, 2022:


	NSP-Minnesota	NSP-Wisconsin	PSCo	SPS
Substations	352	206	238	457

Natural gas utility mains at Dec. 31, 2022:


Miles	NSP-Minnesota	NSP-Wisconsin	PSCo	SPS	WGI
Transmission	78	3	2,067	20	11
Distribution	10,902	2,570	23,542	—	—


ITEM 3 — LEGAL PROCEEDINGS

Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation.

Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss.

For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred.

See Note 12 to the consolidated financial statements, Item 1 and Item 7 for further information.


ITEM 4 — MINE SAFETY DISCLOSURES

None.

PART II


ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Stock Data

Xcel Energy Inc.’s common stock is listed on the Nasdaq Global Select Market (Nasdaq). The trading symbol is XEL. The number of common stockholders of record as of Feb. 16, 2023 was 47,359.

The following compares our cumulative TSR on common stock with the cumulative TSR of the EEI Investor-Owned Electrics Index and the S&P 500 Composite Stock Price Index over the last five years.

The EEI Investor-Owned Electrics Index (market capitalization-weighted) included 39 companies at year-end and is a broad measure of industry performance.

Comparison of Five Year Cumulative Total Return*

* $100 invested on Dec. 31, 2017 in stock or index — including reinvestment of dividends. Fiscal years ended Dec. 31.

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Purchases of Equity Securities by Issuer and Affiliated Purchasers

For the quarter ended Dec. 31, 2022, no equity securities that are registered by Xcel Energy Inc. pursuant to Section 12 of the Securities Exchange Act of 1934 were purchased by or on behalf of us or any of our affiliated purchasers.


ITEM 6 — [RESERVED]


ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing ROE, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that are adjusted from measures calculated and presented in accordance with GAAP.

Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Ongoing ROE

Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.

Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS is calculated by dividing the net income or loss of each subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss of such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. For the years ended Dec. 31, 2022 and 2021, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings.


Results of Operations

Diluted EPS for Xcel Energy at Dec. 31:


	2022		2021
Diluted Earnings (Loss) Per Share	GAAP and Ongoing Diluted EPS		GAAP and Ongoing Diluted EPS
PSCo	$	1.33	$	1.22
NSP-Minnesota	1.23		1.12
SPS	0.64		0.59
NSP-Wisconsin	0.23		0.20
Earnings from equity method investments — WYCO	0.04		0.05
Regulated utility (a)	3.47		3.18
Xcel Energy Inc. and Other	(0.29)		(0.22)
Total (a)	$	3.17	$	2.96

(a) Amounts may not add due to rounding.

Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating Xcel Energy and provides a meaningful representation of the performance of Xcel Energy’s core business. In addition, Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, reporting results to the Board of Directors and when communicating its earnings outlook to analysts and investors.

2022 Comparison with 2021

Xcel Energy — GAAP and ongoing earnings increased $0.21 per share for 2022. The increase was driven by regulatory outcomes, partially offset by higher depreciation, O&M expenses and interest charges. Costs for natural gas significantly increased in 2022 due to market conditions. However, fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in revenues are offset by the related variation in costs).

PSCo — Earnings increased $0.11 per share for 2022, driven by regulatory outcomes and favorable weather. Higher revenues were partially offset by higher depreciation, O&M expenses and interest charges.

NSP-Minnesota — Earnings increased $0.11 per share for 2022 compared to 2021, driven by regulatory rate outcomes, partially offset by additional depreciation and O&M expenses.

SPS — Earnings increased $0.05 per share for 2022, largely related to regulatory rate outcomes, strong sales growth and favorable weather, partially offset by higher depreciation and O&M expenses.

NSP-Wisconsin — Earnings increased $0.03 per share for 2022 compared to 2021. The increase is due to regulatory rate outcomes and sales growth, partially offset by higher depreciation and O&M expenses.

Xcel Energy Inc. and Other — Earnings decreased $0.07 per share year-to-date due to higher interest charges and decreased earnings from EIP investments.

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Changes in Diluted EPS

Components significantly contributing to changes in EPS:


2022 vs. 2021
Diluted Earnings (Loss) Per Share	Dec. 31
GAAP and ongoing diluted EPS — 2021	$	2.96

Components of change — 2022 vs. 2021
Higher electric revenues, net of electric fuel and purchased power	0.89
Higher natural gas revenues, net of cost of natural gas sold and transported	0.16
Lower ETR (a)	0.15
Higher depreciation and amortization	(0.40)
Higher O&M expenses	(0.24)

Higher interest expense	(0.15)
Higher taxes (other than income taxes)	(0.08)
Other (net)	(0.12)
GAAP and ongoing diluted EPS — 2022	$	3.17

(a) Includes PTCs and plant regulatory amounts, which are primarily offset as a reduction to electric revenues.

ROE for Xcel Energy and its utility subsidiaries:


	2022		2021
ROE	GAAP and Ongoing ROE		GAAP and Ongoing ROE
PSCo	8.23	%	8.23	%
NSP-Minnesota	8.76		8.45
SPS	9.36		9.22
NSP-Wisconsin	10.57		9.92
Operating Companies	8.74		8.58
Xcel Energy	10.76		10.58

Statement of Income Analysis

The following summarizes the items that affected the individual revenue and expense items reported in the consolidated statements of income.

Estimated Impact of Temperature Changes on Regulated Earnings — Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements.

As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. However, sales true-up and decoupling mechanisms in Minnesota and Colorado predominately mitigate the positive and adverse impacts of weather.

Degree-day or THI data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity.

HDD is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. CDD is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit.

Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD.

In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather.

Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.

Percentage increase (decrease) in normal and actual HDD, CDD and THI:


	2022 vs. Normal		2021 vs. Normal		2022 vs. 2021
HDD	6.5	%	(6.6)	%	13.0	%
CDD	23.7		12.2		16.1
THI	5.6		26.8		(15.8)

Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:


	2022 vs. Normal		2021 vs. Normal		2022 vs. 2021
Retail electric	$	0.138	$	0.096	$	0.042
Decoupling and sales true-up	(0.061)		(0.066)		0.005
Electric total	$	0.077	$	0.030	$	0.047
Firm natural gas	0.037		(0.025)		0.062
Total	$	0.114	$	0.005	$	0.109

Sales — Sales growth (decline) for actual and weather-normalized sales:


	2022 vs. 2021
	PSCo		NSP-Minnesota		SPS		NSP-Wisconsin		Xcel Energy
Actual
Electric residential	(1.5)	%	(1.2)	%	6.5	%	1.1	%	(0.1)	%
Electric C&I	—		1.7		8.9		3.3		3.3
Total retail electric sales	(0.5)		0.8		8.4		2.6		2.3
Firm natural gas sales	5.4		18.3		N/A		17.3		10.1


	2022 vs. 2021
	PSCo		NSP-Minnesota		SPS		NSP-Wisconsin		Xcel Energy
Weather-normalized
Electric residential	(3.6)	%	(0.2)	%	0.8	%	—	%	(1.3)	%
Electric C&I	(0.3)		2.1		8.4		3.4		3.2
Total retail electric sales	(1.4)		1.3		6.9		2.4		1.8
Firm natural gas sales	(3.1)		5.5		N/A		5.8		0.1

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Weather-normalized electric sales growth (decline) — year-to-date

•PSCo — Residential sales declined due to decreased use per customer, partially offset by a 1.1% increase in customers. C&I sales decline was attributable to decreased use per customer, primarily in the manufacturing sector (largely due to an alternative generation arrangement with a significant customer), partially offset by strong small C&I sales in the food services and health care sectors.

•NSP-Minnesota — Residential sales decline reflects a decreased use per customer, partially offset by a 1.1% increase in customers. Growth in C&I sales was primarily due to higher use per customer, particularly in the manufacturing, real estate and leasing, and food service sectors.

•SPS — Residential sales growth was primarily attributable to a 0.9% increase in customers, partially offset by lower use per customer. C&I sales increased due to higher use per customer, primarily driven by the energy sector.

•NSP-Wisconsin — C&I sales growth was associated with higher use per customer, experienced primarily in the transportation and manufacturing sectors.

Weather-normalized natural gas sales growth (decline) — year-to-date

•Natural gas sales reflect growth in NSP-Minnesota and NSP-Wisconsin attributable primarily to increased residential use per customer and customer growth as well as increases in C&I sales due to higher use per customer. These increases were offset by a reduction in PSCo natural gas sales, primarily driven by declines in residential use per customer.

Electric Margin

Electric margin is presented as electric revenues less electric fuel and purchased power expenses. Expenses incurred for electric fuel and purchased power are generally recovered through various regulatory recovery mechanisms.

As a result, changes in these expenses are generally offset in operating revenues.

Electric revenues and fuel and purchased power expenses are impacted by fluctuations in the price of natural gas, coal and uranium. These price fluctuations generally have minimal impact on earnings impact due to fuel recovery mechanisms. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.

Electric Revenues, Fuel and Purchased Power and Electric Margin


(Millions of Dollars)	2022		2021
Electric revenues	$	12,123	$	11,205
Electric fuel and purchased power	(5,005)		(4,733)
Electric margin	$	7,118	$	6,472

Change in Electric Margin


(Millions of Dollars)	2022 vs. 2021
Regulatory rate outcomes (Minnesota, Colorado, Texas, New Mexico and Wisconsin)	$	506
Revenue recognition for the Texas rate case surcharge (a)	85
Sales and demand (b)	80
Non-fuel riders	64
Wholesale transmission (net)	50
Estimated impact of weather (net of decoupling/sales true-up)	33

PTCs flowed back to customers (offset by lower ETR)	(150)

Other (net)	(22)
Total increase	$	646

(a)Recognition of revenue from the Texas rate case outcome is largely offset by recognition of previously deferred costs.

(b)Sales excludes weather impact, net of decoupling in Colorado and proposed sales true-up mechanism in Minnesota.

Natural Gas Margin

Natural gas margin is presented as natural gas revenues less the cost of natural gas sold and transported. Expenses incurred for the cost of natural gas sold are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are generally offset in operating revenues.

Natural gas expense varies with changing sales and the cost of natural gas. However, fluctuations in the cost of natural gas generally have minimal earnings impact due to cost recovery mechanisms.

Natural Gas Revenues, Cost of Natural Gas Sold and Transported and Natural Gas Margin


(Millions of Dollars)	2022		2021
Natural gas revenues	$	3,080	$	2,132
Cost of natural gas sold and transported	(1,910)		(1,081)
Natural gas margin	$	1,170	$	1,051

Change in Natural Gas Margin


(Millions of Dollars)	2022 vs. 2021
Regulatory rate outcomes (Minnesota, Colorado, Wisconsin, North Dakota)	$	61
Estimated impact of weather	46
Conservation revenue (offset in expenses)	13
Infrastructure and integrity riders	9
Winter Storm Uri disallowances	(20)
Other (net)	10

Total increase	$	119

Non-Fuel Operating Expenses and Other Items

O&M Expenses — O&M expenses increased $170 million year-to-date, due to the following approximately equal drivers: inflation and impacts of supply chain constraints; operational activities (vegetation management, repairs/maintenance and storms); costs for technology and customer programs; insurance-related costs; recognition of previously deferred amounts related to the 2021 Texas rate case; and other.

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Depreciation and Amortization — Depreciation and amortization increased $292 million year-to-date. The increase was primarily driven by capital investment, recognition of previously deferred costs related to the Texas Electric Rate Case and several wind farms going into service.

Other Income (Expense) — Other income (expense) decreased $18 million year-to-date, largely related to rabbi trust performance, which is primarily offset in O&M expenses (employee benefit costs).

Earnings from Equity Method Investments — Earnings from equity method investments decreased $26 million year-to-date. The year-to-date change was largely attributable to the performance of the EIP funds, which invest in energy technology companies.

Interest Charges — Interest charges increased $111 million year-to-date. The increase was largely due to higher long-term debt levels to fund capital investments and higher interest rates.

Income Taxes — Income tax benefit increased $65 million year-to-date. The year-to-date increase was primarily driven by an increase in wind PTCs due to greater production at existing wind farms, several new wind farms going into service and an increase in the PTC rate partially offset by higher pretax earnings.

Xcel Energy Inc. and Other Results

Net income and diluted EPS contributions of Xcel Energy Inc. and its nonregulated businesses:


	Contribution (Millions of Dollars)
	2022		2021
Xcel Energy Inc. financing costs	$	(153)

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