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Borrowings and Other Financing Instruments Forward Equity Agreements (Details) - USD ($) $ in Thousands, shares in Millions | Sep. 30, 2025 | Aug. 01, 2025 | Nov. 30, 2024
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2024 Forward Equity Agreements |  |  |  |
Forward Contract Indexed to Issuer's Equity [Line Items] |  |  |  |
Common Stock, Shares to be Issued through forward Equity Agreement | [1] |  |  | 21.1
Period End Settlement Price, in Cash |  | $ 1,354,000 |  |
Period End Net Cash Settlement Price |  | 203,000 |  |
Period End Net Share Settlement Price |  | 2,700 |  |
Expected Settlement Price | [1],[2] | 1,364,000 |  |
2025 Forward Equity Agreements |  |  |  |
Forward Contract Indexed to Issuer's Equity [Line Items] |  |  |  |
Common Stock, Shares to be Issued through forward Equity Agreement | [1],[3] |  | 10.0 |
Period End Settlement Price, in Cash |  | 725,000 |  |
Period End Net Cash Settlement Price |  | 16,000 |  |
Period End Net Share Settlement Price |  | 200 |  |
Expected Settlement Price | [1],[2],[3] | 728,000 |  |
2025 Collared Forward Equity Agreements |  |  |  |
Forward Contract Indexed to Issuer's Equity [Line Items] |  |  |  |
Common Stock, Shares to be Issued through forward Equity Agreement | [3],[4] |  | 8.2 |
Expected Settlement Price | [1],[2] | $ 580,000 |  |
[1] | Xcel Energy may settle the agreements at any time until final maturity.
[2] | Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.
[3] | Entered under the 2025 ATM prospectus supplement.
[4] | Pricing for the physical delivery of common shares will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement in December 2026, subject to a cap price and floor price derived from the September 2025 public offerings. Minimum expected proceeds are approximately $580 million.

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