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Debt
 6 Months Ended
Jun. 30, 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 June 30, 2025Year Ended Dec. 31, 2024
Borrowing limit$4,750 $3,550 
Amount outstanding at period end820 695 
Average amount outstanding290 508 
Maximum amount outstanding820 1,314 
Weighted average interest rate, computed on a daily basis4.65 %5.47 %
Weighted average interest rate at period end4.59 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 $42 million of letters of credit outstanding under the credit facilities at June 30, 2025 and Dec. 31, 2024. 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.
Amended Credit Agreements — In May 2025, 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 was increased to $4.75 billion. The amended credit agreements have substantially the same terms and conditions as the prior agreements, with the following changes:
•Maturities were extended from September 2027 to December 2029.
•Borrowing limit for Xcel Energy Inc. was increased from $1.5 billion to $2 billion.
•Borrowing limit for PSCo was increased from $700 million to $1.2 billion.
•Borrowing limit for NSP-Minnesota was increased from $700 million to $800 million.
•Borrowing limit for SPS was increased from $500 million to $600 million.
As of June 30, 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.$2,000 $820 $1,180 
PSCo1,200 30 1,170 
NSP-Minnesota800 12 788 
SPS600 — 600 
NSP-Wisconsin150 — 150 
Total$4,750 $862 $3,888 
(a)Expires in December 2029.
(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 June 30, 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 June 30, 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 six months ended June 30, 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.
•NSP-Minnesota issued $600 million of 5.05% First Mortgage Bonds due May 15, 2035 and $500 million of 5.65% First Mortgage Bonds due May 15, 2055.
•SPS issued $500 million of 5.30% First Mortgage Bonds due May 15, 2035.
•NSP-Wisconsin issued $250 million of 5.65% First Mortgage Bonds due June 15, 2054.
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 ($1.10 billion in net proceeds and $9 million in transaction fees paid). In the six months ended June 30, 2025, 16.3 million shares ($1.15 billion in net proceeds and $9 million in transaction fees paid) were issued under the ATM program. As of June 30, 2025, approximately $50 million 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 June 30, 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 June 30, 2025 with delivery of approximately $100 million of cash or approximately 1.5 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 $39 million and $40 million of equity through the DRIP and benefits programs during the six months ended June 30, 2025 and 2024, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
Xcel Energy Inc.’s Purchase of NSP-Minnesota’s First Mortgage Bonds — During the six months ended June 30, 2025, Xcel Energy Inc. purchased $128 million in aggregate principal amounts of NSP-Minnesota’s 2.90% First Mortgage Bonds Series due March 1, 2050, 2.60% First Mortgage Bonds Series due June 1, 2051 and 3.20% First Mortgage Bonds Series due April 1, 2052, for $81 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 $43 million, net of unamortized discount and debt issuance costs. Interest expense related to the repurchased bonds was immaterial for the six months ended June 30, 2025.