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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Asset Retirement Obligations | Xcel Energy’s AROs were as follows:
(Millions of Dollars) |  | Jan. 1, 2023 |  | Amounts Incurred (a) |  | Amounts Settled |  | Accretion |  | Cash Flow Revisions (b) |  | Dec. 31, 2023
Electric |  |  |  |  |  |  |  |  |  |  |  |
Nuclear |  | $ | 2,160 |  |  | $ | — |  |  | $ | — |  |  | $ | 105 |  |  | $ | (158) |  |  | $ | 2,107 |
Wind |  | 514 |  |  | 10 |  |  | — |  |  | 19 |  |  | (17) |  |  | 526 |
Steam, hydro and other production |  | 348 |  |  | — |  |  | (1) |  |  | 15 |  |  | (1) |  |  | 361 |
Distribution |  | 48 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 49 |
Natural gas |  |  |  |  |  |  |  |  |  |  |  |
Transmission and distribution |  | 307 |  |  | — |  |  |  |  | 14 |  |  | (149) |  |  | 172 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Miscellaneous |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Total liability |  | $ | 3,380 |  |  | $ | 10 |  |  | $ | (1) |  |  | $ | 154 |  |  | $ | (325) |  |  | $ | 3,218 |
(a)Amounts incurred relate to the Northern Wind farm placed in service in NSP-Minnesota. (b)In 2023, AROs were revised for changes in timing and estimates of cash flows. Revisions in wind and nuclear AROs were primarily incurred due to changes in useful lives. Changes in gas transmission and distribution AROs were a result of updated gas line mileage and number of services, as well as changes to inflation and discount rate assumptions.
(Millions of Dollars) |  | Jan. 1, 2022 |  | Amounts Incurred (a) |  |  |  | Accretion |  | Cash Flow Revisions (b) |  | Dec. 31, 2022
Electric |  |  |  |  |  |  |  |  |  |  |  |
Nuclear |  | $ | 2,056 |  |  | $ | — |  |  |  |  | $ | 104 |  |  | $ | — |  |  | $ | 2,160 |
Wind |  | 478 |  |  | 25 |  |  |  |  | 19 |  |  | (8) |  |  | 514 |
Steam, hydro and other production |  | 288 |  |  | 34 |  |  |  |  | 12 |  |  | 14 |  |  | 348 |
Distribution |  | 47 |  |  | — |  |  |  |  | 1 |  |  | — |  |  | 48 |
Natural gas |  |  |  |  |  |  |  |  |  |  |  |
Transmission and distribution (c) |  | 279 |  |  | — |  |  |  |  | 12 |  |  | 16 |  |  | 307 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Miscellaneous |  | 3 |  |  | — |  |  |  |  | — |  |  | — |  |  | 3 |
Total liability |  | $ | 3,151 |  |  | $ | 59 |  |  |  |  | $ | 148 |  |  | $ | 22 |  |  | $ | 3,380 |
(a)Amounts incurred related to the wind farms placed in service in 2022 for NSP-Minnesota (Dakota Range and Rock Aetna) and steam production pond remediation costs for PSCo. (b)In 2022, AROs were revised for changes in timing and estimates of cash flows. Revisions in steam, hydro and other production AROs were primarily related to changes in cost estimates for remediation of ash containment facilities. Changes in gas transmission and distribution AROs were primarily related to changes in labor rates coupled with increased gas line mileage and number of services. (c)Prior periods have been reclassified to conform with current year presentation.
Assets and Liabilities, Lessee [Table Text Block] | Operating lease ROU assets:
(Millions of Dollars) |  | Dec. 31, 2023 |  | Dec. 31, 2022
PPAs |  | $ | 1,832 |  |  | $ | 1,669 |
Other |  | 315 |  |  | 244 |
Gross operating lease ROU assets |  | 2,147 |  |  | 1,913 |
Accumulated amortization |  | (930) |  |  | (709) |
Net operating lease ROU assets |  | $ | 1,217 |  |  | $ | 1,204 |
Finance lease ROU assets:
(Millions of Dollars) |  | Dec. 31, 2023 |  | Dec. 31, 2022
Gas storage facilities |  | $ | 160 |  |  | $ | 160 |
Gas pipeline |  | 21 |  |  | 21 |
Gross finance lease ROU assets |  | 181 |  |  | 181 |
Accumulated amortization |  | (67) |  |  | (64) |
Net finance lease ROU assets |  | $ | 114 |  |  | $ | 117 |
Lease, Cost [Table Text Block] | Components of lease expense:
(Millions of Dollars) |  | 2023 |  | 2022 |  | 2021
Operating leases |  |  |  |  |  |
PPA capacity payments |  | $ | 241 |  |  | $ | 241 |  |  | $ | 251 |
Other operating leases (a) |  | 42 |  |  | 39 |  |  | 36 |
Total operating lease expense (b) |  | $ | 283 |  |  | $ | 280 |  |  | $ | 287 |
Finance leases |  |  |  |  |  |
Amortization of ROU assets |  | $ | 3 |  |  | $ | 4 |  |  | $ | 7 |
Interest expense on lease liability |  | 15 |  |  | 16 |  |  | 17 |
Total finance lease expense |  | $ | 18 |  |  | $ | 20 |  |  | $ | 24 |
(a)Includes short-term lease expense of $3 million, $6 million, and $5 million for 2023, 2022 and 2021, respectively. (b)PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Finance Lease, Liability, Maturity [Table Text Block] | Commitments under operating and finance leases as of Dec. 31, 2023:
(Millions of Dollars) |  | PPA (a) (b) Operating Leases |  | Other Operating Leases |  | Total Operating Leases |  | Finance Leases (c)
2024 |  | $ | 244 |  |  | $ | 33 |  |  | $ | 277 |  |  | $ | 10 |
2025 |  | 245 |  |  | 26 |  |  | 271 |  |  | 10 |
2026 |  | 216 |  |  | 22 |  |  | 238 |  |  | 9 |
2027 |  | 162 |  |  | 22 |  |  | 184 |  |  | 8 |
2028 |  | 107 |  |  | 22 |  |  | 129 |  |  | 8 |
Thereafter |  | 259 |  |  | 162 |  |  | 421 |  |  | 173 |
Total minimum obligation |  | 1,233 |  |  | 287 |  |  | 1,520 |  |  | 218 |
Interest component of obligation |  | (157) |  |  | (99) |  |  | (256) |  |  | (154) |
Present value of minimum obligation |  | $ | 1,076 |  |  | 188 |  |  | 1,264 |  |  | 64 |
Less current portion |  |  |  |  |  | (226) |  |  | (2) |
Noncurrent operating and finance lease liabilities |  |  |  |  |  | $ | 1,038 |  |  | $ | 62 |
Weighted-average remaining lease term in years |  |  |  |  |  | 8.2 |  | 36.8
(a)Amounts do not include PPAs accounted for as executory contracts and/or contingent payments, such as energy payments on renewable PPAs. (b)PPA operating leases contractually expire at various dates through 2039. (c)Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO.
Estimated Future Payments for Capacity and Energy Pursuant to Purchased Power Agreements | At Dec. 31, 2023, the estimated future payments for capacity and energy that the utility subsidiaries of Xcel Energy are obligated to purchase pursuant to these non-lease contracts, subject to availability, were as follows:
(Millions of Dollars) |  | Capacity |  | Energy (a)
2024 |  | $ | 80 |  |  | $ | 207 |
2025 |  | 45 |  |  | 94 |
2026 |  | 28 |  |  | 47 |
2027 |  | 9 |  |  | 10 |
2028 |  | 1 |  |  | 10 |
Thereafter |  | 2 |  |  | 18 |
Total |  | $ | 165 |  |  | $ | 386 |
(a)Excludes contingent energy payments for renewable energy PPAs.
Estimated Minimum Purchases Under Fuel Contracts | Estimated minimum purchases under these contracts as of Dec. 31, 2023:
(Millions of Dollars) |  | Coal |  | Nuclear fuel |  | Natural gas supply |  | Natural gas storage and transportation
2024 |  | $ | 350 |  |  | $ | 142 |  |  | $ | 339 |  |  | $ | 311 |
2025 |  | 157 |  |  | 179 |  |  | 13 |  |  | 284 |
2026 |  | 81 |  |  | 63 |  |  | — |  |  | 276 |
2027 |  | 56 |  |  | 180 |  |  | — |  |  | 238 |
2028 |  | 21 |  |  | 50 |  |  | — |  |  | 111 |
Thereafter |  | 1 |  |  | 177 |  |  | — |  |  | 442 |
Total |  | $ | 666 |  |  | $ | 791 |  |  | $ | 352 |  |  | $ | 1,662 |
Other Commitments | Committed minimum payments under these obligations as follows:
(Millions of Dollars) |  | Minimum Payments
2024 |  | $ | 18 |
2025 |  | 14 |
2026 |  | 13 |
2027 |  | 12 |
2028 |  | — |
Thereafter |  | — |

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- Definition Tabular disclosure of information concerning the terms and significance of long term contracts to purchase power (generally referred to as purchase power agreements (PPAs) or power sale agreements (PSAs)) including date of contract expiration, share of plant output being purchased, estimated annual cost, annual minimum debt service payment required and amount of related long-term debt or lease obligations outstanding. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 980 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 10.D) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480114/980-10-S99-1 + Details
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