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Commitments and Contingencies (Tables) | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Asset Retirement Obligations | Xcel Energy’s AROs were as follows:
(Millions of Dollars) |  | Jan. 1, 2024 |  | Amounts Incurred (a) |  | Amounts Settled |  | Accretion |  | Cash Flow Revisions (b) |  | Dec. 31, 2024
Electric |  |  |  |  |  |  |  |  |  |  |  |
Nuclear |  | $ | 2,107 |  |  | $ | — |  |  | $ | — |  |  | $ | 106 |  |  | $ | 263 |  |  | $ | 2,476 |
Wind |  | 526 |  |  | — |  |  | — |  |  | 19 |  |  | (36) |  |  | 509 |
Steam, hydro and other production |  | 361 |  |  | 109 |  |  | (6) |  |  | 18 |  |  | 13 |  |  | 495 |
Distribution |  | 49 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 51 |
Natural gas |  |  |  |  |  |  |  |  |  |  |  |
Transmission and distribution |  | 172 |  |  | — |  |  | — |  |  | 8 |  |  | (1) |  |  | 179 |
Other |  |  |  |  |  |  |  |  |  |  |  |
Miscellaneous |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Total liability |  | $ | 3,218 |  |  | $ | 109 |  |  | $ | (6) |  |  | $ | 153 |  |  | $ | 239 |  |  | $ | 3,713 |
(a)Amounts incurred largely pertain to CCR coal ash regulations and new obligations associated with Sherco Solar Unit 1 , which was placed in service in 2024. (b)In 2024, AROs were revised for changes in timing and estimates of cash flows. Changes were driven by updated assumptions in the NSP-Minnesota nuclear decommissioning triennial filing coupled with discount rate and escalation rate changes. Wind, steam, hydro and other production AROs were revised due to the results of the 2024 dismantling studies and changes in cost estimates to remediate ash containment facilities.
(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.
Assets and Liabilities, Lessee [Table Text Block] | Operating lease ROU assets:
(Millions of Dollars) |  | Dec. 31, 2024 |  | Dec. 31, 2023
PPAs |  | $ | 1,802 |  |  | $ | 1,832 |
Other |  | 373 |  |  | 315 |
Gross operating lease ROU assets |  | 2,175 |  |  | 2,147 |
Accumulated amortization |  | (1,115) |  |  | (930) |
Net operating lease ROU assets |  | $ | 1,060 |  |  | $ | 1,217 |
Finance lease ROU assets:
(Millions of Dollars) |  | Dec. 31, 2024 |  | Dec. 31, 2023
Gas storage facilities |  | $ | 160 |  |  | $ | 160 |
Gas pipeline |  | 21 |  |  | 21 |
Gross finance lease ROU assets |  | 181 |  |  | 181 |
Accumulated amortization |  | (70) |  |  | (67) |
Net finance lease ROU assets |  | $ | 111 |  |  | $ | 114 |
Lease, Cost [Table Text Block] | Components of lease expense:
(Millions of Dollars) |  | 2024 |  | 2023 |  | 2022
Operating leases |  |  |  |  |  |
PPA capacity payments |  | $ | 228 |  |  | $ | 241 |  |  | $ | 241 |
Other operating leases (a) |  | 43 |  |  | 42 |  |  | 39 |
Total operating lease expense (b) |  | $ | 271 |  |  | $ | 283 |  |  | $ | 280 |
Finance leases |  |  |  |  |  |
Amortization of ROU assets |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |
Interest expense on lease liability |  | 15 |  |  | 15 |  |  | 16 |
Total finance lease expense |  | $ | 18 |  |  | $ | 18 |  |  | $ | 20 |
(a)Includes short-term lease expense of $4 million, $3 million, and $6 million for 2024, 2023 and 2022, 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, 2024:
(Millions of Dollars) |  | PPA (a) (b) Operating Leases |  | Other Operating Leases |  | Total Operating Leases |  | Finance Leases (c)
2025 |  | $ | 240 |  |  | $ | 31 |  |  | $ | 271 |  |  | $ | 10 |
2026 |  | 210 |  |  | 33 |  |  | 243 |  |  | 9 |
2027 |  | 162 |  |  | 27 |  |  | 189 |  |  | 8 |
2028 |  | 107 |  |  | 27 |  |  | 134 |  |  | 8 |
2029 |  | 59 |  |  | 22 |  |  | 81 |  |  | 8 |
Thereafter |  | 199 |  |  | 238 |  |  | 437 |  |  | 165 |
Total minimum obligation |  | 977 |  |  | 378 |  |  | 1,355 |  |  | 208 |
Interest component of obligation |  | (115) |  |  | (146) |  |  | (261) |  |  | (146) |
Present value of minimum obligation |  | $ | 862 |  |  | 232 |  |  | 1,094 |  |  | 62 |
Less current portion |  |  |  |  |  | (227) |  |  | (2) |
Noncurrent operating and finance lease liabilities |  |  |  |  |  | $ | 867 |  |  | $ | 60 |
Weighted-average remaining lease term in years |  |  |  |  |  | 8.7 |  | 35.8
(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, 2024, 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)
2025 |  | $ | 51 |  |  | $ | 111 |
2026 |  | 34 |  |  | 64 |
2027 |  | 14 |  |  | 21 |
2028 |  | 6 |  |  | 22 |
2029 |  | 6 |  |  | 22 |
Thereafter |  | 2 |  |  | — |
Total |  | $ | 113 |  |  | $ | 240 |
(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, 2024:
(Millions of Dollars) |  | Coal |  | Nuclear fuel |  | Natural gas supply |  | Natural gas storage and transportation
2025 |  | $ | 337 |  |  | $ | 168 |  |  | $ | 420 |  |  | $ | 345 |
2026 |  | 130 |  |  | 62 |  |  | 11 |  |  | 350 |
2027 |  | 76 |  |  | 133 |  |  | — |  |  | 312 |
2028 |  | 1 |  |  | 19 |  |  | — |  |  | 185 |
2029 |  | 1 |  |  | 67 |  |  | — |  |  | 103 |
Thereafter |  | 1 |  |  | 49 |  |  | — |  |  | 632 |
Total |  | $ | 546 |  |  | $ | 498 |  |  | $ | 431 |  |  | $ | 1,927 |

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