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Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent
Reclaim Cash Collateral |  | $ 12 |  | $ 12 |  | $ 53
Changes in Level 3 Commodity Derivatives [Roll Forward] |  |  |  |  |  |
Fair value hedges |  | 0 | $ 0 | 0 | $ 0 |
Commodity Trading |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives [Roll Forward] |  |  |  |  |  |
Balance at beginning of period |  | 209 | 485 | 236 | 19 |
Purchases | [1] | 1 | 4 | 173 | 398 |
Settlements | [1] | (50) | (106) | (126) | (286) |
Gains (losses) recognized in earnings | [2] | 18 | 16 | 16 | 136 |
Net (losses) gains recognized as regulatory assets and liabilities (a) | [1] | (36) | 3 | (157) | 135 |
Balance at end of period |  | 142 | $ 402 | 142 | $ 402 |
Fair Value Measured on a Recurring Basis |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 136 |  | 136 |  | 348
Netting | [3] | $ (94) |  | $ (94) |  | $ (289)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | $ 8 |  | $ 8 |  | $ 29
Fair Value Measured on a Recurring Basis | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 117 |  | 117 |  | 311
Fair Value Measured on a Recurring Basis | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 11 |  | 11 |  | 8
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 132 |  | 132 |  | 332
Netting | [3] | $ (90) |  | $ (90) |  | $ (287)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | $ 4 |  | $ 4 |  | $ 2
Netting | [3] | $ (4) |  | $ (4) |  | $ (2)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | $ 0 |  | $ 0 |  | $ 13
Netting | [3] | $ 0 |  | $ 0 |  | $ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | $ 8 |  | $ 8 |  | $ 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 |  | 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 |  | 0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 117 |  | 117 |  | 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 |  | 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 |  | 0 |  | 13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 7 |  | 7 |  | 6
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 4 |  | 4 |  | 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 |  | $ 0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Current Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | $ 233 |  | $ 233 |  | $ 520
Netting | [3] | (90) |  | (90) |  | (244)
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 8 |  | 8 |  | 32
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 87 |  | 87 |  | 278
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 138 |  | 138 |  | 210
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 127 |  | 127 |  | 324
Netting | [3] | (86) |  | (86) |  | (242)
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 99 |  | 99 |  | 177
Netting | [3] | (4) |  | (4) |  | (2)
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 7 |  | 7 |  | 19
Netting | [3] | 0 |  | 0 |  | 0
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 |  | 8 |  | 8 |  | 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 |  | 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 |  | 80 |  | 80 |  | 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 |  | 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 |  | 7 |  | 7 |  | 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 |  | 39 |  | 39 |  | 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 |  | 99 |  | 99 |  | 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 |  | 0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 111 |  | 111 |  | 179
Netting | [3] | (40) |  | (40) |  | (89)
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 18 |  | 18 |  | 34
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 36 |  | 36 |  | 71
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 57 |  | 57 |  | 74
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 111 |  | 111 |  | 179
Netting | [3] | (40) |  | (40) |  | (89)
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 |  | 18 |  | 18 |  | 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 |  | 36 |  | 36 |  | 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 |  | 57 |  | 57 |  | 74
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Netting | [3] | 0 |  | 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 |  | 0 |  | 0 |  | 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 |  | 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 |  | 0 |  | 0 |  | 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 |  | 0
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 105 |  | 105 |  | 181
Netting | [3] | (46) |  | (46) |  | (98)
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 22 |  | 22 |  | 43
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 41 |  | 41 |  | 97
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 42 |  | 42 |  | 41
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 105 |  | 105 |  | 181
Netting | [3] | (46) |  | (46) |  | (98)
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 |  | 22 |  | 22 |  | 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 |  | 41 |  | 41 |  | 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 |  | $ 42 |  | $ 42 |  | $ 41
Fair Value, Measurements, Nonrecurring | PPAs |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | [4] | Other Liabilities, Current |  | Other Liabilities, Current |  | Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | [4] | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent |  | Other Liabilities, Noncurrent
[1] | Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
[2] | Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
[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, 2023 and Dec. 31, 2022, derivative assets and liabilities include no obligations to return cash collateral. At Sept. 30, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $12 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.
[4] | 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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