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Borrowings and Other Financing Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Commercial paper and term loan borrowings

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

Credit Facilities

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.

Schedule of Forward Contracts Indexed to Issuer's Equity

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)

Pro-Forma/Hypothetical Transactions

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

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Tabular disclosure of freestanding forward contracts issued by an entity that are indexed to, and potentially settled in an entity's own stock. The disclosure may include, but not be limited to: (i) the forward rate and the number of shares to which the contract is indexed, (ii) the settlement date or dates of the contract, (iii) the issuer's accounting for the contract, (iv) settlement alternatives (if applicable) including who controls the settlement alternatives and the maximum number of shares that could be required to be issued to net share settle the contract (if applicable), (v) the fact that a potentially infinite number of shares may be required to be issued to settle the contract, if a contract does not have a stated fixed or determinable maximum number of shares, and (vi) the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts.

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-Name Accounting Standards Codification
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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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