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Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Return Cash Collateral |  | $ 2 |  | $ 2 |  | $ 0
Reclaim Cash Collateral |  | 22 |  | 22 |  | 30
Commodity Trading |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives [Roll Forward] |  |  |  |  |  |
Balance at beginning of period |  | 485 | $ 71 | 19 | $ (49) |
Purchases | [1] | 4 | 2 | 398 | 65 |
Settlements | [1] | (106) | (53) | (286) | (101) |
Gains (losses) recognized in earnings | [2] | 16 | 12 | 136 | 59 |
Net gains recognized as regulatory assets and liabilities (a) | [1] | 3 | 27 | 135 | 85 |
Balance at end of period |  | 402 | 59 | 402 | 59 |
Transfers Level 3, Net |  | 0 | $ 0 | 0 | $ 0 |
Other Current Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Net |  | 456 |  | 456 |  | 123
Other Noncurrent Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Net |  | 90 |  | 90 |  | 67
Other Current Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Net |  | 100 |  | 100 |  | 69
Other Noncurrent Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Net |  | 114 |  | 114 |  | 105
Fair Value Measured on a Recurring Basis | Other Current Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 668 |  | 668 |  | 255
Netting | [3] | (215) |  | (215) |  | (135)
Derivative Asset, Net |  | 453 |  | 453 |  | 120
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 53 |  | 53 |  | 22
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 210 |  | 210 |  | 155
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 405 |  | 405 |  | 78
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 284 |  | 284 |  | 180
Netting | [3] | (211) |  | (211) |  | (134)
Derivative Asset, Net |  | 73 |  | 73 |  | 46
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 358 |  | 358 |  | 57
Netting | [3] | (4) |  | (4) |  | (1)
Derivative Asset, Net |  | 354 |  | 354 |  | 56
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 26 |  | 26 |  | 18
Netting | [3] | 0 |  | 0 |  | 0
Derivative Asset, Net |  | 26 |  | 26 |  | 18
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 53 |  | 53 |  | 22
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 184 |  | 184 |  | 137
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 26 |  | 26 |  | 18
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 47 |  | 47 |  | 21
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 358 |  | 358 |  | 57
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 206 |  | 206 |  | 168
Netting | [3] | (120) |  | (120) |  | (107)
Derivative Asset, Net |  | 86 |  | 86 |  | 61
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 50 |  | 50 |  | 16
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 64 |  | 64 |  | 63
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 92 |  | 92 |  | 89
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 206 |  | 206 |  | 168
Netting | [3] | (120) |  | (120) |  | (107)
Derivative Asset, Net |  | 86 |  | 86 |  | 61
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 50 |  | 50 |  | 16
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 64 |  | 64 |  | 63
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 92 |  | 92 |  | 89
Fair Value Measured on a Recurring Basis | Other Current Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 306 |  | 306 |  | 196
Netting | [3] | (223) |  | (223) |  | (144)
Derivative Liability, Net |  | 83 |  | 83 |  | 52
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 44 |  | 44 |  | 19
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 235 |  | 235 |  | 156
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 27 |  | 27 |  | 21
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 290 |  | 290 |  | 187
Netting | [3] | (219) |  | (219) |  | (143)
Derivative Liability, Net |  | 71 |  | 71 |  | 44
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 4 |  | 4 |  | 1
Netting | [3] | (4) |  | (4) |  | (1)
Derivative Liability, Net |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 12 |  | 12 |  | 8
Netting | [3] | 0 |  | 0 |  | 0
Derivative Liability, Net |  | 12 |  | 12 |  | 8
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 44 |  | 44 |  | 19
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 1 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 223 |  | 223 |  | 148
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 2 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 12 |  | 12 |  | 8
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 23 |  | 23 |  | 20
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 4 |  | 4 |  | 1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Level 3 | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 213 |  | 213 |  | 193
Netting | [3] | (132) |  | (132) |  | (128)
Derivative Liability, Net |  | 81 |  | 81 |  | 65
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 59 |  | 59 |  | 18
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 86 |  | 86 |  | 48
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 68 |  | 68 |  | 127
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 213 |  | 213 |  | 193
Netting | [3] | (132) |  | (132) |  | (128)
Derivative Liability, Net |  | 81 |  | 81 |  | 65
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 59 |  | 59 |  | 18
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 86 |  | 86 |  | 48
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 68 |  | 68 |  | 127
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Net | [4] | 3 |  | 3 |  | 3
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Net | [4] | 4 |  | 4 |  | 6
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Net | [4] | 17 |  | 17 |  | 17
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Net | [4] | $ 33 |  | $ 33 |  | $ 40
[1] | Relates primarily to FTR instruments administered by MISO and SPP (annual auctions occurring in the second quarter). These instruments are utilized/intended to offset the impacts of transmission system congestion. Higher congestion costs have led to an increase in the fair value of FTRs. Due to regulatory recovery, changes in fair value are deferred as a regulatory asset or liability and do not have a material impact on net income.
[2] | Relates to commodity trading and is subject to offsetting losses of derivative instruments categorized as levels 1 and 2 in the consolidated income statement.
[3] | Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At Sept. 30, 2022 and Dec. 31, 2021, derivatives include $2 million and no obligations to return cash collateral, respectively. At Sept. 30, 2022 and Dec. 31, 2021, derivative assets and liabilities include rights to reclaim cash collateral of $22 million and $30 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.(b)Amounts relate to FTR instruments administered by MISO and SPP (annual auctions occurring in the second quarter). These instruments are utilized/intended to offset the impacts of transmission system congestion. Higher congestion costs have led to an increase in the fair value of FTRs. Due to regulatory recovery, fair values for FTRs are offset/deferred as a regulatory asset or liability and do not have a material impact on net income.
[4] | During 2006, Xcel Energy qualified these contracts under the normal purchase exception. Based on this qualification, contracts are no longer adjusted to fair value and the previous carrying value of these contracts is being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

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