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Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Cost and Fair Value of Nuclear Decommissioning Fund Investments | Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:
|  | Dec. 31, 2024
|  |  |  | Fair Value
(Millions of Dollars) |  | Cost |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Nuclear decommissioning fund (a) |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |
Commingled funds |  | 703 |  |  | — |  |  | — |  |  | — |  |  | 1,025 |  |  | 1,025 |
Debt securities |  | 866 |  |  | — |  |  | 832 |  |  | 14 |  |  | — |  |  | 846 |
Equity securities |  | 522 |  |  | 1,583 |  |  | 1 |  |  | — |  |  | — |  |  | 1,584 |
Total |  | $ | 2,130 |  |  | $ | 1,622 |  |  | $ | 833 |  |  | $ | 14 |  |  | $ | 1,025 |  |  | $ | 3,494 |
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $246 million of equity method investments and $156 million of rabbi trust assets and other miscellaneous investments.
|  | Dec. 31, 2023
|  |  |  | Fair Value
(Millions of Dollars) |  | Cost |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Nuclear decommissioning fund (a) |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 41 |  |  | $ | 41 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |
Commingled funds |  | 721 |  |  | — |  |  | — |  |  | — |  |  | 1,049 |  |  | 1,049 |
Debt securities |  | 784 |  |  | — |  |  | 771 |  |  | 9 |  |  | — |  |  | 780 |
Equity securities |  | 508 |  |  | 1,339 |  |  | 2 |  |  | — |  |  | — |  |  | 1,341 |
Total |  | $ | 2,054 |  |  | $ | 1,380 |  |  | $ | 773 |  |  | $ | 9 |  |  | $ | 1,049 |  |  | $ | 3,211 |
(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments.
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of Dec. 31, 2024:
|  | Final Contractual Maturity
(Millions of Dollars) |  | Due in 1 Year or Less |  | Due in 1 to 5 Years |  | Due in 5 to 10 Years |  | Due after 10 Years |  | Total
Debt securities |  | $ | 7 |  |  | $ | 308 |  |  | $ | 269 |  |  | $ | 262 |  |  | $ | 846 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Gross notional amounts of commodity forwards, options and FTRs:
(Amounts in Millions) (a)(b) |  | Dec. 31, 2024 |  | Dec. 31, 2023
MWh of electricity |  | 38 |  |  | 48 |
MMBtu of natural gas |  | 77 |  |  | 84 |
(a)Not reflective of net positions in the underlying commodities. (b)Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Derivative Instruments, Gain (Loss) [Table Text Block] | Impact of derivative activity:
|  | Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars) |  | Accumulated Other Comprehensive Loss |  | Regulatory (Assets) and Liabilities
Year Ended Dec. 31, 2024 |  |  |  |
Derivatives designated as cash flow hedges
Interest rate |  | $ | 29 |  |  | $ | — |
Total |  | $ | 29 |  |  | $ | — |
Other derivative instruments |  |  |  |
Electric commodity |  | $ | — |  |  | $ | 44 |
Natural gas commodity |  | — |  |  | 4 |
Total |  | $ | — |  |  | $ | 48 |
Year Ended Dec. 31, 2023 |  |  |  |
Interest rate |  | $ | (2) |  |  | $ | — |
Total |  | $ | (2) |  |  | $ | — |
Other derivative instruments |  |  |  |
Electric commodity |  | $ | — |  |  | $ | (137) |
Natural gas commodity |  | — |  |  | (13) |
Total |  | $ | — |  |  | $ | (150) |
Year Ended Dec. 31, 2022 |  |  |  |
Interest rate |  | $ | 22 |  |  | $ | — |
Total |  | $ | 22 |  |  | $ | — |
Other derivative instruments |  |  |  |
Electric commodity |  | $ | — |  |  | $ | (10) |
Natural gas commodity |  | — |  |  | (16) |
Total |  | $ | — |  |  | $ | (26) |
|  | Pre-Tax (Gains) Losses Reclassified into Income During the Period from: |  | Pre-Tax Gains (Losses) Recognized During the Period in Income |
(Millions of Dollars) |  | Accumulated Other Comprehensive Loss |  | Regulatory Assets and (Liabilities) |  |
Year Ended Dec. 31, 2024 |  |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |
Interest rate |  | $ | 3 |  | (a) | $ | — |  |  | $ | — |  |
Total |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |
Other derivative instruments |  |  |
Commodity trading |  | $ | — |  |  | $ | — |  |  | $ | (27) |  | (b)
Electric commodity |  | — |  |  | (22) |  | (c) | — |  |
Natural gas commodity |  | — |  |  | — |  |  | (22) |  | (d)(e)
Total |  | $ | — |  |  | $ | (22) |  |  | $ | (49) |  |
Year Ended Dec. 31, 2023 |  |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |
Interest rate |  | $ | 5 |  | (a) | $ | — |  |  | $ | — |  |
Total |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |
Other derivative instruments |  |  |
Commodity trading |  | $ | — |  |  | $ | — |  |  | $ | (7) |  | (b)
Electric commodity |  | — |  |  | 123 |  | (c) | — |  |
Natural gas commodity |  | — |  |  | 15 |  | (d) | (27) |  | (d)(e)
Total |  | $ | — |  |  | $ | 138 |  |  | $ | (34) |  |
Year Ended Dec. 31, 2022 |  |  |  |  |  |  |
Derivatives designated as cash flow hedges |  |  |
Interest rate |  | $ | 7 |  | (a) | $ | — |  |  | $ | — |  |
Total |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |
Other derivative instruments |  |  |
Commodity trading |  | $ | — |  |  | $ | — |  |  | $ | 25 |  | (b)
Electric commodity |  | — |  |  | 3 |  | (c) | — |  |
Natural gas commodity |  | — |  |  | 10 |  | (d) | (27) |  | (d)(e)
Total |  | $ | — |  |  | $ | 13 |  |  | $ | (2) |  |
(a)Recorded to interest charges. (b)Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. (c)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. (d)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. (e)Relates primarily to option premium amortization.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Derivative assets and liabilities measured at fair value on a recurring basis were as follows:
|  | Dec. 31, 2024 |  | Dec. 31, 2023
|  | Fair Value |  | Fair Value Total |  | Netting (a) |  | Total |  | Fair Value |  | Fair Value Total |  | Netting (a) |  | Total
(Millions of Dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  |  |
Current derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity trading |  | $ | 6 |  |  | $ | 20 |  |  | $ | 8 |  |  | $ | 34 |  |  | $ | (23) |  |  | $ | 11 |  |  | $ | 8 |  |  | $ | 51 |  |  | $ | 32 |  |  | $ | 91 |  |  | $ | (59) |  |  | $ | 32 |
Electric commodity |  | — |  |  | — |  |  | 90 |  |  | 90 |  |  | (1) |  |  | 89 |  |  | — |  |  | — |  |  | 62 |  |  | 62 |  |  | (7) |  |  | 55 |
Natural gas commodity |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Total current derivative assets |  | $ | 6 |  |  | $ | 34 |  |  | $ | 98 |  |  | $ | 138 |  |  | $ | (24) |  |  | 114 |  |  | $ | 8 |  |  | $ | 65 |  |  | $ | 94 |  |  | $ | 167 |  |  | $ | (66) |  |  | 101 |
PPAs (b) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Current derivative instruments |  |  |  |  |  |  |  |  |  |  |  | $ | 114 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 104 |
Noncurrent derivative assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity trading |  | $ | 8 |  |  | $ | 37 |  |  | $ | 47 |  |  | $ | 92 |  |  | $ | (20) |  |  | $ | 72 |  |  | $ | 14 |  |  | $ | 51 |  |  | $ | 45 |  |  | $ | 110 |  |  | $ | (34) |  |  | $ | 76 |
Total noncurrent derivative assets |  | $ | 8 |  |  | $ | 37 |  |  | $ | 47 |  |  | $ | 92 |  |  | $ | (20) |  |  | $ | 72 |  |  | $ | 14 |  |  | $ | 51 |  |  | $ | 45 |  |  | $ | 110 |  |  | $ | (34) |  |  | $ | 76 |
|  | Dec. 31, 2024 |  | Dec. 31, 2023
|  | Fair Value |  | Fair Value Total |  | Netting (a) |  | Total |  | Fair Value |  | Fair Value Total |  | Netting (a) |  | Total
(Millions of Dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  |  |  |  | Level 1 |  | Level 2 |  | Level 3 |  |  |
Current derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity trading |  | 7 |  |  | 35 |  |  | 5 |  |  | 47 |  |  | (23) |  |  | 24 |  |  | 6 |  |  | 86 |  |  | 5 |  |  | 97 |  |  | (60) |  |  | 37 |
Electric commodity |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 7 |  |  | (7) |  |  | — |
Natural gas commodity |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Total current derivative liabilities |  | $ | 7 |  |  | $ | 42 |  |  | $ | 6 |  |  | $ | 55 |  |  | $ | (24) |  |  | 31 |  |  | $ | 6 |  |  | $ | 115 |  |  | $ | 12 |  |  | $ | 133 |  |  | $ | (67) |  |  | 66 |
PPAs (b) |  |  |  |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  | 8 |
Current derivative instruments |  |  |  |  |  |  |  |  |  |  |  | $ | 37 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 74 |
Noncurrent derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity trading |  | $ | 11 |  |  | $ | 32 |  |  | $ | 40 |  |  | $ | 83 |  |  | $ | (22) |  |  | $ | 61 |  |  | $ | 16 |  |  | $ | 50 |  |  | $ | 37 |  |  | $ | 103 |  |  | $ | (39) |  |  | $ | 64 |
Total noncurrent derivative liabilities |  | $ | 11 |  |  | $ | 32 |  |  | $ | 40 |  |  | $ | 83 |  |  | $ | (22) |  |  | 61 |  |  | $ | 16 |  |  | $ | 50 |  |  | $ | 37 |  |  | $ | 103 |  |  | $ | (39) |  |  | 64 |
PPAs (b) |  |  |  |  |  |  |  |  |  |  |  | 16 |  |  |  |  |  |  |  |  |  |  |  |  | 22 |
Noncurrent derivative instruments |  |  |  |  |  |  |  |  |  |  |  | $ | 77 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 86 |
(a)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. (b)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.
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] | Changes in Level 3 commodity derivatives:
|  | Year Ended Dec. 31
(Millions of Dollars) |  | 2024 |  | 2023 |  | 2022
Balance at Jan. 1 |  | $ | 90 |  |  | $ | 236 |  |  | $ | 19 |
Purchases (a) |  | 210 |  |  | 176 |  |  | 406 |
Settlements (a) |  | (303) |  |  | (154) |  |  | (350) |
Net transactions recorded during the period: |  |  |  |  |  |
(Losses) gains recognized in earnings (b) |  | (9) |  |  | 6 |  |  | 151 |
Net gains (losses) recognized as regulatory assets and liabilities (a) |  | 111 |  |  | (174) |  |  | 10 |
Balance at Dec. 31 |  | $ | 99 |  |  | $ | 90 |  |  | $ | 236 |
(a)Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP, respectively. (b)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.
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of Dec. 31, other financial instruments for which the carrying amount did not equal fair value:
|  | 2024 |  | 2023
(Millions of Dollars) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt, including current portion |  | $ | 28,419 |  |  | $ | 25,115 |  |  | $ | 25,465 |  |  | $ | 22,927 |

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