Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2021 | June 30, 2021 | Sept. 30, 2021 | Dec. 31, 2021 | ||||||||||||||||||||||
Operating revenues | $ | 2,811 | $ | 2,586 | $ | 3,182 | $ | 2,947 | ||||||||||||||||||
Operating income | 455 | 422 | 813 | 426 | ||||||||||||||||||||||
Net income | 295 | 287 | 603 | 288 | ||||||||||||||||||||||
EPS total — basic | $ | 0.56 | $ | 0.54 | $ | 1.15 | $ | 0.54 | ||||||||||||||||||
EPS total — diluted | 0.56 | 0.54 | 1.14 | 0.54 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.43 | 0.43 | 0.43 | 0.43 |
Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2020 | June 30, 2020 | Sept. 30, 2020 | Dec. 31, 2020 | ||||||||||||||||||||||
Operating revenues | $ | 2,811 | $ | 2,586 | $ | 3,182 | $ | 2,947 | ||||||||||||||||||
Operating income | 455 | 422 | 813 | 426 | ||||||||||||||||||||||
Net income | 295 | 287 | 603 | 288 | ||||||||||||||||||||||
EPS total — basic | $ | 0.56 | $ | 0.54 | $ | 1.15 | $ | 0.54 | ||||||||||||||||||
EPS total — diluted | 0.56 | 0.54 | 1.14 | 0.54 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.43 | 0.43 | 0.43 | 0.43 |
Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2021 | June 30, 2021 | Sept. 30, 2021 | Dec. 31, 2021 | ||||||||||||||||||||||
Operating revenues | $ | 2,811 | $ | 2,586 | $ | 3,182 | $ | 2,947 | ||||||||||||||||||
Operating income | 455 | 422 | 813 | 426 | ||||||||||||||||||||||
Net income | 295 | 287 | 603 | 288 | ||||||||||||||||||||||
EPS total — basic | $ | 0.56 | $ | 0.54 | $ | 1.15 | $ | 0.54 | ||||||||||||||||||
EPS total — diluted | 0.56 | 0.54 | 1.14 | 0.54 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.43 | 0.43 | 0.43 | 0.43 |
Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2020 | June 30, 2020 | Sept. 30, 2020 | Dec. 31, 2020 | ||||||||||||||||||||||
Operating revenues | $ | 2,811 | $ | 2,586 | $ | 3,182 | $ | 2,947 | ||||||||||||||||||
Operating income | 455 | 422 | 813 | 426 | ||||||||||||||||||||||
Net income | 295 | 287 | 603 | 288 | ||||||||||||||||||||||
EPS total — basic | $ | 0.56 | $ | 0.54 | $ | 1.15 | $ | 0.54 | ||||||||||||||||||
EPS total — diluted | 0.56 | 0.54 | 1.14 | 0.54 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.43 | 0.43 | 0.43 | 0.43 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
001-3034 | ||
(Commission File Number) |
Xcel Energy Inc. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
Minnesota | 41-0448030 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |||||||||||||
414 Nicollet Mall | Minneapolis | Minnesota | 55401 | |||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
612 | 330-5500 | ||||
(Registrant’s Telephone Number, Including Area Code) |
Title of each class | Trading | Name of each exchange on which registered | ||||||||||||
Common Stock, $2.50 par value per share | XEL | Nasdaq Stock Market LLC |
PART I | ||||||||
Item 1 — | ||||||||
Item 1A — | ||||||||
Item 1B — | ||||||||
Item 2 — | ||||||||
Item 3 — | ||||||||
Item 4 — | ||||||||
PART II | ||||||||
Item 5 — | ||||||||
Item 6 — | ||||||||
Item 7 — | ||||||||
Item 7A — | ||||||||
Item 8 — | ||||||||
Item 9 — | ||||||||
Item 9A — | ||||||||
Item 9B — | ||||||||
Item 9C — | ||||||||
PART III | ||||||||
Item 10 — | ||||||||
Item 11 — | ||||||||
Item 12 — | ||||||||
Item 13 — | ||||||||
Item 14 — | ||||||||
PART IV | ||||||||
Item 15 — | ||||||||
Item 16 — | ||||||||
ITEM 1 — BUSINESS |
Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former) | |||||
Capital Services | Capital Services, LLC | ||||
Eloigne | Eloigne Company | ||||
e prime | e prime inc. | ||||
NSP-Minnesota | Northern States Power Company, a Minnesota corporation | ||||
NSP System | The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota | ||||
NSP-Wisconsin | Northern States Power Company, a Wisconsin corporation | ||||
Operating companies | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
PSCo | Public Service Company of Colorado | ||||
SPS | Southwestern Public Service Co. | ||||
Utility subsidiaries | NSP-Minnesota, NSP-Wisconsin, PSCo and SPS | ||||
WGI | WestGas InterState, Inc. | ||||
WYCO | WYCO Development, LLC | ||||
Xcel Energy | Xcel Energy Inc. and its subsidiaries |
Federal and State Regulatory Agencies | |||||
CPUC | Colorado Public Utilities Commission | ||||
DOC | Minnesota Department of Commerce | ||||
DOE | United States Department of Energy | ||||
DOT | United States Department of Transportation | ||||
EPA | United States Environmental Protection Agency | ||||
FERC | Federal Energy Regulatory Commission | ||||
IRS | Internal Revenue Service | ||||
MPSC | Michigan Public Service Commission | ||||
MPUC | Minnesota Public Utilities Commission | ||||
NDPSC | North Dakota Public Service Commission | ||||
NERC | North American Electric Reliability Corporation | ||||
NMPRC | New Mexico Public Regulation Commission | ||||
NRC | Nuclear Regulatory Commission | ||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
PSCW | Public Service Commission of Wisconsin | ||||
PUCT | Public Utility Commission of Texas | ||||
SEC | Securities and Exchange Commission | ||||
TCEQ | Texas Commission on Environmental Quality |
Electric, Purchased Gas and Resource Adjustment Clauses | |||||
CIP | Conservation improvement program | ||||
DSM | Demand side management | ||||
ECA | Retail electric commodity adjustment | ||||
FCA | Fuel clause adjustment | ||||
GCA | Gas cost adjustment | ||||
GUIC | Gas utility infrastructure cost rider | ||||
PSIA | Pipeline system integrity adjustment | ||||
RES | Renewable energy standard | ||||
TCR | Transmission cost recovery | ||||
Other | |||||
AFUDC | Allowance for funds used during construction | ||||
ARO | Asset retirement obligation | ||||
ASC | FASB Accounting Standards Codification | ||||
BART | Best available retrofit technology | ||||
C&I | Commercial and Industrial | ||||
CAGR | |||||
CapX2020 | Alliance of electric cooperatives, municipals and investor-owned utilities in the upper Midwest involved in a joint transmission line planning and construction effort | ||||
CCR | Coal combustion residuals |
CCR Rule | Final rule (40 CFR 257.50 - 257.107) published by the EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste | ||||
CDD | Cooling degree-days | ||||
CEO | Chief executive officer | ||||
CFO | Chief financial officer | ||||
CIG | Colorado Interstate Gas Company, LLC | ||||
COEO | Colorado Energy Office | ||||
CON | Certificate of Need | ||||
COVID-19 | Novel coronavirus | ||||
CUB | Citizens Utility Board | ||||
CWA | Clean Water Act | ||||
CWIP | Construction work in progress | ||||
D.C. Circuit | United States Court of Appeals for the District of Columbia Circuit | ||||
DECON | Decommissioning method where radioactive contamination is removed and safely disposed of at a requisite facility or decontaminated to a permitted level | ||||
DRIP | Dividend Reinvestment Program | ||||
EEI | Edison Electric Institute | ||||
EIP | Energy Impact Partners | ||||
ELG | Effluent limitations guidelines | ||||
EMANI | European Mutual Association for Nuclear Insurance | ||||
EPS | Earnings per share | ||||
ESG | Environmental, Social and Governance | ||||
ETR | Effective tax rate | ||||
EVs | Electric Vehicles | ||||
FASB | Financial Accounting Standards Board | ||||
Fifth Circuit | United States Court of Appeals for the Fifth Circuit | ||||
FTR | Financial transmission right | ||||
GAAP | Generally accepted accounting principles | ||||
GE | General Electric | ||||
GHG | Greenhouse gas | ||||
HDD | Heating degree-days | ||||
INPO | Institute of Nuclear Power Operations |
IPCC | Intergovernmental Panel on Climate Change | ||||||||
IPP | Independent power producing entity | ||||||||
ITC | Investment Tax Credit | ||||||||
MEC | Mankato Energy Center | ||||||||
MGP | Manufactured gas plant | ||||||||
MISO | Midcontinent Independent System Operator, Inc. | ||||||||
NAAQS | National Ambient Air Quality Standard | ||||||||
Native load | Demand of retail and wholesale customers that a utility has an obligation to serve under statute or contract | ||||||||
NAV | Net asset value | ||||||||
NEIL | Nuclear Electric Insurance Ltd. | ||||||||
NOL | Net operating loss | ||||||||
NOPR | Notice of proposed rulemaking | ||||||||
O&M | Operating and maintenance | ||||||||
OAG | Minnesota Office of the Attorney General | ||||||||
OATT | Open Access Transmission Tariff | ||||||||
PFAS | Per- and PolyFluoroAlkyl Substances | ||||||||
PI | Prairie Island nuclear generating plant | ||||||||
Post-65 | Post-Medicare | ||||||||
PPA | Purchased power agreement | ||||||||
Pre-65 | Pre-Medicare | ||||||||
PTC | Production tax credit | ||||||||
REC | Renewable energy credit |
ROE | Return on equity | ||||
ROU | Right-of-use | ||||
RTO | Regional Transmission Organization | ||||
S&P | Standard & Poor’s Global Ratings | ||||
SERP | Supplemental executive retirement plan | ||||
SMMPA | Southern Minnesota Municipal Power Agency | ||||
SO2 | Sulfur dioxide | ||||
SPP | Southwest Power Pool, Inc. | ||||
TCJA | 2017 federal tax reform enacted as Public Law No: 115-97, commonly referred to as the Tax Cuts and Jobs Act | ||||
THI | Temperature-humidity index | ||||
Transmission | |||||
TSR | Total shareholder return | ||||
VaR | Value at Risk | ||||
VIE | Variable interest entity | ||||
Measurements | |||||
Bcf | Billion cubic feet | ||||
KV | Kilovolts | ||||
KWh | Kilowatt hours | ||||
MMBtu | Million British thermal units | ||||
MW | Megawatts | ||||
MWh | Megawatt hours |
Where to Find More Information |
Forward-Looking Statements |
Overview |
Utility Subsidiaries’ Service Territory | |||||||||||
![]() | |||||||||||
Electric customers | 3.7 million | ||||||||||
Natural gas customers | 2.1 million | ||||||||||
Total assets | $ | ||||||||||
Electric generating capacity | |||||||||||
Natural gas storage capacity | 53.4 Bcf | ||||||||||
Electric transmission lines (conductor miles) | |||||||||||
Electric distribution lines (conductor miles) | |||||||||||
Natural gas transmission lines | |||||||||||
Natural gas distribution lines | |||||||||||
Strategy |
LEAD THE CLEAN ENERGY TRANSITION | ENHANCE THE CUSTOMER EXPERIENCE | KEEP BILLS LOW |
Connected | Committed | Safe | Trustworthy |
Female | Ethnically Diverse | |||||||
Board of Directors (a) | 23 | % | 15 | % | ||||
CEO direct reports (a) | 36 | % | 18 | % | ||||
Management | 22 | % | 11 | % | ||||
Employees | 24 | % | 17 | % | ||||
New hires | 39 | % | 26 | % | ||||
Interns (hired throughout 2021) | 34 | % | 27 | % |
Employees Covered by Collective Bargaining Agreements | Total Full-Time Employees | |||||||
NSP-Minnesota | 2,020 | 3,083 | ||||||
NSP-Wisconsin | 382 | 518 | ||||||
PSCo | 1,818 | 2,314 | ||||||
SPS | 736 | 1,099 | ||||||
XES | — | 4,307 | ||||||
Total | 4,956 | 11,321 |
Employee Turnover | Retirement Eligibility | |||||||||||||
Bargaining | 7 | % | Within next 5 years | 26 | % | |||||||||
Non-Bargaining | 15 | % | Within next 10 years | 40 | % | |||||||||
Overall (a) | 12 | % |
Employees Covered by Collective Bargaining Agreements | Total Full-Time Employees | |||||||
NSP-Minnesota | 2,033 | 3,144 | ||||||
NSP-Wisconsin | 394 | 540 | ||||||
PSCo | 1,882 | 2,378 | ||||||
SPS | 769 | 1,141 | ||||||
XES | — | 4,164 | ||||||
Total | 5,078 | 11,367 |
Female | Ethnically Diverse | |||||||
Board of Directors | 20% | 20% | ||||||
CEO direct reports | 38% | 13% | ||||||
Management | 22% | 10% | ||||||
Employees | 23% | 16% | ||||||
New hires | 33% | 22% | ||||||
Interns (hired throughout 2020) | 33% | 28% |
![]() | ![]() | ![]() | ![]() | ||||||||
Fortune | Human Rights Campaign | GI Jobs | Military Times | ||||||||
World’s Most Admired Companies | Best Places to Work for LGBTQ Equality | Military Friendly Employer | Best for Vets |
NSP-Minnesota | |||||||||||||||||
![]() | |||||||||||||||||
Electric customers | 1.5 million | NSP-Minnesota conducts business in Minnesota, North Dakota and South Dakota and has electric operations in all three states including the generation, purchase, transmission, distribution and sale of electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Minnesota also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas in Minnesota and North Dakota. | |||||||||||||||
Natural gas customers | |||||||||||||||||
Total assets | $ | ||||||||||||||||
Rate Base (estimated) | $ | ||||||||||||||||
ROE (net income / average stockholder's equity) | |||||||||||||||||
Electric generating capacity | |||||||||||||||||
Gas storage capacity | 17.1 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | |||||||||||||||||
Electric distribution lines (conductor miles) | |||||||||||||||||
Natural gas transmission lines | |||||||||||||||||
Natural gas distribution lines | |||||||||||||||||
NSP-Wisconsin | |||||||||||||||||
![]() | |||||||||||||||||
Electric customers | 0.3 million | NSP-Wisconsin conducts business in Wisconsin and Michigan and generates, transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. | |||||||||||||||
Natural gas customers | 0.1 million | ||||||||||||||||
Total assets | $ | ||||||||||||||||
Rate Base (estimated) | $ | ||||||||||||||||
ROE (net income / average stockholder's equity) | |||||||||||||||||
Electric generating capacity | 548 MW | ||||||||||||||||
Gas storage capacity | 3.8 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | |||||||||||||||||
Electric distribution lines (conductor miles) | |||||||||||||||||
Natural gas transmission lines | 3 miles | ||||||||||||||||
Natural gas distribution lines | |||||||||||||||||
PSCo | |||||||||||||||||
![]() | |||||||||||||||||
Electric customers | 1.5 million | PSCo conducts business in Colorado and generates, purchases, transmits, distributes and sells electricity. PSCo also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. | |||||||||||||||
Natural gas customers | |||||||||||||||||
Total assets | $ | ||||||||||||||||
Rate Base (estimated) | $ | ||||||||||||||||
ROE (net income / average stockholder's equity) | |||||||||||||||||
Electric generating capacity | |||||||||||||||||
Gas storage capacity | 32.5 Bcf | ||||||||||||||||
Electric transmission lines (conductor miles) | |||||||||||||||||
Electric distribution lines (conductor miles) | |||||||||||||||||
Natural gas transmission lines | |||||||||||||||||
Natural gas distribution lines | |||||||||||||||||
SPS | |||||||||||||||||
![]() | |||||||||||||||||
Electric customers | 0.4 million | SPS conducts business in Texas and New Mexico and generates, purchases, transmits, distributes and sells electricity. | |||||||||||||||
Total assets | $ | ||||||||||||||||
Rate Base (estimated) | $ | ||||||||||||||||
ROE (net income / average stockholder's equity) | |||||||||||||||||
Electric generating capacity | |||||||||||||||||
Electric transmission lines (conductor miles) | |||||||||||||||||
Electric distribution lines (conductor miles) | |||||||||||||||||
Operations Overview |
Electric Operations |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||
KWh sales per retail customer | KWh sales per retail customer | 23,910 | 24,712 | KWh sales per retail customer | 23,968 | 23,910 | ||||||||||||||||||||||
Revenue per retail customer | Revenue per retail customer | $ | 2,199 | $ | 2,244 | Revenue per retail customer | $ | 2,405 | $ | 2,199 | ||||||||||||||||||
Residential revenue per KWh | Residential revenue per KWh | 12.12 | ¢ | 11.97 | ¢ | Residential revenue per KWh | 12.94 | ¢ | 12.12 | ¢ | ||||||||||||||||||
Large C&I revenue per KWh | Large C&I revenue per KWh | 5.78 | ¢ | 5.96 | ¢ | Large C&I revenue per KWh | 6.60 | ¢ | 5.78 | ¢ | ||||||||||||||||||
Small C&I revenue per KWh | Small C&I revenue per KWh | 9.56 | ¢ | 9.43 | ¢ | Small C&I revenue per KWh | 10.47 | ¢ | 9.56 | ¢ | ||||||||||||||||||
Total retail revenue per KWh | Total retail revenue per KWh | 9.20 | ¢ | 9.08 | ¢ | Total retail revenue per KWh | 10.03 | ¢ | 9.20 | ¢ |
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Utility Subsidiary | Utility Subsidiary | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Utility Subsidiary | Wind Farms | Capacity (a) | Wind Farms | Capacity (b) | Wind Farms | Capacity (MW) (a) | Wind Farms | Capacity (MW) (b) | ||||||||||||||||||||||||||||||||||||||||||||
NSP System | NSP System | 11 | 1,540 MW | 7 | 1,079 MW | NSP System | 14 | 2,031 | 11 | 1,540 | ||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | 2 | 1,059 MW | 1 | 582 MW | PSCo | 2 | 1,059 | 2 | 1,059 | ||||||||||||||||||||||||||||||||||||||||||
SPS | SPS | 2 | 967 MW | 1 | 460 MW | SPS | 2 | 984 | 2 | 967 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 15 | 3,566 MW | 9 | 2,121 MW | Total | 18 | 4,075 | 15 | 3,566 |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
PPAs | Range | PPAs | Range | PPAs | Range (MW) | PPAs | Range (MW) | |||||||||||||||||||||||||||||||||||||||||||||
NSP System | NSP System | 129 | 1 MW — 206 MW | 131 | 1 MW — 206 MW | NSP System | 128 | 1 — 206 | 129 | 1 — 206 | ||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | 17 | 23 MW — 301 MW | 20 | 2 MW — 301 MW | PSCo | 17 | 23 — 301 | 17 | 23 — 301 | ||||||||||||||||||||||||||||||||||||||||||
SPS | SPS | 18 | 1 MW — 250MW | 18 | 1 MW — 250 MW | SPS | 17 | 1 — 250 | 18 | 1 — 250 |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 | 2020 | ||||||||||||||||||||||
NSP System | NSP System | 3,348 MW | 2,767 MW | NSP System | 3,997 | 3,348 | ||||||||||||||||||||||
PSCo | PSCo | 4,085 MW | 3,145 MW | PSCo | 4,085 | 4,085 | ||||||||||||||||||||||
SPS | SPS | 2,535 MW | 2,027 MW | SPS | 2,548 | 2,535 |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 | 2020 | ||||||||||||||||||||||
NSP System | NSP System | $ | 23 | $ | 35 | NSP System | $ | 25 | $ | 23 | ||||||||||||||||||
PSCo | PSCo | 35 | 47 | PSCo | 17 | 35 | ||||||||||||||||||||||
SPS | SPS | 17 | — | SPS | 17 | 17 |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 | 2020 | ||||||||||||||||||||||
NSP System | NSP System | $ | 38 | $ | 41 | NSP System | $ | 37 | $ | 38 | ||||||||||||||||||
PSCo | PSCo | 40 | 41 | PSCo | 35 | 40 | ||||||||||||||||||||||
SPS | SPS | 26 | 25 | SPS | 27 | 26 |
Project | Utility Subsidiary | Capacity (MW) | ||||||||||||
Blazing Star | NSP-Minnesota | 200 | ||||||||||||
NSP-Minnesota | ||||||||||||||
NSP-Minnesota | ||||||||||||||
Various PPAs | Various | ~ |
(a) Placed in service in January 2022. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type | Utility Subsidiary | Capacity (MW) | ||||||||||||
Distributed Generation | NSP System | |||||||||||||
Utility-Scale | NSP System | 268 | ||||||||||||
Distributed Generation | PSCo | |||||||||||||
Utility-Scale | PSCo | |||||||||||||
Distributed Generation | SPS | |||||||||||||
Utility-Scale | SPS | |||||||||||||
Total |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 | 2020 | ||||||||||||||||||||||
NSP System | NSP System | $ | 90 | $ | 81 | NSP System | $ | 90 | $ | 90 | ||||||||||||||||||
PSCo | PSCo | 89 | 89 | PSCo | 67 | 89 | ||||||||||||||||||||||
SPS | SPS | 59 | 56 | SPS | 61 | 59 |
Utility Subsidiary | Utility Subsidiary | Nuclear | Utility Subsidiary | Nuclear | ||||||||||||||||||||||||
NSP System | NSP System | Cost | Percent | NSP System | Cost | Percent | ||||||||||||||||||||||
2021 | 2021 | $ | 0.77 | 46 | % | |||||||||||||||||||||||
2020 | 2020 | $ | 0.80 | 51 | % | 2020 | 0.80 | 51 | ||||||||||||||||||||
2019 | 0.81 | 45 |
Year | Utility Subsidiary | Plant Unit | Capacity (MW) | |||||||||||||||||
2022 | PSCo | Comanche 1 | 325 | |||||||||||||||||
2023 | NSP-Minnesota | Sherco 2 | 682 | |||||||||||||||||
2024 | SPS | Harrington (a) | 1,018 | |||||||||||||||||
2025 | PSCo | Comanche 2 | 335 | |||||||||||||||||
2025 | PSCo | Craig 1 | 42 (b) | |||||||||||||||||
2026 | NSP-Minnesota | Sherco 1 | 680 | |||||||||||||||||
2028 | PSCo | Craig 2 | 40 (b) | |||||||||||||||||
2028 | NSP-Minnesota | A.S. King | 511 | |||||||||||||||||
2030 | NSP-Minnesota | Sherco 3 | 517 (b) |
Proposed | ||||||||||||||||||||
Year | Utility Subsidiary | Plant Unit | Capacity (MW) | |||||||||||||||||
2025 | PSCo | Pawnee (a) | 505 | |||||||||||||||||
2027 | PSCo | Hayden 2 | 98 (b) | |||||||||||||||||
2028 | PSCo | Hayden 1 | 135 (c) | |||||||||||||||||
2034 | SPS | Tolk 1 | 532 | |||||||||||||||||
2034 | SPS | Tolk 2 | 535 | |||||||||||||||||
2034 | PSCo | Comanche 3 | 500 (d) |
Coal (a) | Coal (a) | |||||||||||||||||||||||||||
Utility Subsidiary | Utility Subsidiary | Cost | Percent | Utility Subsidiary | Cost | Percent | ||||||||||||||||||||||
NSP System | NSP System | NSP System | ||||||||||||||||||||||||||
2021 | 2021 | $ | 1.60 | 39 | % | |||||||||||||||||||||||
2020 | 2020 | $ | 1.97 | 31 | % | 2020 | 1.97 | 31 | ||||||||||||||||||||
2019 | 2.02 | 36 | ||||||||||||||||||||||||||
PSCo | PSCo | PSCo | ||||||||||||||||||||||||||
2021 | 2021 | 1.43 | 62 | |||||||||||||||||||||||||
2020 | 2020 | 1.41 | 51 | 2020 | 1.41 | 51 | ||||||||||||||||||||||
2019 | 1.45 | 55 | ||||||||||||||||||||||||||
SPS | SPS | SPS | ||||||||||||||||||||||||||
2021 | 2021 | 2.07 | 66 | |||||||||||||||||||||||||
2020 | 2020 | 2.28 | 40 | 2020 | 2.28 | 40 | ||||||||||||||||||||||
2019 | 2.19 | 45 |
Natural Gas | Natural Gas | |||||||||||||||||||||||||||
Utility Subsidiary | Utility Subsidiary | Cost | Percent | Utility Subsidiary | Cost | Percent | ||||||||||||||||||||||
NSP System | NSP System | NSP System | ||||||||||||||||||||||||||
2021 (a) | 2021 (a) | $ | 4.98 | 15 | % | |||||||||||||||||||||||
2020 | 2020 | $ | 2.67 | 17 | % | 2020 | 2.67 | 17 | ||||||||||||||||||||
2019 | 3.09 | 19 | ||||||||||||||||||||||||||
PSCo | PSCo | PSCo | ||||||||||||||||||||||||||
2021 (a) | 2021 (a) | 8.38 | 38 | |||||||||||||||||||||||||
2020 | 2020 | 3.01 | 49 | 2020 | 3.01 | 49 | ||||||||||||||||||||||
2019 | 3.27 | 45 | ||||||||||||||||||||||||||
SPS | SPS | SPS | ||||||||||||||||||||||||||
2021 (a) | 2021 (a) | 6.72 | 34 | |||||||||||||||||||||||||
2020 | 2020 | 1.43 | 60 | 2020 | 1.43 | 60 | ||||||||||||||||||||||
2019 | 1.14 | 55 |
System Peak Demand (in MW) | System Peak Demand (MW) | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
NSP System | NSP System | 8,571 | July 8 | 8,774 | July 19 | NSP System | 8,837 | June 9 | 8,571 | July 8 | ||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | 6,899 | Aug. 17 | 7,111 | July 19 | PSCo | 6,958 | July 28 | 6,899 | Aug. 17 | ||||||||||||||||||||||||||||||||||||||||||
SPS | SPS | 4,195 | July 14 | 4,261 | Aug. 5 | SPS | 4,054 | Aug. 9 | 4,195 | July 14 |
Project | Utility Subsidiary | Miles | Size (KV) | |||||||||||||||||
Hibbing Taconite Relocation | NSP-Minnesota | 3 | 500 | |||||||||||||||||
Huntley - Wilmarth | NSP-Minnesota | 50 | 345 | |||||||||||||||||
Helena Scott County | NSP-Minnesota | 16 | 345 | |||||||||||||||||
Centerville to Lincoln County | NSP-Minnesota | 14 | 69 | |||||||||||||||||
Turtle Lake Almena | NSP-Wisconsin | 4 | 69 | |||||||||||||||||
Roadrunner-China Draw | SPS | 41 | 345 |
Project | Utility Subsidiary | Miles | Size (KV) | Completion Date | ||||||||||||||||||||||
Baytown to Long Lake | NSP-Minnesota | 9 | 115 | 2022 | ||||||||||||||||||||||
Bird Island - Atwater - Big Swan | NSP-Minnesota | 68 | 69 | 2022 | ||||||||||||||||||||||
Pipestone - Tracy | NSP-Minnesota | 46 | 69 | 2022 | ||||||||||||||||||||||
Line Rebuild - Central | NSP-Minnesota | 24 | 69 | 2022 | ||||||||||||||||||||||
West St. Cloud to Millwood Tap | NSP-Minnesota | 24 | 69 | 2022 | ||||||||||||||||||||||
Bayfield Second Circuit | NSP-Wisconsin | 19 | 35 | 2022 | ||||||||||||||||||||||
Colorado Energy Plan | PSCo | 15 | 345 | 2022 | ||||||||||||||||||||||
Tolk Plant Substation | ||||||||||||||||||||||||||
Bus Reconfiguration | SPS | n/a | 345, 230 | 2022 | ||||||||||||||||||||||
Twist to Wilco Line | SPS | 4 | 115 | 2024 | ||||||||||||||||||||||
Pathway | PSCo | 560 | 345 | 2027 |
Project | Utility Subsidiary | Miles | Size | Completion Date | ||||||||||||||||||||||
Hibbing Taconite Relocation | NSP-Minnesota | 3 | 500 KV | 2021 | ||||||||||||||||||||||
Huntley-Wilmarth | NSP-Minnesota | 50 | 345 KV | 2021 | ||||||||||||||||||||||
Helena Scott County | NSP-Minnesota | 16 | 345 KV | 2021 | ||||||||||||||||||||||
Baytown to Long Lake | NSP-Minnesota | 9 | 115 KV | 2022 | ||||||||||||||||||||||
Centerville to Lincoln County | NSP-Minnesota | 14 | 69 KV | 2021 | ||||||||||||||||||||||
Turtle Lake Almena | NSP-Wisconsin | 4 | 69 KV | 2021 | ||||||||||||||||||||||
Bayfield Second Circuit | NSP-Wisconsin | 19 | 35 KV | 2022 | ||||||||||||||||||||||
Roadrunner-China Draw | SPS | 41 | 345 KV | 2021 |
Natural Gas Operations |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||
MMBtu sales per retail customer | MMBtu sales per retail customer | 118.13 | 129.31 | MMBtu sales per retail customer | 114 | 118 | ||||||||||||||||||||||
Revenue per retail customer | Revenue per retail customer | $ | 720.42 | $ | 851.94 | Revenue per retail customer | $ | 917 | $ | 720 | ||||||||||||||||||
Residential revenue per MMBtu | Residential revenue per MMBtu | 6.64 | 7.14 | Residential revenue per MMBtu | 8.61 | 6.64 | ||||||||||||||||||||||
C&I revenue per MMBtu | C&I revenue per MMBtu | 5.22 | 5.73 | C&I revenue per MMBtu | 7.20 | 5.22 | ||||||||||||||||||||||
Transportation and other revenue per MMBtu | Transportation and other revenue per MMBtu | 0.67 | 0.57 | Transportation and other revenue per MMBtu | 1.20 | 0.67 |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Utility Subsidiary | Utility Subsidiary | MMBtu | Date | MMBtu | Date | Utility Subsidiary | MMBtu | Date (a) | MMBtu | Date | ||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 871,921 | Jan. 16 | 897,615 | Feb. 25 | NSP-Minnesota | 899,133 | Feb. 11 | 871,921 | Jan. 16 | ||||||||||||||||||||||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 150,320 | Dec. 24 | 166,009 | Jan. 30 | NSP-Wisconsin | 167,656 | Feb. 11 | 150,320 | Dec. 24 | ||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | 1,931,888 | Feb. 4 | 2,139,420 | March 3 | PSCo | 2,316,283 | Feb. 14 | 1,931,888 | Feb. 4 |
Utility Subsidiary | Utility Subsidiary | 2020 | 2019 | Utility Subsidiary | 2021 (a) | 2020 | ||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | $ | 3.32 | $ | 3.71 | NSP-Minnesota | $ | 7.48 | $ | 3.32 | ||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 3.08 | 3.49 | NSP-Wisconsin | 7.11 | 3.08 | ||||||||||||||||||||||
PSCo | PSCo | 2.52 | 2.95 | PSCo | 6.06 | 2.52 |
General |
Governmental Regulations |
Capital Spending and Financing |
Name | Age (b) | Current and Recent Positions | Time in Position | |||||||||||||||||
Chairman of the Board of Directors, Xcel Energy Inc. | December 2021 — Present | |||||||||||||||||||
President and Chief Executive Officer and Director, Xcel Energy Inc. | August | |||||||||||||||||||
Chief Executive Officer, NSP-Minnesota, NSP-Wisconsin, PSCo, and SPS | ||||||||||||||||||||
President and Chief Operating Officer, Xcel Energy Inc. | March 2020 — | |||||||||||||||||||
Executive Vice President, Chief Financial Officer, Xcel Energy Inc. | May 2016 — March 2020 | |||||||||||||||||||
Senior Vice President and Chief Financial Officer, Luminant, a subsidiary of Energy Future Holdings Corp. (c) | February 2012 — April 2016 | |||||||||||||||||||
Brett C. Carter (d) | Executive Vice President and Chief Customer and Innovation Officer, Xcel Energy Inc. | May 2018 — Present | ||||||||||||||||||
Senior Vice President and Shared Services Executive, Bank of America, an institutional investment bank and financial services company | October 2015 — May 2018 | |||||||||||||||||||
Senior Vice President, Human Resources, | ||||||||||||||||||||
Vice President, Human Resources, Eaton Corporation | March 2016 — July 2019 | |||||||||||||||||||
Senior | ||||||||||||||||||||
Timothy O’Connor | Executive Vice President, Chief Operations Officer, Xcel Energy Inc. | August 2021 — Present | ||||||||||||||||||
Executive Vice President, Chief Generation Officer, Xcel Energy Inc. | March 2020 — | |||||||||||||||||||
Senior Vice President, Chief Nuclear Officer, Xcel Energy Services Inc | February 2013 — March 2020 | |||||||||||||||||||
Frank Prager | Senior Vice President, Strategy, Planning and External Affairs, Xcel Energy Inc. | March 2020 — Present | ||||||||||||||||||
Vice President, Policy and Federal Affairs, Xcel Energy Services Inc. | January 2015 — March 2020 | |||||||||||||||||||
Amanda Rome | Executive Vice President, General Counsel, Xcel Energy Inc. | June 2020 — Present | ||||||||||||||||||
Vice President and Deputy General Counsel, Xcel Energy Services Inc. | October 2019 — June 2020 | |||||||||||||||||||
Managing Attorney, Xcel Energy Services Inc. | July 2018 — October 2019 | |||||||||||||||||||
Rotational Position, Xcel Energy Services Inc. | January 2018 — July 2018 | |||||||||||||||||||
Lead Assistant General Counsel, Xcel Energy Services Inc. | July 2015 — January 2018 | |||||||||||||||||||
Jeffrey S. Savage(e) | Senior Vice President, Controller, Xcel Energy Inc. | January 2015 — Present | ||||||||||||||||||
Brian J. Van Abel | Executive Vice President, Chief Financial Officer, Xcel Energy Inc. | March 2020 — Present | ||||||||||||||||||
Senior Vice President, Finance and Corporate Development, Xcel Energy Services Inc. | September 2018 — March 2020 | |||||||||||||||||||
Vice President, Treasurer, Xcel Energy Services Inc. | July 2015 — September 2018 |
ITEM 1A — RISK FACTORS |
ITEM 1B — UNRESOLVED STAFF COMMENTS |
ITEM 2 — PROPERTIES |
NSP-Minnesota Station, Location and Unit | Fuel | Installed | MW (a) | |||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota Station, Location and Unit at Dec. 31, 2021 | NSP-Minnesota Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||||||||||||||||||||||||
Steam: | Steam: | Steam: | ||||||||||||||||||||||||||||||||||||||||||||
A.S. King-Bayport, MN, 1 Unit (f) | A.S. King-Bayport, MN, 1 Unit (f) | Coal | 1968 | 511 | A.S. King-Bayport, MN, 1 Unit (f) | Coal | 1968 | 511 | ||||||||||||||||||||||||||||||||||||||
Sherco-Becker, MN (e) | Sherco-Becker, MN (e) | Sherco-Becker, MN (e) | ||||||||||||||||||||||||||||||||||||||||||||
Unit 1 | Unit 1 | Coal | 1976 | 680 | Unit 1 | Coal | 1976 | 680 | ||||||||||||||||||||||||||||||||||||||
Unit 2 | Unit 2 | Coal | 1977 | 682 | Unit 2 | Coal | 1977 | 682 | ||||||||||||||||||||||||||||||||||||||
Unit 3 | Unit 3 | Coal | 1987 | 517 | (b) | Unit 3 | Coal | 1987 | 517 | (b) | ||||||||||||||||||||||||||||||||||||
Monticello, MN, 1 Unit | Monticello, MN, 1 Unit | Nuclear | 1971 | 617 | Monticello, MN, 1 Unit | Nuclear | 1971 | 617 | ||||||||||||||||||||||||||||||||||||||
PI-Welch, MN | PI-Welch, MN | PI-Welch, MN | ||||||||||||||||||||||||||||||||||||||||||||
Unit 1 | Unit 1 | Nuclear | 1973 | 521 | Unit 1 | Nuclear | 1973 | 521 | ||||||||||||||||||||||||||||||||||||||
Unit 2 | Unit 2 | Nuclear | 1974 | 519 | Unit 2 | Nuclear | 1974 | 519 | ||||||||||||||||||||||||||||||||||||||
Various locations, 4 Units | Various locations, 4 Units | Wood/Refuse | Various | 36 | (c) | Various locations, 4 Units | Wood/Refuse | Various | 36 | (c) | ||||||||||||||||||||||||||||||||||||
Combustion Turbine: | Combustion Turbine: | Combustion Turbine: | ||||||||||||||||||||||||||||||||||||||||||||
Angus Anson-Sioux Falls, SD, 3 Units | Angus Anson-Sioux Falls, SD, 3 Units | Natural Gas | 1994 - 2005 | 327 | Angus Anson-Sioux Falls, SD, 3 Units | Natural Gas | 1994 - 2005 | 327 | ||||||||||||||||||||||||||||||||||||||
Black Dog-Burnsville, MN, 3 Units | Black Dog-Burnsville, MN, 3 Units | Natural Gas | 1987 - 2018 | 494 | Black Dog-Burnsville, MN, 3 Units | Natural Gas | 1987 - 2018 | 494 | ||||||||||||||||||||||||||||||||||||||
Blue Lake-Shakopee, MN, 6 Units | Blue Lake-Shakopee, MN, 6 Units | Natural Gas | 1974 - 2005 | 447 | Blue Lake-Shakopee, MN, 6 Units | Natural Gas | 1974 - 2005 | 447 | ||||||||||||||||||||||||||||||||||||||
High Bridge-St. Paul, MN, 3 Units | High Bridge-St. Paul, MN, 3 Units | Natural Gas | 2008 | 530 | High Bridge-St. Paul, MN, 3 Units | Natural Gas | 2008 | 530 | ||||||||||||||||||||||||||||||||||||||
Inver Hills-Inver Grove Heights, MN, 6 Units | Inver Hills-Inver Grove Heights, MN, 6 Units | Natural Gas | 1972 | 252 | Inver Hills-Inver Grove Heights, MN, 6 Units | Natural Gas | 1972 | 252 | ||||||||||||||||||||||||||||||||||||||
Riverside-Minneapolis, MN, 3 Units | Riverside-Minneapolis, MN, 3 Units | Natural Gas | 2009 | 454 | Riverside-Minneapolis, MN, 3 Units | Natural Gas | 2009 | 454 | ||||||||||||||||||||||||||||||||||||||
Various locations, 7 Units | Various locations, 7 Units | Natural Gas | Various | 10 | Various locations, 7 Units | Natural Gas | Various | 10 | ||||||||||||||||||||||||||||||||||||||
Wind: | Wind: | Wind: | ||||||||||||||||||||||||||||||||||||||||||||
Blazing Star 1-Lincoln County, MN, 100 Units | Blazing Star 1-Lincoln County, MN, 100 Units | Wind | 2020 | 200 | (d) | |||||||||||||||||||||||||||||||||||||||||
Blazing Star 2-Lincoln County, MN, 100 Units | Blazing Star 2-Lincoln County, MN, 100 Units | Wind | 2021 | 200 | (d) | |||||||||||||||||||||||||||||||||||||||||
Border-Rolette County, ND, 75 Units | Border-Rolette County, ND, 75 Units | Wind | 2015 | 148 | (d) | Border-Rolette County, ND, 75 Units | Wind | 2015 | 148 | (d) | ||||||||||||||||||||||||||||||||||||
Community Wind North-Lincoln County, MN, 12 Units | Community Wind North-Lincoln County, MN, 12 Units | Wind | 2020 | 26 | (d) | |||||||||||||||||||||||||||||||||||||||||
Courtenay Wind-Stutsman County, ND, 100 Units | Courtenay Wind-Stutsman County, ND, 100 Units | Wind | 2016 | 190 | (d) | Courtenay Wind-Stutsman County, ND, 100 Units | Wind | 2016 | 190 | (d) | ||||||||||||||||||||||||||||||||||||
Crowned Ridge 2-Grant County, SD, 88 Units | Crowned Ridge 2-Grant County, SD, 88 Units | Wind | 2020 | 192 | (d) | |||||||||||||||||||||||||||||||||||||||||
Foxtail-Dickey County, ND, 75 Units | Foxtail-Dickey County, ND, 75 Units | Wind | 2019 | 150 | (d) | Foxtail-Dickey County, ND, 75 Units | Wind | 2019 | 150 | (d) | ||||||||||||||||||||||||||||||||||||
Freeborn-Freeborn County, MN, 100 Units | Freeborn-Freeborn County, MN, 100 Units | Wind | 2021 | 200 | (d) | |||||||||||||||||||||||||||||||||||||||||
Grand Meadow-Mower County, MN, 67 Units | Grand Meadow-Mower County, MN, 67 Units | Wind | 2008 | 99 | (d) | Grand Meadow-Mower County, MN, 67 Units | Wind | 2008 | 99 | (d) | ||||||||||||||||||||||||||||||||||||
Jeffers-Cottonwood County, MN, 20 Units | Jeffers-Cottonwood County, MN, 20 Units | Wind | 2020 | 43 | (d) | |||||||||||||||||||||||||||||||||||||||||
Lake Benton-Pipestone County, MN, 44 Units | Lake Benton-Pipestone County, MN, 44 Units | Wind | 2019 | 99 | (d) | Lake Benton-Pipestone County, MN, 44 Units | Wind | 2019 | 99 | (d) | ||||||||||||||||||||||||||||||||||||
Mower-Mower County, MN, 43 Units | Mower-Mower County, MN, 43 Units | Wind | 2021 | 91 | (d) | |||||||||||||||||||||||||||||||||||||||||
Nobles-Nobles County, MN, 134 Units | Nobles-Nobles County, MN, 134 Units | Wind | 2010 | 197 | (d) | Nobles-Nobles County, MN, 134 Units | Wind | 2010 | 197 | (d) | ||||||||||||||||||||||||||||||||||||
Pleasant Valley-Mower County, MN, 100 Units | Pleasant Valley-Mower County, MN, 100 Units | Wind | 2015 | 196 | (d) | Pleasant Valley-Mower County, MN, 100 Units | Wind | 2015 | 196 | (d) | ||||||||||||||||||||||||||||||||||||
Blazing Star 1-Lincoln County, MN, 100 Units | Wind | 2020 | 200 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Crowned Ridge 2-Grant County, SD, 88 Units | Wind | 2020 | 192 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Community Wind North-Lincoln County, MN, 12 Units | Wind | 2020 | 26 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Jeffers-Cottonwood County, MN, 20 Units | Wind | 2020 | 43 | (d) | ||||||||||||||||||||||||||||||||||||||||||
Total | 8,137 | Total | 8,628 |
NSP-Wisconsin Station, Location and Unit | Fuel | Installed | MW (a) | |||||||||||||||||||||||||||||||||||||||||||
NSP-Wisconsin Station, Location and Unit at Dec. 31, 2021 | NSP-Wisconsin Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||||||||||||||||||||||||
Steam: | Steam: | Steam: | ||||||||||||||||||||||||||||||||||||||||||||
Bay Front-Ashland, WI, 2 Units | Bay Front-Ashland, WI, 2 Units | Wood/Natural Gas | 1948 - 1956 | 41 | Bay Front-Ashland, WI, 2 Units | Wood/Natural Gas | 1948 - 1956 | 41 | ||||||||||||||||||||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | French Island-La Crosse, WI, 2 Units | Wood/Refuse | 1940 - 1948 | 16 | (b) | French Island-La Crosse, WI, 2 Units | Wood/Refuse | 1940 - 1948 | 16 | (b) | ||||||||||||||||||||||||||||||||||||
Combustion Turbine: | Combustion Turbine: | Combustion Turbine: | ||||||||||||||||||||||||||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | French Island-La Crosse, WI, 2 Units | Oil | 1974 | 122 | French Island-La Crosse, WI, 2 Units | Oil | 1974 | 122 | ||||||||||||||||||||||||||||||||||||||
Wheaton-Eau Claire, WI, 5 Units | Wheaton-Eau Claire, WI, 5 Units | Natural Gas/Oil | 1973 | 234 | Wheaton-Eau Claire, WI, 5 Units | Natural Gas/Oil | 1973 | 234 | ||||||||||||||||||||||||||||||||||||||
Hydro: | Hydro: | Hydro: | ||||||||||||||||||||||||||||||||||||||||||||
Various locations, 63 Units | Various locations, 63 Units | Hydro | Various | 135 | Various locations, 63 Units | Hydro | Various | 135 | ||||||||||||||||||||||||||||||||||||||
Total | 548 | Total | 548 |
PSCo Station, Location and Unit | Fuel | Installed | MW (a) | |||||||||||||||||||||||||||||||||||||||||||
PSCo Station, Location and Unit at Dec. 31, 2021 | PSCo Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||||||||||||||||||||||||
Steam: | Steam: | Steam: | ||||||||||||||||||||||||||||||||||||||||||||
Comanche-Pueblo, CO (b) | Comanche-Pueblo, CO (b) | Comanche-Pueblo, CO (b) | ||||||||||||||||||||||||||||||||||||||||||||
Unit 1 | Unit 1 | Coal | 1973 | 325 | Unit 1 | Coal | 1973 | 325 | ||||||||||||||||||||||||||||||||||||||
Unit 2 | Unit 2 | Coal | 1975 | 335 | Unit 2 | Coal | 1975 | 335 | ||||||||||||||||||||||||||||||||||||||
Unit 3 | Unit 3 | Coal | 2010 | 500 | (c) | Unit 3 | Coal | 2010 | 500 | (c) | ||||||||||||||||||||||||||||||||||||
Craig-Craig, CO, 2 Units (d) | Craig-Craig, CO, 2 Units (d) | Coal | 1979 - 1980 | 82 | (e) | Craig-Craig, CO, 2 Units (d) | Coal | 1979 - 1980 | 82 | (e) | ||||||||||||||||||||||||||||||||||||
Hayden-Hayden, CO, 2 Units | Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | (f) | Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | (f) | ||||||||||||||||||||||||||||||||||||
Pawnee-Brush, CO, 1 Unit | Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | ||||||||||||||||||||||||||||||||||||||
Cherokee-Denver, CO, 1 Unit | Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 | Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 | ||||||||||||||||||||||||||||||||||||||
Combustion Turbine: | Combustion Turbine: | Combustion Turbine: | ||||||||||||||||||||||||||||||||||||||||||||
Blue Spruce-Aurora, CO, 2 Units | Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 | Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 | ||||||||||||||||||||||||||||||||||||||
Cherokee-Denver, CO, 3 Units | Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 | Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 | ||||||||||||||||||||||||||||||||||||||
Fort St. Vrain-Platteville, CO, 6 Units | Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 968 | Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 973 | ||||||||||||||||||||||||||||||||||||||
Rocky Mountain-Keenesburg, CO, 3 Units | Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 580 | Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 580 | ||||||||||||||||||||||||||||||||||||||
Various locations, 8 Units | Various locations, 8 Units | Natural Gas | Various | 251 | Various locations, 8 Units | Natural Gas | Various | 251 | ||||||||||||||||||||||||||||||||||||||
Hydro: | Hydro: | Hydro: | ||||||||||||||||||||||||||||||||||||||||||||
Cabin Creek-Georgetown, CO | Cabin Creek-Georgetown, CO | Cabin Creek-Georgetown, CO | ||||||||||||||||||||||||||||||||||||||||||||
Pumped Storage, 2 Units | Pumped Storage, 2 Units | Hydro | 1967 | 210 | Pumped Storage, 2 Units | Hydro | 1967 | 210 | ||||||||||||||||||||||||||||||||||||||
Various locations, 8 Units | Various locations, 8 Units | Hydro | Various | 25 | Various locations, 8 Units | Hydro | Various | 25 | ||||||||||||||||||||||||||||||||||||||
Wind: | Wind: | Wind: | ||||||||||||||||||||||||||||||||||||||||||||
Rush Creek, CO, 300 units | Rush Creek, CO, 300 units | Wind | 2018 | 582 | (g) | Rush Creek, CO, 300 units | Wind | 2018 | 582 | (g) | ||||||||||||||||||||||||||||||||||||
Cheyenne Ridge, CO, 229 units | Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | (g) | Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | (g) | ||||||||||||||||||||||||||||||||||||
Total | 6,223 | Total | 6,228 |
SPS Station, Location and Unit | Fuel | Installed | MW (a) | |||||||||||||||||||||||||||||||||||||||||||
SPS Station, Location and Unit at Dec. 31, 2021 | SPS Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||||||||||||||||||||||||
Steam: | Steam: | Steam: | ||||||||||||||||||||||||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1957 - 1965 | 225 | Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1957 - 1965 | 225 | ||||||||||||||||||||||||||||||||||||||
Harrington-Amarillo, TX, 3 Units (b) | Harrington-Amarillo, TX, 3 Units (b) | Coal | 1976 - 1980 | 1,018 | Harrington-Amarillo, TX, 3 Units (b) | Coal | 1976 - 1980 | 1,018 | ||||||||||||||||||||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Jones-Lubbock, TX, 2 Units | Natural Gas | 1971 - 1974 | 486 | Jones-Lubbock, TX, 2 Units | Natural Gas | 1971 - 1974 | 486 | ||||||||||||||||||||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1967 | 112 | Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1967 | 112 | ||||||||||||||||||||||||||||||||||||||
Nichols-Amarillo, TX, 3 Units | Nichols-Amarillo, TX, 3 Units | Natural Gas | 1960 - 1968 | 457 | Nichols-Amarillo, TX, 3 Units | Natural Gas | 1960 - 1968 | 457 | ||||||||||||||||||||||||||||||||||||||
Plant X-Earth, TX, 4 Units | Plant X-Earth, TX, 4 Units | Natural Gas | 1952 - 1964 | 298 | Plant X-Earth, TX, 4 Units | Natural Gas | 1952 - 1964 | 298 | ||||||||||||||||||||||||||||||||||||||
Tolk-Muleshoe, TX, 2 Units (d) | Tolk-Muleshoe, TX, 2 Units (d) | Coal | 1982 - 1985 | 1,067 | Tolk-Muleshoe, TX, 2 Units (d) | Coal | 1982 - 1985 | 1,067 | ||||||||||||||||||||||||||||||||||||||
Combustion Turbine: | Combustion Turbine: | Combustion Turbine: | ||||||||||||||||||||||||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1997 | 207 | Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1997 | 207 | ||||||||||||||||||||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Jones-Lubbock, TX, 2 Units | Natural Gas | 2011 - 2013 | 334 | Jones-Lubbock, TX, 2 Units | Natural Gas | 2011 - 2013 | 334 | ||||||||||||||||||||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1963 - 1976 | 61 | Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1963 - 1976 | 61 | ||||||||||||||||||||||||||||||||||||||
Wind: | Wind: | Wind: | ||||||||||||||||||||||||||||||||||||||||||||
Hale-Plainview, TX, 239 Units | Hale-Plainview, TX, 239 Units | Wind | 2019 | 460 | (c) | Hale-Plainview, TX, 239 Units | Wind | 2019 | 477 | (c) | ||||||||||||||||||||||||||||||||||||
Sagamore-Dora, NM, 240 Units | Sagamore-Dora, NM, 240 Units | Wind | 2020 | 507 | (c) | Sagamore-Dora, NM, 240 Units | Wind | 2020 | 507 | (c) | ||||||||||||||||||||||||||||||||||||
Total | 5,232 | Total | 5,249 |
Conductor Miles | Conductor Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | Conductor Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | ||||||||||||||||||||||||||||||||||||||||||
Transmission | Transmission | Transmission | ||||||||||||||||||||||||||||||||||||||||||||||||||
500 KV | 500 KV | 2,918 | — | — | — | 500 KV | 2,915 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
345 KV | 345 KV | 13,151 | 3,337 | 5,389 | 11,019 | 345 KV | 13,570 | 2,943 | 4,978 | 11,688 | ||||||||||||||||||||||||||||||||||||||||||
230 KV | 230 KV | 2,301 | — | 12,131 | 9,795 | 230 KV | 2,300 | — | 12,141 | 9,763 | ||||||||||||||||||||||||||||||||||||||||||
161 KV | 161 KV | 674 | 1,823 | — | — | 161 KV | 640 | 1,778 | — | — | ||||||||||||||||||||||||||||||||||||||||||
138 KV | 138 KV | — | — | 92 | — | 138 KV | — | — | 92 | — | ||||||||||||||||||||||||||||||||||||||||||
115 KV | 115 KV | 8,060 | 1,822 | 5,092 | 14,830 | 115 KV | 8,086 | 1,818 | 5,075 | 14,880 | ||||||||||||||||||||||||||||||||||||||||||
Less than 115 KV | Less than 115 KV | 6,556 | 5,306 | 1,682 | 4,375 | Less than 115 KV | 6,644 | 5,870 | 1,830 | 4,423 | ||||||||||||||||||||||||||||||||||||||||||
Total Transmission | Total Transmission | 33,660 | 12,288 | 24,386 | 40,019 | Total Transmission | 34,155 | 12,409 | 24,116 | 40,754 | ||||||||||||||||||||||||||||||||||||||||||
Distribution | Distribution | Distribution | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 115 KV | Less than 115 KV | 80,508 | 27,611 | 78,483 | 21,984 | Less than 115 KV | 81,406 | 27,701 | 78,712 | 22,651 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 114,168 | 39,899 | 102,869 | 62,003 | Total | 115,561 | 40,110 | 102,828 | 63,405 |
NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | |||||||||||||||||||||||
Quantity | 352 | 204 | 236 | 457 |
NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | |||||||||||||||||||||||
Quantity | 354 | 204 | 237 | 458 |
Miles | Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | WGI | Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | WGI | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission | Transmission | 80 | 3 | 2,058 | 20 | 11 | Transmission | 85 | 3 | 2,174 | 20 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution | Distribution | 10,629 | 2,492 | 22,815 | — | — | Distribution | 10,741 | 2,526 | 23,243 | — | — |
ITEM 3 — LEGAL PROCEEDINGS |
ITEM 4 — MINE SAFETY DISCLOSURES |
ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
ITEM 6 — |
(Millions of Dollars, Millions of Shares, Except Per Share Data) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Operating revenues | $ | 11,526 | $ | 11,529 | $ | 11,537 | $ | 11,404 | $ | 11,107 | ||||||||||||||||||||||
Operating expenses (a) | 9,410 | 9,425 | 9,572 | 9,181 | 8,867 | |||||||||||||||||||||||||||
Net income | 1,473 | 1,372 | 1,261 | 1,148 | 1,123 | |||||||||||||||||||||||||||
Earnings available to common shareholders | 1,473 | 1,372 | 1,261 | 1,148 | 1,123 | |||||||||||||||||||||||||||
Diluted earnings per common share | 2.79 | 2.64 | 2.47 | 2.25 | 2.21 | |||||||||||||||||||||||||||
Financial information | ||||||||||||||||||||||||||||||||
Dividends declared per common share | 1.72 | 1.62 | 1.52 | 1.44 | 1.36 | |||||||||||||||||||||||||||
Total assets | 53,957 | 50,448 | 45,987 | 43,030 | 41,155 | |||||||||||||||||||||||||||
Long-term debt (b) | 19,645 | 17,407 | 15,803 | 14,520 | 14,195 |
ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | Diluted Earnings (Loss) Per Share | GAAP and Ongoing Diluted EPS | GAAP and Ongoing Diluted EPS | Diluted Earnings (Loss) Per Share | GAAP and Ongoing Diluted EPS | GAAP and Ongoing Diluted EPS | ||||||||||||||||||||||
PSCo | PSCo | $ | 1.22 | $ | 1.11 | |||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | $ | 1.12 | $ | 1.04 | NSP-Minnesota | 1.12 | 1.12 | ||||||||||||||||||||
PSCo | 1.11 | 1.11 | ||||||||||||||||||||||||||
SPS | SPS | 0.56 | 0.51 | SPS | 0.59 | 0.56 | ||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 0.20 | 0.15 | NSP-Wisconsin | 0.20 | 0.20 | ||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | 0.05 | 0.05 | ||||||||||||||||||||||||||
Earnings from equity method investments — WYCO | Earnings from equity method investments — WYCO | 0.05 | 0.05 | |||||||||||||||||||||||||
Regulated utility (a) | Regulated utility (a) | 3.04 | 2.86 | Regulated utility (a) | 3.18 | 3.04 | ||||||||||||||||||||||
Xcel Energy Inc. and Other | Xcel Energy Inc. and Other | (0.25) | (0.22) | Xcel Energy Inc. and Other | (0.22) | (0.25) | ||||||||||||||||||||||
Total (a) | Total (a) | $ | 2.79 | $ | 2.64 | Total (a) | $ | 2.96 | $ | 2.79 |
Diluted Earnings (Loss) Per Share | Dec. 31 | |||||||||
GAAP and ongoing diluted EPS | $ | |||||||||
Components of change — | ||||||||||
Higher electric | ||||||||||
Lower ETR | ||||||||||
Higher | ||||||||||
Changes in | ||||||||||
Lower AFUDC | (0.10) | |||||||||
Higher depreciation and amortization | ||||||||||
Other (net) | ||||||||||
GAAP and ongoing diluted EPS — | $ |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||
ROE | ROE | GAAP and Ongoing ROE | GAAP and Ongoing ROE | ROE | GAAP and Ongoing ROE | GAAP and Ongoing ROE | ||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 9.20 | % | 9.31 | % | NSP-Minnesota | 8.45 | % | 9.20 | % | ||||||||||||||||||
PSCo | PSCo | 8.06 | 8.69 | PSCo | 8.23 | 8.06 | ||||||||||||||||||||||
SPS | SPS | 9.54 | 9.71 | SPS | 9.22 | 9.54 | ||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 10.52 | 8.27 | NSP-Wisconsin | 9.92 | 10.52 | ||||||||||||||||||||||
Operating Companies | Operating Companies | 8.87 | 9.06 | Operating Companies | 8.58 | 8.87 | ||||||||||||||||||||||
Xcel Energy | Xcel Energy | 10.59 | 10.78 | Xcel Energy | 10.58 | 10.59 |
2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||||||||||||||||
HDD | HDD | (3.1) | % | 10.4 | % | (12.0) | % | HDD | (6.6) | % | (3.1) | % | (4.3) | % | ||||||||||||||||||||
CDD | CDD | 22.2 | 5.4 | 24.8 | CDD | 12.2 | 22.2 | (9.2) | ||||||||||||||||||||||||||
THI | THI | 6.3 | (8.8) | 18.2 | THI | 26.8 | 6.3 | 20.7 |
2020 vs. Normal | 2019 vs. Normal | 2020 vs. 2019 | 2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||||||||||||||||
Retail electric | Retail electric | $ | 0.090 | $ | 0.040 | $ | 0.050 | Retail electric | $ | 0.096 | $ | 0.090 | $ | 0.006 | ||||||||||||||||||||
Decoupling and sales true-up | Decoupling and sales true-up | (0.041) | — | (0.041) | Decoupling and sales true-up | (0.066) | (0.041) | (0.025) | ||||||||||||||||||||||||||
Total (excluding decoupling) | $ | 0.049 | $ | 0.040 | $ | 0.009 | ||||||||||||||||||||||||||||
Electric total | Electric total | $ | 0.030 | $ | 0.049 | $ | (0.019) | |||||||||||||||||||||||||||
Firm natural gas | Firm natural gas | (0.011) | 0.027 | (0.038) | Firm natural gas | (0.025) | (0.011) | (0.014) | ||||||||||||||||||||||||||
Total (adjusted for recovery from decoupling) | $ | 0.038 | $ | 0.067 | $ | (0.029) | ||||||||||||||||||||||||||||
Total | Total | $ | 0.005 | $ | 0.038 | $ | (0.033) |
2020 vs. 2019 | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Actual | Actual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric residential | Electric residential | 5.8 | % | 5.0 | % | 3.6 | % | 2.4 | % | 4.9 | % | Electric residential | — | % | 2.2 | % | (4.7) | % | 0.5 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Electric C&I | Electric C&I | (4.1) | (7.0) | (3.3) | (4.6) | (5.0) | Electric C&I | 0.4 | 2.3 | 2.9 | 3.6 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail electric sales | Total retail electric sales | (1.1) | (3.4) | (2.2) | (2.6) | (2.3) | Total retail electric sales | 0.3 | 2.2 | 1.4 | 2.7 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Firm natural gas sales | Firm natural gas sales | (6.8) | (8.3) | n/a | (6.4) | (7.2) | Firm natural gas sales | (1.1) | (4.0) | N/A | (5.0) | (2.2) |
2020 vs. 2019 | 2021 vs. 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weather-normalized | Weather-normalized | Weather-normalized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric residential | Electric residential | 3.8 | % | 3.7 | % | 1.6 | % | 2.6 | % | 3.3 | % | Electric residential | 1.5 | % | 0.3 | % | (1.0) | % | (0.2) | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Electric C&I | Electric C&I | (4.5) | (7.0) | (3.4) | (4.8) | (5.2) | Electric C&I | 0.4 | 1.7 | 3.3 | 3.3 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail electric sales | Total retail electric sales | (1.9) | (3.8) | (2.6) | (2.7) | (2.8) | Total retail electric sales | 0.8 | 1.2 | 2.5 | 2.2 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Firm natural gas sales | Firm natural gas sales | 0.5 | 1.9 | n/a | 5.1 | 1.3 | Firm natural gas sales | 1.3 | (2.2) | N/A | (4.1) | (0.1) |
2021 vs. 2020 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.7 | % | 0.6 | % | (0.7) | % | 0.1 | % | 0.8 | % | ||||||||||||||||||||||
Electric C&I | 0.7 | 1.9 | 3.6 | 3.6 | 2.1 | |||||||||||||||||||||||||||
Total retail electric sales | 1.1 | 1.5 | 2.7 | 2.5 | 1.7 | |||||||||||||||||||||||||||
Firm natural gas sales | 1.8 | (1.7) | N/A | (3.6) | 0.4 |
2020 vs. 2019 (Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized (a) | ||||||||||||||||||||||||||||||||
Electric residential | 3.6 | % | 3.4 | % | 1.3 | % | 2.3 | % | 3.1 | % | ||||||||||||||||||||||
Electric C&I | (4.8) | (7.3) | (3.7) | (5.0) | (5.4) | |||||||||||||||||||||||||||
Total retail electric sales | (2.2) | (4.1) | (2.9) | (2.9) | (3.1) | |||||||||||||||||||||||||||
Firm natural gas sales | 0.1 | 1.4 | n/a | 4.6 | 0.7 |
NSP-Wisconsin Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Bay Front-Ashland, WI, 2 Units | Wood/Natural Gas | 1948 - 1956 | 41 | ||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Wood/Refuse | 1940 - 1948 | 16 | (b) | |||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Oil | 1974 | 122 | ||||||||||||||||||||
Wheaton-Eau Claire, WI, 5 Units | Natural Gas/Oil | 1973 | 234 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Various locations, 63 Units | Hydro | Various | 135 | ||||||||||||||||||||
Total | 548 |
PSCo Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Comanche-Pueblo, CO (b) | |||||||||||||||||||||||
Unit 1 | Coal | 1973 | 325 | ||||||||||||||||||||
Unit 2 | Coal | 1975 | 335 | ||||||||||||||||||||
Unit 3 | Coal | 2010 | 500 | (c) | |||||||||||||||||||
Craig-Craig, CO, 2 Units (d) | Coal | 1979 - 1980 | 82 | (e) | |||||||||||||||||||
Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | (f) | |||||||||||||||||||
Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | ||||||||||||||||||||
Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 | ||||||||||||||||||||
Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 | ||||||||||||||||||||
Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 973 | ||||||||||||||||||||
Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 580 | ||||||||||||||||||||
Various locations, 8 Units | Natural Gas | Various | 251 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Cabin Creek-Georgetown, CO | |||||||||||||||||||||||
Pumped Storage, 2 Units | Hydro | 1967 | 210 | ||||||||||||||||||||
Various locations, 8 Units | Hydro | Various | 25 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Rush Creek, CO, 300 units | Wind | 2018 | 582 | (g) | |||||||||||||||||||
Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | (g) | |||||||||||||||||||
Total | 6,228 |
SPS Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1957 - 1965 | 225 | ||||||||||||||||||||
Harrington-Amarillo, TX, 3 Units (b) | Coal | 1976 - 1980 | 1,018 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 1971 - 1974 | 486 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1967 | 112 | ||||||||||||||||||||
Nichols-Amarillo, TX, 3 Units | Natural Gas | 1960 - 1968 | 457 | ||||||||||||||||||||
Plant X-Earth, TX, 4 Units | Natural Gas | 1952 - 1964 | 298 | ||||||||||||||||||||
Tolk-Muleshoe, TX, 2 Units (d) | Coal | 1982 - 1985 | 1,067 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1997 | 207 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 2011 - 2013 | 334 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1963 - 1976 | 61 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Hale-Plainview, TX, 239 Units | Wind | 2019 | 477 | (c) | |||||||||||||||||||
Sagamore-Dora, NM, 240 Units | Wind | 2020 | 507 | (c) | |||||||||||||||||||
Total | 5,249 |
Conductor Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | ||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
500 KV | 2,915 | — | — | — | ||||||||||||||||||||||
345 KV | 13,570 | 2,943 | 4,978 | 11,688 | ||||||||||||||||||||||
230 KV | 2,300 | — | 12,141 | 9,763 | ||||||||||||||||||||||
161 KV | 640 | 1,778 | — | — | ||||||||||||||||||||||
138 KV | — | — | 92 | — | ||||||||||||||||||||||
115 KV | 8,086 | 1,818 | 5,075 | 14,880 | ||||||||||||||||||||||
Less than 115 KV | 6,644 | 5,870 | 1,830 | 4,423 | ||||||||||||||||||||||
Total Transmission | 34,155 | 12,409 | 24,116 | 40,754 | ||||||||||||||||||||||
Distribution | ||||||||||||||||||||||||||
Less than 115 KV | 81,406 | 27,701 | 78,712 | 22,651 | ||||||||||||||||||||||
Total | 115,561 | 40,110 | 102,828 | 63,405 |
NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | |||||||||||||||||||||||
Quantity | 354 | 204 | 237 | 458 |
Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | WGI | |||||||||||||||||||||||||||
Transmission | 85 | 3 | 2,174 | 20 | 11 | |||||||||||||||||||||||||||
Distribution | 10,741 | 2,526 | 23,243 | — | — |
ITEM 3 — LEGAL PROCEEDINGS |
ITEM 4 — MINE SAFETY DISCLOSURES |
ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
ITEM 6 — [RESERVED] |
ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Results of Operations |
2021 | 2020 | |||||||||||||
Diluted Earnings (Loss) Per Share | GAAP and Ongoing Diluted EPS | GAAP and Ongoing Diluted EPS | ||||||||||||
PSCo | $ | 1.22 | $ | 1.11 | ||||||||||
NSP-Minnesota | 1.12 | 1.12 | ||||||||||||
SPS | 0.59 | 0.56 | ||||||||||||
NSP-Wisconsin | 0.20 | 0.20 | ||||||||||||
Earnings from equity method investments — WYCO | 0.05 | 0.05 | ||||||||||||
Regulated utility (a) | 3.18 | 3.04 | ||||||||||||
Xcel Energy Inc. and Other | (0.22) | (0.25) | ||||||||||||
Total (a) | $ | 2.96 | $ | 2.79 |
2021 vs. 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings (Loss) Per Share | Dec. 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GAAP and
0.26 | Lower ETR (a) 0.17 | Higher natural gas revenues, net of |
(0.03) | Lower AFUDC | (0.10) | Higher depreciation and | (0.24) | Other |
— 2021
|
2021 | 2020 | |||||||||||||
ROE | GAAP and Ongoing ROE | GAAP and Ongoing ROE | ||||||||||||
NSP-Minnesota | 8.45 | % | 9.20 | % | ||||||||||
PSCo | 8.23 | 8.06 | ||||||||||||
SPS | 9.22 | 9.54 | ||||||||||||
NSP-Wisconsin | 9.92 | 10.52 | ||||||||||||
Operating Companies | 8.58 | 8.87 | ||||||||||||
Xcel Energy | 10.58 | 10.59 |
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||
HDD | (6.6) | % | (3.1) | % | (4.3) | % | |||||||||||
CDD | 12.2 | 22.2 | (9.2) | ||||||||||||||
THI | 26.8 | 6.3 | 20.7 |
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||
Retail electric | $ | 0.096 | $ | 0.090 | $ | 0.006 | |||||||||||
Decoupling and sales true-up | (0.066) | (0.041) | (0.025) | ||||||||||||||
Electric total | $ | 0.030 | $ | 0.049 | $ | (0.019) | |||||||||||
Firm natural gas | (0.025) | (0.011) | (0.014) | ||||||||||||||
Total | $ | 0.005 | $ | 0.038 | $ | (0.033) |
2021 vs. 2020 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | — | % | 2.2 | % | (4.7) | % | 0.5 | % | 0.3 | % | ||||||||||||||||||||||
Electric C&I | 0.4 | 2.3 | 2.9 | 3.6 | 2.0 | |||||||||||||||||||||||||||
Total retail electric sales | 0.3 | 2.2 | 1.4 | 2.7 | 1.4 | |||||||||||||||||||||||||||
Firm natural gas sales | (1.1) | (4.0) | N/A | (5.0) | (2.2) |
2021 vs. 2020 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.5 | % | 0.3 | % | (1.0) | % | (0.2) | % | 0.5 | % | ||||||||||||||||||||||
Electric C&I | 0.4 | 1.7 | 3.3 | 3.3 | 1.9 | |||||||||||||||||||||||||||
Total retail electric sales | 0.8 | 1.2 | 2.5 | 2.2 | 1.4 | |||||||||||||||||||||||||||
Firm natural gas sales | 1.3 | (2.2) | N/A | (4.1) | (0.1) |
2021 vs. 2020 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.7 | % | 0.6 | % | (0.7) | % | 0.1 | % | 0.8 | % | ||||||||||||||||||||||
Electric C&I | 0.7 | 1.9 | 3.6 | 3.6 | 2.1 | |||||||||||||||||||||||||||
Total retail electric sales | 1.1 | 1.5 | 2.7 | 2.5 | 1.7 | |||||||||||||||||||||||||||
Firm natural gas sales | 1.8 | (1.7) | N/A | (3.6) | 0.4 |
Steam: | |||||||||||||||||||||||
A.S. King-Bayport, MN, 1 Unit(f) | Coal | 1968 | 511 | ||||||||||||||||||||
Sherco-Becker, MN(e) | |||||||||||||||||||||||
Unit 1 | Coal | 1976 | 680 | ||||||||||||||||||||
Unit 2 | Coal | 1977 | 682 | ||||||||||||||||||||
Unit 3 | Coal | 1987 | 517 | (b) | |||||||||||||||||||
Monticello, MN, 1 Unit | Nuclear | 1971 | 617 | ||||||||||||||||||||
PI-Welch, MN | |||||||||||||||||||||||
Unit 1 | Nuclear | 1973 | 521 | ||||||||||||||||||||
Unit 2 | Nuclear | 1974 | 519 | ||||||||||||||||||||
Various locations, 4 Units | Wood/Refuse | Various | 36 | (c) | |||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Angus Anson-Sioux Falls, SD, 3 Units | Natural Gas | 1994 - 2005 | 327 | ||||||||||||||||||||
Black Dog-Burnsville, MN, 3 Units | Natural Gas | 1987 - 2018 | 494 | ||||||||||||||||||||
Blue Lake-Shakopee, MN, 6 Units | Natural Gas | 1974 - 2005 | 447 | ||||||||||||||||||||
High Bridge-St. Paul, MN, 3 Units | Natural Gas | 2008 | 530 | ||||||||||||||||||||
Inver Hills-Inver Grove Heights, MN, 6 Units | Natural Gas | 1972 | 252 | ||||||||||||||||||||
Riverside-Minneapolis, MN, 3 Units | Natural Gas | 2009 | 454 | ||||||||||||||||||||
Various locations, 7 Units | Natural Gas | Various | 10 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Blazing Star 1-Lincoln County, MN, 100 Units | Wind | 2020 | 200 | (d) | |||||||||||||||||||
Blazing Star 2-Lincoln County, MN, 100 Units | Wind | 2021 | 200 | (d) | |||||||||||||||||||
Border-Rolette County, ND, 75 Units | Wind | 2015 | 148 | (d) | |||||||||||||||||||
Community Wind North-Lincoln County, MN, 12 Units | Wind | 2020 | 26 | (d) | |||||||||||||||||||
Courtenay Wind-Stutsman County, ND, 100 Units | Wind | 2016 | 190 | (d) | |||||||||||||||||||
Crowned Ridge 2-Grant County, SD, 88 Units | Wind | 2020 | 192 | (d) | |||||||||||||||||||
Foxtail-Dickey County, ND, 75 Units | Wind | 2019 | 150 | (d) | |||||||||||||||||||
Freeborn-Freeborn County, MN, 100 Units | Wind | 2021 | 200 | (d) | |||||||||||||||||||
Grand Meadow-Mower County, MN, 67 Units | Wind | 2008 | 99 | (d) | |||||||||||||||||||
Jeffers-Cottonwood County, MN, 20 Units | Wind | 2020 | 43 | (d) | |||||||||||||||||||
Lake Benton-Pipestone County, MN, 44 Units | Wind | 2019 | 99 | (d) | |||||||||||||||||||
Mower-Mower County, MN, 43 Units | Wind | 2021 | 91 | (d) | |||||||||||||||||||
Nobles-Nobles County, MN, 134 Units | Wind | 2010 | 197 | (d) | |||||||||||||||||||
Pleasant Valley-Mower County, MN, 100 Units | Wind | 2015 | 196 | (d) | |||||||||||||||||||
Total | 8,628 | ||||||||||||||||||||||
NSP-Wisconsin Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Bay Front-Ashland, WI, 2 Units | Wood/Natural Gas | 1948 - 1956 | 41 | ||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Wood/Refuse | 1940 - 1948 | 16 | (b) | |||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
French Island-La Crosse, WI, 2 Units | Oil | 1974 | 122 | ||||||||||||||||||||
Wheaton-Eau Claire, WI, 5 Units | Natural Gas/Oil | 1973 | 234 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Various locations, 63 Units | Hydro | Various | 135 | ||||||||||||||||||||
Total | 548 |
PSCo Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Comanche-Pueblo, CO (b) | |||||||||||||||||||||||
Unit 1 | Coal | 1973 | 325 | ||||||||||||||||||||
Unit 2 | Coal | 1975 | 335 | ||||||||||||||||||||
Unit 3 | Coal | 2010 | 500 | (c) | |||||||||||||||||||
Craig-Craig, CO, 2 Units (d) | Coal | 1979 - 1980 | 82 | (e) | |||||||||||||||||||
Hayden-Hayden, CO, 2 Units | Coal | 1965 - 1976 | 233 | (f) | |||||||||||||||||||
Pawnee-Brush, CO, 1 Unit | Coal | 1981 | 505 | ||||||||||||||||||||
Cherokee-Denver, CO, 1 Unit | Natural Gas | 1968 | 310 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Blue Spruce-Aurora, CO, 2 Units | Natural Gas | 2003 | 264 | ||||||||||||||||||||
Cherokee-Denver, CO, 3 Units | Natural Gas | 2015 | 576 | ||||||||||||||||||||
Fort St. Vrain-Platteville, CO, 6 Units | Natural Gas | 1972 - 2009 | 973 | ||||||||||||||||||||
Rocky Mountain-Keenesburg, CO, 3 Units | Natural Gas | 2004 | 580 | ||||||||||||||||||||
Various locations, 8 Units | Natural Gas | Various | 251 | ||||||||||||||||||||
Hydro: | |||||||||||||||||||||||
Cabin Creek-Georgetown, CO | |||||||||||||||||||||||
Pumped Storage, 2 Units | Hydro | 1967 | 210 | ||||||||||||||||||||
Various locations, 8 Units | Hydro | Various | 25 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Rush Creek, CO, 300 units | Wind | 2018 | 582 | (g) | |||||||||||||||||||
Cheyenne Ridge, CO, 229 units | Wind | 2020 | 477 | (g) | |||||||||||||||||||
Total | 6,228 |
SPS Station, Location and Unit at Dec. 31, 2021 | Fuel | Installed | MW (a) | ||||||||||||||||||||
Steam: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1957 - 1965 | 225 | ||||||||||||||||||||
Harrington-Amarillo, TX, 3 Units (b) | Coal | 1976 - 1980 | 1,018 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 1971 - 1974 | 486 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1967 | 112 | ||||||||||||||||||||
Nichols-Amarillo, TX, 3 Units | Natural Gas | 1960 - 1968 | 457 | ||||||||||||||||||||
Plant X-Earth, TX, 4 Units | Natural Gas | 1952 - 1964 | 298 | ||||||||||||||||||||
Tolk-Muleshoe, TX, 2 Units (d) | Coal | 1982 - 1985 | 1,067 | ||||||||||||||||||||
Combustion Turbine: | |||||||||||||||||||||||
Cunningham-Hobbs, NM, 2 Units | Natural Gas | 1997 | 207 | ||||||||||||||||||||
Jones-Lubbock, TX, 2 Units | Natural Gas | 2011 - 2013 | 334 | ||||||||||||||||||||
Maddox-Hobbs, NM, 1 Unit | Natural Gas | 1963 - 1976 | 61 | ||||||||||||||||||||
Wind: | |||||||||||||||||||||||
Hale-Plainview, TX, 239 Units | Wind | 2019 | 477 | (c) | |||||||||||||||||||
Sagamore-Dora, NM, 240 Units | Wind | 2020 | 507 | (c) | |||||||||||||||||||
Total | 5,249 |
Conductor Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | ||||||||||||||||||||||
Transmission | ||||||||||||||||||||||||||
500 KV | 2,915 | — | — | — | ||||||||||||||||||||||
345 KV | 13,570 | 2,943 | 4,978 | 11,688 | ||||||||||||||||||||||
230 KV | 2,300 | — | 12,141 | 9,763 | ||||||||||||||||||||||
161 KV | 640 | 1,778 | — | — | ||||||||||||||||||||||
138 KV | — | — | 92 | — | ||||||||||||||||||||||
115 KV | 8,086 | 1,818 | 5,075 | 14,880 | ||||||||||||||||||||||
Less than 115 KV | 6,644 | 5,870 | 1,830 | 4,423 | ||||||||||||||||||||||
Total Transmission | 34,155 | 12,409 | 24,116 | 40,754 | ||||||||||||||||||||||
Distribution | ||||||||||||||||||||||||||
Less than 115 KV | 81,406 | 27,701 | 78,712 | 22,651 | ||||||||||||||||||||||
Total | 115,561 | 40,110 | 102,828 | 63,405 |
NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | |||||||||||||||||||||||
Quantity | 354 | 204 | 237 | 458 |
Miles | NSP-Minnesota | NSP-Wisconsin | PSCo | SPS | WGI | |||||||||||||||||||||||||||
Transmission | 85 | 3 | 2,174 | 20 | 11 | |||||||||||||||||||||||||||
Distribution | 10,741 | 2,526 | 23,243 | — | — |
ITEM 3 — LEGAL PROCEEDINGS | ||||||||
ITEM 4 — MINE SAFETY DISCLOSURES |
ITEM 5 — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
ITEM 6 — [RESERVED] |
ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||||||
Results of Operations |
2021 | 2020 | |||||||||||||
Diluted Earnings (Loss) Per Share | GAAP and Ongoing Diluted EPS | GAAP and Ongoing Diluted EPS | ||||||||||||
PSCo | $ | 1.22 | $ | 1.11 | ||||||||||
NSP-Minnesota | 1.12 | 1.12 | ||||||||||||
SPS | 0.59 | 0.56 | ||||||||||||
NSP-Wisconsin | 0.20 | 0.20 | ||||||||||||
Earnings from equity method investments — WYCO | 0.05 | 0.05 | ||||||||||||
Regulated utility (a) | 3.18 | 3.04 | ||||||||||||
Xcel Energy Inc. and Other | (0.22) | (0.25) | ||||||||||||
Total (a) | $ | 2.96 | $ | 2.79 |
2021 vs. 2020 | ||||||||
Diluted Earnings (Loss) Per Share | Dec. 31 | |||||||
GAAP and ongoing diluted EPS — 2020 | $ | 2.79 | ||||||
Components of change — 2021 vs. 2020 | ||||||||
Higher electric revenues, net of electric fuel and purchased power | 0.26 | |||||||
Lower ETR (a) | 0.17 | |||||||
Higher natural gas revenues, net of cost of natural gas sold and transported | 0.15 | |||||||
Changes in taxes (other than income taxes) | (0.03) | |||||||
Lower AFUDC | (0.10) | |||||||
Higher depreciation and amortization | (0.24) | |||||||
Other (net) | (0.04) | |||||||
GAAP and ongoing diluted EPS — 2021 | $ | 2.96 |
2021 | 2020 | |||||||||||||
ROE | GAAP and Ongoing ROE | GAAP and Ongoing ROE | ||||||||||||
NSP-Minnesota | 8.45 | % | 9.20 | % | ||||||||||
PSCo | 8.23 | 8.06 | ||||||||||||
SPS | 9.22 | 9.54 | ||||||||||||
NSP-Wisconsin | 9.92 | 10.52 | ||||||||||||
Operating Companies | 8.58 | 8.87 | ||||||||||||
Xcel Energy | 10.58 | 10.59 |
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||
HDD | (6.6) | % | (3.1) | % | (4.3) | % | |||||||||||
CDD | 12.2 | 22.2 | (9.2) | ||||||||||||||
THI | 26.8 | 6.3 | 20.7 |
2021 vs. Normal | 2020 vs. Normal | 2021 vs. 2020 | |||||||||||||||
Retail electric | $ | 0.096 | $ | 0.090 | $ | 0.006 | |||||||||||
Decoupling and sales true-up | (0.066) | (0.041) | (0.025) | ||||||||||||||
Electric total | $ | 0.030 | $ | 0.049 | $ | (0.019) | |||||||||||
Firm natural gas | (0.025) | (0.011) | (0.014) | ||||||||||||||
Total | $ | 0.005 | $ | 0.038 | $ | (0.033) |
2021 vs. 2020 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||||||
Electric residential | — | % | 2.2 | % | (4.7) | % | 0.5 | % | 0.3 | % | ||||||||||||||||||||||
Electric C&I | 0.4 | 2.3 | 2.9 | 3.6 | 2.0 | |||||||||||||||||||||||||||
Total retail electric sales | 0.3 | 2.2 | 1.4 | 2.7 | 1.4 | |||||||||||||||||||||||||||
Firm natural gas sales | (1.1) | (4.0) | N/A | (5.0) | (2.2) |
2021 vs. 2020 | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.5 | % | 0.3 | % | (1.0) | % | (0.2) | % | 0.5 | % | ||||||||||||||||||||||
Electric C&I | 0.4 | 1.7 | 3.3 | 3.3 | 1.9 | |||||||||||||||||||||||||||
Total retail electric sales | 0.8 | 1.2 | 2.5 | 2.2 | 1.4 | |||||||||||||||||||||||||||
Firm natural gas sales | 1.3 | (2.2) | N/A | (4.1) | (0.1) |
2021 vs. 2020 (2020 Leap Year Adjusted) | ||||||||||||||||||||||||||||||||
PSCo | NSP-Minnesota | SPS | NSP-Wisconsin | Xcel Energy | ||||||||||||||||||||||||||||
Weather-normalized | ||||||||||||||||||||||||||||||||
Electric residential | 1.7 | % | 0.6 | % | (0.7) | % | 0.1 | % | 0.8 | % | ||||||||||||||||||||||
Electric C&I | 0.7 | 1.9 | 3.6 | 3.6 | 2.1 | |||||||||||||||||||||||||||
Total retail electric sales | 1.1 | 1.5 | 2.7 | 2.5 | 1.7 | |||||||||||||||||||||||||||
Firm natural gas sales | 1.8 | (1.7) | N/A | (3.6) | 0.4 |
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Electric revenues | $ | 11,205 | $ | 9,802 | ||||||||||
Electric fuel and purchased power | (4,733) | (3,512) | ||||||||||||
Electric margin | $ | 6,472 | $ | 6,290 |
(Millions of Dollars) | 2021 vs. 2020 | |||||||
Non-fuel riders | $ | 221 | ||||||
Regulatory rate outcomes (Texas, Wisconsin, Colorado, New Mexico and North Dakota) | 114 | |||||||
Proprietary commodity trading, net of sharing (a) | 40 | |||||||
Sales and demand (b) | 29 | |||||||
PTCs flowed back to customers (offset by lower ETR) | (149) | |||||||
Texas 2019 rate case surcharge (c) | (70) | |||||||
Estimated impact of weather (net of decoupling/sales true-up) | (12) | |||||||
Other (net) | 9 | |||||||
Increase in electric margin | $ | 182 | ||||||
(Millions of Dollars) | 2021 | 2020 | ||||||||||||
Natural gas revenues | $ | 2,132 | $ | 1,636 | ||||||||||
Cost of natural gas sold and transported | (1,081) | (689) | ||||||||||||
Natural gas margin | $ | 1,051 | $ | 947 |
(Millions of Dollars) | 2021 vs. 2020 | |||||||
Regulatory rate outcomes (Colorado and North Dakota) | $ | 90 | ||||||
Infrastructure and integrity riders | 12 | |||||||
Conservation incentive | 3 | |||||||
Estimated impact of weather | (10) | |||||||
Other (net) | 9 | |||||||
Increase in natural gas margin | $ | 104 |
Contribution (Millions of Dollars) | ||||||||||||||
2021 | 2020 | |||||||||||||
Xcel Energy Inc. financing costs | $ | (129) | $ | (147) | ||||||||||
MEC (a) | — | 15 | ||||||||||||
Venture Holdings (b) | 21 | 4 | ||||||||||||
Xcel Energy Inc. taxes and other results | (12) | (5) | ||||||||||||
Total Xcel Energy Inc. and other costs | $ | (120) | $ | (133) |
Contribution (Diluted Earnings (Loss) Per Share) | ||||||||||||||
2021 | 2020 | |||||||||||||
Xcel Energy Inc. financing costs | $ | (0.24) | $ | (0.28) | ||||||||||
MEC (a) | — | 0.03 | ||||||||||||
Venture Holdings (b) | 0.04 | 0.01 | ||||||||||||
Xcel Energy Inc. taxes and other results | (0.02) | (0.01) | ||||||||||||
Total Xcel Energy Inc. and other costs | $ | (0.22) | $ | (0.25) |
Public Utility Regulation |
Regulatory Body / RTO | Additional Information | |||||||
MPUC | Retail rates, services, security issuances, property transfers, mergers, disposition of assets, affiliate transactions, and other aspects of electric and natural gas operations. Reviews and approves Integrated Resource Plans for meeting future energy needs. Certifies the need and siting for generating plants greater than 50 MW and transmission lines greater than 100 KV in Minnesota. Reviews and approves natural gas supply plans. Pipeline safety compliance. | |||||||
NDPSC | Retail rates, services and other aspects of electric and natural gas operations. Regulatory authority over generation and transmission facilities, along with the siting and routing of new generation and transmission facilities in North Dakota. Pipeline safety compliance. | |||||||
South Dakota Public Utilities Commission | Retail rates, services and other aspects of electric operations. Regulatory authority over generation and transmission facilities, along with the siting and routing of new generation and transmission facilities in South Dakota. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, hydroelectric licensing, accounting practices, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transfers and mergers, and natural gas transactions in interstate commerce. | |||||||
MISO | NSP-Minnesota is a transmission owning member of the MISO RTO and operates within the MISO RTO and wholesale markets. NSP-Minnesota makes wholesale sales in other RTO markets at market-based rates. NSP-Minnesota and NSP-Wisconsin also make wholesale electric sales at market-based prices to customers outside of their balancing authority as jointly authorized by the FERC. | |||||||
DOT | Pipeline safety compliance. | |||||||
Minnesota Office of Pipeline Safety | Pipeline safety compliance. |
Minnesota, North Dakota and South Dakota include a FCA for monthly billing adjustments to recover changes in prudently incurred costs of fuel related items and purchased energy. Capacity costs are recovered through base rates and are not recovered through the FCA. MISO costs are generally recovered through either the FCA or base rates. | ||||||||||||||
Purchased Gas Adjustment | Provides for prospective monthly rate adjustments for costs of purchased natural gas, transportation and storage service. Includes a true-up process for difference between projected and actual costs. | |||||||||||||
GUIC Rider | Recovers costs for transmission and distribution pipeline integrity management programs, including funding for pipeline assessments, deferred costs for sewer separation and pipeline integrity management programs in Minnesota. | |||||||||||||
Sales True-up | In February 2022, NSP-Minnesota filed the 2021 sales true-up compliance report, resulting in a total surcharge of $59 million. An MPUC ruling is anticipated in the second quarter of 2022. In their current rate case, NSP-Minnesota has proposed a sales true-up mechanism for 2022 and beyond that would operate similarly to the 2021 sales true-up. Under the stay-out petition, 2021 NSP-Minnesota jurisdictional earnings was capped at a 9.06% ROE. Any excess earnings are required to | |||||||||||||
In December 2021, the MPUC approved the requested interim rates of $25 million, subject to refund, beginning on Jan. 1, 2022. The next steps in the procedural schedule are expected to be as follows: •Intervenor testimony: Aug. 30, 2022. •Rebuttal testimony: Oct. 4, 2022. •Public hearing: Nov. 1-4, 2022. •ALJ Report: Feb. 6, 2023. •MPUC Order: April 26, 2023. 2022 Minnesota Electric Rate Case — In October 2021, NSP-Minnesota filed a three-year electric rate case with the MPUC. The rate case is based on a requested ROE of 10.2%, a 52.50% equity ratio and forward test years. The request is detailed as follows:
In addition, NSP-Minnesota requested interim rates, subject to refund, of $288 million to be implemented in January 2022 and an incremental $135 million to be implemented in January 2023. In December 2021, the MPUC approved rates of $247 million to begin on Jan. 1, 2022. The adjusted level reflects exigent circumstances from the COVID-19 pandemic. The next steps in the procedural schedule are expected to be as follows: •Intervenor testimony: Oct. 3, 2022. •Rebuttal testimony: Nov. 8, 2022. •Public hearing: Dec. 13-16, 2022. •ALJ Report: March 31, 2023. •MPUC Order: June 30, 2023. 2021 North Dakota Natural Gas Rate Case — In September 2021, NSP-Minnesota filed a request with the NDPSC for a natural gas rate increase of $7 million, or 10.49%. The filing is based on a requested ROE of 10.5%, an equity ratio of 52.54%, a 2022 forecast test year and a rate base of approximately $140 million. Interim rates of $7 million, subject to refund, were implemented on Nov. 1, 2021. An NDPSC decision is expected in early fall 2022. The next steps in the procedural schedule are expected to be as follows: •Intervenor testimony: March 1, 2022 •Rebuttal testimony: April 1, 2022 •Hearings: June 1-3, 2022 2020 North Dakota Electric Rate Case — In November 2020, NSP-Minnesota filed a rate case with the NDPSC seeking a rate increase of $19 million based on a ROE of 10.2%, an equity ratio of 52.5% and rate base of $677 million. In August 2021, the NDPSC approved a settlement between NSP-Minnesota and various parties, which includes the following, effective Jan. 1, 2021: •Base revenue increase of $7 million. •ROE of 9.5%. •Equity ratio of 52.5%. •Deferral of advanced grid intelligence and security initiative capital and O&M expenses. •An earnings cap mechanism, which would return to customers 100% of earnings equal to or in excess of 9.75% ROE, effective until the next rate case. 30 Minnesota Relief and Recovery— In 2020, the MPUC opened a docket and invited utilities in the state to submit potential projects that would create jobs and help jump start the economy to offset the impacts of COVID-19. The status of the various proposals is listed below: •In January 2021, the MPUC approved NSP-Minnesota’s request for the repowering of 651 MW of owned wind projects and 20 MW of wind projects under PPAs. These projects are estimated to save customers approximately $160 million over the next 25 years. •In April 2021, NSP-Minnesota proposed to add 460 MW of solar facilities at the Sherco site with an incremental investment of approximately $575 million. An MPUC decision is expected by the third quarter of 2022. •In June 2021, the MPUC approved NSP-Minnesota’s proposal to acquire a repowered wind farm from ALLETE, Inc. •The MPUC is also considering NSP-Minnesota’s revised proposal to provide $40 million of incremental electric vehicle rebates. Minnesota Resource Plan—In July 2019, NSP-Minnesota filed its Minnesota resource plan, which runs through 2034. On Feb. 8, 2022, the MPUC approved the following: •10-year extension for the Monticello nuclear facility. •Retirement of the A.S. King plant in 2028 and Sherco 3 in 2030. •NSP-Minnesota ownership of Sherco and A.S. King gen-tie lines plus additional renewable resources on the lines up to its current interconnection rights (2,000 MW for Sherco and 600 MW for A.S. King). •The need for 2,150 MW of new wind and 2,500 MW of new solar by 2032, as well as additional renewable generation of 1,100 MW beyond 2032. •Recognition of the need for 800 MW of additional firm dispatchable resources between 2027 and 2029. The dispatchable generation will need to be approved through a CON process. The next Minnesota resource plan is due on Feb. 1, 2024. 2022 RES Electric Rider — In November 2021, NSP-Minnesota filed the RES Rider. The requested amount of $264 million includes a true-up (2020 and 2021 riders) of $154 million and the 2022 requested amount of $110 million. The filing included a ROE of 9.06%. An MPUC decision is pending. 2021 RES Electric Rider — In November 2020, NSP-Minnesota filed the RES Rider. The requested amount of $189 million includes a true-up (2019 and 2020 riders) of $96 million and the 2021 requested amount of $93 million. The filing included a ROE of 9.06%. An MPUC decision is pending. 2022 GUIC Natural Gas Rider — In October 2021, NSP-Minnesota filed the GUIC Rider for an amount of $27 million based on a ROE of 9.04%. An MPUC decision is pending. 2021 GUIC Natural Gas Rider — In October 2020, NSP-Minnesota filed the GUIC Rider for an amount of $27 million based on a ROE of 9.04%. An MPUC decision is pending. 2022 TCR Electric Rider — In November 2021, NSP-Minnesota filed the TCR Rider for an amount of $105 million based on a ROE of 9.06%. An MPUC decision is pending. 2020 TCR Electric Rider — In November 2019, NSP-Minnesota filed the TCR Rider for an amount of $82 million based on a ROE of 9.06%, which was approved by the MPUC in December 2021. FERC NOPR on ROE Incentive Adders — In April 2021, the FERC issued a NOPR proposing to limit collection of ROE incentive adders for RTO membership to the first three years after an entity begins participation in an RTO. If adopted as a final rule, NSP-Minnesota (as well as NSP-Wisconsin and SPS) would prospectively discontinue charging their current 50 basis point ROE incentive adders. Amounts related to a discontinuance of the adder would ultimately be offset by an increase in retail rates, subject to future rate cases. | (in millions) | Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Body / RTO | Additional Information | |||||||
PSCW | Retail rates, services and other aspects of electric and natural gas operations. Certifies the need for new generating plants and electric transmission lines before the facilities may be sited and built. The PSCW has a biennial base rate filing requirement. By June of each odd numbered year, NSP-Wisconsin must submit a rate filing for the test year beginning the following January. Pipeline safety compliance. | |||||||
MPSC | Retail rates, services and other aspects of electric and natural gas operations. Certifies the need for new generating plants and electric transmission lines before the facilities may be sited and built. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, hydroelectric generation licensing, accounting practices, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transactions and mergers and natural gas transactions in interstate commerce. | |||||||
MISO | NSP-Wisconsin is a transmission owning member of the MISO RTO that operates within the MISO RTO and wholesale energy market. NSP-Wisconsin and NSP-Minnesota are jointly authorized by the FERC to make wholesale electric sales at market-based prices. | |||||||
DOT | Pipeline safety compliance. |
Mechanism | Additional Information | |||||||
Annual Fuel Cost Plan | NSP-Wisconsin does not have an automatic electric fuel adjustment clause. Under Wisconsin rules, utilities submit a forward-looking annual fuel cost plan to the PSCW. Once the PSCW approves the plan, utilities defer the amount of any fuel cost under-recovery or over-recovery in excess of a 2% annual tolerance band, for future rate recovery or refund. Approval of a fuel cost plan and any rate adjustment for refund or recovery of deferred costs is determined by the PSCW. Rate recovery of deferred fuel cost is subject to an earnings test based on the most recently authorized ROE. Under-collections that exceed the 2% annual tolerance band may not be recovered if the utility earnings for that year exceed the authorized ROE. | |||||||
Power Supply Cost Recovery Factors | NSP-Wisconsin’s retail electric rate schedules for Michigan customers include power supply cost recovery factors, based on 12-month projections. After each 12-month period, a reconciliation is submitted whereby over-recoveries are refunded and any under-recoveries are collected from customers. | |||||||
Wisconsin Energy Efficiency Program | The primary energy efficiency program is funded by the utilities, but operated by independent contractors subject to oversight by the PSCW and utilities. NSP-Wisconsin recovers these costs from customers. | |||||||
A retail cost-recovery mechanism to recover the actual cost of natural gas, transportation, and storage services. | ||||||||
Natural Gas Cost-Recovery Factor (MI) | NSP-Wisconsin’s natural gas rates for Michigan customers include a natural gas cost-recovery factor, based on 12-month projections and trued-up to actual amounts on an annual basis. |
Regulatory Body / RTO | Additional Information on Regulatory Authority | |||||||
CPUC | Retail rates, accounts, services, issuance of securities and other aspects of electric, natural gas and steam operations. Pipeline safety compliance. | |||||||
FERC | Wholesale electric operations, accounting practices, hydroelectric licensing, wholesale sales for resale, transmission of electricity in interstate commerce, compliance with the NERC electric reliability standards, asset transactions and mergers and natural gas transactions in interstate commerce. Wholesale electric sales at cost-based prices to customers inside PSCo’s balancing authority area and at market-based prices to customers outside PSCo’s balancing authority area. PSCo holds a FERC certificate that allows it to transport natural gas in interstate commerce without PSCo becoming subject to full FERC jurisdiction. | |||||||
RTO | PSCo is not presently a member of an RTO and does not operate within an RTO energy market. However, PSCo does make certain sales to other RTO’s, including SPP and participates in a joint dispatch agreement with neighboring utilities. | |||||||
DOT | Pipeline safety compliance. | |||||||
SPP Western Energy Imbalance Service Market | Balances generation and load regionally and in real time for participants in the Western Interconnection |
Mechanism | Additional Information | |||||||
ECA | Recovers fuel and purchased energy costs. Short-term sales margins are shared with | |||||||
Recovers purchased capacity payments. | ||||||||
Recovers fuel costs to operate the steam system. The | ||||||||
Recovers electric and gas DSM, interruptible service costs and performance initiatives for achieving energy savings goals. | ||||||||
Recovers the incremental costs of compliance with the RES with a maximum of 1% of the customer’s bill. | ||||||||
Recovers the early retirement costs of Comanche units 1 and 2 to a maximum of 1% of the customer’s bill. | ||||||||
Recovers costs for customers who choose renewable resources. | ||||||||
Recovers costs for transmission investment between rate cases. | ||||||||
Recovers costs associated with the | ||||||||
FCA | PSCo recovers fuel and purchased energy costs from wholesale electric customers through a fuel cost adjustment clause approved by the FERC. Wholesale customers pay production costs through a forecasted formula rate subject to true-up. | |||||||
GCA | Recovers costs of purchased natural gas and transportation and is revised quarterly to allow for changes in natural gas rates. | |||||||
PSIA | Recovers costs for transmission and distribution pipeline integrity management programs. | |||||||
Decoupling | Mechanism to true-up revenue to a baseline amount for residential (excluding lighting and demand) and metered non-demand small C&I classes. | |||||||
Transportation Electrification Plan | Recovers costs associated with the investment in |
Revenue Request (millions of dollars) | 2022 | |||||||||||||||||||
Changes since 2020 rate case: | ||||||||||||||||||||
Plant related investments (a) | $ | 210 | ||||||||||||||||||
Operations and maintenance, amortization and other expenses | 11 | |||||||||||||||||||
Property tax expense | 11 | |||||||||||||||||||
Sales growth | (17) | |||||||||||||||||||
Net increase to revenue | 215 | |||||||||||||||||||
Previously authorized costs: | ||||||||||||||||||||
Transfer of costs previously recovered through the PSIA rider | (108) | |||||||||||||||||||
Total base revenue request | $ | 107 | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
$ | ||||||||||||||||||||
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Forecasted annual revenue requirement | $ | 17 | $ | 24 | $ | 29 | $ | 32 | $ | 34 |
(Millions of Dollars) | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||
Forecasted annual revenue requirement | $ | 53 | $ | 69 | $ | 83 | $ | 89 | $ | 99 |
Regulatory Body / RTO | Additional Information | |||||||
PUCT | Retail electric operations, rates, services, construction of transmission or generation and other aspects of SPS’ electric operations. The municipalities in which SPS operates in Texas have original jurisdiction over rates in those communities. The municipalities’ rate setting decisions are subject to PUCT review. | |||||||
NMPRC | Retail electric operations, retail rates and services and the construction of transmission or generation. | |||||||
FERC | Wholesale electric operations, accounting practices, wholesale sales for resale, the transmission of electricity in interstate commerce, compliance with NERC electric reliability standards, asset transactions and mergers, and natural gas transactions in interstate commerce. | |||||||
SPP RTO and SPP | SPS is a transmission owning member of the SPP RTO and operates within the SPP RTO and SPP |
Mechanism | Additional Information | |||||||
Recovers distribution costs not included in rates in Texas. | ||||||||
Recovers costs for energy efficiency programs in Texas. | ||||||||
Energy Efficiency Rider | Recovers costs for energy efficiency programs in New Mexico. | |||||||
Adjusts monthly to recover actual fuel and purchased power costs in New Mexico. | ||||||||
Allows recovery of purchased power costs not included in Texas rates. | ||||||||
Recovers deferred costs for renewable energy programs in New Mexico. | ||||||||
Recovers certain transmission infrastructure improvement costs and changes in wholesale transmission charges not included in Texas base rates. | ||||||||
Fixed Fuel and Purchased Recovery Factor | Provides for the over- or under-recovery of energy expenses in Texas. Regulations require refunding or surcharging over- or under- recovery amounts, including interest, when they exceed 4% of the utility’s annual fuel and purchased energy costs on a rolling 12-month basis if this condition is expected to continue. | |||||||
Wholesale Fuel and Purchased Energy Cost Adjustment | SPS recovers fuel and purchased energy costs from its wholesale customers through a monthly wholesale fuel and purchased energy cost adjustment clause accepted by the FERC. Wholesale customers also pay the jurisdictional allocation of production costs. |
(in millions) | ||||||||||||||||||||
Other Public Utility Matters |
Utility Subsidiary | Jurisdiction | Regulatory Status | ||||||
NSP-Minnesota | Minnesota | NSP-Minnesota filed with the MPUC seeking recovery of $215 million in incremental costs from natural gas customers. In August 2021, the MPUC allowed recovery of $179 million of costs deemed to be extraordinary beginning in September 2021 over 27 months (no financing charge) and $36 million of ordinary costs over 12 months through the monthly Purchased Gas Adjustment. The $179 million in extraordinary cost recovery is subject to refund pending the outcome of a contested case before an ALJ. In December 2021, the MPUC approved extending recovery of Winter Storm Uri costs for the residential class (approximately $97 million) from a 27-month recovery period to a 63-month recovery period. New residential Winter Storm Uri rates were effective Jan. 1, 2022. In December 2021, direct testimony was received from intervenors. The DOC recommended a $127 million disallowance based on allegations including peaking plant usage, load forecasting, natural gas supply/storage and related purchases. Alternatively, the DOC recommended a $42 million disallowance if NSP-Minnesota proves it prudently managed its peaking plants. The OAG recommended a disallowance of $179 million based on allegations that NSP-Minnesota could have fully hedged its exposure to spot market prices. Alternatively, the OAG recommended a $25 million disallowance based on allegations related to specific hedges allegedly available in the market during February 2021. The CUB recommended a $69 million disallowance based on allegations related to the unavailability of NSP-Minnesota’s peaking plants, inaccuracy of load forecasting and inadequate curtailment of interruptible customers. Xcel Energy strongly disagrees with the recommendations of the DOC, OAG and CUB and believes that it acted prudently and according to MPUC approved procedures for the best interest of its customers and stakeholders. NSP-Minnesota filed rebuttal testimony in January 2022. A hearing before the ALJs assigned to the matter is scheduled for Feb. 17-23, 2022. An MPUC decision is expected in the summer of 2022. See Rate Matters and Other within Note 12 to the consolidated financial statements for further information. | ||||||
South Dakota | Winter Storm Uri had no impact on South Dakota electric costs as NSP-Minnesota was a net seller in the electric market. | |||||||
North Dakota | In June, the NDPSC approved recovery of $32 million in natural gas costs over 15 months (starting July 2021) with no financing charge. | |||||||
NSP-Wisconsin | Wisconsin | In March, the PSCW approved NSP-Wisconsin’s proposal to recover $45 million of Winter Storm Uri natural gas costs over nine months through December 2021 with no financing charge. | ||||||
Michigan | In May, the MPSC approved recovery of $2 million in natural gas costs over 10 months with no financing charge. | |||||||
PSCo | Colorado | In May, PSCo filed a request with the CPUC to recover $263 million in weather-related electric costs, $287 million in incremental natural gas costs and $4 million in incremental steam costs over 24 months with no financing charge. In September, intervenors filed testimony. The CPUC Staff recommended disallowances of approximately $99 million (electric) and $105 million (natural gas). Additionally, they proposed to net approximately $50 million of regulatory liabilities (decoupling related) from electric costs. The Utility Consumer Advocate recommended disallowances of approximately $131 million. The COEO recommended disallowances of approximately $46 million for not utilizing demand response programs during the event. In October, a partial settlement was reached with the CPUC Staff and the COEO, allowing full recovery of Winter Storm Uri deferred net natural gas, fuel and purchased energy costs of $263 million (electric utility) and $287 million (natural gas utility) over a 24-month and 30-month period, respectively, with no carrying charges through a rider mechanism. A decision is expected in the first quarter of 2022. In addition, the CPUC is considering prospective changes in fuel cost recovery. | ||||||
SPS | Texas | As part of the Texas fuel surcharge filing, SPS filed for recovery of $76 million, over 24 months, in under-collected purchased power and fuel costs through March 2021, subject to revision due to re-settlements. Of this amount, $62 million was attributed to Winter Storm Uri. In the third quarter, SPS filed a supplemental application and testimony to recover an additional $26 million in under-collected purchased power and fuel costs through June 2021 resulting primarily from SPP resettlements and continued increases in natural gas prices. In November 2021, the ALJ abated the hearing schedule to allow the parties to continue settlement negotiations. In December 2021, SPS filed its triennial Fuel Reconciliation, under which the PUCT will consider prudence of SPS’ fuel costs for the period July 2018 - June 2021, including Winter Storm Uri. In January 2022, SPS and other parties filed a stipulation/motion for interim rates. The filing covers all fuel under-collections occurring between January 2020 and August 2021, totaling $121 million. The settlement does not address the prudence of Winter Storm Uri costs nor the retention of $11 million related to market sales during the event. These items will be reviewed through the triennial Fuel Reconciliation proceeding and are subject to a final PUCT decision. Interim rates, designed to collect up to $110 million over a period of 30 months, will begin on Feb. 1, 2022. | ||||||
New Mexico | In March 2021, the NMPRC approved SPS' request to recover $26 million of fuel costs over 24 months with no financing charge, subject to NMPRC review. |
Potential Tax Reform |
Critical Accounting Policies and Estimates |
Pension Costs | Pension Costs | |||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | +1% | -1% | (Millions of Dollars) | +1% | -1% | ||||||||||||||||||||||
Rate of return | Rate of return | $ | (16) | $ | 22 | Rate of return | $ | (13) | $ | 23 | ||||||||||||||||||
Discount rate (a) | Discount rate (a) | $ | (5) | $ | 13 | Discount rate (a) | $ | 1 | $ | 15 |
Derivatives, Risk Management and Market Risk |
Futures / Forwards Maturity | Futures / Forwards Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | (Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota (a) | NSP-Minnesota (a) | $ | (2) | $ | 1 | $ | 2 | $ | 2 | $ | 3 | NSP-Minnesota (a) | $ | (4) | $ | (7) | $ | — | $ | (1) | $ | (12) | ||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota (b) | NSP-Minnesota (b) | (3) | 3 | (7) | (6) | (13) | NSP-Minnesota (b) | (1) | 3 | (9) | (8) | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo (a) | PSCo (a) | — | 1 | — | — | 1 | PSCo (a) | 6 | 6 | 1 | 1 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo (b) | PSCo (b) | (25) | (39) | (13) | — | (77) | PSCo (b) | (37) | (48) | — | — | (85) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (30) | $ | (34) | $ | (18) | $ | (4) | $ | (86) | $ | (36) | $ | (46) | $ | (8) | $ | (8) | $ | (98) |
Options Maturity | Options Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | (Millions of Dollars) | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | Greater Than 5 Years | Total Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota (b) | NSP-Minnesota (b) | $ | 1 | $ | — | $ | — | $ | 1 | $ | 2 | NSP-Minnesota (b) | $ | 1 | $ | — | $ | — | $ | 8 | $ | 9 | ||||||||||||||||||||||||||||||||||||||||||
PSCo (b) | PSCo (b) | 13 | 16 | 1 | — | 30 | PSCo (b) | 27 | 29 | — | — | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14 | $ | 16 | $ | 1 | $ | 1 | $ | 32 | $ | 28 | $ | 29 | $ | — | $ | 8 | $ | 65 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||
Fair value of commodity trading net contracts outstanding at Jan. 1 | Fair value of commodity trading net contracts outstanding at Jan. 1 | $ | (59) | $ | 17 | Fair value of commodity trading net contracts outstanding at Jan. 1 | $ | (54) | $ | (59) | ||||||||||||||||||
Contracts realized or settled during the period | Contracts realized or settled during the period | (9) | (22) | Contracts realized or settled during the period | (54) | (9) | ||||||||||||||||||||||
Commodity trading contract additions and changes during the period | Commodity trading contract additions and changes during the period | 14 | (54) | Commodity trading contract additions and changes during the period | 75 | 14 | ||||||||||||||||||||||
Fair value of commodity trading net contracts outstanding at Dec. 31 | Fair value of commodity trading net contracts outstanding at Dec. 31 | $ | (54) | $ | (59) | Fair value of commodity trading net contracts outstanding at Dec. 31 | $ | (33) | $ | (54) |
(Millions of Dollars) | (Millions of Dollars) | Year Ended Dec. 31 | VaR Limit | Average | High | Low | (Millions of Dollars) | Year Ended Dec. 31 | VaR Limit | Average | High | Low | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | $ | 1 | $ | 3 | $ | 2 | $ | 52 | $ | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | $ | 1 | $ | 3 | $ | 1 | $ | 2 | $ | 1 | 2020 | 1 | 3 | 1 | 2 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | < 1 | 3 | 1 | 1 | < 1 |
Liquidity and Capital Resources |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash provided by operating activities — | $ | |||||||
Components of change — | ||||||||
Higher net income | ||||||||
Non-cash transactions (a) | ||||||||
Changes in working capital (b) | ||||||||
Changes in net regulatory and other assets and liabilities | ||||||||
Cash provided by operating activities — | $ |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash used in investing activities — | $ | |||||||
Components of change — | ||||||||
Sale of MEC in 2020 | ||||||||
Other investing activities | ||||||||
Cash used in investing activities — | $ |
(Millions of Dollars) | Twelve Months Ended Dec. 31 | |||||||
Cash provided by financing activities — | $ | |||||||
Components of change — | ||||||||
Higher debt issuances | ||||||||
Higher dividends paid to shareholders | ||||||||
Other financing activities | ||||||||
Cash provided by financing activities — | $ |
Payments Due by Period | Payments Due by Period (as of Dec. 31, 2021) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | After 5 Years | (Millions of Dollars) | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | After 5 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, principal and interest payments | Long-term debt, principal and interest payments | $ | 34,312 | $ | 1,183 | $ | 3,249 | $ | 3,107 | $ | 26,773 | Long-term debt, principal and interest payments | $ | 37,014 | $ | 1,419 | $ | 3,323 | $ | 3,175 | $ | 29,097 | ||||||||||||||||||||||||||||||||||||||||||
Finance lease obligations | Finance lease obligations | 257 | 14 | 24 | 22 | 197 | Finance lease obligations | 242 | 12 | 24 | 19 | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases obligations (a) | Operating leases obligations (a) | 1,859 | 273 | 497 | 434 | 655 | Operating leases obligations (a) | 1,594 | 256 | 478 | 363 | 497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconditional purchase obligations (b) | Unconditional purchase obligations (b) | 5,005 | 1,366 | 1,585 | 911 | 1,143 | Unconditional purchase obligations (b) | 4,837 | 1,718 | 1,538 | 617 | 964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term obligations, including current portion | Other long-term obligations, including current portion | 637 | 74 | 63 | 60 | 440 | Other long-term obligations, including current portion | 40 | 36 | 4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other short-term obligations | Other short-term obligations | 420 | 420 | — | — | — | Other short-term obligations | 455 | 455 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | 584 | 584 | — | — | — | Short-term debt | 1,005 | 1,005 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual cash obligations | Total contractual cash obligations | $ | 43,074 | $ | 3,914 | $ | 5,418 | $ | 4,534 | $ | 29,208 | Total contractual cash obligations | $ | 45,187 | $ | 4,901 | $ | 5,367 | $ | 4,174 | $ | 30,745 |
Actual | Base Capital Forecast (Millions of Dollars) | Actual | Base Capital Forecast (Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By Regulated Utility | By Regulated Utility | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | By Regulated Utility | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2022 - 2026 Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | $ | 1,600 | $ | 1,700 | $ | 1,835 | $ | 1,750 | $ | 1,695 | $ | 1,655 | $ | 8,635 | PSCo | $ | 1,625 | $ | 1,930 | $ | 1,850 | $ | 2,070 | $ | 2,220 | $ | 1,860 | $ | 9,930 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 1,955 | 1,930 | 1,785 | 1,785 | 1,915 | 1,890 | 9,305 | NSP-Minnesota | 1,885 | 2,250 | 2,030 | 1,830 | 2,130 | 2,010 | 10,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPS | SPS | 1,180 | 505 | 710 | 770 | 735 | 675 | 3,395 | SPS | 555 | 630 | 660 | 690 | 780 | 790 | 3,550 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 235 | 360 | 430 | 395 | 515 | 470 | 2,170 | NSP-Wisconsin | 290 | 480 | 420 | 540 | 460 | 390 | 2,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (a) | Other (a) | (135) | (20) | (15) | 10 | 10 | 10 | (5) | Other (a) | 25 | (10) | — | 10 | (30) | 10 | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total base capital expenditures | Total base capital expenditures | $ | 4,835 | $ | 4,475 | $ | 4,745 | $ | 4,710 | $ | 4,870 | $ | 4,700 | $ | 23,500 | Total base capital expenditures | $ | 4,380 | $ | 5,280 | $ | 4,960 | $ | 5,140 | $ | 5,560 | $ | 5,060 | $ | 26,000 |
Actual | Base Capital Forecast (Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||||
By Function | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2022 - 2026 Total | |||||||||||||||||||||||||||||||||||||
Electric distribution | $ | 1,110 | $ | 1,485 | $ | 1,600 | $ | 1,520 | $ | 1,605 | $ | 1,720 | $ | 7,930 | ||||||||||||||||||||||||||||||
Electric transmission | 830 | 1,105 | 1,220 | 1,575 | 1,965 | 1,555 | 7,420 | |||||||||||||||||||||||||||||||||||||
Electric generation | 575 | 645 | 580 | 670 | 650 | 650 | 3,195 | |||||||||||||||||||||||||||||||||||||
Natural gas | 655 | 655 | 670 | 695 | 660 | 660 | 3,340 | |||||||||||||||||||||||||||||||||||||
Other | 610 | 725 | 545 | 450 | 340 | 450 | 2,510 | |||||||||||||||||||||||||||||||||||||
Renewables | 600 | 665 | 345 | 230 | 340 | 25 | 1,605 | |||||||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 4,380 | $ | 5,280 | $ | 4,960 | $ | 5,140 | $ | 5,560 | $ | 5,060 | $ | 26,000 |
Actual | Base Capital Forecast (Millions of Dollars) | |||||||||||||||||||||||||||||||||||||||||||
By Function | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | |||||||||||||||||||||||||||||||||||||
Electric distribution | $ | 980 | $ | 1,205 | $ | 1,440 | $ | 1,550 | $ | 1,505 | $ | 1,475 | $ | 7,175 | ||||||||||||||||||||||||||||||
Electric transmission | 695 | 870 | 1,285 | 1,285 | 1,270 | 1,290 | 6,000 | |||||||||||||||||||||||||||||||||||||
Electric generation | 445 | 630 | 575 | 560 | 750 | 975 | 3,490 | |||||||||||||||||||||||||||||||||||||
Natural gas | 580 | 615 | 615 | 665 | 670 | 625 | 3,190 | |||||||||||||||||||||||||||||||||||||
Other | 345 | 545 | 575 | 485 | 405 | 335 | 2,345 | |||||||||||||||||||||||||||||||||||||
Renewables | 1,790 | 610 | 255 | 165 | 270 | — | 1,300 | |||||||||||||||||||||||||||||||||||||
Total base capital expenditures | $ | 4,835 | $ | 4,475 | $ | 4,745 | $ | 4,710 | $ | 4,870 | $ | 4,700 | $ | 23,500 |
Incremental Capital Forecast (Millions of Dollars) (a) | ||||||||||||||||||||||||||||||||||||||
NSP-Minnesota Proposal | 2021 | 2022 | 2023 | 2024 | 2025 | 2021 - 2025 Total | ||||||||||||||||||||||||||||||||
Sherco solar | $ | 30 | $ | 200 | $ | 320 | $ | — | $ | — | $ | 550 | ||||||||||||||||||||||||||
Wind PPA buyout | 25 | 185 | — | — | — | 210 | ||||||||||||||||||||||||||||||||
Total incremental capital | $ | 55 | $ | 385 | $ | 320 | $ | — | $ | — | $ | 760 |
(Millions of Dollars) | ||||||||
Funding Capital Expenditures | ||||||||
Cash from operations (a) | $ | |||||||
New debt (b) | ||||||||
Equity through the DRIP and benefit program | ||||||||
Other equity | ||||||||
Base capital expenditures 2021 - 2025 | $ | |||||||
Maturing Debt | $ |
(Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | ||||||||||||
Fair value of pension assets | $ | 3,599 | $ | 3,184 | ||||||||||
Projected pension obligation (a) | 3,964 | 3,701 | ||||||||||||
Funded status | $ | (365) | $ | (517) |
Pension Assumptions | 2020 | 2019 | ||||||||||||
Discount rate | 2.71 | % | 3.49 | % | ||||||||||
Expected long-term rate of return | 6.49 | 6.87 |
(Amounts in Millions, Except Interest Rates) | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | |||||||||||||||||
Borrowing limit | $ | 3,100 | $ | 3,600 | $ | 3,250 | ||||||||||||||
Amount outstanding at period end | 584 | 595 | 1,038 | |||||||||||||||||
Average amount outstanding | 1,126 | 1,115 | 788 | |||||||||||||||||
Maximum amount outstanding | 2,080 | 1,780 | 1,349 | |||||||||||||||||
Weighted average interest rate, computed on a daily basis | 1.45 | % | 2.72 | % | 2.34 | % | ||||||||||||||
Weighted average interest rate at end of period | 0.23 | 2.34 | 2.97 |
(Millions of Dollars) | Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 696 | $ | 554 | $ | 2 | $ | 556 | ||||||||||||||||||||||
PSCo | 700 | 142 | 558 | 2 | 560 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 129 | 371 | 2 | 373 | |||||||||||||||||||||||||||
SPS | 500 | 341 | 159 | 1 | 160 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | 5 | 155 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 1,308 | $ | 1,792 | $ | 12 | $ | 1,804 |
(Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||
Fair value of pension assets | $ | 3,670 | $ | 3,599 | ||||||||||
Projected pension obligation (a) | 3,718 | 3,964 | ||||||||||||
Funded status | $ | (48) | $ | (365) |
Pension Assumptions | 2021 | 2020 | ||||||||||||
Discount rate | 3.08 | % | 2.71 | % | ||||||||||
Expected long-term rate of return | 6.49 | 6.49 |
Three Months Ended Dec. 31, 2021 | ||||||||
Borrowing limit | $ | 3,100 | ||||||
Amount outstanding at period end | 1,005 | |||||||
Average amount outstanding | 1,200 | |||||||
Maximum amount outstanding | 1,774 | |||||||
Weighted average interest rate, computed on a daily basis | 0.54 | % | ||||||
Weighted average interest rate at end of period | 0.31 |
(Amounts in Millions, Except Interest Rates) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | ||||||||||||||||||
Borrowing limit | $ | 3,100 | $ | 3,100 | ||||||||||||||||
Amount outstanding at period end | 1,005 | 584 | ||||||||||||||||||
Average amount outstanding | 1,399 | 1,126 | ||||||||||||||||||
Maximum amount outstanding | 2,054 | 2,080 | ||||||||||||||||||
Weighted average interest rate, computed on a daily basis | 0.57 | % | 1.45 | % | ||||||||||||||||
Weighted average interest rate at end of period | 0.31 | 0.23 |
(Millions of Dollars) | Facility (a) | Drawn (b) | Available | Cash | Liquidity | |||||||||||||||||||||||||||
Xcel Energy Inc. | $ | 1,250 | $ | 757 | $ | 493 | $ | 2 | $ | 495 | ||||||||||||||||||||||
PSCo | 700 | 26 | 674 | 22 | 696 | |||||||||||||||||||||||||||
NSP-Minnesota | 500 | 11 | 489 | 13 | 502 | |||||||||||||||||||||||||||
SPS | 500 | 235 | 265 | 3 | 268 | |||||||||||||||||||||||||||
NSP-Wisconsin | 150 | — | 150 | 3 | 153 | |||||||||||||||||||||||||||
Total | $ | 3,100 | $ | 1,029 | $ | 2,071 | $ | 43 | $ | 2,114 |
ITEM 7A — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8 — FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
/s/ | /s/ BRIAN J. VAN ABEL | |||||||||||||
Brian J. Van Abel | ||||||||||||||
Chairman, President, Chief Executive Officer and Director | Executive Vice President, Chief Financial Officer | |||||||||||||
Feb. | Feb. | |||||||||||||
/s/ DELOITTE & TOUCHE LLP | ||
Minneapolis, Minnesota | ||
February | ||
We have served as the Company’s auditor since 2002. |
Year Ended Dec. 31 | Year Ended Dec. 31 | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Operating revenues | Operating revenues | Operating revenues | ||||||||||||||||||||||||||||||||||||||
Electric | Electric | $ | 9,802 | $ | 9,575 | $ | 9,719 | Electric | $ | 11,205 | $ | 9,802 | $ | 9,575 | ||||||||||||||||||||||||||
Natural gas | Natural gas | 1,636 | 1,868 | 1,739 | Natural gas | 2,132 | 1,636 | 1,868 | ||||||||||||||||||||||||||||||||
Other | Other | 88 | 86 | 79 | Other | 94 | 88 | 86 | ||||||||||||||||||||||||||||||||
Total operating revenues | Total operating revenues | 11,526 | 11,529 | 11,537 | Total operating revenues | 13,431 | 11,526 | 11,529 | ||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||
Electric fuel and purchased power | Electric fuel and purchased power | 3,512 | 3,510 | 3,854 | Electric fuel and purchased power | 4,733 | 3,512 | 3,510 | ||||||||||||||||||||||||||||||||
Cost of natural gas sold and transported | Cost of natural gas sold and transported | 689 | 918 | 843 | Cost of natural gas sold and transported | 1,081 | 689 | 918 | ||||||||||||||||||||||||||||||||
Cost of sales — other | Cost of sales — other | 37 | 40 | 35 | Cost of sales — other | 38 | 37 | 40 | ||||||||||||||||||||||||||||||||
Operating and maintenance expenses | Operating and maintenance expenses | 2,324 | 2,338 | 2,352 | Operating and maintenance expenses | 2,321 | 2,324 | 2,338 | ||||||||||||||||||||||||||||||||
Conservation and demand side management expenses | Conservation and demand side management expenses | 288 | 285 | 290 | Conservation and demand side management expenses | 304 | 288 | 285 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,948 | 1,765 | 1,642 | Depreciation and amortization | 2,121 | 1,948 | 1,765 | ||||||||||||||||||||||||||||||||
Taxes (other than income taxes) | Taxes (other than income taxes) | 612 | 569 | 556 | Taxes (other than income taxes) | 630 | 612 | 569 | ||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 9,410 | 9,425 | 9,572 | Total operating expenses | 11,228 | 9,410 | 9,425 | ||||||||||||||||||||||||||||||||
Operating income | Operating income | 2,116 | 2,104 | 1,965 | Operating income | 2,203 | 2,116 | 2,104 | ||||||||||||||||||||||||||||||||
Other (expense) income, net | (6) | 16 | (14) | |||||||||||||||||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | 40 | 39 | 35 | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | Other income (expense), net | 5 | (6) | 16 | ||||||||||||||||||||||||||||||||||||
Earnings from equity method investments | Earnings from equity method investments | 62 | 40 | 39 | ||||||||||||||||||||||||||||||||||||
Allowance for funds used during construction — equity | Allowance for funds used during construction — equity | 115 | 77 | 108 | Allowance for funds used during construction — equity | 73 | 115 | 77 | ||||||||||||||||||||||||||||||||
Interest charges and financing costs | Interest charges and financing costs | Interest charges and financing costs | ||||||||||||||||||||||||||||||||||||||
Interest charges — includes other financing costs of $28, $26 and $25, respectively | 840 | 773 | 700 | |||||||||||||||||||||||||||||||||||||
Interest charges — includes other financing costs of $29, $28 and $26, respectively | Interest charges — includes other financing costs of $29, $28 and $26, respectively | 842 | 840 | 773 | ||||||||||||||||||||||||||||||||||||
Allowance for funds used during construction — debt | Allowance for funds used during construction — debt | (42) | (37) | (48) | Allowance for funds used during construction — debt | (26) | (42) | (37) | ||||||||||||||||||||||||||||||||
Total interest charges and financing costs | Total interest charges and financing costs | 798 | 736 | 652 | Total interest charges and financing costs | 816 | 798 | 736 | ||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 1,467 | 1,500 | 1,442 | Income before income taxes | 1,527 | 1,467 | 1,500 | ||||||||||||||||||||||||||||||||
Income tax (benefit) expense | Income tax (benefit) expense | (6) | 128 | 181 | Income tax (benefit) expense | (70) | (6) | 128 | ||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,473 | $ | 1,372 | $ | 1,261 | Net income | $ | 1,597 | $ | 1,473 | $ | 1,372 | ||||||||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | 527 | 519 | 511 | Basic | 539 | 527 | 519 | ||||||||||||||||||||||||||||||||
Diluted | Diluted | 528 | 520 | 511 | Diluted | 540 | 528 | 520 | ||||||||||||||||||||||||||||||||
Earnings per average common share: | Earnings per average common share: | Earnings per average common share: | ||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 2.79 | $ | 2.64 | $ | 2.47 | Basic | $ | 2.96 | $ | 2.79 | $ | 2.64 | ||||||||||||||||||||||||||
Diluted | Diluted | 2.79 | 2.64 | 2.47 | Diluted | 2.96 | 2.79 | 2.64 | ||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
Year Ended Dec. 31 | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Net income | $ | 1,473 | $ | 1,372 | $ | 1,261 | ||||||||||||||
Other comprehensive (loss) income | ||||||||||||||||||||
Pension and retiree medical benefits: | ||||||||||||||||||||
Net pension and retiree medical losses arising during the period, net of tax of $(2), $0 and $(2), respectively | (5) | 0 | (6) | |||||||||||||||||
Reclassification of losses to net income, net of tax of $3, $1 and $3, respectively | 10 | 3 | 9 | |||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Net fair value decrease, net of tax of $(3), $(8) and $(2), respectively | (10) | (23) | (5) | |||||||||||||||||
Reclassification of losses to net income, net of tax of $2, $1 and $1, respectively | 5 | 3 | 3 | |||||||||||||||||
Total other comprehensive (loss) income | 0 | (17) | 1 | |||||||||||||||||
Total comprehensive income | $ | 1,473 | $ | 1,355 | $ | 1,262 | ||||||||||||||
See Notes to Consolidated Financial Statements |
Year Ended Dec. 31 | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net income | $ | 1,597 | $ | 1,473 | $ | 1,372 | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Pension and retiree medical benefits: | ||||||||||||||||||||
Net pension and retiree medical losses arising during the period, net of tax of $—, $(2) and $—, respectively | — | (5) | — | |||||||||||||||||
Reclassification of losses to net income, net of tax of $3, $3 and $1, respectively | 8 | 10 | 3 | |||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Net fair value increase (decrease), net of tax of $1, $(3) and $(8), respectively | 4 | (10) | (23) | |||||||||||||||||
Reclassification of losses to net income, net of tax of $2, $2 and $1, respectively | 6 | 5 | 3 | |||||||||||||||||
Total other comprehensive income (loss) | 18 | — | (17) | |||||||||||||||||
Total comprehensive income | $ | 1,615 | $ | 1,473 | $ | 1,355 | ||||||||||||||
See Notes to Consolidated Financial Statements |
Year Ended Dec. 31 | Year Ended Dec. 31 | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||||||||||||||
Net income | Net income | $ | 1,473 | $ | 1,372 | $ | 1,261 | Net income | $ | 1,597 | $ | 1,473 | $ | 1,372 | ||||||||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,959 | 1,785 | 1,659 | Depreciation and amortization | 2,143 | 1,959 | 1,785 | ||||||||||||||||||||||||||
Nuclear fuel amortization | Nuclear fuel amortization | 123 | 119 | 122 | Nuclear fuel amortization | 114 | 123 | 119 | ||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | (8) | 143 | 218 | Deferred income taxes | (79) | (8) | 143 | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | Allowance for equity funds used during construction | (115) | (77) | (108) | Allowance for equity funds used during construction | (73) | (115) | (77) | ||||||||||||||||||||||||||
Equity earnings of unconsolidated subsidiaries | (40) | (39) | (35) | |||||||||||||||||||||||||||||||
Dividends from unconsolidated subsidiaries | 42 | 40 | 37 | |||||||||||||||||||||||||||||||
Earnings from equity method investments | Earnings from equity method investments | (62) | (40) | (39) | ||||||||||||||||||||||||||||||
Dividends from equity method investments | Dividends from equity method investments | 42 | 42 | 40 | ||||||||||||||||||||||||||||||
Provision for bad debts | Provision for bad debts | 60 | 42 | 42 | Provision for bad debts | 60 | 60 | 42 | ||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 73 | 58 | 45 | Share-based compensation expense | 31 | 73 | 58 | ||||||||||||||||||||||||||
Net realized and unrealized hedging and derivative transactions | Net realized and unrealized hedging and derivative transactions | (27) | 45 | 22 | Net realized and unrealized hedging and derivative transactions | (57) | (27) | 45 | ||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (154) | (20) | (105) | Accounts receivable | (164) | (154) | (20) | ||||||||||||||||||||||||||
Accrued unbilled revenues | Accrued unbilled revenues | (3) | 42 | 9 | Accrued unbilled revenues | (149) | (3) | 42 | ||||||||||||||||||||||||||
Inventories | Inventories | (80) | (84) | (65) | Inventories | (126) | (80) | (84) | ||||||||||||||||||||||||||
Other current assets | Other current assets | (45) | 25 | 18 | Other current assets | (34) | (45) | 25 | ||||||||||||||||||||||||||
Accounts payable | Accounts payable | (33) | (12) | 90 | Accounts payable | 138 | (33) | (12) | ||||||||||||||||||||||||||
Net regulatory assets and liabilities | Net regulatory assets and liabilities | (144) | (66) | 223 | Net regulatory assets and liabilities | (973) | (144) | (66) | ||||||||||||||||||||||||||
Other current liabilities | Other current liabilities | 29 | (15) | (61) | Other current liabilities | (1) | 29 | (15) | ||||||||||||||||||||||||||
Pension and other employee benefit obligations | Pension and other employee benefit obligations | (125) | (135) | (179) | Pension and other employee benefit obligations | (135) | (125) | (135) | ||||||||||||||||||||||||||
Other, net | Other, net | (137) | 40 | (71) | Other, net | (83) | (137) | 40 | ||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 2,848 | 3,263 | 3,122 | Net cash provided by operating activities | 2,189 | 2,848 | 3,263 | ||||||||||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||||||||||||||
Capital/construction expenditures | Capital/construction expenditures | (5,369) | (4,225) | (3,957) | Capital/construction expenditures | (4,244) | (5,369) | (4,225) | ||||||||||||||||||||||||||
Sale of MEC | Sale of MEC | 684 | 0 | 0 | Sale of MEC | — | 684 | — | ||||||||||||||||||||||||||
Purchase of investment securities | Purchase of investment securities | (1,398) | (995) | (853) | Purchase of investment securities | (757) | (1,398) | (995) | ||||||||||||||||||||||||||
Proceeds from the sale of investment securities | Proceeds from the sale of investment securities | 1,378 | 975 | 833 | Proceeds from the sale of investment securities | 743 | 1,378 | 975 | ||||||||||||||||||||||||||
Other, net | Other, net | (35) | (98) | (9) | Other, net | (29) | (35) | (98) | ||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (4,740) | (4,343) | (3,986) | Net cash used in investing activities | (4,287) | (4,740) | (4,343) | ||||||||||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||||||||||||||
(Repayments of) proceeds from short-term borrowings, net | (11) | (443) | 225 | |||||||||||||||||||||||||||||||
Proceeds from (repayments of) short-term borrowings, net | Proceeds from (repayments of) short-term borrowings, net | 421 | (11) | (443) | ||||||||||||||||||||||||||||||
Proceeds from issuances of long-term debt | Proceeds from issuances of long-term debt | 2,940 | 2,920 | 1,675 | Proceeds from issuances of long-term debt | 2,710 | 2,940 | 2,920 | ||||||||||||||||||||||||||
Repayments of long-term debt, including reacquisition premiums | Repayments of long-term debt, including reacquisition premiums | (1,001) | (949) | (452) | Repayments of long-term debt, including reacquisition premiums | (417) | (1,001) | (949) | ||||||||||||||||||||||||||
Proceeds from issuance of common stock | Proceeds from issuance of common stock | 727 | 458 | 230 | Proceeds from issuance of common stock | 366 | 727 | 458 | ||||||||||||||||||||||||||
Dividends paid | Dividends paid | (856) | (791) | (730) | Dividends paid | (935) | (856) | (791) | ||||||||||||||||||||||||||
Other, net | Other, net | (26) | (14) | (20) | Other, net | (10) | (26) | (14) | ||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 1,773 | 1,181 | 928 | Net cash provided by financing activities | 2,135 | 1,773 | 1,181 | ||||||||||||||||||||||||||
Net change in cash and cash equivalents | Net change in cash and cash equivalents | (119) | 101 | 64 | Net change in cash and cash equivalents | 37 | (119) | 101 | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 248 | 147 | 83 | |||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 129 | $ | 248 | $ | 147 | ||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 129 | 248 | 147 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 166 | $ | 129 | $ | 248 | |||||||||||||||||||||||||||
Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for interest (net of amounts capitalized) | Cash paid for interest (net of amounts capitalized) | $ | (758) | $ | (698) | $ | (633) | Cash paid for interest (net of amounts capitalized) | $ | (788) | $ | (758) | $ | (698) | ||||||||||||||||||||
Cash received for income taxes, net | 12 | 53 | 27 | |||||||||||||||||||||||||||||||
Cash (paid) received for income taxes, net | Cash (paid) received for income taxes, net | (4) | 12 | 53 | ||||||||||||||||||||||||||||||
Supplemental disclosure of non-cash investing and financing transactions: | Supplemental disclosure of non-cash investing and financing transactions: | Supplemental disclosure of non-cash investing and financing transactions: | ||||||||||||||||||||||||||||||||
Accrued property, plant and equipment additions | Accrued property, plant and equipment additions | $ | 400 | $ | 421 | $ | 388 | Accrued property, plant and equipment additions | $ | 501 | $ | 400 | $ | 421 | ||||||||||||||||||||
Inventory transfers to property, plant and equipment | Inventory transfers to property, plant and equipment | 275 | 88 | 129 | Inventory transfers to property, plant and equipment | 87 | 275 | 88 | ||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 369 | 1,843 | 0 | Operating lease right-of-use assets | 8 | 369 | 1,843 | ||||||||||||||||||||||||||
Allowance for equity funds used during construction | Allowance for equity funds used during construction | 115 | 77 | 108 | Allowance for equity funds used during construction | 73 | 115 | 77 | ||||||||||||||||||||||||||
Issuance of common stock for equity awards | 67 | 63 | 67 | |||||||||||||||||||||||||||||||
Issuance of common stock for reinvested dividends and/or equity awards | Issuance of common stock for reinvested dividends and/or equity awards | 60 | 67 | 63 | ||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
Dec. 31 | Dec. 31 | |||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||
Current assets | Current assets | Current assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 129 | $ | 248 | Cash and cash equivalents | $ | 166 | $ | 129 | ||||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 916 | 837 | Accounts receivable, net | 1,018 | 916 | ||||||||||||||||||||||
Accrued unbilled revenues | Accrued unbilled revenues | 714 | 713 | Accrued unbilled revenues | 862 | 714 | ||||||||||||||||||||||
Inventories | Inventories | 535 | 544 | Inventories | 631 | 535 | ||||||||||||||||||||||
Regulatory assets | Regulatory assets | 640 | 488 | Regulatory assets | 1,106 | 640 | ||||||||||||||||||||||
Derivative instruments | Derivative instruments | 49 | 55 | Derivative instruments | 123 | 49 | ||||||||||||||||||||||
Prepaid taxes | Prepaid taxes | 42 | 43 | Prepaid taxes | 44 | 42 | ||||||||||||||||||||||
Prepayments and other | Prepayments and other | 250 | 185 | Prepayments and other | 289 | 250 | ||||||||||||||||||||||
Total current assets | Total current assets | 3,275 | 3,113 | Total current assets | 4,239 | 3,275 | ||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 42,950 | 39,483 | Property, plant and equipment, net | 45,457 | 42,950 | ||||||||||||||||||||||
Other assets | Other assets | Other assets | ||||||||||||||||||||||||||
Nuclear decommissioning fund and other investments | Nuclear decommissioning fund and other investments | 3,096 | 2,731 | Nuclear decommissioning fund and other investments | 3,628 | 3,096 | ||||||||||||||||||||||
Regulatory assets | Regulatory assets | 2,737 | 2,935 | Regulatory assets | 2,738 | 2,737 | ||||||||||||||||||||||
Derivative instruments | Derivative instruments | 30 | 22 | Derivative instruments | 67 | 30 | ||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 1,490 | 1,672 | Operating lease right-of-use assets | 1,291 | 1,490 | ||||||||||||||||||||||
Other | Other | 379 | 492 | Other | 431 | 379 | ||||||||||||||||||||||
Total other assets | Total other assets | 7,732 | 7,852 | Total other assets | 8,155 | 7,732 | ||||||||||||||||||||||
Total assets | Total assets | $ | 53,957 | $ | 50,448 | Total assets | $ | 57,851 | $ | 53,957 | ||||||||||||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||||||||
Current liabilities | Current liabilities | Current liabilities | ||||||||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | $ | 421 | $ | 702 | Current portion of long-term debt | $ | 601 | $ | 421 | ||||||||||||||||||
Short-term debt | Short-term debt | 584 | 595 | Short-term debt | 1,005 | 584 | ||||||||||||||||||||||
Accounts payable | Accounts payable | 1,237 | 1,294 | Accounts payable | 1,409 | 1,237 | ||||||||||||||||||||||
Regulatory liabilities | Regulatory liabilities | 311 | 407 | Regulatory liabilities | 271 | 311 | ||||||||||||||||||||||
Taxes accrued | Taxes accrued | 578 | 466 | Taxes accrued | 569 | 578 | ||||||||||||||||||||||
Accrued interest | Accrued interest | 203 | 192 | Accrued interest | 209 | 203 | ||||||||||||||||||||||
Dividends payable | Dividends payable | 231 | 212 | Dividends payable | 249 | 231 | ||||||||||||||||||||||
Derivative instruments | Derivative instruments | 53 | 38 | Derivative instruments | 69 | 53 | ||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 214 | 194 | Operating lease liabilities | 205 | 214 | ||||||||||||||||||||||
Other | Other | 407 | 468 | Other | 459 | 407 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 4,239 | 4,568 | Total current liabilities | 5,046 | 4,239 | ||||||||||||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | Deferred credits and other liabilities | ||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 4,746 | 4,509 | Deferred income taxes | 4,894 | 4,746 | ||||||||||||||||||||||
Deferred investment tax credits | Deferred investment tax credits | 45 | 49 | Deferred investment tax credits | 53 | 45 | ||||||||||||||||||||||
Regulatory liabilities | Regulatory liabilities | 5,302 | 5,077 | Regulatory liabilities | 5,405 | 5,302 | ||||||||||||||||||||||
Asset retirement obligations | Asset retirement obligations | 2,884 | 2,701 | Asset retirement obligations | 3,151 | 2,884 | ||||||||||||||||||||||
Derivative instruments | Derivative instruments | 131 | 175 | Derivative instruments | 105 | 131 | ||||||||||||||||||||||
Customer advances | Customer advances | 197 | 203 | Customer advances | 196 | 197 | ||||||||||||||||||||||
Pension and employee benefit obligations | Pension and employee benefit obligations | 666 | 785 | Pension and employee benefit obligations | 306 | 666 | ||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 1,344 | 1,549 | Operating lease liabilities | 1,146 | 1,344 | ||||||||||||||||||||||
Other | Other | 183 | 186 | Other | 158 | 183 | ||||||||||||||||||||||
Total deferred credits and other liabilities | Total deferred credits and other liabilities | 15,498 | 15,234 | Total deferred credits and other liabilities | 15,414 | 15,498 | ||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | Commitments and contingencies | 0 | 0 | ||||||||||||||||||||||
Capitalization | Capitalization | Capitalization | ||||||||||||||||||||||||||
Long-term debt | Long-term debt | 19,645 | 17,407 | Long-term debt | 21,779 | 19,645 | ||||||||||||||||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 537,438,394 and 524,539,000 shares outstanding at Dec. 31, 2020 and Dec. 31, 2019, respectively | 1,344 | 1,311 | ||||||||||||||||||||||||||
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 544,025,269 and 537,438,394 shares outstanding at Dec. 31, 2021 and Dec. 31, 2020, respectively | Common stock — 1,000,000,000 shares authorized of $2.50 par value; 544,025,269 and 537,438,394 shares outstanding at Dec. 31, 2021 and Dec. 31, 2020, respectively | 1,360 | 1,344 | |||||||||||||||||||||||||
Additional paid in capital | Additional paid in capital | 7,404 | 6,656 | Additional paid in capital | 7,803 | 7,404 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 5,968 | 5,413 | Retained earnings | 6,572 | 5,968 | ||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (141) | (141) | Accumulated other comprehensive loss | (123) | (141) | ||||||||||||||||||||||
Total common stockholders’ equity | Total common stockholders’ equity | 14,575 | 13,239 | Total common stockholders’ equity | 15,612 | 14,575 | ||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 53,957 | $ | 50,448 | Total liabilities and equity | $ | 57,851 | $ | 53,957 | ||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | Common Stock Issued | Retained Earnings | Accumulated Other Comprehensive Loss | Total Common Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Additional Paid In Capital | Shares | Par Value | Additional Paid In Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | 507,763 | $ | 1,269 | $ | 5,898 | $ | 4,413 | $ | (125) | $ | 11,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | Balance at Dec. 31, 2018 | 514,036,787 | $ | 1,285 | $ | 6,168 | $ | 4,893 | $ | (124) | $ | 12,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,261 | 1,261 | Net income | 1,372 | 1,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1 | 1 | Other comprehensive income | (17) | (17) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.52 per share) | (780) | (780) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.62 per share) | Dividends declared on common stock ($1.62 per share) | (846) | (846) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | Issuances of common stock | 6,296 | 16 | 254 | 270 | Issuances of common stock | 10,507,943 | 26 | 468 | 494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (22) | 0 | (1) | (1) | Repurchases of common stock | (5,730) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 17 | (1) | 16 | Share-based compensation | 20 | (6) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | 514,037 | $ | 1,285 | $ | 6,168 | $ | 4,893 | $ | (124) | $ | 12,222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | Balance at Dec. 31, 2019 | 524,539,000 | $ | 1,311 | $ | 6,656 | $ | 5,413 | $ | (141) | $ | 13,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 1,372 | 1,372 | Net Income | 1,473 | 1,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (17) | (17) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.62 per share) | (846) | (846) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | 10,508 | 26 | 468 | 494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (6) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 20 | (6) | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 524,539 | $ | 1,311 | $ | 6,656 | $ | 5,413 | $ | (141) | $ | 13,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,473 | 1,473 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.72 per share) | Dividends declared on common stock ($1.72 per share) | (909) | (909) | Dividends declared on common stock ($1.72 per share) | (909) | (909) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | Issuances of common stock | 12,954 | 33 | 731 | 764 | Issuances of common stock | 12,953,869 | 33 | 731 | 764 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (55) | 0 | (4) | (4) | Repurchase of common stock | (54,475) | — | (4) | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 21 | (7) | 14 | Share-based compensation | 21 | (7) | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASC Topic 326 | Adoption of ASC Topic 326 | (2) | (2) | Adoption of ASC Topic 326 | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | Balance at Dec. 31, 2020 | 537,438 | $ | 1,344 | $ | 7,404 | $ | 5,968 | $ | (141) | $ | 14,575 | Balance at Dec. 31, 2020 | 537,438,394 | $ | 1,344 | $ | 7,404 | $ | 5,968 | $ | (141) | $ | 14,575 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 1,597 | 1,597 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 18 | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($1.83 per share) | Dividends declared on common stock ($1.83 per share) | (989) | (989) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances of common stock | Issuances of common stock | 6,586,875 | 16 | 387 | 403 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | 12 | (4) | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | Balance at Dec. 31, 2021 | 544,025,269 | $ | 1,360 | $ | 7,803 | $ | 6,572 | $ | (123) | $ | 15,612 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements | See Notes to Consolidated Financial Statements |
1. Summary of Significant Accounting Policies |
(Millions of Dollars) | (Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Inventories | Inventories | Inventories | ||||||||||||||||||||||||||
Materials and supplies | Materials and supplies | $ | 275 | $ | 270 | Materials and supplies | $ | 289 | $ | 275 | ||||||||||||||||||
Fuel | Fuel | 176 | 191 | Fuel | 182 | 176 | ||||||||||||||||||||||
Natural gas | Natural gas | 84 | 83 | Natural gas | 160 | 84 | ||||||||||||||||||||||
Total inventories | Total inventories | $ | 535 | $ | 544 | Total inventories | $ | 631 | $ | 535 |
2. Accounting Pronouncements |
3. Property, Plant and Equipment |
(Millions of Dollars) | (Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | Property, plant and equipment, net | ||||||||||||||||||||||||||
Electric plant | Electric plant | $ | 47,104 | $ | 44,355 | Electric plant | $ | 48,680 | $ | 47,104 | ||||||||||||||||||
Natural gas plant | Natural gas plant | 7,135 | 6,560 | Natural gas plant | 7,758 | 7,135 | ||||||||||||||||||||||
Common and other property | Common and other property | 2,503 | 2,341 | Common and other property | 2,602 | 2,503 | ||||||||||||||||||||||
Plant to be retired (a) | Plant to be retired (a) | 677 | 259 | Plant to be retired (a) | 1,200 | 677 | ||||||||||||||||||||||
CWIP | CWIP | 1,877 | 2,329 | CWIP | 1,969 | 1,877 | ||||||||||||||||||||||
Total property, plant and equipment | Total property, plant and equipment | 59,296 | 55,844 | Total property, plant and equipment | 62,209 | 59,296 | ||||||||||||||||||||||
Less accumulated depreciation | Less accumulated depreciation | (16,657) | (16,735) | Less accumulated depreciation | (17,060) | (16,657) | ||||||||||||||||||||||
Nuclear fuel | Nuclear fuel | 2,970 | 2,909 | Nuclear fuel | 3,081 | 2,970 | ||||||||||||||||||||||
Less accumulated amortization | Less accumulated amortization | (2,659) | (2,535) | Less accumulated amortization | (2,773) | (2,659) | ||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | $ | 42,950 | $ | 39,483 | Property, plant and equipment, net | $ | 45,457 | $ | 42,950 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | CWIP | Percent Owned | ||||||||||||||||||||||
NSP-Minnesota | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Sherco Unit 3 | $ | 601 | $ | 435 | $ | 2 | 59 | % | ||||||||||||||||||
Sherco common facilities | 149 | 108 | 5 | 80 | ||||||||||||||||||||||
Sherco substation | 5 | 3 | 0 | 59 | ||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Grand Meadow | 11 | 3 | 0 | 50 | ||||||||||||||||||||||
CapX2020 | 954 | 108 | 33 | 51 | ||||||||||||||||||||||
Total NSP-Minnesota | $ | 1,720 | $ | 657 | $ | 40 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | CWIP | Percent Owned | ||||||||||||||||||||||
NSP-Wisconsin | ||||||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
La Crosse, WI to Madison, WI | $ | 188 | $ | 12 | $ | 0 | 37 | % | ||||||||||||||||||
CapX2020 | 169 | 23 | 0 | 80 | ||||||||||||||||||||||
Total NSP-Wisconsin | $ | 357 | $ | 35 | $ | 0 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
NSP-Minnesota | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Sherco Unit 3 | $ | 620 | $ | 451 | 59 | % | ||||||||||||||||||||
Sherco common facilities | 178 | 108 | 80 | |||||||||||||||||||||||
Sherco substation | 5 | 4 | 59 | |||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Grand Meadow | 11 | 3 | 50 | |||||||||||||||||||||||
Huntley Wilmarth | 48 | 1 | 50 | |||||||||||||||||||||||
CapX2020 | 952 | 127 | 51 | |||||||||||||||||||||||
Total NSP-Minnesota (a) | $ | 1,814 | $ | 694 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | CWIP | Percent Owned | ||||||||||||||||||||||
PSCo | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Hayden Unit 1 | $ | 153 | $ | 92 | $ | 0 | 76 | % | ||||||||||||||||||
Hayden Unit 2 | 150 | 73 | 0 | 37 | ||||||||||||||||||||||
Hayden common facilities | 42 | 25 | 0 | 53 | ||||||||||||||||||||||
Craig Units 1 and 2 | 81 | 44 | 0 | 10 | ||||||||||||||||||||||
Craig common facilities | 39 | 24 | 0 | 7 | ||||||||||||||||||||||
Comanche Unit 3 | 899 | 137 | 16 | 67 | ||||||||||||||||||||||
Comanche common facilities | 25 | 2 | 0 | 82 | ||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Transmission and other facilities | 176 | 59 | 2 | Various | ||||||||||||||||||||||
Gas transmission: | ||||||||||||||||||||||||||
Rifle, CO to Avon, CO | 22 | 8 | 0 | 60 | ||||||||||||||||||||||
Gas transmission compressor | 8 | 1 | 0 | 50 | ||||||||||||||||||||||
Total PSCo | $ | 1,595 | $ | 465 | $ | 18 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
NSP-Wisconsin | ||||||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
La Crosse, WI to Madison, WI | $ | 177 | $ | 15 | 37 | % | ||||||||||||||||||||
CapX2020 | 169 | 28 | 80 | |||||||||||||||||||||||
Total NSP-Wisconsin (a) | $ | 346 | $ | 43 |
(Millions of Dollars, Except Percent Owned) | Plant in Service | Accumulated Depreciation | Percent Owned | |||||||||||||||||||||||
PSCo | ||||||||||||||||||||||||||
Electric generation: | ||||||||||||||||||||||||||
Hayden Unit 1 | $ | 156 | $ | 99 | 76 | % | ||||||||||||||||||||
Hayden Unit 2 | 151 | 78 | 37 | |||||||||||||||||||||||
Hayden common facilities | 42 | 27 | 53 | |||||||||||||||||||||||
Craig Units 1 and 2 | 81 | 48 | 10 | |||||||||||||||||||||||
Craig common facilities | 39 | 25 | 7 | |||||||||||||||||||||||
Comanche Unit 3 | 917 | 154 | 67 | |||||||||||||||||||||||
Comanche common facilities | 28 | 2 | 82 | |||||||||||||||||||||||
Electric transmission: | ||||||||||||||||||||||||||
Transmission and other facilities | 182 | 63 | Various | |||||||||||||||||||||||
Gas transmission: | ||||||||||||||||||||||||||
Rifle, CO to Avon, CO | 22 | 8 | 60 | |||||||||||||||||||||||
Gas transmission compressor | 8 | 2 | 50 | |||||||||||||||||||||||
Total PSCo (a) | $ | 1,626 | $ | 506 |
4. Regulatory Assets and Liabilities |
(Millions of Dollars) | (Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | Regulatory Assets | Current | Noncurrent | Current | Noncurrent | Regulatory Assets | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and retiree medical obligations | Pension and retiree medical obligations | 11 | Various | $ | 82 | $ | 1,268 | $ | 85 | $ | 1,328 | Pension and retiree medical obligations | 11 | Various | $ | 77 | $ | 944 | $ | 82 | $ | 1,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred natural gas, electric, steam energy/fuel costs | Deferred natural gas, electric, steam energy/fuel costs | One to five years | 504 | 543 | 14 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoverable deferred taxes on AFUDC | Recoverable deferred taxes on AFUDC | Plant lives | 0 | 283 | 0 | 271 | Recoverable deferred taxes on AFUDC | Plant lives | — | 289 | — | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess deferred taxes — TCJA | Excess deferred taxes — TCJA | 7 | Various | 16 | 229 | 39 | 239 | Excess deferred taxes — TCJA | 7 | Various | 14 | 219 | 16 | 229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation differences | Depreciation differences | One to 11 years | 16 | 154 | 15 | 140 | Depreciation differences | One to 10 years | 16 | 173 | 16 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net AROs (a) | 1, 12 | Various | 0 | 139 | 0 | 269 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental remediation costs | Environmental remediation costs | 1, 12 | Various | 16 | 113 | 36 | 131 | Environmental remediation costs | 1, 12 | Various | 14 | 92 | 16 | 113 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas revenue surcharges | Texas revenue surcharges | One to two years | 20 | 64 | 54 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales true-up and revenue decoupling | Sales true-up and revenue decoupling | One to two years | 33 | 56 | 101 | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benson biomass PPA termination and asset purchase | Benson biomass PPA termination and asset purchase | Nine years | 10 | 65 | 9 | 73 | Benson biomass PPA termination and asset purchase | Eight years | 10 | 55 | 10 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable resources and environmental initiatives | Renewable resources and environmental initiatives | One to two years | 170 | 48 | 129 | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PI extended power uprate | PI extended power uprate | 13 years | 4 | 46 | 3 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased power contract costs | Purchased power contract costs | Term of related contract | 7 | 54 | 5 | 61 | Purchased power contract costs | Term of related contract | 9 | 45 | 7 | 54 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PI extended power uprate | 14 years | 3 | 49 | 3 | 53 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation programs | Conservation programs | 1 | One to two years | 21 | 35 | 26 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses on reacquired debt | Losses on reacquired debt | Term of related debt | 3 | 35 | 4 | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract valuation adjustments (b) | Contract valuation adjustments (b) | 1, 10 | Term of related contract | 23 | 48 | 20 | 62 | Contract valuation adjustments (b) | 1, 10 | Term of related contract | 22 | 34 | 23 | 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses on reacquired debt | Term of related debt | 4 | 38 | 4 | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State commission adjustments | State commission adjustments | Plant lives | 1 | 32 | 1 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laurentian biomass PPA termination | Laurentian biomass PPA termination | Three years | 18 | 36 | 19 | 54 | Laurentian biomass PPA termination | Two years | 18 | 18 | 18 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation programs | 1 | One to two years | 26 | 36 | 27 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State commission adjustments | Plant lives | 1 | 32 | 1 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales true-up and revenue decoupling | One to two years | 101 | 28 | 54 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear refueling outage costs | Nuclear refueling outage costs | 1 | One to two years | 37 | 16 | 28 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property tax | Property tax | Various | 16 | 21 | 2 | 30 | Property tax | Various | 16 | 16 | 16 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred purchased natural gas and electric energy costs | One to two years | 14 | 18 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas revenue surcharge | One to two years | 54 | 17 | 2 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable resources and environmental initiatives | One to two years | 129 | 12 | 72 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear refueling outage costs | 1 | One to two years | 28 | 10 | 43 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas pipeline inspection and remediation costs | Gas pipeline inspection and remediation costs | One to two years | 26 | 9 | 26 | 8 | Gas pipeline inspection and remediation costs | One to two years | 33 | 12 | 26 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net AROs (c) | Net AROs (c) | 1, 12 | Various | — | (112) | — | 139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | Various | 50 | 78 | 20 | 69 | Other | Various | 84 | 78 | 50 | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total regulatory assets | Total regulatory assets | $ | 640 | $ | 2,737 | $ | 488 | $ | 2,935 | Total regulatory assets | $ | 1,106 | $ | 2,738 | $ | 640 | $ | 2,737 |
(Millions of Dollars) | (Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | See Note(s) | Remaining Amortization Period | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Liabilities | Regulatory Liabilities | Current | Noncurrent | Current | Noncurrent | Regulatory Liabilities | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income tax adjustments and TCJA refunds (a) | Deferred income tax adjustments and TCJA refunds (a) | 7 | Various | $ | 20 | $ | 3,368 | $ | 75 | $ | 3,523 | Deferred income tax adjustments and TCJA refunds (a) | 7 | Various | $ | 26 | $ | 3,230 | $ | 20 | $ | 3,368 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant removal costs | Plant removal costs | 1, 12 | Various | 0 | 1,520 | 0 | 1,217 | Plant removal costs | 1, 12 | Various | — | 1,655 | — | 1,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of regulation on employee benefit costs (b) | Effects of regulation on employee benefit costs (b) | Various | 0 | 221 | 0 | 196 | Effects of regulation on employee benefit costs (b) | Various | — | 235 | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable resources and environmental initiatives | Renewable resources and environmental initiatives | Various | 5 | 59 | 0 | 45 | Renewable resources and environmental initiatives | Various | 1 | 101 | 5 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITC deferrals | ITC deferrals | 1 | Various | 0 | 51 | 0 | 38 | ITC deferrals | 1 | Various | — | 53 | — | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue decoupling | Revenue decoupling | One to two years | 10 | 41 | 0 | 0 | Revenue decoupling | One to two years | 9 | 41 | 10 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred electric, natural gas and steam production costs | Less than one year | 84 | 0 | 138 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation programs (c) | 1 | Less than one year | 49 | 0 | 37 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract valuation adjustments (c) | Contract valuation adjustments (c) | 1, 10 | One to three years | 56 | 1 | 19 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred natural gas, electric, steam energy/fuel costs | Deferred natural gas, electric, steam energy/fuel costs | Less than one year | 50 | — | 84 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conservation programs (d) | Conservation programs (d) | 1 | Less than one year | 42 | — | 49 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOE settlement | DOE settlement | Less than one year | 23 | 0 | 37 | 0 | DOE settlement | Less than one year | 14 | 14 | 23 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract valuation adjustments (d) | 1, 10 | Less than one year | 19 | 0 | 19 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | Various | 101 | 42 | 101 | 58 | Other | Various | 73 | 75 | 101 | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total regulatory liabilities (e) | Total regulatory liabilities (e) | $ | 311 | $ | 5,302 | $ | 407 | $ | 5,077 | Total regulatory liabilities (e) | $ | 271 | $ | 5,405 | $ | 311 | $ | 5,302 |
5. Borrowings and Other Financing Instruments |
(Millions of Dollars, Except Interest Rates) | (Millions of Dollars, Except Interest Rates) | Three Months Ended Dec. 31, 2020 | Year Ended Dec. 31 | (Millions of Dollars, Except Interest Rates) | Three Months Ended Dec. 31, 2021 | Year Ended Dec. 31 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowing limit | Borrowing limit | $ | 3,100 | $ | 3,100 | $ | 3,600 | $ | 3,250 | Borrowing limit | $ | 3,100 | $ | 3,100 | $ | 3,100 | $ | 3,600 | ||||||||||||||||||||||||||||||||||
Amount outstanding at period end | Amount outstanding at period end | 584 | 584 | 595 | 1,038 | Amount outstanding at period end | 1,005 | 1,005 | 584 | 595 | ||||||||||||||||||||||||||||||||||||||||||
Average amount outstanding | Average amount outstanding | 415 | 1,126 | 1,115 | 788 | Average amount outstanding | 1,200 | 1,399 | 1,126 | 1,115 | ||||||||||||||||||||||||||||||||||||||||||
Maximum amount outstanding | Maximum amount outstanding | 613 | 2,080 | 1,780 | 1,349 | Maximum amount outstanding | 1,774 | 2,054 | 2,080 | 1,780 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate, computed on a daily basis | Weighted average interest rate, computed on a daily basis | 0.60 | % | 1.45 | % | 2.72 | % | 2.34 | % | Weighted average interest rate, computed on a daily basis | 0.54 | % | 0.57 | % | 1.45 | % | 2.72 | % | ||||||||||||||||||||||||||||||||||
Weighted average interest rate at period end | Weighted average interest rate at period end | 0.23 | 0.23 | 2.34 | 2.97 | Weighted average interest rate at period end | 0.31 | 0.31 | 0.23 | 2.34 |
(Millions of Dollars) | Limit | Amount Outstanding | Available | |||||||||||||||||
NSP-Minnesota | $ | 75 | $ | 49 | $ | 26 |
Debt-to-Total Capitalization Ratio(a) | Amount Facility May Be Increased (millions) | Additional Periods for Which a One-Year Extension May Be Requested (b) | Debt-to-Total Capitalization Ratio (a) | Amount Facility May Be Increased (millions of dollars) | Additional Periods for Which a One-Year Extension May Be Requested (b) | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Xcel Energy Inc. (c) | Xcel Energy Inc. (c) | 59 | % | 58 | % | $ | 200 | 2 | Xcel Energy Inc. (c) | 60 | % | 59 | % | $ | 250 | 2 | ||||||||||||||||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 46 | 48 | N/A | 1 | NSP-Wisconsin | 49 | 46 | N/A | 1 | ||||||||||||||||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 47 | 48 | 100 | 2 | NSP-Minnesota | 47 | 47 | 100 | 2 | ||||||||||||||||||||||||||||||||||||||||||
SPS | SPS | 48 | 46 | 50 | 2 | SPS | 47 | 48 | 50 | 2 | ||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | 44 | 44 | 100 | 2 | PSCo | 44 | 44 | 100 | 2 |
(Millions of Dollars) | (Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | (Millions of Dollars) | Credit Facility (a) | Drawn (b) | Available | ||||||||||||||||||||||||||||||||
Xcel Energy Inc. | Xcel Energy Inc. | $ | 1,250 | $ | 0 | $ | 1,250 | Xcel Energy Inc. | $ | 1,250 | $ | 638 | $ | 612 | ||||||||||||||||||||||||||
PSCo | PSCo | 700 | 144 | 556 | PSCo | 700 | 155 | 545 | ||||||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 500 | 189 | 311 | NSP-Minnesota | 500 | 9 | 491 | ||||||||||||||||||||||||||||||||
SPS | SPS | 500 | 252 | 248 | SPS | 500 | 139 | 361 | ||||||||||||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 150 | 19 | 131 | NSP-Wisconsin | 150 | 83 | 67 | ||||||||||||||||||||||||||||||||
Total | Total | $ | 3,100 | $ | 604 | $ | 2,496 | Total | $ | 3,100 | $ | 1,024 | $ | 2,076 |
Xcel Energy Inc. | Xcel Energy Inc. | Xcel Energy Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Instrument | Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 2.40 | % | March 15, 2021 | $ | 400 | $ | 400 | Unsecured senior notes | 2.40 | % | March 15, 2021 | $ | — | $ | 400 | ||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 2.60 | March 15, 2022 | 0 | 300 | Unsecured senior notes | 0.50 | Oct. 15, 2023 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.30 | June 1, 2025 | 250 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.30 | June 1, 2025 | 350 | 350 | |||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.35 | Dec. 1, 2026 | 500 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes (a) | Unsecured senior notes (a) | 0.50 | Oct. 15, 2023 | 500 | 0 | Unsecured senior notes (a) | 1.75 | March 15,2027 | 500 | — | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.30 | June 1, 2025 | 250 | 250 | Unsecured senior notes | 4.00 | June 15, 2028 | 130 | 130 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.30 | June 1, 2025 | 350 | 350 | Unsecured senior notes | 4.00 | June 15, 2028 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.35 | Dec. 1, 2026 | 500 | 500 | Unsecured senior notes | 2.60 | Dec. 1, 2029 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes (b) | 4.00 | June 15, 2028 | 130 | 130 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | 4.00 | June 15, 2028 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes (b) | 2.60 | Dec. 1, 2029 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.40 | June 1, 2030 | 600 | 0 | Unsecured senior notes | 3.40 | June 1, 2030 | 600 | 600 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes (a) | Unsecured senior notes (a) | 2.35 | Nov. 15, 2031 | 300 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 6.50 | July 1, 2036 | 300 | 300 | Unsecured senior notes | 6.50 | July 1, 2036 | 300 | 300 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 4.80 | Sept. 15, 2041 | 250 | 250 | Unsecured senior notes | 4.80 | Sep. 15, 2041 | 250 | 250 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes (b) | 3.50 | Dec. 1, 2049 | 500 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 3.50 | Dec. 1, 2049 | 500 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount | Unamortized discount | (7) | (5) | Unamortized discount | (8) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance cost | Unamortized debt issuance cost | (32) | (28) | Unamortized debt issuance cost | (33) | (32) | ||||||||||||||||||||||||||||||||||||||||||||||
Current maturities | Current maturities | (400) | 0 | Current maturities | — | (400) | ||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 4,341 | $ | 3,947 | Total long-term debt | $ | 5,139 | $ | 4,341 |
NSP-Minnesota | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||
First mortgage bonds | 2.15 | % | Aug. 15, 2022 | $ | 300 | $ | 300 | |||||||||||||||||||
First mortgage bonds | 2.60 | May 15, 2023 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds | 7.125 | July 1, 2025 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 6.50 | March 1, 2028 | 150 | 150 | ||||||||||||||||||||||
First mortgage bonds (a) | 2.25 | April 1, 2031 | 425 | — | ||||||||||||||||||||||
First mortgage bonds | 5.25 | July 15, 2035 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 6.25 | June 1, 2036 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds | 6.20 | July 1, 2037 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds | 5.35 | Nov. 1, 2039 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 4.85 | Aug. 15, 2040 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 3.40 | Aug. 15, 2042 | 500 | 500 | ||||||||||||||||||||||
First mortgage bonds | 4.125 | May 15, 2044 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 4.00 | Aug. 15, 2045 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 3.60 | May 15, 2046 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds | 3.60 | Sep. 15, 2047 | 600 | 600 | ||||||||||||||||||||||
First mortgage bonds | 2.90 | March 1, 2050 | 600 | 600 | ||||||||||||||||||||||
First mortgage bonds (b) | 2.60 | June 1, 2051 | 700 | 700 | ||||||||||||||||||||||
First mortgage bonds (a) | 3.20 | April 1,2052 | 425 | — | ||||||||||||||||||||||
Other long-term debt | 3 | — | ||||||||||||||||||||||||
Unamortized discount | (44) | (42) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (62) | (54) | ||||||||||||||||||||||||
Current maturities | (300) | — | ||||||||||||||||||||||||
Total long-term debt | $ | 6,447 | $ | 5,904 |
NSP-Wisconsin | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||
City of La Crosse resource recovery bond | 6.00 | % | Nov. 1, 2021 | $ | — | $ | 19 | |||||||||||||||||||
First mortgage bonds | 3.30 | June 15, 2024 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 3.30 | June 15, 2024 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 6.375 | Sept. 1, 2038 | 200 | 200 | ||||||||||||||||||||||
First mortgage bonds | 3.70 | Oct. 1, 2042 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 3.75 | Dec. 1, 2047 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 4.20 | Sept. 1, 2048 | 200 | 200 | ||||||||||||||||||||||
First mortgage bonds (b) | 3.05 | May 1, 2051 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds (a) | 2.82 | May 1, 2051 | 100 | — | ||||||||||||||||||||||
Other long-term debt | 1 | — | ||||||||||||||||||||||||
Unamortized discount | (4) | (4) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (10) | (9) | ||||||||||||||||||||||||
Current maturities | — | (19) | ||||||||||||||||||||||||
Total long-term debt | $ | 987 | $ | 887 |
NSP-Minnesota | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | ||||||||||||||||||||||
First mortgage bonds | 2.20 | % | Aug. 15, 2020 | $ | 0 | $ | 300 | |||||||||||||||||||
First mortgage bonds | 2.15 | Aug. 15, 2022 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 2.60 | May 15, 2023 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds | 7.13 | July 1, 2025 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 6.50 | March 1, 2028 | 150 | 150 | ||||||||||||||||||||||
First mortgage bonds | 5.25 | July 15, 2035 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 6.25 | June 1, 2036 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds | 6.20 | July 1, 2037 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds | 5.35 | Nov. 1, 2039 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 4.85 | Aug. 15, 2040 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 3.40 | Aug. 15, 2042 | 500 | 500 | ||||||||||||||||||||||
First mortgage bonds | 4.13 | May 15, 2044 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 4.00 | Aug. 15, 2045 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 3.60 | May 15, 2046 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds | 3.60 | Sept. 15, 2047 | 600 | 600 | ||||||||||||||||||||||
First mortgage bonds (b) | 2.90 | March 1, 2050 | 600 | 600 | ||||||||||||||||||||||
First mortgage bonds (a) | 2.60 | June 1, 2051 | 700 | 0 | ||||||||||||||||||||||
Unamortized discount | (42) | (31) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (54) | (48) | ||||||||||||||||||||||||
Current maturities | 0 | (300) | ||||||||||||||||||||||||
Total long-term debt | $ | 5,904 | $ | 5,221 |
NSP-Wisconsin | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | ||||||||||||||||||||||
City of La Crosse resource recovery bond | 6.00 | % | Nov 1, 2021 | $ | 19 | $ | 19 | |||||||||||||||||||
First mortgage bonds | 3.30 | June 15, 2024 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 3.30 | June 15, 2024 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 6.38 | Sept. 1, 2038 | 200 | 200 | ||||||||||||||||||||||
First mortgage bonds | 3.70 | Oct. 1, 2042 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 3.75 | Dec. 1, 2047 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 4.20 | Sept. 1, 2048 | 200 | 200 | ||||||||||||||||||||||
First mortgage bonds (a) | 3.05 | May 1, 2051 | 100 | 0 | ||||||||||||||||||||||
Unamortized discount | (4) | (3) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (9) | (8) | ||||||||||||||||||||||||
Current maturities | (19) | 0 | ||||||||||||||||||||||||
Total long-term debt | $ | 887 | $ | 808 |
PSCo | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | ||||||||||||||||||||||
First mortgage bonds | 3.20 | % | Nov. 15, 2020 | $ | 0 | $ | 400 | |||||||||||||||||||
First mortgage bonds | 2.25 | Sept. 15, 2022 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 2.50 | March 15, 2023 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 2.90 | May 15, 2025 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 3.70 | June 15, 2028 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds (a) | 1.90 | Jan. 15, 2031 | 375 | 0 | ||||||||||||||||||||||
First mortgage bonds | 6.25 | Sept. 1, 2037 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds | 6.50 | Aug. 1, 2038 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 4.75 | Aug. 15, 2041 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 3.60 | Sept. 15, 2042 | 500 | 500 | ||||||||||||||||||||||
First mortgage bonds | 3.95 | March 15, 2043 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 4.30 | March 15, 2044 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 3.55 | June 15, 2046 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 3.80 | June 15, 2047 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds | 4.10 | June 15, 2048 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds (b) | 4.05 | Sept. 15, 2049 | 400 | 400 | ||||||||||||||||||||||
First mortgage bonds (b) | 3.20 | March 1, 2050 | 550 | 550 | ||||||||||||||||||||||
First mortgage bonds (a) | 2.70 | Jan. 15, 2051 | 375 | 0 | ||||||||||||||||||||||
Unamortized discount | (30) | (24) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (46) | (41) | ||||||||||||||||||||||||
Current maturities | 0 | (400) | ||||||||||||||||||||||||
Total long-term debt | $ | 5,724 | $ | 4,985 |
SPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PSCo | PSCo | |||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Instrument | Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.30 | % | June 15, 2024 | $ | 150 | $ | 150 | First mortgage bonds | 2.25 | % | Sept. 15, 2022 | $ | 300 | $ | 300 | ||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.30 | June 15, 2024 | 200 | 200 | First mortgage bonds | 2.50 | March 15, 2023 | 250 | 250 | ||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | 6.00 | Oct. 1, 2033 | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | 6.00 | Oct. 1, 2036 | 250 | 250 | ||||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 2.90 | May 15, 2025 | 250 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.70 | June 15, 2028 | 350 | 350 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds (b) | First mortgage bonds (b) | 1.90 | Jan. 15, 2031 | 375 | 375 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds (a) | First mortgage bonds (a) | 1.875 | June 15, 2031 | 750 | — | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 6.25 | Sept. 1, 2037 | 350 | 350 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 6.50 | Aug. 1, 2038 | 300 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 4.75 | Aug. 15, 2041 | 250 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.60 | Sept. 15, 2042 | 500 | 500 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.95 | March 15, 2043 | 250 | 250 | |||||||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 4.50 | Aug. 15, 2041 | 200 | 200 | First mortgage bonds | 4.30 | March 15, 2044 | 300 | 300 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 4.50 | Aug. 15, 2041 | 100 | 100 | First mortgage bonds | 3.55 | June 15, 2046 | 250 | 250 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 4.50 | Aug. 15, 2041 | 100 | 100 | First mortgage bonds | 3.80 | June 15, 2047 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.40 | Aug. 15, 2046 | 300 | 300 | First mortgage bonds | 4.10 | June 15, 2048 | 350 | 350 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 3.70 | Aug. 15, 2047 | 450 | 450 | First mortgage bonds | 4.05 | Sept. 15, 2049 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds | First mortgage bonds | 4.40 | Nov. 15, 2048 | 300 | 300 | First mortgage bonds | 3.20 | March 1, 2050 | 550 | 550 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds (b) | First mortgage bonds (b) | 3.75 | June 15, 2049 | 300 | 300 | First mortgage bonds (b) | 2.70 | Jan. 15, 2051 | 375 | 375 | ||||||||||||||||||||||||||||||||||||||||||
First mortgage bonds (a) | 3.15 | May 1, 2050 | 350 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount | Unamortized discount | (10) | (7) | Unamortized discount | (33) | (30) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance cost | Unamortized debt issuance cost | (26) | (23) | Unamortized debt issuance cost | (50) | (46) | ||||||||||||||||||||||||||||||||||||||||||||||
Current maturities | Current maturities | (300) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 2,764 | $ | 2,420 | Total long-term debt | $ | 6,167 | $ | 5,724 |
SPS | ||||||||||||||||||||||||||
Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||
First mortgage bonds | 3.30 | % | June 15, 2024 | $ | 150 | $ | 150 | |||||||||||||||||||
First mortgage bonds | 3.30 | June 15, 2024 | 200 | 200 | ||||||||||||||||||||||
Unsecured senior notes | 6.00 | Oct. 1, 2033 | 100 | 100 | ||||||||||||||||||||||
Unsecured senior notes | 6.00 | Oct. 1, 2036 | 250 | 250 | ||||||||||||||||||||||
First mortgage bonds | 4.50 | Aug. 15, 2041 | 200 | 200 | ||||||||||||||||||||||
First mortgage bonds | 4.50 | Aug. 15, 2041 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 4.50 | Aug. 15, 2041 | 100 | 100 | ||||||||||||||||||||||
First mortgage bonds | 3.40 | Aug. 15, 2046 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 3.70 | Aug. 15, 2047 | 450 | 450 | ||||||||||||||||||||||
First mortgage bonds | 4.40 | Nov. 15, 2048 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds | 3.75 | June 15, 2049 | 300 | 300 | ||||||||||||||||||||||
First mortgage bonds (b) | 3.15 | May 1, 2050 | 350 | 350 | ||||||||||||||||||||||
First mortgage bonds (a) | 3.15 | May 1, 2050 | 250 | — | ||||||||||||||||||||||
Unamortized discount | (9) | (10) | ||||||||||||||||||||||||
Unamortized debt issuance cost | (28) | (26) | ||||||||||||||||||||||||
Total long-term debt | $ | 3,013 | $ | 2,764 |
Other Subsidiaries | Other Subsidiaries | Other Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Instrument | Financing Instrument | Interest Rate | Maturity Date | 2020 | 2019 | Financing Instrument | Interest Rate | Maturity Date | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Various Eloigne affordable housing project notes | Various Eloigne affordable housing project notes | 0.00% - 6.90% | 2021 — 2054 | $ | 27 | $ | 28 | Various Eloigne affordable housing project notes | 0.00% - 6.50% | 2022 — 2055 | $ | 27 | $ | 27 | ||||||||||||||||||||||||||||||||||||||
Current maturities | Current maturities | (2) | (2) | Current maturities | (1) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 25 | $ | 26 | Total long-term debt | $ | 26 | $ | 25 |
(Millions of Dollars) | (Millions of Dollars) | (Millions of Dollars) | ||||||||||||||
2021 | $ | 421 | ||||||||||||||
2022 | 2022 | 601 | 2022 | $ | 601 | |||||||||||
2023 | 2023 | 1,151 | 2023 | 1,150 | ||||||||||||
2024 | 2024 | 552 | 2024 | 552 | ||||||||||||
2025 | 2025 | 1,102 | 2025 | 1,102 | ||||||||||||
2026 | 2026 | 501 |
Preferred Stock Authorized (Shares) | Par Value of Preferred Stock | Preferred Stock Outstanding (Shares) 2020 and 2019 | Preferred Stock Authorized (Shares) | Par Value of Preferred Stock | Preferred Stock Outstanding (Shares) 2021 and 2020 | |||||||||||||||||||||||||||||||||||
Xcel Energy Inc. | Xcel Energy Inc. | 7,000,000 | $ | 100 | 0 | Xcel Energy Inc. | 7,000,000 | $ | 100 | — | ||||||||||||||||||||||||||||||
PSCo | PSCo | 10,000,000 | 0.01 | 0 | PSCo | 10,000,000 | 0.01 | — | ||||||||||||||||||||||||||||||||
SPS | SPS | 10,000,000 | 1.00 | 0 | SPS | 10,000,000 | 1.00 | — |
Common Stock Authorized (Shares) | Common Stock Authorized (Shares) | Par Value of Common Stock | Common Stock Outstanding (Shares) as of Dec. 31, 2020 | Common Stock Outstanding (Shares) as of Dec. 31, 2019 | Common Stock Authorized (Shares) | Par Value of Common Stock | Common Stock Outstanding (Shares) as of Dec. 31, 2021 | Common Stock Outstanding (Shares) as of Dec. 31, 2020 | ||||||||||||||||||||||||||||||||
1,000,000,000 | 1,000,000,000 | $ | 2.50 | 537,438,394 | 524,539,000 | 1,000,000,000 | $ | 2.50 | 544,025,269 | 537,438,394 |
Equity to Total Capitalization Ratio Required Range | Equity to Total Capitalization Ratio Actual | Equity to Total Capitalization Ratio Required Range | Equity to Total Capitalization Ratio Actual | |||||||||||||||||||||||||||||||||||||
Low | High | 2020 | Low | High | 2021 | |||||||||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 47.1 | % | 57.5 | % | 52.7 | % | NSP-Minnesota | 47.2 | % | 57.6 | % | 52.9 | % | ||||||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 52.5 | N/A | 52.8 | NSP-Wisconsin | 52.5 | N/A | 52.8 | ||||||||||||||||||||||||||||||||
SPS (a) | SPS (a) | 45.0 | 55.0 | 54.4 | SPS (a) | 45.0 | 55.0 | 54.5 |
(Amounts in Millions) | Unrestricted Retained Earnings | Total Capitalization | Limit on Total Capitalization | |||||||||||||||||
NSP-Minnesota | $ | 1,356 | $ | 12,853 | $ | 13,200 | ||||||||||||||
NSP-Wisconsin (a) | 7 | 1,940 | N/A | |||||||||||||||||
SPS (b) | 510 | 6,062 | N/A |
(Amounts in Millions) | Unrestricted Retained Earnings | Total Capitalization | Limit on Total Capitalization | |||||||||||||||||
NSP-Minnesota | $ | 1,558 | $ | 14,321 | $ | 15,332 | ||||||||||||||
NSP-Wisconsin (a) | 11 | 2,091 | N/A | |||||||||||||||||
SPS (b) | 513 | 6,615 | N/A |
(Millions of Dollars) | (Millions of Dollars) | Long-Term Debt | Short-Term Debt | (Millions of Dollars) | Long-Term Debt | Short-Term Debt | ||||||||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | 52.93% of total capitalization | (a) | $ | 1,980 | (a) | NSP-Minnesota | 52.8% of total capitalization | (a) | $ | 2,300 | (a) | ||||||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | $ | 250 | 150 | NSP-Wisconsin | $ | 150 | 150 | ||||||||||||||||||||||||||
SPS | SPS | 0 | (b) | 600 | SPS | — | 600 | |||||||||||||||||||||||||||
PSCo | PSCo | 1,450 | 800 | PSCo | 700 | (b) | 800 |
6. Revenues |
Year Ended Dec. 31, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 3,066 | $ | 975 | $ | 42 | $ | 4,083 | ||||||||||||||||||
C&I | 4,596 | 462 | 27 | 5,085 | ||||||||||||||||||||||
Other | 125 | 0 | 6 | 131 | ||||||||||||||||||||||
Total retail | 7,787 | 1,437 | 75 | 9,299 | ||||||||||||||||||||||
Wholesale | 759 | 0 | 0 | 759 | ||||||||||||||||||||||
Transmission | 579 | 0 | 0 | 579 | ||||||||||||||||||||||
Other | 73 | 137 | 0 | 210 | ||||||||||||||||||||||
Total revenue from contracts with customers | 9,198 | 1,574 | 75 | 10,847 | ||||||||||||||||||||||
Alternative revenue and other | 604 | 62 | 13 | 679 | ||||||||||||||||||||||
Total revenues | $ | 9,802 | $ | 1,636 | $ | 88 | $ | 11,526 |
Year Ended Dec. 31, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 2,877 | $ | 1,127 | $ | 41 | $ | 4,045 | ||||||||||||||||||
C&I | 4,844 | 567 | 29 | 5,440 | ||||||||||||||||||||||
Other | 130 | 0 | 4 | 134 | ||||||||||||||||||||||
Total retail | 7,851 | 1,694 | 74 | 9,619 | ||||||||||||||||||||||
Wholesale | 737 | 0 | 0 | 737 | ||||||||||||||||||||||
Transmission | 507 | 0 | 0 | 507 | ||||||||||||||||||||||
Other | 49 | 120 | 0 | 169 | ||||||||||||||||||||||
Total revenue from contracts with customers | 9,144 | 1,814 | 74 | 11,032 | ||||||||||||||||||||||
Alternative revenue and other | 431 | 54 | 12 | 497 | ||||||||||||||||||||||
Total revenues | $ | 9,575 | $ | 1,868 | $ | 86 | $ | 11,529 |
Year Ended Dec. 31, 2018 | Year Ended Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Electric | Natural Gas | All Other | Total | (Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Major revenue types | Major revenue types | Major revenue types | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from contracts with customers: | Revenue from contracts with customers: | Revenue from contracts with customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential | $ | 2,919 | $ | 988 | $ | 38 | $ | 3,945 | Residential | $ | 3,194 | $ | 1,222 | $ | 45 | $ | 4,461 | ||||||||||||||||||||||||||||||||||
C&I | C&I | 4,874 | 524 | 25 | 5,423 | C&I | 5,050 | 640 | 30 | 5,720 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 134 | 0 | 6 | 140 | Other | 127 | — | 7 | 134 | ||||||||||||||||||||||||||||||||||||||||||
Total retail | Total retail | 7,927 | 1,512 | 69 | 9,508 | Total retail | 8,371 | 1,862 | 82 | 10,315 | ||||||||||||||||||||||||||||||||||||||||||
Wholesale | Wholesale | 791 | 0 | 0 | 791 | Wholesale | 1,540 | — | — | 1,540 | ||||||||||||||||||||||||||||||||||||||||||
Transmission | Transmission | 523 | 0 | 0 | 523 | Transmission | 604 | — | — | 604 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 98 | 100 | 0 | 198 | Other | 61 | 148 | — | 209 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers | Total revenue from contracts with customers | 9,339 | 1,612 | 69 | 11,020 | Total revenue from contracts with customers | 10,576 | 2,010 | 82 | 12,668 | ||||||||||||||||||||||||||||||||||||||||||
Alternative revenue and other | Alternative revenue and other | 380 | 127 | 10 | 517 | Alternative revenue and other | 629 | 122 | 12 | 763 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 9,719 | $ | 1,739 | $ | 79 | $ | 11,537 | Total revenues | $ | 11,205 | $ | 2,132 | $ | 94 | $ | 13,431 |
Year Ended Dec. 31, 2020 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 3,066 | $ | 975 | $ | 42 | $ | 4,083 | ||||||||||||||||||
C&I | 4,596 | 462 | 27 | 5,085 | ||||||||||||||||||||||
Other | 125 | — | 6 | 131 | ||||||||||||||||||||||
Total retail | 7,787 | 1,437 | 75 | 9,299 | ||||||||||||||||||||||
Wholesale | 759 | — | — | 759 | ||||||||||||||||||||||
Transmission | 579 | — | — | 579 | ||||||||||||||||||||||
Other | 73 | 137 | — | 210 | ||||||||||||||||||||||
Total revenue from contracts with customers | 9,198 | 1,574 | 75 | 10,847 | ||||||||||||||||||||||
Alternative revenue and other | 604 | 62 | 13 | 679 | ||||||||||||||||||||||
Total revenues | $ | 9,802 | $ | 1,636 | $ | 88 | $ | 11,526 |
Year Ended Dec. 31, 2019 | ||||||||||||||||||||||||||
(Millions of Dollars) | Electric | Natural Gas | All Other | Total | ||||||||||||||||||||||
Major revenue types | ||||||||||||||||||||||||||
Revenue from contracts with customers: | ||||||||||||||||||||||||||
Residential | $ | 2,877 | $ | 1,127 | $ | 41 | $ | 4,045 | ||||||||||||||||||
C&I | 4,844 | 567 | 29 | 5,440 | ||||||||||||||||||||||
Other | 130 | — | 4 | 134 | ||||||||||||||||||||||
Total retail | 7,851 | 1,694 | 74 | 9,619 | ||||||||||||||||||||||
Wholesale | 737 | — | — | 737 | ||||||||||||||||||||||
Transmission | 507 | — | — | 507 | ||||||||||||||||||||||
Other | 49 | 120 | — | 169 | ||||||||||||||||||||||
Total revenue from contracts with customers | 9,144 | 1,814 | 74 | 11,032 | ||||||||||||||||||||||
Alternative revenue and other | 431 | 54 | 12 | 497 | ||||||||||||||||||||||
Total revenues | $ | 9,575 | $ | 1,868 | $ | 86 | $ | 11,529 |
7. Income Taxes |
Tax Year(s) | Expiration | |||||||
2014 - 2016 | ||||||||
2018 | September 2022 |
State | Year | |||||||
Colorado | ||||||||
Minnesota | ||||||||
Texas | ||||||||
Wisconsin |
(Millions of Dollars) | (Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Unrecognized tax benefit — Permanent tax positions | Unrecognized tax benefit — Permanent tax positions | $ | 41 | $ | 35 | Unrecognized tax benefit — Permanent tax positions | $ | 47 | $ | 41 | ||||||||||||||||||
Unrecognized tax benefit — Temporary tax positions | Unrecognized tax benefit — Temporary tax positions | 11 | 9 | Unrecognized tax benefit — Temporary tax positions | 11 | 11 | ||||||||||||||||||||||
Total unrecognized tax benefit | Total unrecognized tax benefit | $ | 52 | $ | 44 | Total unrecognized tax benefit | $ | 58 | $ | 52 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Balance at Jan. 1 | Balance at Jan. 1 | $ | 44 | $ | 37 | $ | 39 | Balance at Jan. 1 | $ | 52 | $ | 44 | $ | 37 | ||||||||||||||||||||||||||
Additions based on tax positions related to the current year | Additions based on tax positions related to the current year | 9 | 10 | 9 | Additions based on tax positions related to the current year | 5 | 9 | 10 | ||||||||||||||||||||||||||||||||
Reductions based on tax positions related to the current year | Reductions based on tax positions related to the current year | (2) | (4) | (4) | Reductions based on tax positions related to the current year | — | (2) | (4) | ||||||||||||||||||||||||||||||||
Additions for tax positions of prior years | Additions for tax positions of prior years | 35 | 1 | 2 | Additions for tax positions of prior years | 2 | 35 | 1 | ||||||||||||||||||||||||||||||||
Reductions for tax positions of prior years | Reductions for tax positions of prior years | (34) | 0 | (4) | Reductions for tax positions of prior years | (1) | (34) | — | ||||||||||||||||||||||||||||||||
Settlements with taxing authorities | 0 | 0 | (5) | |||||||||||||||||||||||||||||||||||||
Balance at Dec. 31 | Balance at Dec. 31 | $ | 52 | $ | 44 | $ | 37 | Balance at Dec. 31 | $ | 58 | $ | 52 | $ | 44 |
(Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | ||||||||||||
NOL and tax credit carryforwards | $ | (31) | $ | (40) |
(Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||
NOL and tax credit carryforwards | $ | (36) | $ | (31) |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Payable for interest related to unrecognized tax benefits at Jan. 1 | Payable for interest related to unrecognized tax benefits at Jan. 1 | $ | 0 | $ | 0 | $ | 0 | Payable for interest related to unrecognized tax benefits at Jan. 1 | $ | (3) | $ | — | $ | — | ||||||||||||||||||||||||||
Interest expense related to unrecognized tax benefits | Interest expense related to unrecognized tax benefits | (3) | 0 | 0 | Interest expense related to unrecognized tax benefits | — | (3) | — | ||||||||||||||||||||||||||||||||
Payable for interest related to unrecognized tax benefits at Dec. 31 | Payable for interest related to unrecognized tax benefits at Dec. 31 | $ | (3) | $ | 0 | $ | 0 | Payable for interest related to unrecognized tax benefits at Dec. 31 | $ | (3) | $ | (3) | $ | — |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||
Federal NOL carryforward | Federal NOL carryforward | $ | 765 | $ | — | |||||||||||||||||||||||
Federal tax credit carryforwards | Federal tax credit carryforwards | $ | 791 | $ | 639 | Federal tax credit carryforwards | 1,172 | 791 | ||||||||||||||||||||
State NOL carryforwards | State NOL carryforwards | 839 | 937 | State NOL carryforwards | 1,648 | 839 | ||||||||||||||||||||||
Valuation allowances for state NOL carryforwards | Valuation allowances for state NOL carryforwards | (4) | (19) | Valuation allowances for state NOL carryforwards | (3) | (4) | ||||||||||||||||||||||
State tax credit carryforwards, net of federal detriment (a) | State tax credit carryforwards, net of federal detriment (a) | 89 | 89 | State tax credit carryforwards, net of federal detriment (a) | 89 | 89 | ||||||||||||||||||||||
Valuation allowances for state credit carryforwards, net of federal benefit (b) | Valuation allowances for state credit carryforwards, net of federal benefit (b) | (64) | (66) | Valuation allowances for state credit carryforwards, net of federal benefit (b) | (64) | (64) |
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Federal statutory rate | Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||
State income tax on pretax income, net of federal tax effect | State income tax on pretax income, net of federal tax effect | 4.9 | 4.9 | 5.0 | State income tax on pretax income, net of federal tax effect | 5.0 | 4.9 | 4.9 | ||||||||||||||||||||||||||||||||
Increases (decreases) in tax from: | ||||||||||||||||||||||||||||||||||||||||
(Decreases) increases in tax from: | (Decreases) increases in tax from: | |||||||||||||||||||||||||||||||||||||||
Wind PTCs | Wind PTCs | (15.7) | (9.4) | (5.2) | Wind PTCs | (23.4) | (15.7) | (9.4) | ||||||||||||||||||||||||||||||||
Plant regulatory differences (a) | Plant regulatory differences (a) | (7.6) | (5.8) | (6.2) | Plant regulatory differences (a) | (6.2) | (7.6) | (5.8) | ||||||||||||||||||||||||||||||||
Other tax credits, net NOL & tax credit allowances | Other tax credits, net NOL & tax credit allowances | (1.2) | (1.7) | (1.7) | Other tax credits, net NOL & tax credit allowances | (1.1) | (1.2) | (1.7) | ||||||||||||||||||||||||||||||||
NOL Carryback | NOL Carryback | (0.9) | 0 | 0 | NOL Carryback | — | (0.9) | — | ||||||||||||||||||||||||||||||||
Change in unrecognized tax benefits | Change in unrecognized tax benefits | 0.5 | 0.5 | 0.4 | Change in unrecognized tax benefits | 0.4 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||
Other, net | Other, net | (1.4) | (1.0) | (0.7) | Other, net | (0.3) | (1.4) | (1.0) | ||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | (0.4) | % | 8.5 | % | 12.6 | % | Effective income tax rate | (4.6) | % | (0.4) | % | 8.5 | % |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Current federal tax benefit | $ | (13) | $ | (16) | $ | (34) | ||||||||||||||||||||||||||||||||||
Current state tax expense | 2 | 4 | 8 | |||||||||||||||||||||||||||||||||||||
Current change in unrecognized tax expense (benefit) | 18 | 2 | (6) | |||||||||||||||||||||||||||||||||||||
Current federal tax expense (benefit) | Current federal tax expense (benefit) | $ | 15 | $ | (13) | $ | (16) | |||||||||||||||||||||||||||||||||
Current state tax (benefit) expense | Current state tax (benefit) expense | (2) | 2 | 4 | ||||||||||||||||||||||||||||||||||||
Current change in unrecognized tax expense | Current change in unrecognized tax expense | 1 | 18 | 2 | ||||||||||||||||||||||||||||||||||||
Deferred federal tax (benefit) expense | Deferred federal tax (benefit) expense | (89) | 55 | 122 | Deferred federal tax (benefit) expense | (183) | (89) | 55 | ||||||||||||||||||||||||||||||||
Deferred state tax expense | Deferred state tax expense | 91 | 83 | 85 | Deferred state tax expense | 99 | 91 | 83 | ||||||||||||||||||||||||||||||||
Deferred change in unrecognized tax (benefit) expense | (10) | 5 | 11 | |||||||||||||||||||||||||||||||||||||
Deferred change in unrecognized tax expense (benefit) | Deferred change in unrecognized tax expense (benefit) | 5 | (10) | 5 | ||||||||||||||||||||||||||||||||||||
Deferred ITCs | Deferred ITCs | (5) | (5) | (5) | Deferred ITCs | (5) | (5) | (5) | ||||||||||||||||||||||||||||||||
Total income tax (benefit) expense | Total income tax (benefit) expense | $ | (6) | $ | 128 | $ | 181 | Total income tax (benefit) expense | $ | (70) | $ | (6) | $ | 128 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Deferred tax expense excluding items below | Deferred tax expense excluding items below | $ | 237 | $ | 344 | $ | 320 | Deferred tax expense excluding items below | $ | 148 | $ | 237 | $ | 344 | ||||||||||||||||||||||||||
Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (247) | (206) | (102) | Amortization and adjustments to deferred income taxes on income tax regulatory assets and liabilities | (221) | (247) | (206) | ||||||||||||||||||||||||||||||||
Tax expense allocated to other comprehensive income, adoption of ASC Topic 326, adoption of ASU No. 2018-02, and other | 2 | 5 | 0 | |||||||||||||||||||||||||||||||||||||
Tax (benefit) expense allocated to other comprehensive income, adoption of ASC Topic 326, and other | Tax (benefit) expense allocated to other comprehensive income, adoption of ASC Topic 326, and other | (6) | 2 | 5 | ||||||||||||||||||||||||||||||||||||
Deferred tax (benefit) expense | Deferred tax (benefit) expense | $ | (8) | $ | 143 | $ | 218 | Deferred tax (benefit) expense | $ | (79) | $ | (8) | $ | 143 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 (a) | ||||||||||||||||||||||
Deferred tax liabilities: | Deferred tax liabilities: | Deferred tax liabilities: | ||||||||||||||||||||||||||
Differences between book and tax bases of property | Differences between book and tax bases of property | $ | 5,810 | $ | 5,474 | Differences between book and tax bases of property | $ | 6,231 | $ | 5,810 | ||||||||||||||||||
Operating lease assets | Operating lease assets | 400 | 449 | Operating lease assets | 351 | 400 | ||||||||||||||||||||||
Regulatory assets | Regulatory assets | 603 | 598 | Regulatory assets | 598 | 603 | ||||||||||||||||||||||
Deferred fuel costs | Deferred fuel costs | 262 | (6) | |||||||||||||||||||||||||
Pension expense | Pension expense | 176 | 173 | Pension expense | 175 | 176 | ||||||||||||||||||||||
Other | Other | 74 | 70 | Other | 93 | 74 | ||||||||||||||||||||||
Total deferred tax liabilities | Total deferred tax liabilities | $ | 7,063 | $ | 6,764 | Total deferred tax liabilities | $ | 7,710 | $ | 7,057 | ||||||||||||||||||
Deferred tax assets: | Deferred tax assets: | Deferred tax assets: | ||||||||||||||||||||||||||
Regulatory liabilities | Regulatory liabilities | $ | 806 | $ | 847 | Regulatory liabilities | $ | 780 | $ | 806 | ||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 400 | 449 | Operating lease liabilities | 351 | 400 | ||||||||||||||||||||||
Tax credit carryforward | Tax credit carryforward | 880 | 727 | Tax credit carryforward | 1,261 | 880 | ||||||||||||||||||||||
NOL carryforward | NOL carryforward | 37 | 38 | NOL carryforward | 247 | 37 | ||||||||||||||||||||||
NOL and tax credit valuation allowances | NOL and tax credit valuation allowances | (64) | (67) | NOL and tax credit valuation allowances | (64) | (64) | ||||||||||||||||||||||
Other employee benefits | Other employee benefits | 141 | 128 | Other employee benefits | 119 | 141 | ||||||||||||||||||||||
Deferred ITCs | Deferred ITCs | 13 | 14 | Deferred ITCs | 15 | 13 | ||||||||||||||||||||||
Rate refund | 16 | 26 | ||||||||||||||||||||||||||
Other | Other | 88 | 93 | Other | 107 | 98 | ||||||||||||||||||||||
Total deferred tax assets | Total deferred tax assets | $ | 2,317 | $ | 2,255 | Total deferred tax assets | $ | 2,816 | $ | 2,311 | ||||||||||||||||||
Net deferred tax liability | Net deferred tax liability | $ | 4,746 | $ | 4,509 | Net deferred tax liability | $ | 4,894 | $ | 4,746 |
8. Share-Based Compensation |
(Shares in Thousands) | (Shares in Thousands) | 2020 | 2019 | 2018 | (Shares in Thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Granted shares | Granted shares | 1 | 13 | 18 | Granted shares | 2 | 1 | 13 | ||||||||||||||||||||||||||||||||
Grant date fair value | Grant date fair value | $ | 70.26 | $ | 53.46 | $ | 44.68 | Grant date fair value | $ | 61.54 | $ | 70.26 | $ | 53.46 |
(Shares in Thousands) | (Shares in Thousands) | Shares | Weighted Average Grant Date Fair Value | (Shares in Thousands) | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||
Nonvested restricted stock at Jan. 1, 2020 | 31 | $ | 50.15 | |||||||||||||||||||||||||
Nonvested restricted stock at Jan. 1, 2021 | Nonvested restricted stock at Jan. 1, 2021 | 15 | $ | 56.68 | ||||||||||||||||||||||||
Granted | Granted | 1 | 70.26 | Granted | 2 | 61.54 | ||||||||||||||||||||||
Forfeited | Forfeited | (3) | 44.68 | Forfeited | — | 70.26 | ||||||||||||||||||||||
Vested | Vested | (15) | 46.41 | Vested | (9) | 49.71 | ||||||||||||||||||||||
Dividend equivalents | Dividend equivalents | 1 | 66.96 | Dividend equivalents | — | 66.73 | ||||||||||||||||||||||
Nonvested restricted stock at Dec. 31, 2020 | 15 | 56.68 | ||||||||||||||||||||||||||
Nonvested restricted stock at Dec. 31, 2021 | Nonvested restricted stock at Dec. 31, 2021 | 8 | 67.26 |
(Units in Thousands) | (Units in Thousands) | 2020 | 2019 | 2018 | (Units in Thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Granted units | Granted units | 411 | 483 | 500 | Granted units | 421 | 411 | 483 | ||||||||||||||||||||||||||||||||
Weighted average grant date fair value | Weighted average grant date fair value | $ | 62.92 | $ | 49.67 | $ | 47.60 | Weighted average grant date fair value | $ | 66.03 | $ | 62.92 | $ | 49.67 |
(Units in Thousands, Fair Value in Millions) | (Units in Thousands, Fair Value in Millions) | 2020 | 2019 | 2018 | (Units in Thousands, Fair Value in Millions) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Vested Units | Vested Units | 442 | 464 | 475 | Vested Units | 392 | 442 | 464 | ||||||||||||||||||||||||||||||||
Total Fair Value | Total Fair Value | $ | 29 | $ | 29 | $ | 23 | Total Fair Value | $ | 27 | $ | 29 | $ | 29 |
(Units in Thousands) | (Units in Thousands) | Units | Weighted Average Grant Date Fair Value | (Units in Thousands) | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||
Nonvested Units at Jan. 1, 2020 | 880 | $ | 48.20 | |||||||||||||||||||||||||
Nonvested Units at Jan. 1, 2021 | Nonvested Units at Jan. 1, 2021 | 780 | $ | 55.68 | ||||||||||||||||||||||||
Granted | Granted | 411 | 62.92 | Granted | 421 | 66.03 | ||||||||||||||||||||||
Forfeited | Forfeited | (101) | 53.87 | Forfeited | (146) | 61.76 | ||||||||||||||||||||||
Vested | Vested | (442) | 47.63 | Vested | (392) | 48.91 | ||||||||||||||||||||||
Dividend equivalents | Dividend equivalents | 32 | 51.56 | Dividend equivalents | 32 | 58.00 | ||||||||||||||||||||||
Nonvested Units at Dec. 31, 2020 | 780 | 55.68 | ||||||||||||||||||||||||||
Nonvested Units at Dec. 31, 2021 | Nonvested Units at Dec. 31, 2021 | 695 | 64.59 |
(Units in Thousands) | (Units in Thousands) | 2020 | 2019 | 2018 | (Units in Thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Granted units | Granted units | 33 | 29 | 36 | Granted units | 31 | 33 | 29 | ||||||||||||||||||||||||||||||||
Weighted average grant date fair value | Weighted average grant date fair value | $ | 61.61 | $ | 58.44 | $ | 45.44 | Weighted average grant date fair value | $ | 68.15 | $ | 61.61 | $ | 58.44 |
(Units in Thousands) | (Units in Thousands) | Units | Weighted Average Grant Date Fair Value | (Units in Thousands) | Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||
Stock equivalent units at Jan. 1, 2020 | 725 | $ | 32.72 | |||||||||||||||||||||||||
Stock equivalent units at Jan. 1, 2021 | Stock equivalent units at Jan. 1, 2021 | 630 | $ | 36.28 | ||||||||||||||||||||||||
Granted | Granted | 33 | 61.61 | Granted | 31 | 68.15 | ||||||||||||||||||||||
Units distributed | Units distributed | (146) | 28.16 | Units distributed | (73) | 31.47 | ||||||||||||||||||||||
Dividend equivalents | Dividend equivalents | 18 | 67.44 | Dividend equivalents | 16 | 66.98 | ||||||||||||||||||||||
Stock equivalent units at Dec. 31, 2020 | 630 | 36.28 | ||||||||||||||||||||||||||
Stock equivalent units at Dec. 31, 2021 | Stock equivalent units at Dec. 31, 2021 | 604 | 39.27 |
(In Thousands) | (In Thousands) | 2020 | 2019 | 2018 | (In Thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Awards granted | Awards granted | 212 | 225 | 239 | Awards granted | 221 | 212 | 225 |
(Units In Thousands, Settlement Amount in Millions) | (Units In Thousands, Settlement Amount in Millions) | 2020 | 2019 | 2018 | (Units In Thousands, Settlement Amount in Millions) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Awards settled | Awards settled | 476 | 466 | 482 | Awards settled | 446 | 476 | 466 | ||||||||||||||||||||||||||||||||
Settlement amount (cash, common stock and deferred amounts) | Settlement amount (cash, common stock and deferred amounts) | $ | 33 | $ | 25 | $ | 22 | Settlement amount (cash, common stock and deferred amounts) | $ | 27 | $ | 33 | $ | 25 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Compensation cost for share-based awards (a) | Compensation cost for share-based awards (a) | $ | 73 | $ | 58 | $ | 45 | Compensation cost for share-based awards (a) | $ | 31 | $ | 73 | $ | 58 | ||||||||||||||||||||||||||
Tax benefit recognized in income | Tax benefit recognized in income | 19 | 15 | 12 | Tax benefit recognized in income | 8 | 19 | 15 |
9. Earnings Per Share |
(Shares in Millions) | 2021 | 2020 | 2019 | |||||||||||||||||
Basic | 539 | 527 | 519 | |||||||||||||||||
Diluted (a) | 540 | 528 | 520 |
10. Fair Value of Financial Assets and Liabilities |
Dec. 31, 2020 | Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | Nuclear decommissioning fund (a) | Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 40 | $ | 40 | $ | 0 | $ | 0 | $ | 0 | $ | 40 | Cash equivalents | $ | 64 | $ | 64 | $ | — | $ | — | $ | — | $ | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled funds | Commingled funds | 787 | 0 | 0 | 0 | 1,041 | 1,041 | Commingled funds | 856 | — | — | — | 1,294 | 1,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | 528 | 0 | 572 | 13 | 0 | 585 | Debt securities | 631 | — | 666 | 9 | — | 675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 446 | 1,109 | 2 | 0 | 0 | 1,111 | Equity securities | 411 | 1,222 | 1 | — | — | 1,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,801 | $ | 1,149 | $ | 574 | $ | 13 | $ | 1,041 | $ | 2,777 | Total | $ | 1,962 | $ | 1,286 | $ | 667 | $ | 9 | $ | 1,294 | $ | 3,256 |
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 40 | $ | 40 | $ | — | $ | — | $ | — | $ | 40 | ||||||||||||||||||||||||||
Commingled funds | 787 | — | — | — | 1,041 | 1,041 | ||||||||||||||||||||||||||||||||
Debt securities | 528 | — | 572 | 13 | — | 585 | ||||||||||||||||||||||||||||||||
Equity securities | 446 | 1,109 | 2 | — | — | 1,111 | ||||||||||||||||||||||||||||||||
Total | $ | 1,801 | $ | 1,149 | $ | 574 | $ | 13 | $ | 1,041 | $ | 2,777 |
Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | NAV | Total | ||||||||||||||||||||||||||||||||
Nuclear decommissioning fund (a) | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 33 | $ | 33 | $ | 0 | $ | 0 | $ | 0 | $ | 33 | ||||||||||||||||||||||||||
Commingled funds | 733 | 0 | 0 | 0 | 935 | 935 | ||||||||||||||||||||||||||||||||
Debt securities | 489 | 0 | 495 | 13 | 0 | 508 | ||||||||||||||||||||||||||||||||
Equity securities | 485 | 962 | 2 | 0 | 0 | 964 | ||||||||||||||||||||||||||||||||
Total | $ | 1,740 | $ | 995 | $ | 497 | $ | 13 | $ | 935 | $ | 2,440 |
Final Contractual Maturity | Final Contractual Maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (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 | (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 | Debt securities | $ | 1 | $ | 116 | $ | 211 | $ | 257 | $ | 585 | Debt securities | $ | 4 | $ | 149 | $ | 208 | $ | 314 | $ | 675 |
Dec. 31, 2020 | Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi Trusts (a) | Rabbi Trusts (a) | Rabbi Trusts (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 32 | $ | 32 | $ | 0 | $ | 0 | $ | 32 | Cash equivalents | $ | 20 | $ | 20 | $ | — | $ | — | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds | Mutual funds | 60 | 70 | 0 | 0 | 70 | Mutual funds | 75 | 89 | — | — | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 92 | $ | 102 | $ | 0 | $ | 0 | $ | 102 | Total | $ | 95 | $ | 109 | $ | — | $ | — | $ | 109 |
Dec. 31, 2019 | Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | (Millions of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rabbi Trusts (a) | Rabbi Trusts (a) | Rabbi Trusts (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 17 | $ | 17 | $ | 0 | $ | 0 | $ | 17 | Cash equivalents | $ | 32 | $ | 32 | $ | — | $ | — | $ | 32 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds | Mutual funds | 57 | 65 | 0 | 0 | 65 | Mutual funds | 60 | 70 | — | — | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 74 | $ | 82 | $ | 0 | $ | 0 | $ | 82 | Total | $ | 92 | $ | 102 | $ | — | $ | — | $ | 102 |
(Amounts in Millions) (a)(b) | (Amounts in Millions) (a)(b) | Dec. 31, 2020 | Dec. 31, 2019 | (Amounts in Millions) (a)(b) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
MWh of electricity | MWh of electricity | 87 | 95 | MWh of electricity | 80 | 87 | ||||||||||||||||||||||
MMBtu of natural gas | MMBtu of natural gas | 175 | 110 | MMBtu of natural gas | 156 | 175 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (80) | $ | (60) | $ | (58) | Accumulated other comprehensive loss related to cash flow hedges at Jan. 1 | $ | (85) | $ | (80) | $ | (60) | ||||||||||||||||||||||||||
After-tax net unrealized losses related to derivatives accounted for as hedges | (10) | (23) | (5) | |||||||||||||||||||||||||||||||||||||
After-tax net unrealized gains (losses) related to derivatives accounted for as hedges | After-tax net unrealized gains (losses) related to derivatives accounted for as hedges | 4 | (10) | (23) | ||||||||||||||||||||||||||||||||||||
After-tax net realized losses on derivative transactions reclassified into earnings | After-tax net realized losses on derivative transactions reclassified into earnings | 5 | 3 | 3 | After-tax net realized losses on derivative transactions reclassified into earnings | 6 | 5 | 3 | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ | (85) | $ | (80) | $ | (60) | Accumulated other comprehensive loss related to cash flow hedges at Dec. 31 | $ | (75) | $ | (85) | $ | (80) |
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||||||||
Year Ended Dec. 31, 2020 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | (13) | $ | 0 | ||||||||||
Total | $ | (13) | $ | 0 | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | 0 | $ | (5) | ||||||||||
Natural gas commodity | 0 | (13) | ||||||||||||
Total | $ | 0 | $ | (18) | ||||||||||
Year Ended Dec. 31, 2019 | ||||||||||||||
Interest rate | $ | (30) | $ | 0 | ||||||||||
Total | $ | (30) | $ | 0 | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | 0 | $ | 8 | ||||||||||
Natural gas commodity | 0 | (9) | ||||||||||||
Total | $ | 0 | $ | (1) | ||||||||||
Year Ended Dec. 31, 2018 | ||||||||||||||
Interest rate | $ | (7) | $ | 0 | ||||||||||
Total | $ | (7) | $ | 0 | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | 0 | $ | 1 | ||||||||||
Natural gas commodity | 0 | 10 | ||||||||||||
Total | $ | 0 | $ | 11 |
Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: | ||||||||||||||
(Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory (Assets) and Liabilities | ||||||||||||
Year Ended Dec. 31, 2021 | ||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||
Interest rate | $ | 5 | $ | — | ||||||||||
Total | $ | 5 | $ | — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | 32 | ||||||||||
Natural gas commodity | — | (4) | ||||||||||||
Total | $ | — | $ | 28 | ||||||||||
Year Ended Dec. 31, 2020 | ||||||||||||||
Interest rate | $ | (13) | $ | — | ||||||||||
Total | $ | (13) | $ | — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | (5) | ||||||||||
Natural gas commodity | — | (13) | ||||||||||||
Total | $ | — | $ | (18) | ||||||||||
Year Ended Dec. 31, 2019 | ||||||||||||||
Interest rate | $ | (30) | $ | — | ||||||||||
Total | $ | (30) | $ | — | ||||||||||
Other derivative instruments | ||||||||||||||
Electric commodity | $ | — | $ | 8 | ||||||||||
Natural gas commodity | — | (9) | ||||||||||||
Total | $ | — | $ | (1) |
Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | Pre-Tax (Gains) Losses Reclassified into Income During the Period from: | Pre-Tax Gains (Losses) Recognized During the Period in Income | |||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | (Millions of Dollars) | Accumulated Other Comprehensive Loss | Regulatory Assets and (Liabilities) | ||||||||||||||||||||||||||||||||||||||||
Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 8 | (a) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Other derivative instruments | Other derivative instruments | |||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | — | $ | — | $ | 63 | (b) | ||||||||||||||||||||||||||||||||||||||
Electric commodity | Electric commodity | — | (23) | (c) | — | |||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | Natural gas commodity | — | 5 | (d) | (22) | (d) | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | (18) | $ | 41 | |||||||||||||||||||||||||||||||||||||||
Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 7 | (a) | $ | 0 | $ | 0 | Interest rate | $ | 7 | (a) | $ | — | $ | — | ||||||||||||||||||||||||||||||
Total | Total | $ | 7 | $ | 0 | $ | 0 | Total | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other derivative instruments | Other derivative instruments | Other derivative instruments | ||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 0 | $ | 0 | $ | (1) | (b) | Commodity trading | $ | — | $ | — | $ | (1) | (b) | ||||||||||||||||||||||||||||||
Electric commodity | Electric commodity | 0 | (3) | (c) | 0 | Electric commodity | — | (3) | (c) | — | ||||||||||||||||||||||||||||||||||||
Natural gas commodity | Natural gas commodity | 0 | 10 | (d) | (13) | (d) | Natural gas commodity | — | 10 | (d) | (13) | (d) | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 0 | $ | 7 | $ | (14) | Total | $ | — | $ | 7 | $ | (14) | ||||||||||||||||||||||||||||||||
Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate | Interest rate | $ | 4 | (a) | $ | 0 | $ | 0 | Interest rate | $ | 4 | (a) | $ | — | $ | — | ||||||||||||||||||||||||||||||
Total | Total | $ | 4 | $ | 0 | $ | 0 | Total | $ | 4 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other derivative instruments | Other derivative instruments | Other derivative instruments | ||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 0 | $ | 0 | $ | 2 | (b) | Commodity trading | $ | — | $ | — | $ | 2 | (b) | ||||||||||||||||||||||||||||||
Electric commodity | Electric commodity | 0 | (5) | (c) | 0 | Electric commodity | — | (5) | (c) | — | ||||||||||||||||||||||||||||||||||||
Natural gas commodity | Natural gas commodity | 0 | 2 | (d) | (7) | (d) | Natural gas commodity | — | 2 | (d) | (7) | (d) | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 0 | $ | (3) | $ | (5) | Total | $ | — | $ | (3) | $ | (5) | ||||||||||||||||||||||||||||||||
Year Ended Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | $ | 4 | (a) | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 4 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||||||||
Other derivative instruments | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | $ | 0 | $ | 0 | $ | 14 | (b) | |||||||||||||||||||||||||||||||||||||||
Electric commodity | 0 | (1) | (c) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | 0 | (6) | (d) | (4) | (d) | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | (7) | $ | 10 |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative assets | Current derivative assets | Current derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | Other derivative instruments: | Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 2 | $ | 67 | $ | 1 | $ | 70 | $ | (52) | $ | 18 | $ | 3 | $ | 51 | $ | 24 | $ | 78 | $ | (52) | $ | 26 | Commodity trading | $ | 22 | $ | 137 | $ | 21 | $ | 180 | $ | (134) | $ | 46 | $ | 2 | $ | 67 | $ | 1 | $ | 70 | $ | (52) | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | Electric commodity | 0 | 0 | 20 | 20 | (1) | 19 | 0 | 0 | 21 | 21 | (1) | 20 | Electric commodity | — | — | 57 | 57 | (1) | 56 | — | — | 20 | 20 | (1) | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | Natural gas commodity | 0 | 9 | 0 | 9 | 0 | 9 | 0 | 6 | 0 | 6 | 0 | 6 | Natural gas commodity | — | 18 | — | 18 | — | 18 | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative assets | Total current derivative assets | $ | 2 | $ | 76 | $ | 21 | $ | 99 | $ | (53) | 46 | $ | 3 | $ | 57 | $ | 45 | $ | 105 | $ | (53) | 52 | Total current derivative assets | $ | 22 | $ | 155 | $ | 78 | $ | 255 | $ | (135) | 120 | $ | 2 | $ | 76 | $ | 21 | $ | 99 | $ | (53) | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | PPAs (b) | 3 | 3 | PPAs (b) | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | Current derivative instruments | $ | 49 | $ | 55 | Current derivative instruments | $ | 123 | $ | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative assets | Noncurrent derivative assets | Noncurrent derivative assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | Other derivative instruments: | Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | $ | 20 | $ | 9 | $ | 38 | $ | 7 | $ | 54 | $ | (45) | $ | 9 | Commodity trading | $ | 16 | $ | 63 | $ | 89 | $ | 168 | $ | (107) | $ | 61 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | $ | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative assets | Total noncurrent derivative assets | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | 20 | $ | 9 | $ | 38 | $ | 7 | $ | 54 | $ | (45) | 9 | Total noncurrent derivative assets | $ | 16 | $ | 63 | $ | 89 | $ | 168 | $ | (107) | 61 | $ | 8 | $ | 66 | $ | 8 | $ | 82 | $ | (62) | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | PPAs (b) | 10 | 13 | PPAs (b) | 6 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | Noncurrent derivative instruments | $ | 30 | $ | 22 | Noncurrent derivative instruments | $ | 67 | $ | 30 |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | Fair Value | Fair Value Total | Netting (a) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative liabilities | Current derivative liabilities | Current derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | Other derivative instruments: | Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 4 | $ | 64 | $ | 17 | $ | 85 | $ | (58) | $ | 27 | $ | 4 | $ | 59 | $ | 15 | $ | 78 | $ | (63) | $ | 15 | Commodity trading | $ | 19 | $ | 148 | $ | 20 | $ | 187 | $ | (143) | $ | 44 | $ | 4 | $ | 64 | $ | 17 | $ | 85 | $ | (58) | $ | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric commodity | Electric commodity | 0 | 0 | 1 | 1 | (1) | 0 | 0 | 0 | 1 | 1 | (1) | 0 | Electric commodity | — | — | 1 | 1 | (1) | — | — | — | 1 | 1 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas commodity | Natural gas commodity | 0 | 9 | 0 | 9 | 0 | 9 | 0 | 5 | 0 | 5 | 0 | 5 | Natural gas commodity | — | 8 | — | 8 | — | 8 | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current derivative liabilities | Total current derivative liabilities | $ | 4 | $ | 73 | $ | 18 | $ | 95 | $ | (59) | 36 | $ | 4 | $ | 64 | $ | 16 | $ | 84 | $ | (64) | 20 | Total current derivative liabilities | $ | 19 | $ | 156 | $ | 21 | $ | 196 | $ | (144) | 52 | $ | 4 | $ | 73 | $ | 18 | $ | 95 | $ | (59) | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | PPAs (b) | 17 | 18 | PPAs (b) | 17 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current derivative instruments | Current derivative instruments | $ | 53 | $ | 38 | Current derivative instruments | $ | 69 | $ | 53 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative liabilities | Noncurrent derivative liabilities | Noncurrent derivative liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivative instruments: | Other derivative instruments: | Other derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity trading | Commodity trading | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | $ | 74 | $ | 2 | $ | 79 | $ | 32 | $ | 113 | $ | (13) | $ | 100 | Commodity trading | $ | 18 | $ | 48 | $ | 127 | $ | 193 | $ | (128) | $ | 65 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | $ | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noncurrent derivative liabilities | Total noncurrent derivative liabilities | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | 74 | $ | 2 | $ | 79 | $ | 32 | $ | 113 | $ | (13) | 100 | Total noncurrent derivative liabilities | $ | 18 | $ | 48 | $ | 127 | $ | 193 | $ | (128) | 65 | $ | 3 | $ | 58 | $ | 60 | $ | 121 | $ | (47) | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs (b) | PPAs (b) | 57 | 75 | PPAs (b) | 40 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent derivative instruments | Noncurrent derivative instruments | $ | 131 | $ | 175 | Noncurrent derivative instruments | $ | 105 | $ | 131 |
Year Ended Dec. 31 | Year Ended Dec. 31 | |||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Balance at Jan. 1 | Balance at Jan. 1 | $ | 4 | $ | 29 | $ | 35 | Balance at Jan. 1 | $ | (49) | $ | 4 | $ | 29 | ||||||||||||||||||||||||||
Purchases | Purchases | 51 | 44 | 59 | Purchases | 65 | 51 | 44 | ||||||||||||||||||||||||||||||||
Settlements | Settlements | (73) | (64) | (59) | Settlements | (158) | (73) | (64) | ||||||||||||||||||||||||||||||||
Net transactions recorded during the period: | Net transactions recorded during the period: | Net transactions recorded during the period: | ||||||||||||||||||||||||||||||||||||||
Losses recognized in earnings (a) | (39) | (8) | (1) | |||||||||||||||||||||||||||||||||||||
Net gains (losses) recognized as regulatory assets and liabilities | 8 | 3 | (5) | |||||||||||||||||||||||||||||||||||||
Gains (losses) recognized in earnings (a) | Gains (losses) recognized in earnings (a) | 49 | (39) | (8) | ||||||||||||||||||||||||||||||||||||
Net gains recognized as regulatory assets and liabilities | Net gains recognized as regulatory assets and liabilities | 112 | 8 | 3 | ||||||||||||||||||||||||||||||||||||
Balance at Dec. 31 | Balance at Dec. 31 | $ | (49) | $ | 4 | $ | 29 | Balance at Dec. 31 | $ | 19 | $ | (49) | $ | 4 |
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | (Millions of Dollars) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt, including current portion | Long-term debt, including current portion | $ | 20,066 | $ | 24,412 | $ | 18,109 | $ | 20,227 | Long-term debt, including current portion | $ | 22,380 | $ | 25,232 | $ | 20,066 | $ | 24,412 |
11. Benefit Plans and Other Postretirement Benefits |
Dec. 31, 2020 (a) | Dec. 31, 2019 (a) | Dec. 31, 2021 (a) | Dec. 31, 2020 (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 209 | $ | 0 | $ | 0 | $ | 0 | $ | 209 | $ | 145 | $ | 0 | $ | 0 | $ | 0 | $ | 145 | Cash equivalents | $ | 133 | $ | — | $ | — | $ | — | $ | 133 | $ | 209 | $ | — | $ | — | $ | — | $ | 209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled funds | Commingled funds | 1,462 | 0 | 0 | 1,115 | 2,577 | 1,408 | 0 | 0 | 1,031 | 2,439 | Commingled funds | 1,324 | — | — | 1,143 | 2,467 | 1,462 | — | — | 1,115 | 2,577 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | 0 | 714 | 4 | 0 | 718 | 0 | 645 | 4 | 0 | 649 | Debt securities | — | 959 | 5 | — | 964 | — | 714 | 4 | — | 718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 77 | 0 | 0 | 0 | 77 | 86 | 0 | 0 | 0 | 86 | Equity securities | 67 | — | — | — | 67 | 77 | — | — | — | 77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 13 | 5 | 0 | 0 | 18 | (120) | 5 | 0 | (20) | (135) | Other | — | 7 | — | 32 | 39 | 13 | 5 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,761 | $ | 719 | $ | 4 | $ | 1,115 | $ | 3,599 | $ | 1,519 | $ | 650 | $ | 4 | $ | 1,011 | $ | 3,184 | Total | $ | 1,524 | $ | 966 | $ | 5 | $ | 1,175 | $ | 3,670 | $ | 1,761 | $ | 719 | $ | 4 | $ | 1,115 | $ | 3,599 |
Dec. 31, 2020 (a) | Dec. 31, 2019 (a) | Dec. 31, 2021 (a) | Dec. 31, 2020 (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | (Millions of Dollars) | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | Level 1 | Level 2 | Level 3 | Measured at NAV | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | $ | 27 | $ | 0 | $ | 0 | $ | 0 | $ | 27 | $ | 23 | $ | 0 | $ | 0 | $ | 0 | $ | 23 | Cash equivalents | $ | 28 | $ | — | $ | — | $ | — | $ | 28 | $ | 27 | $ | — | $ | — | $ | — | $ | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance contracts | Insurance contracts | 0 | 50 | 0 | 0 | 50 | 0 | 51 | 0 | 0 | 51 | Insurance contracts | — | 52 | — | — | 52 | — | 50 | — | — | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commingled funds | Commingled funds | 72 | 0 | 0 | 69 | 141 | 69 | 0 | 0 | 76 | 145 | Commingled funds | 64 | — | — | 77 | 141 | 72 | — | — | 69 | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | 0 | 232 | 0 | 0 | 232 | 0 | 228 | 1 | 0 | 229 | Debt securities | — | 218 | 1 | — | 219 | — | 232 | — | — | 232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 2 | 0 | 0 | 2 | 0 | 1 | 0 | 0 | 1 | Other | — | 2 | — | — | 2 | — | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 99 | $ | 284 | $ | 0 | $ | 69 | $ | 452 | $ | 92 | $ | 280 | $ | 1 | $ | 76 | $ | 449 | Total | $ | 92 | $ | 272 | $ | 1 | $ | 77 | $ | 442 | $ | 99 | $ | 284 | $ | — | $ | 69 | $ | 452 |
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation: | Change in Benefit Obligation: | Change in Benefit Obligation: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligation at Jan. 1 | Obligation at Jan. 1 | $ | 3,701 | $ | 3,477 | $ | 547 | $ | 542 | Obligation at Jan. 1 | $ | 3,964 | $ | 3,701 | $ | 574 | $ | 547 | ||||||||||||||||||||||||||||||||||
Service cost | Service cost | 95 | 86 | 1 | 2 | Service cost | 104 | 95 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 125 | 145 | 18 | 22 | Interest cost | 104 | 125 | 15 | 18 | ||||||||||||||||||||||||||||||||||||||||||
Plan amendments | Plan amendments | 0 | 1 | 0 | 0 | Plan amendments | 5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Actuarial loss | 328 | 273 | 50 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | Actuarial (gain) loss | (94) | 328 | (41) | 50 | |||||||||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | Plan participants’ contributions | 0 | 0 | 8 | 8 | Plan participants’ contributions | — | — | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Medicare subsidy reimbursements | Medicare subsidy reimbursements | 0 | 0 | 1 | 1 | Medicare subsidy reimbursements | — | — | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Benefit payments (a) | Benefit payments (a) | (285) | (281) | (51) | (47) | Benefit payments (a) | (365) | (285) | (49) | (51) | ||||||||||||||||||||||||||||||||||||||||||
Obligation at Dec. 31 | Obligation at Dec. 31 | $ | 3,964 | $ | 3,701 | $ | 574 | $ | 547 | Obligation at Dec. 31 | $ | 3,718 | $ | 3,964 | $ | 511 | $ | 574 | ||||||||||||||||||||||||||||||||||
Change in Fair Value of Plan Assets: | Change in Fair Value of Plan Assets: | Change in Fair Value of Plan Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at Jan. 1 | Fair value of plan assets at Jan. 1 | $ | 3,184 | $ | 2,742 | $ | 449 | $ | 417 | Fair value of plan assets at Jan. 1 | $ | 3,599 | $ | 3,184 | $ | 452 | $ | 449 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets | Actual return on plan assets | 550 | 568 | 35 | 56 | Actual return on plan assets | 305 | 550 | 16 | 35 | ||||||||||||||||||||||||||||||||||||||||||
Employer contributions | Employer contributions | 150 | 155 | 11 | 15 | Employer contributions | 131 | 150 | 15 | 11 | ||||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | Plan participants’ contributions | 0 | 0 | 8 | 8 | Plan participants’ contributions | — | — | 8 | 8 | ||||||||||||||||||||||||||||||||||||||||||
Benefit payments | Benefit payments | (285) | (281) | (51) | (47) | Benefit payments | (365) | (285) | (49) | (51) | ||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at Dec. 31 | Fair value of plan assets at Dec. 31 | $ | 3,599 | $ | 3,184 | $ | 452 | $ | 449 | Fair value of plan assets at Dec. 31 | $ | 3,670 | $ | 3,599 | $ | 442 | $ | 452 | ||||||||||||||||||||||||||||||||||
Funded status of plans at Dec. 31 | Funded status of plans at Dec. 31 | $ | (365) | $ | (517) | $ | (122) | $ | (98) | Funded status of plans at Dec. 31 | $ | (48) | $ | (365) | $ | (69) | $ | (122) | ||||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheet at Dec. 31: | Amounts recognized in the Consolidated Balance Sheet at Dec. 31: | Amounts recognized in the Consolidated Balance Sheet at Dec. 31: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent assets | Noncurrent assets | $ | 0 | $ | 0 | $ | 6 | $ | 21 | Noncurrent assets | $ | 19 | $ | — | $ | 33 | $ | 6 | ||||||||||||||||||||||||||||||||||
Current liabilities | Current liabilities | 0 | 0 | (7) | (6) | Current liabilities | — | — | (4) | (7) | ||||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities | Noncurrent liabilities | (365) | (517) | (121) | (113) | Noncurrent liabilities | (67) | (365) | (98) | (121) | ||||||||||||||||||||||||||||||||||||||||||
Net amounts recognized | Net amounts recognized | $ | (365) | $ | (517) | $ | (122) | $ | (98) | Net amounts recognized | $ | (48) | $ | (365) | $ | (69) | $ | (122) |
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Assumptions Used to Measure Benefit Obligations: | Significant Assumptions Used to Measure Benefit Obligations: | 2020 | 2019 | 2020 | 2019 | Significant Assumptions Used to Measure Benefit Obligations: | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Discount rate for year-end valuation | Discount rate for year-end valuation | 2.71 | % | 3.49 | % | 2.65 | % | 3.47 | % | Discount rate for year-end valuation | 3.08 | % | 2.71 | % | 3.09 | % | 2.65 | % | ||||||||||||||||||||||||||||||||||
Expected average long-term increase in compensation level | Expected average long-term increase in compensation level | 3.75 | 3.75 | N/A | N/A | Expected average long-term increase in compensation level | 3.75 | 3.75 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Mortality table | Mortality table | PRI-2012 | PRI-2012 | PRI-2012 | PRI-2012 | Mortality table | PRI-2012 | PRI-2012 | PRI-2012 | PRI-2012 | ||||||||||||||||||||||||||||||||||||||||||
Health care costs trend rate — initial: Pre-65 | Health care costs trend rate — initial: Pre-65 | N/A | N/A | 5.50 | % | 6.00 | % | Health care costs trend rate — initial: Pre-65 | N/A | N/A | 5.30 | % | 5.50 | % | ||||||||||||||||||||||||||||||||||||||
Health care costs trend rate — initial: Post-65 | Health care costs trend rate — initial: Post-65 | N/A | N/A | 5.00 | % | 5.10 | % | Health care costs trend rate — initial: Post-65 | N/A | N/A | 4.90 | % | 5.00 | % | ||||||||||||||||||||||||||||||||||||||
Ultimate trend assumption — initial: Pre-65 | Ultimate trend assumption — initial: Pre-65 | N/A | N/A | 4.50 | % | 4.50 | % | Ultimate trend assumption — initial: Pre-65 | N/A | N/A | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||||||||||||||||
Ultimate trend assumption — initial: Post-65 | Ultimate trend assumption — initial: Post-65 | N/A | N/A | 4.50 | % | 4.50 | % | Ultimate trend assumption — initial: Post-65 | N/A | N/A | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||||||||||||||||
Years until ultimate trend is reached | Years until ultimate trend is reached | N/A | N/A | 5 | 3 | Years until ultimate trend is reached | N/A | N/A | 4 | 5 |
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 95 | $ | 86 | $ | 94 | $ | 1 | $ | 2 | $ | 2 | Service cost | $ | 104 | $ | 95 | $ | 86 | $ | 2 | $ | 1 | $ | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 125 | 145 | 133 | 18 | 22 | 22 | Interest cost | 104 | 125 | 145 | 15 | 18 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (208) | (203) | (209) | (19) | (21) | (26) | Expected return on plan assets | (206) | (208) | (203) | (18) | (19) | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (4) | (5) | (5) | (8) | (10) | (11) | Amortization of prior service credit | (1) | (4) | (5) | (8) | (8) | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net loss | Amortization of net loss | 100 | 87 | 111 | 4 | 5 | 8 | Amortization of net loss | 107 | 100 | 87 | 5 | 4 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement charge (a) | Settlement charge (a) | 0 | 6 | 91 | 0 | 0 | 0 | Settlement charge (a) | 59 | — | 6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension cost (credit) | Net periodic pension cost (credit) | 108 | 116 | 215 | (4) | (2) | (5) | Net periodic pension cost (credit) | 167 | 108 | 116 | (4) | (4) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effects of regulation | Effects of regulation | 9 | (1) | (75) | 3 | 1 | 2 | Effects of regulation | (46) | 9 | (1) | 2 | 3 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net benefit cost (credit) recognized for financial reporting | Net benefit cost (credit) recognized for financial reporting | $ | 117 | $ | 115 | $ | 140 | $ | (1) | $ | (1) | $ | (3) | Net benefit cost (credit) recognized for financial reporting | $ | 121 | $ | 117 | $ | 115 | $ | (2) | $ | (1) | $ | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Assumptions Used to Measure Costs: | Significant Assumptions Used to Measure Costs: | Significant Assumptions Used to Measure Costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | Discount rate | 3.49 | % | 4.31 | % | 3.63 | % | 3.47 | % | 4.32 | % | 3.62 | % | Discount rate | 2.71 | % | 3.49 | % | 4.31 | % | 2.65 | % | 3.47 | % | 4.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Expected average long-term increase in compensation level | Expected average long-term increase in compensation level | 3.75 | 3.75 | 3.75 | 0 | 0 | 0 | Expected average long-term increase in compensation level | 3.75 | 3.75 | 3.75 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected average long-term rate of return on assets | Expected average long-term rate of return on assets | 6.87 | 6.87 | 6.87 | 4.50 | 4.50 | 5.30 | Expected average long-term rate of return on assets | 6.49 | 6.87 | 6.87 | 4.10 | 4.50 | 4.50 |
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | $ | 1,333 | $ | 1,447 | $ | 126 | $ | 95 | Net loss | $ | 978 | $ | 1,333 | $ | 81 | $ | 126 | ||||||||||||||||||||||||||||||||||
Prior service credit | Prior service credit | (11) | (15) | (15) | (23) | Prior service credit | (9) | (11) | (7) | (15) | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,322 | $ | 1,432 | $ | 111 | $ | 72 | Total | $ | 969 | $ | 1,322 | $ | 74 | $ | 111 | ||||||||||||||||||||||||||||||||||
Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | Amounts Not Yet Recognized as Components of Net Periodic Benefit Cost Have Been Recorded as Follows Based Upon Expected Recovery in Rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current regulatory assets | Current regulatory assets | $ | 82 | $ | 78 | $ | 0 | $ | 0 | Current regulatory assets | $ | 74 | $ | 82 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Noncurrent regulatory assets | Noncurrent regulatory assets | 1,181 | 1,285 | 125 | 80 | Noncurrent regulatory assets | 846 | 1,181 | 90 | 125 | ||||||||||||||||||||||||||||||||||||||||||
Current regulatory liabilities | Current regulatory liabilities | 0 | 0 | (1) | (1) | Current regulatory liabilities | — | — | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||||
Noncurrent regulatory liabilities | Noncurrent regulatory liabilities | 0 | 0 | (18) | (12) | Noncurrent regulatory liabilities | — | — | (19) | (18) | ||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 15 | 18 | 1 | 1 | Deferred income taxes | 13 | 15 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||
Net-of-tax accumulated other comprehensive income | Net-of-tax accumulated other comprehensive income | 44 | 51 | 4 | 4 | Net-of-tax accumulated other comprehensive income | 36 | 44 | 3 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,322 | $ | 1,432 | $ | 111 | $ | 72 | Total | $ | 969 | $ | 1,322 | $ | 74 | $ | 111 |
Measurement date | Dec. 31, | Dec. 31, 2020 | Dec. 31, | Dec. 31, 2020 |
Pension Benefits | Postretirement Benefits | Pension Benefits | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Domestic and international equity securities | Domestic and international equity securities | 35 | % | 37 | % | 15 | % | 15 | % | Domestic and international equity securities | 33 | % | 35 | % | 15 | % | 15 | % | ||||||||||||||||||||||||||||||||||
Long-duration fixed income securities | Long-duration fixed income securities | 35 | 30 | 0 | 0 | Long-duration fixed income securities | 37 | 35 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Short-to-intermediate fixed income securities | Short-to-intermediate fixed income securities | 13 | 14 | 72 | 72 | Short-to-intermediate fixed income securities | 11 | 13 | 71 | 72 | ||||||||||||||||||||||||||||||||||||||||||
Alternative investments | Alternative investments | 15 | 17 | 9 | 9 | Alternative investments | 17 | 15 | 8 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Cash | Cash | 2 | 2 | 4 | 4 | Cash | 2 | 2 | 6 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | 100 | % | 100 | % | 100 | % | 100 | % | Total | 100 | % | 100 | % | 100 | % | 100 | % |
(Millions of Dollars) | (Millions of Dollars) | Projected Pension Benefit Payments | Gross Projected Postretirement Health Care Benefit Payments | Expected Medicare Part D Subsidies | Net Projected Postretirement Health Care Benefit Payments | (Millions of Dollars) | Projected Pension Benefit Payments | Gross Projected Postretirement Health Care Benefit Payments | Expected Medicare Part D Subsidies | Net Projected Postretirement Health Care Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 304 | $ | 44 | $ | 2 | $ | 42 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 282 | 43 | 2 | 41 | 2022 | $ | 323 | $ | 42 | $ | 2 | $ | 40 | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 274 | 42 | 2 | 40 | 2023 | 257 | 41 | 2 | 39 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 265 | 41 | 2 | 39 | 2024 | 253 | 40 | 2 | 38 | ||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 259 | 39 | 2 | 37 | 2025 | 251 | 38 | 2 | 36 | ||||||||||||||||||||||||||||||||||||||||||
2026-2030 | 1,193 | 175 | 12 | 163 | ||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 245 | 37 | 2 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||
2027-2031 | 2027-2031 | 1,156 | 165 | 13 | 152 |
12. Commitments and Contingencies |
(Millions of Dollars) | (Millions of Dollars) | Jan. 1, 2020 | Amounts Incurred (a) | Amounts Settled (b) | Accretion | Cash Flow Revisions (c) | Dec. 31, 2020 | (Millions of Dollars) | Jan. 1, 2021 | Amounts Incurred (a) | Accretion | Cash Flow Revisions (b) | Dec. 31, 2021 (c) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric | Electric | Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear | Nuclear | $ | 2,068 | $ | 0 | $ | 0 | $ | 105 | $ | (216) | $ | 1,957 | Nuclear | $ | 1,957 | $ | — | $ | 99 | $ | — | $ | 2,056 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind | Wind | 360 | 101 | 17 | — | 478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steam, hydro and other production | Steam, hydro and other production | 202 | 0 | (5) | 9 | 58 | 264 | Steam, hydro and other production | 264 | 6 | 10 | 8 | 288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind | 146 | 149 | (3) | 8 | 60 | 360 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution | Distribution | 44 | 0 | 0 | 2 | 0 | 46 | Distribution | 46 | — | 1 | — | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | Natural gas | Natural gas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission and distribution | Transmission and distribution | 236 | 0 | 0 | 10 | 6 | 252 | Transmission and distribution | 252 | — | 10 | 9 | 271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | Miscellaneous | 3 | 0 | 0 | 0 | 0 | 3 | Miscellaneous | 3 | — | — | 5 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Common | Common | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | Miscellaneous | 1 | 0 | 0 | 0 | 0 | 1 | Miscellaneous | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-utility | Non-utility | Non-utility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | Miscellaneous | 1 | 0 | 0 | 0 | 0 | 1 | Miscellaneous | 1 | — | 1 | — | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liability | Total liability | $ | 2,701 | $ | 149 | $ | (8) | $ | 134 | $ | (92) | $ | 2,884 | Total liability | $ | 2,884 | $ | 107 | $ | 138 | $ | 22 | $ | 3,151 |
(Millions of Dollars) | Jan. 1, 2020 | Amounts Incurred (a) | Amounts Settled (b) | Accretion | Cash Flow Revisions (c) | Dec. 31, 2020 | ||||||||||||||||||||||||||||||||
Electric | ||||||||||||||||||||||||||||||||||||||
Nuclear | $ | 2,068 | $ | — | $ | — | $ | 105 | $ | (216) | $ | 1,957 | ||||||||||||||||||||||||||
Steam, hydro and other production | 202 | — | (5) | 9 | 58 | 264 | ||||||||||||||||||||||||||||||||
Wind | 146 | 149 | (3) | 8 | 60 | 360 | ||||||||||||||||||||||||||||||||
Distribution | 44 | — | — | 2 | — | 46 | ||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||||||||
Transmission and distribution | 236 | — | — | 10 | 6 | 252 | ||||||||||||||||||||||||||||||||
Miscellaneous | 3 | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||
Common | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||
Non-utility | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1 | — | — | — | — | 1 | ||||||||||||||||||||||||||||||||
Total liability | $ | 2,701 | $ | 149 | $ | (8) | $ | 134 | $ | (92) | $ | 2,884 |
(Millions of Dollars) | Jan. 1, 2019 | Amounts Incurred (a) | Amounts Settled (b) | Accretion | Cash Flow Revisions (c) | Dec. 31, 2019 | ||||||||||||||||||||||||||||||||
Electric | ||||||||||||||||||||||||||||||||||||||
Nuclear | $ | 1,968 | $ | 0 | $ | 0 | $ | 100 | $ | 0 | $ | 2,068 | ||||||||||||||||||||||||||
Steam, hydro and other production | 177 | 0 | (5) | 8 | 22 | 202 | ||||||||||||||||||||||||||||||||
Wind | 119 | 26 | 0 | 7 | (6) | 146 | ||||||||||||||||||||||||||||||||
Distribution | 42 | 0 | 0 | 2 | 0 | 44 | ||||||||||||||||||||||||||||||||
Miscellaneous | 7 | 0 | 0 | 0 | (7) | 0 | ||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||||||||
Transmission and distribution | 249 | 0 | 0 | 11 | (24) | 236 | ||||||||||||||||||||||||||||||||
Miscellaneous | 4 | 0 | 0 | 0 | (1) | 3 | ||||||||||||||||||||||||||||||||
Common | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||
Non-utility | ||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||
Total liability | $ | 2,568 | $ | 26 | $ | (5) | $ | 128 | $ | (16) | $ | 2,701 |
Regulatory Basis | Regulatory Basis | |||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||
Estimated decommissioning cost obligation from most recently approved study (in 2014 dollars) | Estimated decommissioning cost obligation from most recently approved study (in 2014 dollars) | $ | 3,012 | $ | 3,012 | Estimated decommissioning cost obligation from most recently approved study (in 2014 dollars) | $ | 3,012 | $ | 3,012 | ||||||||||||||||||
Effect of escalating costs | Effect of escalating costs | 844 | 688 | Effect of escalating costs | 1,006 | 844 | ||||||||||||||||||||||
Estimated decommissioning cost obligation (in current dollars) | Estimated decommissioning cost obligation (in current dollars) | 3,856 | 3,700 | Estimated decommissioning cost obligation (in current dollars) | 4,018 | 3,856 | ||||||||||||||||||||||
Effect of escalating costs to payment date | Effect of escalating costs to payment date | 7,349 | 7,505 | Effect of escalating costs to payment date | 7,187 | 7,349 | ||||||||||||||||||||||
Estimated future decommissioning costs (undiscounted) | Estimated future decommissioning costs (undiscounted) | 11,205 | 11,205 | Estimated future decommissioning costs (undiscounted) | 11,205 | 11,205 | ||||||||||||||||||||||
Effect of discounting obligation (using average risk-free interest rate of 1.64% and 2.39% for 2020 and 2019, respectively) | (4,181) | (5,562) | ||||||||||||||||||||||||||
Effect of discounting obligation (using average risk-free interest rate of 1.96% and 1.64% for 2021 and 2020, respectively) | Effect of discounting obligation (using average risk-free interest rate of 1.96% and 1.64% for 2021 and 2020, respectively) | (4,651) | (4,181) | |||||||||||||||||||||||||
Discounted decommissioning cost obligation | Discounted decommissioning cost obligation | $ | 7,024 | $ | 5,643 | Discounted decommissioning cost obligation | $ | 6,554 | $ | 7,024 | ||||||||||||||||||
Assets held in external decommissioning trust | Assets held in external decommissioning trust | $ | 2,777 | $ | 2,440 | Assets held in external decommissioning trust | $ | 3,256 | $ | 2,777 | ||||||||||||||||||
Underfunding of external decommissioning fund compared to the discounted decommissioning obligation | Underfunding of external decommissioning fund compared to the discounted decommissioning obligation | 4,247 | 3,203 | Underfunding of external decommissioning fund compared to the discounted decommissioning obligation | 3,298 | 4,247 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||
Discounted decommissioning cost obligation - regulated basis | Discounted decommissioning cost obligation - regulated basis | $ | 7,024 | $ | 5,643 | Discounted decommissioning cost obligation - regulated basis | $ | 6,554 | $ | 7,024 | ||||||||||||||||||
Differences in discount rate and market risk premium | Differences in discount rate and market risk premium | (2,628) | (2,295) | Differences in discount rate and market risk premium | (2,209) | (2,628) | ||||||||||||||||||||||
O&M costs not included for GAAP | O&M costs not included for GAAP | (1,734) | (1,280) | O&M costs not included for GAAP | (1,584) | (1,734) | ||||||||||||||||||||||
ARO differences between 2020 and 2014 cost studies | ARO differences between 2020 and 2014 cost studies | (705) | 0 | ARO differences between 2020 and 2014 cost studies | (705) | (705) | ||||||||||||||||||||||
Nuclear production decommissioning ARO - GAAP | Nuclear production decommissioning ARO - GAAP | $ | 1,957 | $ | 2,068 | Nuclear production decommissioning ARO - GAAP | $ | 2,056 | $ | 1,957 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Annual decommissioning recorded as depreciation expense: (a) (b) | Annual decommissioning recorded as depreciation expense: (a) (b) | $ | 20 | $ | 20 | $ | 20 | Annual decommissioning recorded as depreciation expense: (a) (b) | $ | 22 | $ | 20 | $ | 20 |
(Millions of Dollars) | Dec. 31, 2020 (a) | Dec. 31, 2019 | ||||||||||||
PPAs | $ | 1,650 | $ | 1,642 | ||||||||||
Other | 212 | 201 | ||||||||||||
Gross operating lease ROU assets | 1,862 | 1,843 | ||||||||||||
Accumulated amortization | (372) | (171) | ||||||||||||
Net operating lease ROU assets | $ | 1,490 | $ | 1,672 |
(Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||
PPAs | $ | 1,656 | $ | 1,650 | ||||||||||
Other | 225 | 212 | ||||||||||||
Gross operating lease ROU assets | 1,881 | 1,862 | ||||||||||||
Accumulated amortization | (590) | (372) | ||||||||||||
Net operating lease ROU assets | $ | 1,291 | $ | 1,490 |
(Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | ||||||||||||
Gas storage facilities | $ | 201 | $ | 201 | ||||||||||
Gas pipeline | 21 | 21 | ||||||||||||
Gross finance lease ROU assets | 222 | 222 | ||||||||||||
Accumulated amortization | (90) | (83) | ||||||||||||
Net finance lease ROU assets | $ | 132 | $ | 139 |
(Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||
Gas storage facilities | $ | 201 | $ | 201 | ||||||||||
Gas pipeline | 21 | 21 | ||||||||||||
Gross finance lease ROU assets | 222 | 222 | ||||||||||||
Accumulated amortization | (97) | (90) | ||||||||||||
Net finance lease ROU assets | $ | 125 | $ | 132 |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
Operating leases | Operating leases | Operating leases | ||||||||||||||||||||||||||||||||||||||
PPA capacity payments | PPA capacity payments | $ | 238 | $ | 221 | $ | 210 | PPA capacity payments | $ | 251 | $ | 238 | $ | 221 | ||||||||||||||||||||||||||
Other operating leases (a) | Other operating leases (a) | 26 | 34 | 38 | Other operating leases (a) | 36 | 26 | 34 | ||||||||||||||||||||||||||||||||
Total operating lease expense (b) | Total operating lease expense (b) | $ | 264 | $ | 255 | $ | 248 | Total operating lease expense (b) | $ | 287 | $ | 264 | $ | 255 | ||||||||||||||||||||||||||
Finance leases | Finance leases | Finance leases | ||||||||||||||||||||||||||||||||||||||
Amortization of ROU assets | Amortization of ROU assets | $ | 7 | $ | 6 | $ | 6 | Amortization of ROU assets | $ | 7 | $ | 7 | $ | 6 | ||||||||||||||||||||||||||
Interest expense on lease liability | Interest expense on lease liability | 18 | 19 | 19 | Interest expense on lease liability | 17 | 18 | 19 | ||||||||||||||||||||||||||||||||
Total finance lease expense | Total finance lease expense | $ | 25 | $ | 25 | $ | 25 | Total finance lease expense | $ | 24 | $ | 25 | $ | 25 |
(Millions of Dollars) | (Millions of Dollars) | PPA (a) (b) Operating Leases | Other Operating Leases | Total Operating Leases | Finance Leases (c) | (Millions of Dollars) | PPA (a) (b) Operating Leases | Other Operating Leases | Total Operating Leases | Finance Leases (c) | ||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 247 | $ | 26 | $ | 273 | $ | 14 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 228 | 30 | 258 | 12 | 2022 | $ | 229 | $ | 27 | $ | 256 | $ | 12 | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 218 | 21 | 239 | 12 | 2023 | 221 | 26 | 247 | 12 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 209 | 21 | 230 | 12 | 2024 | 209 | 22 | 231 | 12 | ||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 189 | 15 | 204 | 10 | 2025 | 189 | 16 | 205 | 10 | ||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 146 | 12 | 158 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 561 | 94 | 655 | 197 | Thereafter | 416 | 81 | 497 | 187 | ||||||||||||||||||||||||||||||||||||||||||
Total minimum obligation | Total minimum obligation | 1,652 | 207 | 1,859 | 257 | Total minimum obligation | 1,410 | 184 | 1,594 | 242 | ||||||||||||||||||||||||||||||||||||||||||
Interest component of obligation | Interest component of obligation | (262) | (39) | (301) | (180) | Interest component of obligation | (209) | (34) | (243) | (170) | ||||||||||||||||||||||||||||||||||||||||||
Present value of minimum obligation | Present value of minimum obligation | $ | 1,390 | 168 | 1,558 | 77 | Present value of minimum obligation | $ | 1,201 | 150 | 1,351 | 72 | ||||||||||||||||||||||||||||||||||||||||
Less current portion | Less current portion | (214) | (4) | Less current portion | (205) | (3) | ||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent operating and finance lease liabilities | Noncurrent operating and finance lease liabilities | $ | 1,344 | $ | 73 | Noncurrent operating and finance lease liabilities | $ | 1,146 | $ | 69 | ||||||||||||||||||||||||||||||||||||||||||
Weighted-average remaining lease term in years | Weighted-average remaining lease term in years | 8.5 | 36.5 | Weighted-average remaining lease term in years | 8.9 | 36.1 |
(Millions of Dollars) | (Millions of Dollars) | Capacity | Energy (a) | (Millions of Dollars) | Capacity | Energy (a) | ||||||||||||||||||||||
2021 | $ | 71 | $ | 156 | ||||||||||||||||||||||||
2022 | 2022 | 75 | 172 | 2022 | $ | 75 | $ | 165 | ||||||||||||||||||||
2023 | 2023 | 77 | 176 | 2023 | 77 | 169 | ||||||||||||||||||||||
2024 | 2024 | 72 | 181 | 2024 | 72 | 174 | ||||||||||||||||||||||
2025 | 2025 | 29 | 60 | 2025 | 29 | 53 | ||||||||||||||||||||||
2026 | 2026 | 12 | 10 | |||||||||||||||||||||||||
Thereafter | Thereafter | 24 | 85 | Thereafter | 12 | 38 | ||||||||||||||||||||||
Total | Total | $ | 348 | $ | 830 | Total | $ | 277 | $ | 609 |
(Millions of Dollars) | (Millions of Dollars) | Coal | Nuclear fuel | Natural gas supply | Natural gas supply and transportation | (Millions of Dollars) | Coal | Nuclear fuel | Natural gas supply | Natural gas supply and transportation | ||||||||||||||||||||||||||||||||||||||||||
2021 | $ | 298 | $ | 101 | $ | 453 | $ | 287 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 165 | 87 | 120 | 280 | 2022 | $ | 620 | $ | 89 | $ | 477 | $ | 292 | ||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 58 | 103 | 55 | 217 | 2023 | 233 | 109 | 75 | 224 | ||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 24 | 83 | 3 | 165 | 2024 | 147 | 82 | 4 | 172 | ||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 24 | 121 | 0 | 149 | 2025 | 29 | 119 | — | 156 | ||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 31 | 29 | — | 149 | |||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 52 | 274 | 0 | 708 | Thereafter | 34 | 309 | — | 571 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 621 | $ | 769 | $ | 631 | $ | 1,806 | Total | $ | 1,094 | $ | 737 | $ | 556 | $ | 1,564 |
(Millions of Dollars) | (Millions of Dollars) | Dec. 31, 2020 | Dec. 31, 2019 | (Millions of Dollars) | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||||||||||
Current assets | Current assets | $ | 7 | $ | 7 | Current assets | $ | 7 | $ | 7 | ||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 38 | 41 | Property, plant and equipment, net | 37 | 38 | ||||||||||||||||||||||
Other noncurrent assets | Other noncurrent assets | 1 | 1 | Other noncurrent assets | 1 | 1 | ||||||||||||||||||||||
Total assets | Total assets | $ | 46 | $ | 49 | Total assets | $ | 45 | $ | 46 | ||||||||||||||||||
Current liabilities | Current liabilities | $ | 8 | $ | 8 | Current liabilities | $ | 7 | $ | 8 | ||||||||||||||||||
Mortgages and other long-term debt payable | Mortgages and other long-term debt payable | 25 | 26 | Mortgages and other long-term debt payable | 27 | 25 | ||||||||||||||||||||||
Other noncurrent liabilities | Other noncurrent liabilities | 1 | 0 | Other noncurrent liabilities | 1 | 1 | ||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 34 | $ | 34 | Total liabilities | $ | 35 | $ | 34 |
13. Other Comprehensive Income |
2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | (Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | Accumulated other comprehensive loss at Jan. 1 | $ | (80) | $ | (61) | $ | (141) | Accumulated other comprehensive loss at Jan. 1 | $ | (85) | $ | (56) | $ | (141) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $(3) and $(2), respectively) | (10) | (5) | (15) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $1 and $—, respectively) | Other comprehensive loss before reclassifications (net of taxes of $1 and $—, respectively) | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $2 and $0, respectively) | 5 | (a) | 0 | 5 | ||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $0 and $3, respectively) | 0 | 10 | (b) | 10 | ||||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (5) | 5 | 0 | |||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $2 and $—, respectively) | Interest rate derivatives (net of taxes of $2 and $—, respectively) | 6 | (a) | — | 6 | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $— and $3, respectively) | Amortization of net actuarial loss (net of taxes of $— and $3, respectively) | — | 8 | (b) | 8 | |||||||||||||||||||||||||||||||||||
Net current period other comprehensive income | Net current period other comprehensive income | 10 | 8 | 18 | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Dec. 31 | Accumulated other comprehensive loss at Dec. 31 | $ | (85) | $ | (56) | $ | (141) | Accumulated other comprehensive loss at Dec. 31 | $ | (75) | $ | (48) | $ | (123) |
2019 | 2020 | |||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | (Millions of Dollars) | Gains and Losses on Cash Flow Hedges | Defined Benefit Pension and Postretirement Items | Total | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Jan. 1 | Accumulated other comprehensive loss at Jan. 1 | $ | (60) | $ | (64) | $ | (124) | Accumulated other comprehensive loss at Jan. 1 | $ | (80) | $ | (61) | $ | (141) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $(8) and $0, respectively) | (23) | 0 | (23) | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss before reclassifications (net of taxes of $(3) and $(2), respectively) | Other comprehensive loss before reclassifications (net of taxes of $(3) and $(2), respectively) | (10) | (5) | (15) | ||||||||||||||||||||||||||||||||||||
Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | Losses reclassified from net accumulated other comprehensive loss: | ||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $1 and $0, respectively) | 3 | (a) | 0 | 3 | ||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $0 and $1, respectively) | 0 | 3 | (b) | 3 | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives (net of taxes of $2 and $—, respectively) | Interest rate derivatives (net of taxes of $2 and $—, respectively) | 5 | (a) | — | 5 | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss (net of taxes of $— and $3, respectively) | Amortization of net actuarial loss (net of taxes of $— and $3, respectively) | — | 10 | (b) | 10 | |||||||||||||||||||||||||||||||||||
Net current period other comprehensive (loss) income | Net current period other comprehensive (loss) income | (20) | 3 | (17) | Net current period other comprehensive (loss) income | (5) | 5 | — | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss at Dec. 31 | Accumulated other comprehensive loss at Dec. 31 | $ | (80) | $ | (61) | $ | (141) | Accumulated other comprehensive loss at Dec. 31 | $ | (85) | $ | (56) | $ | (141) |
14. Segment Information |
(Millions of Dollars) | 2020 | 2019 | 2018 | |||||||||||||||||
Regulated Electric | ||||||||||||||||||||
Operating revenues - external | $ | 9,802 | $ | 9,575 | $ | 9,719 | ||||||||||||||
Intersegment revenue | 2 | 1 | 1 | |||||||||||||||||
Total revenues | $ | 9,804 | $ | 9,576 | $ | 9,720 | ||||||||||||||
Depreciation and amortization | 1,673 | 1,535 | 1,421 | |||||||||||||||||
Interest charges and financing costs | 534 | 500 | 449 | |||||||||||||||||
Income tax expense | 1 | 125 | 187 | |||||||||||||||||
Net income | 1,407 | 1,288 | 1,177 | |||||||||||||||||
Regulated Natural Gas | ||||||||||||||||||||
Operating revenues - external | $ | 1,636 | $ | 1,868 | $ | 1,739 | ||||||||||||||
Intersegment revenue | 1 | 2 | 2 | |||||||||||||||||
Total revenues | $ | 1,637 | $ | 1,870 | $ | 1,741 | ||||||||||||||
Depreciation and amortization | 252 | 219 | 212 | |||||||||||||||||
Interest charges and financing costs | 71 | 69 | 61 | |||||||||||||||||
Income tax expense | 17 | 48 | 28 | |||||||||||||||||
Net income | 190 | 195 | 187 | |||||||||||||||||
All Other | ||||||||||||||||||||
Total revenues | $ | 88 | $ | 86 | $ | 79 | ||||||||||||||
Depreciation and amortization | 23 | 11 | 9 | |||||||||||||||||
Interest charges and financing costs | 193 | 167 | 142 | |||||||||||||||||
Income tax benefit | (24) | (45) | (34) | |||||||||||||||||
Net loss | (124) | (111) | (103) | |||||||||||||||||
Consolidated Total | ||||||||||||||||||||
Total revenues | $ | 11,529 | $ | 11,532 | $ | 11,540 | ||||||||||||||
Reconciling eliminations | (3) | (3) | (3) | |||||||||||||||||
Total operating revenues | $ | 11,526 | $ | 11,529 | $ | 11,537 | ||||||||||||||
Depreciation and amortization | 1,948 | 1,765 | 1,642 | |||||||||||||||||
Interest charges and financing costs | 798 | 736 | 652 | |||||||||||||||||
Income tax (benefit) expense | (6) | 128 | 181 | |||||||||||||||||
Net income | 1,473 | 1,372 | 1,261 |
Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2020 | June 30, 2020 | Sept. 30, 2020 | Dec. 31, 2020 | ||||||||||||||||||||||
Operating revenues | $ | 2,811 | $ | 2,586 | $ | 3,182 | $ | 2,947 | ||||||||||||||||||
Operating income | 455 | 422 | 813 | 426 | ||||||||||||||||||||||
Net income | 295 | 287 | 603 | 288 | ||||||||||||||||||||||
EPS total — basic | $ | 0.56 | $ | 0.54 | $ | 1.15 | $ | 0.54 | ||||||||||||||||||
EPS total — diluted | 0.56 | 0.54 | 1.14 | 0.54 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.43 | 0.43 | 0.43 | 0.43 |
Quarter Ended | ||||||||||||||||||||||||||
(Amounts in millions, except per share data) | March 31, 2019 | June 30, 2019 | Sept. 30, 2019 | Dec. 31, 2019 | ||||||||||||||||||||||
Operating revenues | $ | 3,141 | $ | 2,577 | $ | 3,013 | $ | 2,798 | ||||||||||||||||||
Operating income | 486 | 410 | 758 | 450 | ||||||||||||||||||||||
Net income | 315 | 238 | 527 | 292 | ||||||||||||||||||||||
EPS total — basic | $ | 0.61 | $ | 0.46 | $ | 1.02 | $ | 0.56 | ||||||||||||||||||
EPS total — diluted | 0.61 | 0.46 | 1.01 | 0.56 | ||||||||||||||||||||||
Cash dividends declared per common share | 0.405 | 0.405 | 0.405 | 0.405 |
(Millions of Dollars) | 2021 | 2020 | 2019 | |||||||||||||||||
Regulated Electric | ||||||||||||||||||||
Operating revenues — external | $ | 11,205 | $ | 9,802 | $ | 9,575 | ||||||||||||||
Intersegment revenue | 2 | 2 | 1 | |||||||||||||||||
Total revenues | $ | 11,207 | $ | 9,804 | $ | 9,576 | ||||||||||||||
Depreciation and amortization | 1,855 | 1,673 | 1,535 | |||||||||||||||||
Interest charges and financing costs | 568 | 534 | 500 | |||||||||||||||||
Income tax (benefit) expense | (96) | 1 | 125 | |||||||||||||||||
Net income | 1,478 | 1,407 | 1,288 | |||||||||||||||||
Regulated Natural Gas | ||||||||||||||||||||
Operating revenues — external | $ | 2,132 | $ | 1,636 | $ | 1,868 | ||||||||||||||
Intersegment revenue | 2 | 1 | 2 | |||||||||||||||||
Total revenues | $ | 2,134 | $ | 1,637 | $ | 1,870 | ||||||||||||||
Depreciation and amortization | 254 | 252 | 219 | |||||||||||||||||
Interest charges and financing costs | 75 | 71 | 69 | |||||||||||||||||
Income tax expense | 54 | 17 | 48 | |||||||||||||||||
Net income | 231 | 190 | 195 | |||||||||||||||||
All Other | ||||||||||||||||||||
Total revenues | $ | 94 | $ | 88 | $ | 86 | ||||||||||||||
Depreciation and amortization | 12 | 23 | 11 | |||||||||||||||||
Interest charges and financing costs | 173 | 193 | 167 | |||||||||||||||||
Income tax benefit | (28) | (24) | (45) | |||||||||||||||||
Net loss | (112) | (124) | (111) | |||||||||||||||||
Consolidated Total | ||||||||||||||||||||
Total revenues | $ | 13,435 | $ | 11,529 | $ | 11,532 | ||||||||||||||
Reconciling eliminations | (4) | (3) | (3) | |||||||||||||||||
Total operating revenues | $ | 13,431 | $ | 11,526 | $ | 11,529 | ||||||||||||||
Depreciation and amortization | 2,121 | 1,948 | 1,765 | |||||||||||||||||
Interest charges and financing costs | 816 | 798 | 736 | |||||||||||||||||
Income tax (benefit) expense | (70) | (6) | 128 | |||||||||||||||||
Net income | 1,597 | 1,473 | 1,372 |
ITEM 9 — CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A — CONTROLS AND PROCEDURES |
ITEM 9B — OTHER INFORMATION |
ITEM 9C — DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10 — DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11 — EXECUTIVE COMPENSATION |
ITEM 12 — SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13 — CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14 — PRINCIPAL ACCOUNTANT FEES AND SERVICES |
ITEM 15 — EXHIBIT AND FINANCIAL STATEMENT SCHEDULES |
1 | Consolidated Financial Statements | ||||||||||
Management Report on Internal Controls Over Financial Reporting — For the year ended Dec. 31, | |||||||||||
Report of Independent Registered Public Accounting Firm — Financial Statements and Internal Controls Over Financial Reporting | |||||||||||
Consolidated Statements of Income — For each of the three years ended Dec. 31, 2021, 2020, | |||||||||||
Consolidated Statements of Comprehensive Income — For each of the three years ended Dec. 31, 2021, 2020, | |||||||||||
Consolidated Statements of Cash Flows — For each of the three years ended Dec. 31, 2021, 2020, | |||||||||||
Consolidated Balance Sheets — As of Dec. 31, | |||||||||||
Consolidated Statements of Common Stockholders’ Equity — For each of the three years ended Dec. 31, 2021, 2020, | |||||||||||
2 | Schedule I — Condensed Financial Information of Registrant. | ||||||||||
Schedule II — Valuation and Qualifying Accounts and Reserves for the years ended Dec. 31, 2021, 2020, | |||||||||||
3 | Exhibits | ||||||||||
* | Indicates incorporation by reference | ||||||||||
+ | Executive Compensation Arrangements and Benefit Plans Covering Executive Officers and Directors | ||||||||||
Xcel Energy Inc. | |||||||||||
Exhibit Number | Description | Report or Registration Statement | Exhibit Reference | ||||||||
3.01* | Xcel Energy Inc. Form 8-K dated May 16, 2012 | 3.01 | |||||||||
3.02* | Xcel Energy Inc. Form 8-K dated April 3, 2020 | 3.01 | |||||||||
4.01* | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | 4.01 |
4.02* | Xcel Energy Inc. Form 8-K dated Dec. 14, 2000 | 4.01 | |||||||||
4.03* | Xcel Energy Inc. Form 8-K dated June 6, 2006 | 4.01 | |||||||||
4.04* | Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 | 4.01 | |||||||||
4.05* | Xcel Energy Inc. Form 8-K dated Jan. 16, 2008 | 4.03 | |||||||||
4.06* | Xcel Energy Inc. Form 8-K dated Sept. 12, 2011 | 4.01 | |||||||||
4.07* | Xcel Energy Inc. Form 8-K dated June 1, 2015 | 4.01 | |||||||||
Xcel Energy Inc. Form 8-K dated Dec. 1, 2016 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated June 25, 2018 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Nov. 7, 2019 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated April 1, 2020 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Sept. 25, 2020 | 4.01 | ||||||||||
4.13* | Supplemental Indenture No. 15, dated as of Nov. 3, 2021 between Xcel Energy Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee, creating $500 million principal amount of 1.75% Senior Notes, Series due March 15, 2027 and $300 million principal amount of 2.35% Senior Notes, Series due Nov. 15, 2031 | Xcel Energy Inc. Form 8-K dated Nov. 3, 2021 | 4.01 | ||||||||
Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.02 | ||||||||||
10.02*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.05 | |||||||||
10.03*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.18 | |||||||||
10.04*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2016 | 10.01 | |||||||||
10.05*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2018 | 10.01 | |||||||||
10.06*+ | Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2020 | 10.02 | |||||||||
10.07*+ | Xcel Energy Inc. Form 10-Q for the quarter ended June 30, 2020 | 10.01 | |||||||||
10.08*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.17 | |||||||||
10.09*+ | Xcel Energy Inc. Definitive Proxy Statement dated April 6, 2010 | Appendix A | |||||||||
10.10*+ | Xcel Energy Inc. Form 10-Q for the quarter ended March 31, 2013 | 10.01 |
10.11*+ | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2009 | 10.08 | |||||||||
10.12*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2008 | 10.07 | |||||||||
10.13*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2011 | 10.17 | |||||||||
10.14*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2013 | 10.22 | |||||||||
10.15*+ | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2016 | 10.01 | |||||||||
10.16*+ | Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2017 | 10.1 | |||||||||
10.17*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.34 | |||||||||
10.18*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.35 | |||||||||
10.19*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2019 | 10.32 | |||||||||
10.20*+ | Xcel Energy Inc. Definitive Proxy Statement dated April 5, 2011 | Appendix A | |||||||||
10.21*+ | Xcel Energy Inc. Form 8-K dated May 20, 2015 | 10.02 | |||||||||
10.22*+ | Xcel Energy Inc. Form 10-Q for the quarter ended September 30, 2021 | 10.01 | |||||||||
10.23*+ | Xcel Energy Inc. Form 10-K for the year ended Dec. 31, 2018 | 10.36 | |||||||||
10.24*+ | Xcel Energy Inc. Form U5B dated Nov. 16, 2000 | H-1 |
4.31* | NSP-Minnesota Form 8-K dated Sept. 10, 2019 | 4.01 | |||||||||
4.32* | NSP-Minnesota 8-K dated June 15, 2020 | 4.01 | |||||||||
Supplemental Indenture dated as of March 1, 2021 between NSP-Minnesota and the Bank of New York Mellon Trust Company, N.A., as successor Trustee, creating $425 million principal amount of 2.25% First Mortgage Bonds, Series due April 1, 2031 and $425 million principal amount of 3.20% First Mortgage Bonds, Series due April 1, 2052 | NSP-Minnesota 8-K dated March 30, 2021 | 4.01 | |||||||||
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 10.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.02 | ||||||||||
NSP-Wisconsin | |||||||||||
Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(c)(3) | ||||||||||
NSP-Wisconsin Form 8-K dated Sept. 25, 2000 | 4.01 |
NSP-Wisconsin Form 8-K dated Sept. 3, 2008 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated Oct. 10, 2012 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated June 23, 2014 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated Dec. 4, 2017 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated Sept. 12, 2018 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated May 26, 2020 | 4.01 | ||||||||||
NSP-Wisconsin Form 8-K dated July 20, 2021 | 4.01 | ||||||||||
NSP-Wisconsin Form S-4 dated Jan. 21, 2004 | 10.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.05 | ||||||||||
NSP-Wisconsin Form 8-K dated July 20, 2021 | 1.01 | ||||||||||
PSCo | |||||||||||
Xcel Energy Inc. Form S-3 dated April 18, 2018 | 4(d)(3) | ||||||||||
PSCo Form 8-K dated Aug. 8, 2007 | 4.01 | ||||||||||
PSCo Form 8-K dated Aug. 6, 2008 | 4.01 | ||||||||||
PSCo Form 8-K dated Aug. 9, 2011 | 4.01 | ||||||||||
PSCo Form 8-K dated Sept. 11, 2012 | 4.01 | ||||||||||
PSCo Form 8-K dated March 26, 2013 | 4.01 | ||||||||||
PSCo Form 8-K dated March 10, 2014 | 4.01 | ||||||||||
PSCo Form 8-K dated May 12, 2015 | 4.01 | ||||||||||
PSCo Form 8-K dated June 13, 2016 | 4.01 | ||||||||||
PSCo Form 8-K dated June 19, 2017 | 4.01 | ||||||||||
PSCo Form 8-K dated June 21, 2018 | 4.01 | ||||||||||
PSCo Form 8-K dated March 13, 2019 | 4.01 | ||||||||||
PSCo Form 8-K dated August 13, 2019 | 4.01 | ||||||||||
PSCo Form 8-K dated May 15, 2020 | 4.01 | ||||||||||
PSCo Form 8-K dated March 1, 2021 | 4.01 | ||||||||||
Xcel Energy Inc. Form 8-K dated Dec. 3, 2004 | 99.02 |
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.03 | ||||||||||
SPS | |||||||||||
SPS Form 8-K dated Feb. 25, 1999 | 99.2 | ||||||||||
Xcel Energy Inc. Form 10-Q for the quarter ended Sept. 30, 2003 | 4.04 | ||||||||||
SPS Form 8-K dated Oct. 3, 2006 | 4.01 | ||||||||||
SPS Form 8-K dated Aug. 10, 2011 | 4.01 |
SPS Form 8-K dated Aug. 10, 2011 | 4.02 | ||||||||||
SPS Form 8-K dated June 9, 2014 | 4.02 | ||||||||||
SPS Form 8-K dated Aug. 12, 2016 | 4.02 | ||||||||||
SPS Form 8-K dated Aug 9. 2017 | 4.02 | ||||||||||
SPS Form 8-K dated Nov. 5, 2018 | 4.02 | ||||||||||
SPS Form 8-K dated June 18, 2019 | 4.02 | ||||||||||
SPS Form 8-K dated May 18, 2020 | 4.02 | ||||||||||
Xcel Energy Inc. Form 8-K dated June 7, 2019 | 99.04 | ||||||||||
Xcel Energy Inc. | |||||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
101.SCH | Inline XBRL Schema | ||||||||||
101.CAL | Inline XBRL Calculation | ||||||||||
101.DEF | Inline XBRL Definition | ||||||||||
101.LAB | Inline XBRL Label | ||||||||||
101.PRE | Inline XBRL Presentation | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Year Ended Dec. 31 | Year Ended Dec. 31 | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Income | Income | Income | ||||||||||||||||||||||||||||||||
Equity earnings of subsidiaries | Equity earnings of subsidiaries | $ | 1,646 | $ | 1,505 | $ | 1,393 | Equity earnings of subsidiaries | $ | 1,744 | $ | 1,646 | $ | 1,505 | ||||||||||||||||||||
Total income | Total income | 1,646 | 1,505 | 1,393 | Total income | 1,744 | 1,646 | 1,505 | ||||||||||||||||||||||||||
Expenses and other deductions | Expenses and other deductions | Expenses and other deductions | ||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | 43 | 23 | 24 | Operating expenses | 21 | 43 | 23 | ||||||||||||||||||||||||||
Other income | Other income | (4) | (9) | (1) | Other income | 3 | (4) | (9) | ||||||||||||||||||||||||||
Interest charges and financing costs | Interest charges and financing costs | 198 | 173 | 149 | Interest charges and financing costs | 173 | 198 | 173 | ||||||||||||||||||||||||||
Total expenses and other deductions | Total expenses and other deductions | 237 | 187 | 172 | Total expenses and other deductions | 197 | 237 | 187 | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 1,409 | 1,318 | 1,221 | Income before income taxes | 1,547 | 1,409 | 1,318 | ||||||||||||||||||||||||||
Income tax benefit | Income tax benefit | (64) | (54) | (40) | Income tax benefit | (50) | (64) | (54) | ||||||||||||||||||||||||||
Net income | Net income | $ | 1,473 | $ | 1,372 | $ | 1,261 | Net income | $ | 1,597 | $ | 1,473 | $ | 1,372 | ||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income | Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Pension and retiree medical benefits, net of tax of $ 1, $1 and $1, respectively | Pension and retiree medical benefits, net of tax of $ 1, $1 and $1, respectively | $ | 5 | $ | 3 | $ | 3 | Pension and retiree medical benefits, net of tax of $ 1, $1 and $1, respectively | $ | 8 | $ | 5 | $ | 3 | ||||||||||||||||||||
Derivative instruments, net of tax of $(1), $(7) and $(1), respectively | (5) | (20) | (2) | |||||||||||||||||||||||||||||||
Derivative instruments, net of tax of $3, $(1) and $(7), respectively | Derivative instruments, net of tax of $3, $(1) and $(7), respectively | 10 | (5) | (20) | ||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | (17) | 1 | Other comprehensive income (loss) | 18 | — | (17) | ||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 1,473 | $ | 1,355 | $ | 1,262 | Comprehensive income | $ | 1,615 | $ | 1,473 | $ | 1,355 | ||||||||||||||||||||
Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||||
Basic | Basic | 527 | 519 | 511 | Basic | 539 | 527 | 519 | ||||||||||||||||||||||||||
Diluted | Diluted | 528 | 520 | 511 | Diluted | 540 | 528 | 520 | ||||||||||||||||||||||||||
Earnings per average common share: | Earnings per average common share: | Earnings per average common share: | ||||||||||||||||||||||||||||||||
Basic | Basic | $ | 2.79 | $ | 2.64 | $ | 2.47 | Basic | $ | 2.96 | $ | 2.79 | $ | 2.64 | ||||||||||||||||||||
Diluted | Diluted | 2.79 | 2.64 | 2.47 | Diluted | 2.96 | 2.79 | 2.64 | ||||||||||||||||||||||||||
See Notes to Condensed Financial Statements | See Notes to Condensed Financial Statements | See Notes to Condensed Financial Statements |
Year Ended Dec. 31 | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Operating activities | |||||||||||||||||
Net cash provided by operating activities | $ | 2,377 | $ | 1,389 | $ | 1,210 | |||||||||||
Investing activities | |||||||||||||||||
Capital contributions to subsidiaries | (2,553) | (1,594) | (809) | ||||||||||||||
Net (investments) return in the utility money pool | (18) | 39 | (85) | ||||||||||||||
Other, net | (1) | 0 | 0 | ||||||||||||||
Net cash used in investing activities | (2,572) | (1,555) | (894) | ||||||||||||||
Financing activities | |||||||||||||||||
(Repayment of) proceeds from short-term borrowings, net | (500) | 12 | (295) | ||||||||||||||
Proceeds from issuance of long-term debt | 1,089 | 1,120 | 492 | ||||||||||||||
Repayment of long-term debt | (300) | (550) | 0 | ||||||||||||||
Proceeds from issuance of common stock | 727 | 458 | 230 | ||||||||||||||
Repurchase of common stock | (4) | 0 | (1) | ||||||||||||||
Dividends paid | (856) | (791) | (730) | ||||||||||||||
Other | (17) | (14) | (12) | ||||||||||||||
Net cash provided by (used in) financing activities | 139 | 235 | (316) | ||||||||||||||
Net change in cash and cash equivalents | (56) | 69 | 0 | ||||||||||||||
Cash and cash equivalents at beginning of period | 70 | 1 | 1 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 14 | $ | 70 | $ | 1 | |||||||||||
See Notes to Condensed Financial Statements |
Year Ended Dec. 31 | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operating activities | |||||||||||||||||
Net cash provided by operating activities | $ | 1,147 | $ | 2,377 | $ | 1,389 | |||||||||||
Investing activities | |||||||||||||||||
Capital contributions to subsidiaries | (1,661) | (2,553) | (1,594) | ||||||||||||||
Net return (investments) in the utility money pool | 57 | (18) | 39 | ||||||||||||||
Other, net | — | (1) | — | ||||||||||||||
Net cash used in investing activities | (1,604) | (2,572) | (1,555) | ||||||||||||||
Financing activities | |||||||||||||||||
Proceeds (repayment of) from short-term borrowings, net | 638 | (500) | 12 | ||||||||||||||
Proceeds from issuance of long-term debt | 791 | 1,089 | 1,120 | ||||||||||||||
Repayment of long-term debt | (400) | (300) | (550) | ||||||||||||||
Proceeds from issuance of common stock | 366 | 727 | 458 | ||||||||||||||
Repurchase of common stock | — | (4) | — | ||||||||||||||
Dividends paid | (935) | (856) | (791) | ||||||||||||||
Other | (16) | (17) | (14) | ||||||||||||||
Net cash provided by financing activities | 444 | 139 | 235 | ||||||||||||||
Net change in cash, cash equivalents, and restricted cash | (13) | (56) | 69 | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 14 | 70 | 1 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1 | $ | 14 | $ | 70 | |||||||||||
See Notes to Condensed Financial Statements |
Dec. 31 | Dec. 31 | |||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 14 | $ | 70 | Cash and cash equivalents | $ | 1 | $ | 14 | ||||||||||||
Accounts receivable from subsidiaries | Accounts receivable from subsidiaries | 424 | 370 | Accounts receivable from subsidiaries | 430 | 424 | ||||||||||||||||
Other current assets | Other current assets | 6 | 12 | Other current assets | 6 | 6 | ||||||||||||||||
Total current assets | Total current assets | 444 | 452 | Total current assets | 437 | 444 | ||||||||||||||||
Investment in subsidiaries | Investment in subsidiaries | 19,102 | 17,443 | Investment in subsidiaries | 21,167 | 19,102 | ||||||||||||||||
Other assets | Other assets | 40 | 60 | Other assets | 71 | 40 | ||||||||||||||||
Total other assets | Total other assets | 19,142 | 17,503 | Total other assets | 21,238 | 19,142 | ||||||||||||||||
Total assets | Total assets | $ | 19,586 | $ | 17,955 | Total assets | $ | 21,675 | $ | 19,586 | ||||||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | 400 | 0 | Current portion of long-term debt | — | 400 | ||||||||||||||||
Dividends payable | Dividends payable | 231 | 212 | Dividends payable | 249 | 231 | ||||||||||||||||
Short-term debt | Short-term debt | 0 | 500 | Short-term debt | 638 | — | ||||||||||||||||
Other current liabilities | Other current liabilities | 21 | 33 | Other current liabilities | 29 | 21 | ||||||||||||||||
Total current liabilities | Total current liabilities | 652 | 745 | Total current liabilities | 916 | 652 | ||||||||||||||||
Other liabilities | Other liabilities | 17 | 23 | Other liabilities | 10 | 17 | ||||||||||||||||
Total other liabilities | Total other liabilities | 17 | 23 | Total other liabilities | 10 | 17 | ||||||||||||||||
Commitments and contingencies | Commitments and contingencies | Commitments and contingencies | ||||||||||||||||||||
Capitalization | Capitalization | Capitalization | ||||||||||||||||||||
Long-term debt | Long-term debt | 4,342 | 3,948 | Long-term debt | 5,137 | 4,342 | ||||||||||||||||
Common stockholders' equity | Common stockholders' equity | 14,575 | 13,239 | Common stockholders' equity | 15,612 | 14,575 | ||||||||||||||||
Total capitalization | Total capitalization | 18,917 | 17,187 | Total capitalization | 20,749 | 18,917 | ||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 19,586 | $ | 17,955 | Total liabilities and equity | $ | 21,675 | $ | 19,586 | ||||||||||||
See Notes to Condensed Financial Statements | See Notes to Condensed Financial Statements | See Notes to Condensed Financial Statements |
(Millions of Dollars) | Guarantor | Guarantee Amount | Current Exposure | Triggering Event | ||||||||||||||||||||||
Guarantee of loan for Hiawatha Collegiate High School (a) | Xcel Energy Inc. | $ | 1 | 0 | (c) | |||||||||||||||||||||
Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries (b) | Xcel Energy Inc. | 60 | (e) | (d) |
(Millions of Dollars) | Guarantor | Guarantee Amount | Current Exposure | Triggering Event | ||||||||||||||||||||||
Guarantee of loan for Hiawatha Collegiate High School(a) | Xcel Energy Inc. | $ | 1 | — | (c) | |||||||||||||||||||||
Guarantee performance and payment of surety bonds for Xcel Energy Inc.’s utility subsidiaries(b) | Xcel Energy Inc. | 59 | (e) | (d) |
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | (Millions of Dollars) | 2021 | 2020 | ||||||||||||||||||||||
NSP-Minnesota | NSP-Minnesota | $ | 81 | $ | 60 | NSP-Minnesota | $ | 104 | $ | 81 | ||||||||||||||||||
NSP-Wisconsin | NSP-Wisconsin | 9 | 17 | NSP-Wisconsin | 25 | 9 | ||||||||||||||||||||||
PSCo | PSCo | 98 | 78 | PSCo | 91 | 98 | ||||||||||||||||||||||
SPS | SPS | 55 | 47 | SPS | 58 | 55 | ||||||||||||||||||||||
Xcel Energy Services Inc. | Xcel Energy Services Inc. | 159 | 112 | Xcel Energy Services Inc. | 125 | 159 | ||||||||||||||||||||||
Xcel Energy Ventures Inc. | 0 | 25 | ||||||||||||||||||||||||||
Other subsidiaries of Xcel Energy Inc. | Other subsidiaries of Xcel Energy Inc. | 22 | 31 | Other subsidiaries of Xcel Energy Inc. | 27 | 22 | ||||||||||||||||||||||
$ | 424 | $ | 370 | $ | 430 | $ | 424 |
(Amounts in Millions, Except Interest Rates) | Three Months Ended Dec. 31, | ||||||||
Loan outstanding at period end | $ | ||||||||
Average loan outstanding | |||||||||
Maximum loan outstanding | |||||||||
Weighted average interest rate, computed on a daily basis | |||||||||
Weighted average interest rate at end of period | |||||||||
Money pool interest income | $ |
(Amounts in Millions, Except Interest Rates) | (Amounts in Millions, Except Interest Rates) | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | Year Ended Dec. 31, 2018 | (Amounts in Millions, Except Interest Rates) | Year Ended Dec. 31, 2021 | Year Ended Dec. 31, 2020 | Year Ended Dec. 31, 2019 | ||||||||||||||||||||||||||||||||
Loan outstanding at period end | Loan outstanding at period end | $ | 57 | $ | 39 | $ | 0 | Loan outstanding at period end | $ | — | $ | 57 | $ | 39 | ||||||||||||||||||||||||||
Average loan outstanding | Average loan outstanding | 104 | 47 | 71 | Average loan outstanding | 16 | 104 | 47 | ||||||||||||||||||||||||||||||||
Maximum loan outstanding | Maximum loan outstanding | 350 | 250 | 243 | Maximum loan outstanding | 439 | 350 | 250 | ||||||||||||||||||||||||||||||||
Weighted average interest rate, computed on a daily basis | Weighted average interest rate, computed on a daily basis | 0.60 | % | 2.15 | % | 1.95 | % | Weighted average interest rate, computed on a daily basis | 0.08 | % | 0.60 | % | 2.15 | % | ||||||||||||||||||||||||||
Weighted average interest rate at end of period | Weighted average interest rate at end of period | 0.07 | % | 1.63 | % | N/A | Weighted average interest rate at end of period | N/A | 0.07 | % | 1.63 | |||||||||||||||||||||||||||||
Money pool interest income | Money pool interest income | $ | 1 | $ | 1 | $ | 1 | Money pool interest income | $ | — | $ | 1 | $ | 1 |
Allowance for bad debts | NOL and tax credit valuation allowances | Allowance for bad debts | NOL and tax credit valuation allowances | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions of Dollars) | (Millions of Dollars) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | (Millions of Dollars) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Jan. 1 | Balance at Jan. 1 | $ | 55 | $ | 55 | $ | 52 | $ | 67 | $ | 79 | $ | 77 | Balance at Jan. 1 | $ | 79 | $ | 55 | $ | 55 | $ | 64 | $ | 67 | $ | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions charged to costs and expenses | Additions charged to costs and expenses | 60 | 42 | 42 | 6 | 9 | 7 | Additions charged to costs and expenses | 60 | 60 | 42 | 5 | 6 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions charged to other accounts | Additions charged to other accounts | 12 | (a) | 16 | (a) | 11 | (a) | 0 | 0 | 0 | Additions charged to other accounts | 14 | (a) | 12 | (a) | 16 | (a) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deductions from reserves | Deductions from reserves | (48) | (b) | (58) | (b) | (50) | (b) | (9) | (c) | (21) | (d) | (5) | (d) | Deductions from reserves | (47) | (b) | (48) | (b) | (58) | (b) | (5) | (d) | (9) | (c) | (21) | (d) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31 | Balance at Dec. 31 | $ | 79 | $ | 55 | $ | 55 | $ | 64 | $ | 67 | $ | 79 | Balance at Dec. 31 | $ | 106 | $ | 79 | $ | 55 | $ | 64 | $ | 64 | $ | 67 |
ITEM 16 — FORM 10-K SUMMARY |
XCEL ENERGY INC. | ||||||||
Feb. | By: | /s/ BRIAN J. VAN ABEL | ||||||
Brian J. Van Abel | ||||||||
Executive Vice President, Chief Financial Officer |
/s/ | Chairman, President, Chief Executive Officer and Director | |||||||||||||
(Principal Executive Officer) | ||||||||||||||
/s/ BRIAN J. VAN ABEL | Executive Vice President, Chief Financial Officer | |||||||||||||
Brian J. Van Abel | (Principal Financial Officer) | |||||||||||||
/s/ JEFFREY S. SAVAGE | Senior Vice President, Controller | |||||||||||||
Jeffrey S. Savage | (Principal Accounting Officer) | |||||||||||||
* | Director | |||||||||||||
Lynn Casey | ||||||||||||||
* | Director | |||||||||||||
Netha N. Johnson | ||||||||||||||
* | Director | |||||||||||||
Patricia L. Kampling | ||||||||||||||
* | Director | |||||||||||||
George J. Kehl | ||||||||||||||
* | Director | |||||||||||||
Richard T. O’Brien | ||||||||||||||
* | Director | |||||||||||||
Charles Pardee | ||||||||||||||
* | Director | |||||||||||||
Christopher J. Policinski | ||||||||||||||
* | Director | |||||||||||||
James Prokopanko | ||||||||||||||
* | Director | |||||||||||||
David A. Westerlund | ||||||||||||||
* | Director | |||||||||||||
Kim Williams | ||||||||||||||
* | Director | |||||||||||||
Timothy V. Wolf | ||||||||||||||
* | Director | |||||||||||||
Daniel Yohannes | ||||||||||||||
*By: | /s/ BRIAN J. VAN ABEL | Attorney-in-Fact | ||||||||||||
Brian J. Van Abel |