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Borrowings and Other Financing Instruments
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Borrowings and Other Financing Instruments
Short-Term Borrowings
Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended June 30, 2022Year Ended Dec. 31, 2021
Borrowing limit$3,100 $3,100 
Amount outstanding at period end136 1,005 
Average amount outstanding554 1,399 
Maximum amount outstanding1,136 2,054 
Weighted average interest rate, computed on a daily basis1.05 %0.57 %
Weighted average interest rate at period end1.90 0.31 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $39 million and $19 million of letters of credit outstanding under the credit facilities at June 30, 2022 and Dec. 31, 2021, respectively. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities at least equal to the amount of commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.
As of June 30, 2022, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,250 $136 $1,114 
PSCo700 26 674 
NSP-Minnesota500 11 489 
SPS500 2 498 
NSP-Wisconsin150 — 150 
Total$3,100 $175 $2,925 
(a)Expires in June 2024.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available credit facilities capacity. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2022 and Dec. 31, 2021.
Bilateral Credit Agreement
In April 2022, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of June 30, 2022, NSP-Minnesota had $43 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the six months ended June 30, 2022, Xcel Energy Inc. and its utility subsidiaries issued the following:
•Xcel Energy issued $700 million of 4.60% unsecured senior notes due June 1, 2032.
•NSP-Minnesota issued $500 million of 4.50% first mortgage bonds due June 1, 2052.
•PSCo issued $300 million of 4.10% first mortgage bonds due June 1, 2032 and $400 million of 4.50% first mortgage bonds due June 1, 2052.
•SPS issued $200 million of 5.15% first mortgage bonds due June 1, 2052.
On July 15, 2022, subsequent to the end of the quarter, NSP-Wisconsin priced a private placement of $100 million of 4.86% first mortgage bonds due September 15, 2052. The closing of the sale of the bonds is expected to occur on Sept. 12, 2022.
ATM Equity Offering — In November 2021, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $800 million of its common stock through an ATM program. In 2021, 5.33 million shares had been issued (approximately $350 million). In the second quarter of 2022, 2.13 million shares of common stock were issued (approximately $150 million). As of June 30, 2022, approximately $300 million remained available under the ATM program.
Other Equity — Xcel Energy Inc. issued $20 million and $28 million of equity through the DRIP during the six months ended June 30, 2022 and 2021, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock