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Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended |
--- | --- | ---
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022
Derivatives, Fair Value [Line Items] |  |  |  |
Return Cash Collateral |  | $ 0 |  | $ 0
Reclaim Cash Collateral |  | 29 |  | 53
Commodity Trading |  |  |  |
Changes in Level 3 Commodity Derivatives [Roll Forward] |  |  |  |
Balance at beginning of period |  | 235 | $ 19 |
Purchases |  | 6 | 5 |
Settlements |  | (29) | (50) |
Gains (losses) recognized in earnings |  | (13) | 42 |
Net gains recognized as regulatory assets and liabilities (a) |  | (121) | 24 |
Balance at end of period |  | 78 | $ 40 |
Other Current Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net |  | 97 |  | 279
Other Noncurrent Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net |  | 97 |  | 93
Other Current Liabilities |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Net |  | 62 |  | 76
Other Noncurrent Liabilities |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Net |  | 116 |  | 113
Fair Value Measured on a Recurring Basis |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 200 |  | 348
Netting | [1] | (154) |  | (289)
Derivative Liability, Net |  | 46 |  | 59
Fair Value Measured on a Recurring Basis | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 9 |  | 29
Fair Value Measured on a Recurring Basis | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 186 |  | 311
Fair Value Measured on a Recurring Basis | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 5 |  | 8
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 193 |  | 332
Netting | [1] | (153) |  | (287)
Derivative Liability, Net |  | 40 |  | 45
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 1 |  | 2
Netting | [1] | (1) |  | (2)
Derivative Liability, Net |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 13
Netting | [1] | 0 |  | 0
Derivative Liability, Net |  | 0 |  | 13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 9 |  | 29
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 180 |  | 297
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 4 |  | 6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 1 |  | 2
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges |  |  |  |
Changes in Level 3 Commodity Derivatives [Roll Forward] |  |  |  |
Derivative Liability, Current |  | 6 |  | 1
Fair Value Measured on a Recurring Basis | Other Current Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 218 |  | 520
Netting | [1] | (124) |  | (244)
Derivative Asset, Net |  | 94 |  | 276
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 11 |  | 32
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 152 |  | 278
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 55 |  | 210
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 184 |  | 324
Netting | [1] | (124) |  | (242)
Derivative Asset, Net |  | 60 |  | 82
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 34 |  | 177
Netting | [1] | 0 |  | (2)
Derivative Asset, Net |  | 34 |  | 175
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 0 |  | 19
Netting | [1] | 0 |  | 0
Derivative Asset, Net |  | 0 |  | 19
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 |  | 11 |  | 32
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
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
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 |  | 152 |  | 259
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
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 |  | 0 |  | 19
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 |  | 21 |  | 33
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 |  | 34 |  | 177
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
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 164 |  | 179
Netting | [1] | (69) |  | (89)
Derivative Asset, Net |  | 95 |  | 90
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 24 |  | 34
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 62 |  | 71
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 78 |  | 74
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 164 |  | 179
Netting | [1] | (69) |  | (89)
Derivative Asset, Net |  | 95 |  | 90
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 |  | 24 |  | 34
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 |  | 62 |  | 71
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 |  | 78 |  | 74
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Netting | [1] | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 6 |  | 1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 1 | Interest Rate Swap | Cash Flow Hedges |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 2 | Interest Rate Swap | Cash Flow Hedges |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 6 |  | 1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 3 | Interest Rate Swap | Cash Flow Hedges |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 0 |  | 0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 157 |  | 181
Netting | [1] | (69) |  | (98)
Derivative Liability, Net |  | 88 |  | 83
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 30 |  | 43
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 77 |  | 97
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 50 |  | 41
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 157 |  | 181
Netting | [1] | (69) |  | (98)
Derivative Liability, Net |  | 88 |  | 83
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 |  | 30 |  | 43
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 |  | 77 |  | 97
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 |  | 50 |  | 41
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net | [2] | 3 |  | 3
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net | [2] | 2 |  | 3
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Net | [2] | 16 |  | 17
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Net | [2] | $ 28 |  | $ 30
[1] | Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $29 million and $53 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.
[2] | Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

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