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Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

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:

						March 31, 2025
												Fair Value
(Millions of Dollars)						Cost						Level 1						Level 2						Level 3						NAV						Total
Nuclear decommissioning fund (a)
Cash equivalents						$	49					$	49					$	—					$	—					$	—					$	49
Commingled funds						703						—						—						—						1,015						1,015
Debt securities						879						—						856						14						—						870
Equity securities						529						1,556						1						—						—						1,557
Total						$	2,160					$	1,605					$	857					$	14					$	1,015					$	3,491

(a)Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $241 million of equity method investments and $156 million of rabbi trust assets and other miscellaneous investments.

						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.

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 March 31, 2025:

						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						$	9					$	321					$	258					$	282					$	870

Gross Notional Amounts of Commodity Forwards, Options, and FTRs

Gross notional amounts of commodity forwards, options and FTRs:

(Amounts in Millions) (a)(b)						March 31, 2025						Dec. 31, 2024
MWh of electricity						28						38
MMBtu of natural gas						59						77

(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.

Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income

						Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars)						Accumulated Other Comprehensive Loss						Regulatory Assets and Liabilities
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate						$	(4)					$	—
Total						$	(4)					$	—
Other derivative instruments:
Electric commodity						$	—					$	5
Natural gas commodity						$	—					$	7		(a)
Total						$	—					$	12
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate						$	29					$	—
Total						$	29					$	—
Other derivative instruments:
Electric commodity						$	—					$	(1)
Natural gas commodity						$	—					$	4
Total						$	—					$	3

(a)Other than $2 million of 2025 gains 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.

						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
Three Months Ended March 31, 2025
Derivatives designated as cash flow hedges:
Interest rate						$	1		(a)			$	—					$	—
Total						$	1					$	—					$	—
Other derivative instruments:
Commodity trading						$	—					$	—					$	(13)		(b)
Electric commodity						—						(5)			(c)			—
Natural gas commodity						—						—						(13)			(d)(e)
Total						$	—					$	(5)					$	(26)
Three Months Ended March 31, 2024
Derivatives designated as cash flow hedges:
Interest rate						$	1		(a)			$	—					$	—
Total						$	1					$	—					$	—
Other derivative instruments:
Commodity trading						$	—					$	—					$	(8)		(b)
Electric commodity						—						12			(c)			—
Natural gas commodity						—						—						(14)			(d)(e)
Total						$	—					$	12					$	(22)

(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 $2 million of 2025 and 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]

						March 31, 2025																																				Dec. 31, 2024
						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
Derivatives designated as cash flow hedges:
Interest rate						$	—					$	1					$	—					$	1					$	—					$	1					$	—					$	—					$	—					$	—					$	—					$	—
Other derivative instruments:
Commodity trading						$	14					$	22					$	12					$	48					$	(32)					$	16					$	6					$	20					$	8					$	34					$	(23)					$	11
Electric commodity						—						—						96						96						—						96						—						—						90						90						(1)						89
Natural gas commodity						—						—						—						—						—						—						—						14						—						14						—						14
Total current derivative assets						$	14					$	23					$	108					$	145					$	(32)					$	113					$	6					$	34					$	98					$	138					$	(24)					$	114
Noncurrent derivative assets
Other derivative instruments:
Commodity trading						$	11					$	30					$	40					$	81					$	(22)					$	59					$	8					$	37					$	47					$	92					$	(20)					$	72
Electric commodity						—						—						14						14						—						14						—						—						—						—						—						—
Total noncurrent derivative assets						$	11					$	30					$	54					$	95					$	(22)					$	73					$	8					$	37					$	47					$	92					$	(20)					$	72

						March 31, 2025																																				Dec. 31, 2024
						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						$	—					$	4					$	—					$	4					$	—					$	4					$	—					$	—					$	—					$	—					$	—					$	—
Other derivative instruments:
Commodity trading						$	16					$	36					$	7					$	59					$	(32)					$	27					$	7					$	35					$	5					$	47					$	(23)					$	24
Electric commodity						—						—						1						1						(1)						—						—						—						1						1						(1)						—
Natural gas commodity						—						—						—						—						—						—						—						7						—						7						—						7
Total current derivative liabilities						$	16					$	40					$	8					$	64					$	(33)					31						$	7					$	42					$	6					$	55					$	(24)					31
PPAs (b)																																				6																																				6
Current derivative instruments																																				$	37																																			$	37
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading						$	12					$	34					$	36					$	82					$	(25)					$	57					$	11					$	32					$	40					$	83					$	(22)					$	61
Total noncurrent derivative liabilities						$	12					$	34					$	36					$	82					$	(25)					57						$	11					$	32					$	40					$	83					$	(22)					61
PPAs (b)																																				15																																				16
Noncurrent derivative instruments																																				$	72																																			$	77

(a)Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2025 and Dec. 31, 2024, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2025 and Dec. 31, 2024, derivative assets and liabilities include rights to reclaim cash collateral of $4 million and $2 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.

Change in Level 3 Commodity Derivative

Changes in Level 3 commodity derivatives:

						Three Months Ended March 31
(Millions of Dollars)						2025						2024
Balance at Jan. 1						$	99					$	90
Purchases (a)						66						3
Settlements (a)						(57)						(51)
Net transactions recorded during the period:
Losses recognized in earnings (b)						(2)						—
Net gains recognized as regulatory assets and liabilities (a)						12						49
Balance at March 31						$	118					$	91

(a)Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.

(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.

Carrying Amount and Fair Value of Long-term Debt

						March 31, 2025												Dec. 31, 2024
(Millions of Dollars)						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt, including current portion						$	30,499					$	27,298					$	28,419					$	25,115

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