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Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative instruments |  | $ 114 | $ 104 |  |  |
Derivative instruments |  | 72 | 76 |  |  |
Derivative Liability, Net |  | 77 | 86 |  |  |
Return Cash Collateral |  | 0 | 0 |  |  |
Derivative Liability, Noncurrent |  | 37 | 74 |  |  |
Reclaim Cash Collateral |  | 2 | 7 |  |  |
Commodity Contract |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Balance at Jan. 1 |  | 90 | 236 |  | $ 19 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases | [1] | 210 | 176 |  | 406 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | [1] | (303) | (154) |  | (350) |
(Losses) gains recognized in earnings | [2] | (9) | 6 |  | 151 |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Liability Net Losses Gains Recognized As Regulatory Assets And Liabilities | [1] | 111 | (174) |  | 10 |
Balance at Dec. 31 |  | 99 | 90 |  | 236 |
Other Derivative Instruments |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) |  | 22 | 138 |  | 13 |
Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [3] | (22) | 123 |  | 3 |
Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) |  | 0 | (15) | [4] | 10 | [4]
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) |  | 3 |  |  |  |
Designated as Hedging Instrument | Cash Flow Hedges |  |  |  |  |  |
Changes in Level 3 Commodity Derivatives |  |  |  |  |  |
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) |  | 0 | 0 |  | $ 0 |
Fair Value Measured on a Recurring Basis |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative instruments |  | 114 | 101 |  |  |
Derivative instruments |  | 72 | 76 |  |  |
Derivative Liability, Net |  | 61 | 64 |  |  |
Derivative Liability, Noncurrent |  | 31 | 66 |  |  |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Contract |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative instruments |  | 11 | 32 |  |  |
Derivative instruments |  | 72 | 76 |  |  |
Derivative Liability, Net |  | 61 | 64 |  |  |
Derivative Liability, Noncurrent |  | 24 | 37 |  |  |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 90 | 62 |  |  |
Netting | [5] | (1) | (7) |  |  |
Derivative instruments |  | 89 | 55 |  |  |
Derivative Liability, Gross |  | 1 | 7 |  |  |
Netting | [5] | (1) | (7) |  |  |
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 |  | 90 | 62 |  |  |
Derivative Liability, Gross |  | 1 | 7 |  |  |
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 14 | 14 |  |  |
Netting | [5] | 0 | 0 |  |  |
Derivative instruments |  | 14 | 14 |  |  |
Derivative Liability, Gross |  | 7 | 12 |  |  |
Netting | [5] | 0 | 0 |  |  |
Derivative Liability, Noncurrent |  | 7 | 12 |  |  |
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 | 14 |  |  |
Derivative Liability, Gross |  | 7 | 12 |  |  |
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 |  | 0 | 17 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 138 | 167 |  |  |
Netting | [5] | (24) | (66) |  |  |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 6 | 8 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 34 | 65 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 98 | 94 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Contract |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 34 | 91 |  |  |
Netting | [5] | (23) | (59) |  |  |
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 |  | 6 | 8 |  |  |
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 |  | 20 | 51 |  |  |
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 |  | 8 | 32 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 92 | 110 |  |  |
Netting | [5] | (20) | (34) |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 8 | 14 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 37 | 51 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 47 | 45 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Contract |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Asset, Gross |  | 92 | 110 |  |  |
Netting | [5] | (20) | (34) |  |  |
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 |  | 8 | 14 |  |  |
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 |  | 37 | 51 |  |  |
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 |  | 47 | 45 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 55 | 133 |  |  |
Netting | [5] | (24) | (67) |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 7 | 6 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 42 | 115 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 6 | 12 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Contract |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 47 | 97 |  |  |
Netting | [5] | (23) | (60) |  |  |
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 |  | 7 | 6 |  |  |
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 |  | 35 | 86 |  |  |
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 | 5 |  |  |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Netting | [5] | 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 | 17 |  |  |
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 |  | 0 | 17 |  |  |
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 |  | 83 | 103 |  |  |
Netting | [5] | (22) | (39) |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 11 | 16 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 32 | 50 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 40 | 37 |  |  |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Contract |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative Liability, Gross |  | 83 | 103 |  |  |
Netting | [5] | (22) | (39) |  |  |
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 |  | 11 | 16 |  |  |
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 |  | 32 | 50 |  |  |
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 |  | 40 | 37 |  |  |
Fair Value, Measurements, Nonrecurring | Purchased Power Agreements |  |  |  |  |  |
Derivatives, Fair Value [Line Items] |  |  |  |  |  |
Derivative instruments | [6] | 0 | 3 |  |  |
Derivative Liability, Net | [6] | 16 | 22 |  |  |
Derivative Liability, Noncurrent | [6] | $ 6 | $ 8 |  |  |
[1] | Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP, respectively.
[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] | Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
[4] | Other than $3 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
[5] | 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, 2024 and 2023, derivative assets and liabilities include no obligations to return cash collateral. At Dec. 31, 2024 and 2023, derivative assets and liabilities include rights to reclaim cash collateral of $2 million and $7 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.
[6] | 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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