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Borrowings and Other Financing Instruments
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023Year Ended Dec. 31, 2022
Borrowing limit$3,550 $3,550 
Amount outstanding at period end1,079 813 
Average amount outstanding928 552 
Maximum amount outstanding1,241 1,357 
Weighted average interest rate, computed on a daily basis4.85 %1.47 %
Weighted average interest rate at period end5.23 4.66 
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 $43 million of letters of credit outstanding under the credit facilities at both March 31, 2023 and Dec. 31, 2022. 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 equal or greater than the 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 March 31, 2023, 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.$1,500 $510 $990 
PSCo700 385 315 
NSP-Minnesota700 135 565 
SPS500 80 420 
NSP-Wisconsin150 12 138 
Total$3,550 $1,122 $2,428 
(a)Expires in September 2027.
(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 capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of March 31, 2023 and Dec. 31, 2022.
Bilateral Credit Agreement
In April 2023, 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 March 31, 2023, NSP-Minnesota had $53 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
On April 3, 2023, PSCo issued $850 million of 5.25% first mortgage bonds due April 1, 2053.
On April 21, 2023, NSP-Wisconsin priced a private placement of $125 million of 5.30% first mortgage bonds due June 15, 2053. The closing of the sale of the bonds is subject to execution of a bond purchase agreement and customary closing conditions and is expected to occur in June 2023.
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 were issued (approximately $350 million). In 2022, 4.30 million shares of common stock were issued (approximately $300 million). As of March 31, 2023, approximately $150 million remained available for sale under the ATM program.
Other Equity — Xcel Energy Inc. issued $15 million and $10 million of equity through the DRIP during the three months ended March 31, 2023 and 2022, respectively. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock