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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Short-Term Borrowings
Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:
(Amounts in Millions, Except Interest Rates)Three Months Ended March 31, 2025Year Ended Dec. 31, 2024
Borrowing limit$3,550 $3,550 
Amount outstanding at period end719 695 
Average amount outstanding1,238 508 
Maximum amount outstanding1,785 1,314 
Weighted average interest rate, computed on a daily basis4.61 %5.47 %
Weighted average interest rate at period end4.65 4.64 
Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There was $41 million and $42 million of letters of credit outstanding under the credit facilities at March 31, 2025 and Dec. 31, 2024, respectively. Amounts approximate their fair value and are subject to fees.
Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. 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.
As of March 31, 2025, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:
(Millions of Dollars)
Credit Facility (a)
Drawn (b)
Available
Xcel Energy Inc.$1,500 $420 $1,080 
PSCo700 54 646 
NSP-Minnesota700 77 623 
SPS500 209 291 
NSP-Wisconsin150 — 150 
Total$3,550 $760 $2,790 
(a)Expires in September 2027.
(b)Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of March 31, 2025 and Dec. 31, 2024.
Bilateral Credit Agreement
In April 2025, 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 March 31, 2025, NSP-Minnesota had $72 million of outstanding letters of credit under the $75 million bilateral credit agreement.
Long-Term Borrowings and Other Financing Instruments
During the three months ended March 31, 2025, Xcel Energy Inc. and its utility subsidiaries issued the following:
•Xcel Energy Inc. issued $350 million of 4.75% Senior Unsecured Notes due March 21, 2028 and $750 million of 5.60% Senior Unsecured Notes due April 15, 2035.
•PSCo issued $400 million of 5.35% First Mortgage Bonds due May 15, 2034 and $600 million of 5.85% First Mortgage Bonds due May 15, 2055.
ATM Equity Offering — 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 2024, 18.3 million shares of common stock were issued ($1.1 billion in net proceeds and $9 million in transaction fees paid). In the three months ended March 31, 2025, 1.75 million shares ($122 million in net proceeds and $1 million in transaction fees paid) were issued under the ATM program. As of March 31, 2025, approximately $1.08 billion remained available for sale under the ATM program.
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 March 31, 2025, 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 $1.35 billion. The agreements could also have been settled at March 31, 2025 with delivery of approximately $116 million of cash or approximately 1.7 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.
Equity through DRIP and Benefits Program — Xcel Energy issued $30 million and $17 million of equity through the DRIP and benefits programs during the three months ended March 31, 2025 and 2024, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.