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Borrowings and Other Financing Instruments Borrowings and Other Financing Instruments | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Borrowings and Other Financing Instruments | Short-Term Borrowings Short-Term Debt — Xcel Energy meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facilities and term loan agreements. Commercial paper and other borrowings outstanding:
(Millions of Dollars, Except Interest Rates) |  | Three Months Ended Dec. 31, 2024 |  | Year Ended Dec. 31
|  | 2024 |  | 2023 |  | 2022
Borrowing limit |  | $ | 3,550 |  |  | $ | 3,550 |  |  | $ | 3,550 |  |  | $ | 3,550 |
Amount outstanding at period end |  | 695 |  |  | 695 |  |  | 785 |  |  | 813 |
Average amount outstanding |  | 133 |  |  | 508 |  |  | 491 |  |  | 552 |
Maximum amount outstanding |  | 695 |  |  | 1,314 |  |  | 1,241 |  |  | 1,357 |
Weighted average interest rate, computed on a daily basis |  | 4.77 | % |  | 5.47 | % |  | 5.12 | % |  | 1.47 | %
Weighted average interest rate at period end |  | 4.64 |  |  | 4.64 |  |  | 5.52 |  |  | 4.66 |
Bilateral Credit Agreement — In April 2024, 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 Dec. 31, 2024, NSP-Minnesota had $74 million outstanding letters of credit under the $75 million Bilateral Credit Agreement. Letters of Credit — Xcel Energy uses letters of credit, typically with terms of one year, to provide financial guarantees for certain operating obligations. As of Dec. 31, 2024 and 2023, there were $42 million and $44 million of letters of credit outstanding under the credit facilities, respectively. Amounts approximate their fair value. Credit Facilities — In order to use commercial paper programs to fulfill short-term funding needs, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities in place at least equal to the amount of their respective commercial paper borrowing limits and cannot issue commercial paper exceeding available capacity under these credit facilities. 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. In September 2022, Xcel Energy Inc., NSP-Minnesota, NSP-Wisconsin, PSCo and SPS each entered into an amended five-year credit agreement with a syndicate of banks. The aggregate borrowing limit is $3.55 billion. The amended credit agreements mature in September 2027. Features of the credit facilities:
|  | Debt-to-Total Capitalization Ratio (a) |  | Amount Facility May Be Increased (millions of dollars) (b) |  | Additional Periods for Which a One-Year Extension May Be Requested (c)
|  | 2024 |  | 2023 |  |  |  |
Xcel Energy Inc. (d) |  | 59.8 | % |  | 59.8 | % |  | $ | 350 |  |  | 2 |
NSP-Minnesota |  | 47.0 |  |  | 47.7 |  |  | 150 |  |  | 2 |
NSP-Wisconsin |  | 47.1 |  |  | 48.2 |  |  | N/A |  | 1 |
SPS |  | 46.6 |  |  | 46.1 |  |  | 50 |  |  | 2 |
PSCo |  | 45.2 |  |  | 44.8 |  |  | 100 |  |  | 2 |
(a)Each credit facility has a financial covenant requiring that the debt-to-total capitalization ratio be less than or equal to 65%. (b)Amounts authorized by state commissions in respective jurisdictions. (c)All extension requests are subject to majority bank group approval. (d)The Xcel Energy Inc. credit facility has a cross-default provision that Xcel Energy Inc. would be in default on its borrowings under the facility if it or any of its subsidiaries (except NSP-Wisconsin as long as its total assets do not comprise more than 15% of Xcel Energy’s consolidated total assets) default on indebtedness in an aggregate principal amount exceeding $75 million. If Xcel Energy Inc. or its utility subsidiaries do not comply with the covenant, an event of default may be declared, and if not remedied, any outstanding amounts due under the facility can be declared due by the lender. As of Dec. 31, 2024, Xcel Energy Inc. and its subsidiaries were in compliance with the financial covenant. Xcel Energy Inc. and its utility subsidiaries had the following committed credit facilities available as of Dec. 31, 2024:
(Millions of Dollars) |  | Credit Facility (a) |  | Drawn (b) |  | Available
Xcel Energy Inc. |  | $ | 1,500 |  |  | $ | 235 |  |  | $ | 1,265 |
PSCo |  | 700 |  |  | 115 |  |  | 585 |
NSP-Minnesota |  | 700 |  |  | 207 |  |  | 493 |
SPS |  | 500 |  |  | 145 |  |  | 355 |
NSP-Wisconsin |  | 150 |  |  | 35 |  |  | 115 |
Total |  | $ | 3,550 |  |  | $ | 737 |  |  | $ | 2,813 |
(a)These credit facilities mature in September 2027. (b)Includes outstanding commercial paper and letters of credit. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facilities. Xcel Energy Inc. and its utility subsidiaries had no direct advances on facilities outstanding as of Dec. 31, 2024 and 2023. Long-Term Borrowings and Other Financing Instruments Generally, the property of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS is subject to the liens of their respective first mortgage indentures for the benefit of bondholders. Debt premiums, discounts and expenses are amortized over the life of the related debt. The premiums, discounts and expenses for refinanced debt are deferred and amortized over the life of the new issuance. Long-term debt obligations for Xcel Energy Inc. and its utility subsidiaries as of Dec. 31 (in millions of dollars, except interest rates):
Xcel Energy Inc.
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
Unsecured senior notes |  | 3.30 | % |  | June 1, 2025 |  | 250 |  |  | 250 |
Unsecured senior notes |  | 3.30 |  |  | June 1, 2025 |  | 350 |  |  | 350 |
Unsecured senior notes |  | 3.35 |  |  | Dec. 1, 2026 |  | 500 |  |  | 500 |
Unsecured senior notes |  | 1.75 |  |  | March 15, 2027 |  | 500 |  |  | 500 |
Unsecured senior notes |  | 4.00 |  |  | June 15, 2028 |  | 130 |  |  | 130 |
Unsecured senior notes |  | 4.00 |  |  | June 15, 2028 |  | 500 |  |  | 500 |
Unsecured senior notes |  | 2.60 |  |  | Dec. 1, 2029 |  | 500 |  |  | 500 |
Unsecured senior notes |  | 3.40 |  |  | June 1, 2030 |  | 600 |  |  | 600 |
Unsecured senior notes |  | 2.35 |  |  | Nov. 15, 2031 |  | 300 |  |  | 300 |
Unsecured senior notes |  | 4.60 |  |  | June 1, 2032 |  | 700 |  |  | 700 |
Unsecured senior notes (a) |  | 5.45 |  |  | Aug. 15, 2033 |  | 800 |  |  | 800 |
Unsecured senior notes (b) |  | 5.50 |  |  | March 15, 2034 |  | 800 |  |  | — |
Unsecured senior notes |  | 6.50 |  |  | July 1, 2036 |  | 300 |  |  | 300 |
Unsecured senior notes |  | 4.80 |  |  | Sept. 15, 2041 |  | 250 |  |  | 250 |
Unsecured senior notes |  | 3.50 |  |  | Dec. 1, 2049 |  | 500 |  |  | 500 |
Unamortized discount |  |  |  |  |  | (9) |  |  | (8) |
Unamortized debt issuance cost |  |  |  |  |  | (34) |  |  | (36) |
Current maturities |  |  |  |  |  | (600) |  |  | — |
Total long-term debt |  |  |  |  |  | $ | 6,337 |  |  | $ | 6,136 |
(a)2023 financing. (b)2024 financing.
NSP-Minnesota
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
First mortgage bonds |  | 7.125 | % |  | July 1, 2025 |  | 250 |  |  | 250 |
First mortgage bonds |  | 6.50 |  |  | March 1, 2028 |  | 150 |  |  | 150 |
First mortgage bonds |  | 2.25 |  |  | April 1, 2031 |  | 425 |  |  | 425 |
First mortgage bonds |  | 5.25 |  |  | July 15, 2035 |  | 250 |  |  | 250 |
First mortgage bonds |  | 6.25 |  |  | June 1, 2036 |  | 400 |  |  | 400 |
First mortgage bonds |  | 6.20 |  |  | July 1, 2037 |  | 350 |  |  | 350 |
First mortgage bonds |  | 5.35 |  |  | Nov. 1, 2039 |  | 300 |  |  | 300 |
First mortgage bonds |  | 4.85 |  |  | Aug. 15, 2040 |  | 250 |  |  | 250 |
First mortgage bonds |  | 3.40 |  |  | Aug. 15, 2042 |  | 500 |  |  | 500 |
First mortgage bonds |  | 4.125 |  |  | May 15, 2044 |  | 300 |  |  | 300 |
First mortgage bonds |  | 4.00 |  |  | Aug. 15, 2045 |  | 300 |  |  | 300 |
First mortgage bonds |  | 3.60 |  |  | May 15, 2046 |  | 350 |  |  | 350 |
First mortgage bonds |  | 3.60 |  |  | Sept. 15, 2047 |  | 600 |  |  | 600 |
First mortgage bonds |  | 2.90 |  |  | March 1, 2050 |  | 600 |  |  | 600 |
First mortgage bonds |  | 2.60 |  |  | June 1, 2051 |  | 700 |  |  | 700 |
First mortgage bonds |  | 3.20 |  |  | April 1, 2052 |  | 425 |  |  | 425 |
First mortgage bonds |  | 4.50 |  |  | June 1, 2052 |  | 500 |  |  | 500 |
First mortgage bonds (a) |  | 5.10 |  |  | May 15, 2053 |  | 800 |  |  | 800 |
First mortgage bonds (b) |  | 5.40 |  |  | March 15, 2054 |  | 700 |  |  | — |
Other long-term debt |  |  |  |  |  | 2 |  |  | 2 |
Long-term debt — related parties principal amount outstanding |  | 2.60 |  |  | Jun 1, 2051 |  | (166) |  |  | — |
Unamortized discount |  |  |  |  |  | (49) |  |  | (49) |
Unamortized debt issuance cost |  |  |  |  |  | (80) |  |  | (73) |
Current maturities |  |  |  |  |  | (250) |  |  | — |
Total long-term debt |  |  |  |  |  | $ | 7,607 |  |  | $ | 7,330 |
(a)2023 financing. (b)2024 financing.
NSP-Wisconsin
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
First mortgage bonds |  | 3.30 | % |  | June 15, 2024 |  | $ | — |  |  | $ | 100 |
First mortgage bonds |  | 3.30 |  |  | June 15, 2024 |  | — |  |  | 100 |
First mortgage bonds |  | 6.375 |  |  | Sept. 1, 2038 |  | 200 |  |  | 200 |
First mortgage bonds |  | 3.70 |  |  | Oct. 1, 2042 |  | 100 |  |  | 100 |
First mortgage bonds |  | 3.75 |  |  | Dec. 1, 2047 |  | 100 |  |  | 100 |
First mortgage bonds |  | 4.20 |  |  | Sept. 1, 2048 |  | 200 |  |  | 200 |
First mortgage bonds |  | 3.05 |  |  | May 1, 2051 |  | 100 |  |  | 100 |
First mortgage bonds |  | 2.82 |  |  | May 1, 2051 |  | 100 |  |  | 100 |
First mortgage bonds |  | 4.86 |  |  | Sept. 15, 2052 |  | 100 |  |  | 100 |
First mortgage bonds (a) |  | 5.30 |  |  | June 15, 2053 |  | 125 |  |  | 125 |
First mortgage bonds (b) |  | 5.65 |  |  | June 15, 2054 |  | 400 |  |  | — |
Unamortized discount |  |  |  |  |  | (4) |  |  | (3) |
Unamortized debt issuance cost |  |  |  |  |  | (15) |  |  | (11) |
Current maturities |  |  |  |  |  | — |  |  | (200) |
Total long-term debt |  |  |  |  |  | $ | 1,406 |  |  | $ | 1,011 |
(a)2023 financing. (b)2024 financing.
PSCo
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
First mortgage bonds |  | 2.90 | % |  | May 15, 2025 |  | 250 |  |  | 250 |
First mortgage bonds |  | 3.70 |  |  | June 15, 2028 |  | 350 |  |  | 350 |
First mortgage bonds |  | 1.90 |  |  | Jan. 15, 2031 |  | 375 |  |  | 375 |
First mortgage bonds |  | 1.875 |  |  | June 15, 2031 |  | 750 |  |  | 750 |
First mortgage bonds |  | 4.10 |  |  | June 1, 2032 |  | 300 |  |  | 300 |
First mortgage bonds (a) |  | 5.35 |  |  | May 15, 2034 |  | 450 |  |  | — |
First mortgage bonds |  | 6.25 |  |  | Sept. 1, 2037 |  | 350 |  |  | 350 |
First mortgage bonds |  | 6.50 |  |  | Aug. 1, 2038 |  | 300 |  |  | 300 |
First mortgage bonds |  | 4.75 |  |  | Aug. 15, 2041 |  | 250 |  |  | 250 |
First mortgage bonds |  | 3.60 |  |  | Sept. 15, 2042 |  | 500 |  |  | 500 |
First mortgage bonds |  | 3.95 |  |  | March 15, 2043 |  | 250 |  |  | 250 |
First mortgage bonds |  | 4.30 |  |  | March 15, 2044 |  | 300 |  |  | 300 |
First mortgage bonds |  | 3.55 |  |  | June 15, 2046 |  | 250 |  |  | 250 |
First mortgage bonds |  | 3.80 |  |  | June 15, 2047 |  | 400 |  |  | 400 |
First mortgage bonds |  | 4.10 |  |  | June 15, 2048 |  | 350 |  |  | 350 |
First mortgage bonds |  | 4.05 |  |  | Sept. 15, 2049 |  | 400 |  |  | 400 |
First mortgage bonds |  | 3.20 |  |  | March 1, 2050 |  | 550 |  |  | 550 |
First mortgage bonds |  | 2.70 |  |  | Jan. 15, 2051 |  | 375 |  |  | 375 |
First mortgage bonds |  | 4.50 |  |  | June 1, 2052 |  | 400 |  |  | 400 |
First mortgage bonds (b) |  | 5.25 |  |  | April 1, 2053 |  | 850 |  |  | 850 |
First mortgage bonds (a) |  | 5.75 |  |  | May 15, 2054 |  | 750 |  |  | — |
Unamortized discount |  |  |  |  |  | (42) |  |  | (41) |
Unamortized debt issuance cost |  |  |  |  |  | (67) |  |  | (59) |
Current maturities |  |  |  |  |  | (250) |  |  | — |
Total long-term debt |  |  |  |  |  | $ | 8,391 |  |  | $ | 7,450 |
(a)2024 financing. (b)2023 financing.
SPS
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
First mortgage bonds |  | 3.30 | % |  | June 15, 2024 |  | $ | — |  |  | $ | 150 |
First mortgage bonds |  | 3.30 |  |  | June 15, 2024 |  | — |  |  | 200 |
Unsecured senior notes |  | 6.00 |  |  | Oct. 1, 2033 |  | 100 |  |  | 100 |
Unsecured senior notes |  | 6.00 |  |  | Oct. 1, 2036 |  | 250 |  |  | 250 |
First mortgage bonds |  | 4.50 |  |  | Aug. 15, 2041 |  | 200 |  |  | 200 |
First mortgage bonds |  | 4.50 |  |  | Aug. 15, 2041 |  | 100 |  |  | 100 |
First mortgage bonds |  | 4.50 |  |  | Aug. 15, 2041 |  | 100 |  |  | 100 |
First mortgage bonds |  | 3.40 |  |  | Aug. 15, 2046 |  | 300 |  |  | 300 |
First mortgage bonds |  | 3.70 |  |  | Aug. 15, 2047 |  | 450 |  |  | 450 |
First mortgage bonds |  | 4.40 |  |  | Nov. 15, 2048 |  | 300 |  |  | 300 |
First mortgage bonds |  | 3.75 |  |  | June 15, 2049 |  | 300 |  |  | 300 |
First mortgage bonds |  | 3.15 |  |  | May 1, 2050 |  | 350 |  |  | 350 |
First mortgage bonds |  | 3.15 |  |  | May 1, 2050 |  | 250 |  |  | 250 |
First mortgage bonds |  | 5.15 |  |  | June 1, 2052 |  | 200 |  |  | 200 |
First mortgage bonds (a) |  | 6.00 |  |  | Sept. 15, 2053 |  | 100 |  |  | 100 |
First mortgage bonds (b) |  | 6.00 |  |  | June 1, 2054 |  | 600 |  |  | — |
Unamortized discount |  |  |  |  |  | (14) |  |  | (10) |
Unamortized debt issuance cost |  |  |  |  |  | (35) |  |  | (29) |
Current maturities |  |  |  |  |  | — |  |  | (350) |
Total long-term debt |  |  |  |  |  | $ | 3,551 |  |  | $ | 2,961 |
(a)2023 financing. (b)2024 financing.
Other Subsidiaries
Financing Instrument |  | Interest Rate |  | Maturity Date |  | 2024 |  | 2023
Various Eloigne affordable housing project notes |  | 0.00% - 8.00% |  | 2024 - 2055 |  | $ | 27 |  |  | $ | 27 |
Current maturities |  |  |  |  |  | (3) |  |  | (2) |
Total long-term debt |  |  |  |  |  | $ | 24 |  |  | $ | 25 |
Maturities of long-term debt:
(Millions of Dollars) |  |
2025 |  | $ | 1,103 |
2026 |  | 501 |
2027 |  | 501 |
2028 |  | 1,133 |
2029 |  | 503 |
Xcel Energy Inc.’s Purchase of NSP-Minnesota’s First Mortgage Bonds — During 2024, Xcel Energy Inc. purchased $166 million in aggregate principal amounts of NSP-Minnesota’s 2.60% First Mortgage Bonds Series due June 1, 2051 for $105 million. On a consolidated basis, Xcel Energy Inc.’s repurchase of NSP-Minnesota first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of approximately $56 million, net of unamortized discount and debt issuance costs. Interest expense related to the repurchased bonds was immaterial for the year ended Dec. 31, 2024. Deferred Financing Costs — Deferred financing costs of approximately $235 million and $209 million, net of amortization, are presented as a deduction from the carrying amount of long-term debt as of Dec. 31, 2024 and 2023, respectively. Equity through DRIP and Benefits Program — Xcel Energy issued $67 million of equity in 2024 and $88 million of equity in 2023 through the DRIP and benefits programs. The program allows shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock. 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 2022, 4.3 million shares of common stock were issued (approximately $300 million in net proceeds and $3 million in transaction fees paid). In 2023, 0.9 million shares of common stock were issued ($62 million in net proceeds and $1 million in transaction fees paid). In October 2023, the 2021 ATM offering was closed. In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, through this ATM program, Xcel Energy Inc. issued 3.1 million shares of common stock ($188 million in net proceeds and $2 million in transaction fees paid). In 2024, 18.3 million shares of common stock were issued ($1.1 billion in net proceeds and $9 million in transaction fees paid). Forward Equity Agreements — In November 2024, Xcel Energy Inc. entered into forward sale agreements in connection with completed public offerings of 21.1 million shares of Xcel Energy common stock. The initial forward agreements were for 18.3 million shares with additional agreements for 2.8 million shares exercised at the option of the banking counterparties. At Dec. 31, 2024, the forward agreements could have been settled with physical delivery of 21.1 million common shares to the banking counterparties in exchange for cash of $1.37 billion. The agreements could also have been settled at Dec. 31, 2024 with delivery of approximately $94 million of cash or approximately 1.4 million shares of common stock to the banking counterparties, if Xcel Energy unilaterally elected net cash or net share settlement, respectively. The forward price used to determine amounts due at settlement is calculated based on the November 2024 public offering price of $64.44 (net of underwriting fees), increased for the overnight bank funding rate, less a spread of 0.75% and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding. Xcel Energy may settle the forward agreements at any time up to the maturity date of June 30, 2026. The cash proceeds, depending on the timing of future settlement, are expected to be approximately $1.36 billion. As initial pricing terms were based on market prices for Xcel Energy common stock, no amounts were recorded at the execution of the forward agreements. Stockholders’ equity equal to cash proceeds will be recorded at settlement. Capital Stock — Preferred stock authorized/outstanding:
|  | Preferred Stock Authorized (Shares) |  | Par Value of Preferred Stock |  | Preferred Stock Outstanding (Shares) 2024 and 2023
Xcel Energy Inc. |  | 7,000,000 |  |  | $ | 100 |  |  | — |
PSCo |  | 10,000,000 |  |  | 0.01 |  |  | — |
SPS |  | 10,000,000 |  |  | 1.00 |  |  | — |
Xcel Energy Inc. had the following common stock authorized/outstanding:
Common Stock Authorized (Shares) |  | Par Value of Common Stock |  | Common Stock Outstanding (Shares) as of Dec. 31, 2024 |  | Common Stock Outstanding (Shares) as of Dec. 31, 2023
1,000,000,000 |  |  | $ | 2.50 |  |  | 574,365,598 |  |  | 554,941,703 |
Dividend and Other Capital-Related Restrictions — Xcel Energy depends on its utility subsidiaries to pay dividends. Xcel Energy Inc.’s utility subsidiaries’ dividends are subject to the FERC’s jurisdiction, which prohibits the payment of dividends out of capital accounts. Dividends are solely to be paid from retained earnings. Certain covenants also require Xcel Energy Inc. to be current on interest payments prior to dividend disbursements. State regulatory commissions impose dividend limitations for NSP-Minnesota, NSP-Wisconsin and SPS, which are more restrictive than those imposed by the FERC. Requirements and actuals as of Dec. 31, 2024:
|  | Equity to Total Capitalization Ratio Required Range |  | Equity to Total Capitalization Ratio Actual
|  | Low |  | High |  | 2024
NSP-Minnesota |  | 47.6 | % |  | 58.2 | % |  | 53.0 | %
NSP-Wisconsin (a) |  | 52.5 |  |  | N/A |  | 52.7 |
SPS (b) |  | 45.0 |  |  | 55.0 |  |  | 54.4 |
(a) Cannot pay annual dividends in excess of forecasted levels if its average equity-to-total capitalization ratio falls below the commission authorized level. (b) Excludes short-term debt.
(Amounts in Millions) |  | Unrestricted Retained Earnings |  | Total Capitalization |  | Limit on Total Capitalization
NSP-Minnesota |  | $ | 1,809 |  |  | $ | 17,490 |  |  | $ | 17,800 |
NSP-Wisconsin |  | 12 |  |  | 2,922 |  |  | N/A
SPS (a) |  | 592 |  |  | 7,789 |  |  | N/A
(a)May not pay a dividend that would cause a loss of its investment grade bond rating. Issuance of securities by Xcel Energy Inc. is not generally subject to regulatory approval. However, utility financings and intra-system financings are subject to the jurisdiction of state regulatory commissions and/or the FERC. Xcel Energy may seek additional authorization as necessary. Amounts authorized to issue as of Dec. 31, 2024:
(Millions of Dollars) |  | Long-Term Debt |  | Short-Term Debt
NSP-Minnesota (a) |  | 52.4% of total capitalization |  | $ | 2,670 |
NSP-Wisconsin |  | $ | 225 |  |  | 150 |
PSCo |  | 1,300 |  |  | 1,200 |
SPS |  | 150 |  |  | 700 |
(a)NSP-Minnesota has authorization to issue long-term securities provided the equity-to-total capitalization remains within the required range, and to issue short-term debt provided it does not exceed 15% of total capitalization.

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