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Debt | 9 Months Ended
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Sep. 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 Sept. 30, 2025 |  | Year Ended Dec. 31, 2024
Borrowing limit |  | $ | 4,750 |  |  | $ | 3,550 |
Amount outstanding at period end |  | 1,330 |  |  | 695 |
Average amount outstanding |  | 949 |  |  | 508 |
Maximum amount outstanding |  | 1,330 |  |  | 1,314 |
Weighted average interest rate, computed on a daily basis |  | 4.55 | % |  | 5.47 | %
Weighted average interest rate at period end |  | 4.38 |  |  | 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 $74 million and $42 million of letters of credit outstanding under the credit facilities at Sept. 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 Sept. 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 |  |  | $ | 1,330 |  |  | $ | 670 |
PSCo |  | 1,200 |  |  | 30 |  |  | 1,170 |
NSP-Minnesota |  | 800 |  |  | 44 |  |  | 756 |
SPS |  | 600 |  |  | — |  |  | 600 |
NSP-Wisconsin |  | 150 |  |  | — |  |  | 150 |
Total |  | $ | 4,750 |  |  | $ | 1,404 |  |  | $ | 3,346 |
(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 Sept. 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 Sept. 30, 2025, NSP-Minnesota had $69 million of outstanding letters of credit under the $75 million bilateral credit agreement. Long-Term Borrowings and Other Financing Instruments During the nine months ended Sept. 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, $800 million of 5.85% First Mortgage Bonds due May 15, 2055, and $800 million of 5.15% First Mortgage Bonds due Sept. 15, 2035. •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. •In October 2025, Xcel Energy Inc. issued $900 million of 6.25% Junior Subordinated Notes due Oct. 15, 2085. The notes may be redeemed at par value on or after Oct. 15, 2030. ATM Equity Offerings — 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 2023, 3.1 million shares of common stock were issued ($188 million in net proceeds and $2 million in transaction fees paid). 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 nine months ended Sept. 30, 2025, 16.4 million shares ($1.16 billion in net proceeds and $9 million in transaction fees paid) were issued under the ATM program. As of August 1, 2025, no further transactions will occur under this ATM program. In August 2025, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $4 billion of its common stock through an ATM program. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use the 2025 ATM program to enter into forward sale agreements under separate forward sale confirmations between Xcel Energy Inc. and a banking counterparty. Forward Equity Agreements — Xcel Energy Inc. has entered into multiple forward sale agreements in 2024 and 2025 in connection with completed public offerings of Xcel Energy common stock, as follows:
Agreements Entered |  | Common Shares (in millions) |  | Final Maturity |  | Expected Proceeds (millions of dollars) |
2024 forward equity agreements |  | 21.1 |  | June 2026 (a) |  | $ | 1,364 |  | (b)
2025 forward equity agreements (c) |  | 10.0 |  | Dec. 2025 to Mar. 2027 (a) |  | 728 |  | (b)
2025 collared forward equity agreements (c) |  | 8.2 |  | Dec. 2026 |  | (d) |
(a)Xcel Energy may settle the agreements at any time until final maturity. (b)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. (c)Entered under the 2025 ATM prospectus supplement. (d)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. No amounts have been recorded to the consolidated financial statements related to these forward sale agreements and collared forward sale agreements, which remain unsettled at Sept. 30, 2025. If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement. The 2025 collared forward equity agreements cannot be settled until December 2026, and net cash settlement and net share settlement are generally unavailable. The 2024 and 2025 forward equity agreements could have been settled at Sept. 30, 2025 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with delivery of cash or shares of common stock to the banking counterparties, as follows:
Pro-Forma/Hypothetical Transactions
Agreements Entered |  | Net Settlement proceeds: |  | Physical Share Delivery Proceeds (millions of dollars)
| Common Shares (in millions) |  | Net Cash (millions of dollars) |
2024 forward equity agreements |  | 2.7 |  | 203 |  | $ | 1,354 |
2025 forward equity agreements |  | 0.2 |  | 16 |  | 725 |
Equity through DRIP and Benefits Program — Xcel Energy issued $48 million and $50 million of equity through the DRIP and benefits programs during the nine months ended Sept. 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 nine months ended Sept. 30, 2025, Xcel Energy Inc. purchased $190 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 $122 million. On a consolidated basis, Xcel Energy Inc.’s repurchases of NSP-Minnesota First Mortgage Bonds were accounted for as debt extinguishments and resulted in pre-tax gains of approximately $63 million, net of unamortized discount and debt issuance costs. NSP- Minnesota’s interest expense related to the repurchased bonds was $1.4 million for the nine months ended Sept. 30, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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