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Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net |  | $ 104 | $ 279 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] |  | Assets, Current | Assets, Current |
Derivative Asset, Noncurrent |  | $ 76 | $ 93 |
Derivative Liability, Net |  | $ 86 | $ 113 |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |  | Total deferred credits and other liabilities | Total deferred credits and other liabilities |
Return Cash Collateral |  | $ 0 | $ 0 |
Derivative Liability, Noncurrent |  | 74 | 76 |
Reclaim Cash Collateral |  | $ 7 | $ 53 |
Changes in Level 3 Commodity Derivatives |  |  |  |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] |  | Other assets | Other assets |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] |  | Total current liabilities | Total current liabilities |
Commodity Contract |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |
Balance at Jan. 1 |  | $ 236 | $ 19 | $ (49)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [1] | 176 | 406 | 65
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | [1] | (154) | (350) | (158)
(Losses) gains recognized in earnings | [2] | 6 | 151 | 49
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Liability Net Losses Gains Recognized As Regulatory Assets And Liabilities | [1] | (174) | 10 | 112
Balance at Dec. 31 |  | 90 | 236 | $ 19
Fair Value Measured on a Recurring Basis |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net |  | 101 | 276 |
Derivative Asset, Noncurrent |  | 76 | 90 |
Derivative Liability, Net |  | 64 | 83 |
Derivative Liability, Noncurrent |  | 66 | 59 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Contract |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net |  | 32 | 82 |
Derivative Asset, Noncurrent |  | 76 | 90 |
Derivative Liability, Net |  | 64 | 83 |
Derivative Liability, Noncurrent |  | 37 | 45 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 62 | 177 |
Netting | [3] | (7) | (2) |
Derivative Asset, Net |  | 55 | 175 |
Derivative Liability, Gross |  | 7 | 2 |
Netting | [3] | (7) | (2) |
Derivative Liability, Noncurrent |  | 0 | 0 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 0 | 0 |
Derivative Liability, Gross |  | 0 | 0 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 0 | 0 |
Derivative Liability, Gross |  | 0 | 0 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 62 | 177 |
Derivative Liability, Gross |  | 7 | 2 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 14 | 19 |
Netting | [3] | 0 | 0 |
Derivative Asset, Net |  | 14 | 19 |
Derivative Liability, Gross |  | 12 | 13 |
Netting | [3] | 0 | 0 |
Derivative Liability, Noncurrent |  | 12 | 13 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 0 | 0 |
Derivative Liability, Gross |  | 0 | 0 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 14 | 19 |
Derivative Liability, Gross |  | 12 | 13 |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 0 | 0 |
Derivative Liability, Gross |  | 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, Noncurrent |  | 17 | 1 |
Fair Value Measured on a Recurring Basis | Other Current Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 167 | 520 |
Netting | [3] | (66) | (244) |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 8 | 32 |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 65 | 278 |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 94 | 210 |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 91 | 324 |
Netting | [3] | (59) | (242) |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 8 | 32 |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 51 | 259 |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 32 | 33 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 110 | 179 |
Netting | [3] | (34) | (89) |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 14 | 34 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 51 | 71 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 45 | 74 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 110 | 179 |
Netting | [3] | (34) | (89) |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 14 | 34 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 51 | 71 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Gross |  | 45 | 74 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 133 | 348 |
Netting | [3] | (67) | (289) |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 6 | 29 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 115 | 311 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 12 | 8 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 97 | 332 |
Netting | [3] | (60) | (287) |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 6 | 29 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 86 | 297 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 5 | 6 |
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 |
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 |  | 17 | 1 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Level 1 | 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 | Interest Rate Swap | Level 2 | Cash Flow Hedges |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 17 | 1 |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Level 3 | 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 |  | 103 | 181 |
Netting | [3] | (39) | (98) |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 16 | 43 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 50 | 97 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 37 | 41 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 103 | 181 |
Netting | [3] | (39) | (98) |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 1 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 16 | 43 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 2 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 50 | 97 |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract | Level 3 |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Liability, Gross |  | 37 | 41 |
Fair Value, Measurements, Nonrecurring | Purchased Power Agreements |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |
Derivative Asset, Net | [4] | 3 | 3 |
Derivative Asset, Noncurrent | [4] | 0 | 3 |
Derivative Liability, Net | [4] | 22 | 30 |
Derivative Liability, Noncurrent | [4] | $ 8 | $ 17 |
[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 Dec. 31, 2023 and 2022, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2023 and 2022, derivative assets and liabilities include rights to reclaim cash collateral of $7 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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