Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NORTHERN STATES POWER CO | |
Entity Central Index Key | 1123852 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000,000 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating revenues | ||
Electric, non-affiliates | $881,279 | $946,535 |
Electric, affiliates | 124,875 | 121,805 |
Natural gas | 279,467 | 349,532 |
Other | 6,861 | 6,454 |
Total operating revenues | 1,292,482 | 1,424,326 |
Operating expenses | ||
Electric fuel and purchased power | 398,720 | 458,083 |
Cost of natural gas sold and transported | 201,189 | 262,881 |
Cost of sales — other | 4,327 | 4,127 |
Operating and maintenance expenses | 314,050 | 297,581 |
Conservation program expenses | 17,212 | 36,617 |
Depreciation and amortization | 118,075 | 99,185 |
Taxes (other than income taxes) | 63,832 | 62,160 |
Loss on Monticello LCM/EPU project | 124,226 | 0 |
Total operating expenses | 1,241,631 | 1,220,634 |
Operating income | 50,851 | 203,692 |
Other income, net | 1,962 | 2,004 |
Allowance for funds used during construction — equity | 5,930 | 5,264 |
Interest charges and financing costs | ||
Interest charges — includes other financing costs of $1,610 and $1,593 respectively | 51,763 | 47,452 |
Allowance for funds used during construction — debt | -2,914 | -2,455 |
Total interest charges and financing costs | 48,849 | 44,997 |
Income before income taxes | 9,894 | 165,963 |
Income taxes | 2,970 | 57,599 |
Net income | $6,924 | $108,364 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest charges and financing costs | ||
Other financing costs | $1,610 | $1,593 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Comprehensive income: | ||
Net income | $6,924 | $108,364 |
Pension and retiree medical benefits: | ||
Amortization of (gains) losses included in net periodic benefit cost, net of tax of ($4) and $4, respectively | -6 | 5 |
Derivative instruments: | ||
Net fair value decrease, net of tax of ($4) and $(3), respectively | -6 | -4 |
Reclassification of losses to net income, net of tax of $143 and $134, respectively | 208 | 193 |
Total derivative instruments, net of tax | 202 | 189 |
Marketable securities: | ||
Net fair value increase, net of tax of $0 and $25, respectively | 1 | 37 |
Other comprehensive income | 197 | 231 |
Comprehensive income | $7,121 | $108,595 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and retiree medical benefits: | ||
Amortization of losses included in net periodic benefit cost, tax | ($4) | $4 |
Derivative instruments: | ||
Net fair value (decrease) increase, tax | -4 | -3 |
Reclassification of losses to net income, tax | 143 | 134 |
Marketable securities: | ||
Net fair value increase, tax | $0 | $25 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $6,924 | $108,364 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 119,459 | 100,513 |
Nuclear fuel amortization | 28,465 | 28,862 |
Deferred income taxes | 9,565 | 46,792 |
Amortization of investment tax credits | -433 | -455 |
Allowance for equity funds used during construction | -5,930 | -5,264 |
Loss on Monticello LCM/EPU project | 124,226 | 0 |
Net realized and unrealized hedging and derivative transactions | 6,385 | 3,377 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 10,584 | -141,607 |
Accrued unbilled revenues | 57,484 | 37,702 |
Inventories | 27,059 | 71,897 |
Other current assets | 14,042 | -30,263 |
Accounts payable | -8,405 | -21,756 |
Net regulatory assets and liabilities | 37,558 | 23,282 |
Other current liabilities | 42,288 | 10,783 |
Pension and other employee benefit obligations | -32,330 | -51,582 |
Change in other noncurrent assets | -115 | 33,347 |
Change in other noncurrent liabilities | -21,480 | -18,709 |
Net cash provided by operating activities | 415,346 | 195,283 |
Investing activities | ||
Utility capital/construction expenditures | -322,660 | -323,448 |
Proceeds from insurance recoveries | 24,241 | 4,260 |
Allowance for equity funds used during construction | 5,930 | 5,264 |
Purchases of investments in external decommissioning fund | -387,826 | -229,548 |
Proceeds from the sale of investments in external decommissioning fund | 386,111 | 227,901 |
Investments in utility money pool arrangement | -15,000 | 0 |
Repayments from utility money pool arrangement | 15,000 | 0 |
Other, net | -2,244 | -1,077 |
Net cash used in investing activities | -296,448 | -316,648 |
Financing activities | ||
Repayments of short-term borrowings, net | -66,000 | -1,000 |
Borrowings under utility money pool arrangement | 31,000 | 273,000 |
Repayments under utility money pool arrangement | -31,000 | -157,000 |
Repayments of Long-term Debt | -33 | 0 |
Capital contributions from parent | 75,835 | 95,000 |
Dividends paid to parent | -77,802 | -58,752 |
Net cash (used in) provided by financing activities | -68,000 | 151,248 |
Net change in cash and cash equivalents | 50,898 | 29,883 |
Cash and cash equivalents at beginning of period | 40,597 | 42,920 |
Cash and cash equivalents at end of period | 91,495 | 72,803 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | -64,798 | -63,766 |
Cash received (paid) for income taxes, net | 23,769 | -11,010 |
Supplemental disclosure of non-cash investing transactions: | ||
Property, plant and equipment additions in accounts payable | $108,900 | $126,685 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $91,495 | $40,597 |
Accounts receivable, net | 362,206 | 367,696 |
Accounts receivable from affiliates | 18,973 | 24,067 |
Accrued unbilled revenues | 194,103 | 251,587 |
Inventories | 263,268 | 290,287 |
Regulatory assets | 175,314 | 235,487 |
Derivative instruments | 22,643 | 60,164 |
Deferred income taxes | 108,166 | 76,016 |
Prepayments and other | 99,552 | 142,443 |
Total current assets | 1,335,720 | 1,488,344 |
Property, plant and equipment, net | 11,673,602 | 11,661,620 |
Other assets | ||
Nuclear decommissioning fund and other investments | 1,771,085 | 1,735,316 |
Regulatory assets | 1,045,454 | 1,051,834 |
Derivative instruments | 15,801 | 15,434 |
Other | 34,222 | 34,768 |
Total other assets | 2,866,562 | 2,837,352 |
Total assets | 15,875,884 | 15,987,316 |
Current liabilities | ||
Current portion of long-term debt | 250,013 | 250,013 |
Short-term debt | 76,000 | 142,000 |
Accounts payable | 369,884 | 470,507 |
Accounts payable to affiliates | 65,595 | 50,545 |
Regulatory liabilities | 89,702 | 171,608 |
Taxes accrued | 251,479 | 198,509 |
Accrued interest | 44,561 | 61,339 |
Dividends payable to parent | 55,869 | 77,802 |
Derivative instruments | 10,267 | 12,294 |
Other | 224,846 | 217,215 |
Total current liabilities | 1,438,216 | 1,651,832 |
Deferred credits and other liabilities | ||
Deferred income taxes | 2,486,699 | 2,429,143 |
Deferred investment tax credits | 27,134 | 27,567 |
Regulatory liabilities | 462,940 | 451,783 |
Asset retirement obligations | 2,212,836 | 2,186,174 |
Derivative instruments | 132,238 | 135,036 |
Pension and employee benefit obligations | 308,249 | 340,774 |
Other | 138,437 | 123,165 |
Total deferred credits and other liabilities | 5,768,533 | 5,693,642 |
Commitments and contingencies | ||
Capitalization | ||
Long-term debt | 3,938,875 | 3,938,669 |
Common stock — authorized 5,000,000 shares of $0.01 par value; 1,000,000 shares outstanding at March 31, 2015 and Dec. 31, 2014, respectively | 10 | 10 |
Additional paid in capital | 3,037,489 | 2,961,654 |
Retained earnings | 1,713,378 | 1,762,323 |
Accumulated other comprehensive loss | -20,617 | -20,814 |
Total common stockholder’s equity | 4,730,260 | 4,703,173 |
Total liabilities and equity | $15,875,884 | $15,987,316 |
CONSOLIDATED_BALANCE_SHEETS_UN1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Capitalization, Long-term Debt and Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Managements_Opinion
Management's Opinion | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Management's Opinion | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with accounting principles generally accepted in the United States of America (GAAP), the financial position of NSP-Minnesota and its subsidiaries as of March 31, 2015 and Dec. 31, 2014; the results of its operations, including the components of net income and comprehensive income, for the three months ended March 31, 2015 and 2014; and its cash flows for the three months ended March 31, 2015 and 2014. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2015 up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2014 balance sheet information has been derived from the audited 2014 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2014. These notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto, included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2014, filed with the SEC on Feb. 20, 2015. Due to the seasonality of NSP-Minnesota’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
The significant accounting policies set forth in Note 1 to the consolidated financial statements in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2014, appropriately represent, in all material respects, the current status of accounting policies and are incorporated herein by reference. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements |
Recently Issued | |
Revenue Recognition — In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, is effective for interim and annual reporting periods beginning after Dec. 15, 2016. In April 2015, the FASB tentatively decided to defer the effective date by one year, making the guidance effective for interim and annual reporting periods beginning after Dec. 15, 2017. This tentative decision will be exposed for public input in an upcoming proposed ASU with a 30-day comment period. NSP-Minnesota is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements. | |
Consolidation — In February 2015, the FASB issued Amendments to the Consolidation Analysis, Topic 810 (ASU No. 2015-02), which reduces the number of consolidation models and amends certain consolidation principles related to variable interest entities. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15. 2015, and early adoption is permitted. NSP-Minnesota is currently evaluating the impact of adopting ASU 2015-02 on its consolidated financial statements. | |
Presentation of Debt Issuance Costs — In April 2015, the FASB issued Simplifying the Presentation of Debt Issuance Costs, Subtopic 835-30 (ASU No. 2015-03), which amends existing guidance to require the presentation of debt issuance costs on the balance sheet as a deduction from the carrying amount of the related debt, instead of an asset. This guidance will be effective for interim and annual reporting periods beginning after Dec. 15, 2015, and early adoption is permitted. Other than the prescribed reclassification of assets to an offset of debt on the consolidated balance sheets, NSP-Minnesota does not expect the implementation of ASU 2015-03 to have a material impact on its consolidated financial statements. |
Selected_Balance_Sheet_Data
Selected Balance Sheet Data | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Selected Balance Sheet Data | Selected Balance Sheet Data | ||||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 383,928 | $ | 390,633 | |||||
Less allowance for bad debts | (21,722 | ) | (22,937 | ) | |||||
$ | 362,206 | $ | 367,696 | ||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 165,521 | $ | 157,376 | |||||
Fuel | 82,834 | 77,139 | |||||||
Natural gas | 14,913 | 55,772 | |||||||
$ | 263,268 | $ | 290,287 | ||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 14,914,850 | $ | 14,831,286 | |||||
Natural gas plant | 1,185,612 | 1,177,021 | |||||||
Common and other property | 576,194 | 568,287 | |||||||
Construction work in progress | 693,888 | 706,979 | |||||||
Total property, plant and equipment | 17,370,544 | 17,283,573 | |||||||
Less accumulated depreciation | (6,108,221 | ) | (6,012,145 | ) | |||||
Nuclear fuel | 2,396,974 | 2,347,422 | |||||||
Less accumulated amortization | (1,985,695 | ) | (1,957,230 | ) | |||||
$ | 11,673,602 | $ | 11,661,620 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Taxes | Income Taxes | ||||||||
Except to the extent noted below, Note 6 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2014 appropriately represents, in all material respects, the current status of other income tax matters, and are incorporated herein by reference. | |||||||||
Federal Audit — NSP-Minnesota is a member of the Xcel Energy affiliated group that files a consolidated federal income tax return. The statute of limitations applicable to Xcel Energy’s 2009 federal income tax return expires in March 2016. In the third quarter of 2012, the Internal Revenue Service (IRS) commenced an examination of tax years 2010 and 2011, including the 2009 carryback claim. As of March 31, 2015, the IRS had proposed an adjustment to the federal tax loss carryback claims that would result in $12 million of income tax expense for the 2009 through 2011 claims, the recently filed 2013 claim, and the anticipated claim for 2014. As of March 31, 2015, the IRS has begun the appeals process; however, the outcome and timing of a resolution is uncertain. | |||||||||
State Audits — NSP-Minnesota is a member of the Xcel Energy affiliated group that files consolidated state income tax returns. As of March 31, 2015, NSP-Minnesota’s earliest open tax year that is subject to examination by state taxing authorities under applicable statutes of limitations is 2009. There are currently no state income tax audits in progress. | |||||||||
Unrecognized Tax Benefits — The unrecognized tax benefit balance includes permanent tax positions, which if recognized would affect the annual effective tax rate (ETR). In addition, the unrecognized tax benefit balance includes temporary tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. A change in the period of deductibility would not affect the ETR but would accelerate the payment of cash to the taxing authority to an earlier period. | |||||||||
A reconciliation of the amount of unrecognized tax benefit is as follows: | |||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 12.3 | $ | 12.2 | |||||
Unrecognized tax benefit — Temporary tax positions | 19.9 | 18.2 | |||||||
Total unrecognized tax benefit | $ | 32.2 | $ | 30.4 | |||||
The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | |||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
NOL and tax credit carryforwards | $ | (11.6 | ) | $ | (10.8 | ) | |||
It is reasonably possible that NSP-Minnesota’s amount of unrecognized tax benefits could significantly change in the next 12 months as the IRS appeals process progresses and state audits resume. As the IRS examination moves closer to completion, it is reasonably possible that the amount of unrecognized tax benefit could decrease up to approximately $4 million. | |||||||||
The payable for interest related to unrecognized tax benefits is partially offset by the interest benefit associated with NOL and tax credit carryforwards. The payables for interest related to unrecognized tax benefits at March 31, 2015 and Dec. 31, 2014 were not material. No amounts were accrued for penalties related to unrecognized tax benefits as of March 31, 2015 or Dec. 31, 2014. |
Rate_Matters
Rate Matters | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||
Rate Matters | Rate Matters | ||||||||||||
Except to the extent noted below, the circumstances set forth in Note 10 to the consolidated financial statements included in NSP-Minnesota’s Annual Report on Form 10-K for the year ended Dec. 31, 2014 appropriately represent, in all material respects, the current status of other rate matters, and are incorporated herein by reference. | |||||||||||||
Pending Regulatory Proceedings — Minnesota Public Utilities Commission (MPUC) | |||||||||||||
Minnesota 2014 Multi-Year Electric Rate Case — In November 2013, NSP-Minnesota filed a two-year electric rate case with the MPUC. The rate case was based on a requested return on equity (ROE) of 10.25 percent, a 52.5 percent equity ratio, a 2014 average electric rate base of $6.67 billion and an additional average rate base of $412 million in 2015. The NSP-Minnesota electric rate case initially reflected a requested increase in revenues of approximately $193 million or 6.9 percent in 2014 and an additional $98 million or 3.5 percent in 2015. The request included a proposed rate moderation plan for 2014 and 2015. In December 2013, the MPUC approved interim rates of $127 million, effective Jan. 3, 2014, subject to refund. | |||||||||||||
In 2014, NSP-Minnesota revised its requested rate increase to $115.3 million for 2014 and to $106.0 million for 2015, for a total combined unadjusted increase of $221.3 million. | |||||||||||||
In December 2014, the administrative law judge (ALJ) issued her recommendations in the NSP-Minnesota electric rate case. NSP-Minnesota estimated that her recommendations would have resulted in a rate increase of $69.1 million in 2014 and an incremental rate increase of $122.4 million in 2015. In addition, she recommended an ROE of 9.77 percent and an equity ratio of 52.5 percent. | |||||||||||||
On March 26, 2015, the MPUC voted to approve a 2014 rate increase and a 2015 step increase. NSP-Minnesota estimates the total rate increase to be approximately $168 million, or 6.1 percent, based on a 9.72 percent ROE and 52.50 percent equity ratio. The MPUC largely approved the ALJ’s recommendations and the excess depreciation reserve utilization of 50 percent, 30 percent and 20 percent in 2014, 2015, and 2016, respectively. The MPUC did not adopt NSP-Minnesota’s 2016 rate case avoidance proposal. NSP-Minnesota is initiating the preparation of its 2016 rate case. NSP-Minnesota will evaluate how best to proceed including whether proposed legislation could provide alternative approaches, whether rate moderation is available and whether to propose a single or multi-year request. | |||||||||||||
The following table reconciles NSP-Minnesota’s original request to the MPUC's March 26, 2015 verbal decision, including the estimated ongoing impact of their March 6, 2015 verbal decision in the Monticello Prudence Review on the Minnesota retail electric jurisdiction: | |||||||||||||
2014 Rate Request (Millions of Dollars) | NSP-Minnesota | ALJ | MPUC Decision | ||||||||||
NSP-Minnesota’s filed rate request | $ | 192.7 | $ | 192.7 | $ | 192.7 | |||||||
Sales forecast (with true-up to 12 months of actual weather-normalized sales) | (38.5 | ) | (38.5 | ) | (38.5 | ) | |||||||
ROE | — | (28.4 | ) | (31.9 | ) | ||||||||
Monticello extended power uprate (EPU) cost recovery | (12.2 | ) | (31.3 | ) | (37.6 | ) | |||||||
Property taxes (with true-up to actual 2014 accruals) | (13.2 | ) | (13.2 | ) | (13.2 | ) | |||||||
Prairie Island EPU cost recovery | (5.1 | ) | (5.1 | ) | (5.1 | ) | |||||||
Health care, pension and other benefits | (1.9 | ) | (1.9 | ) | (3.0 | ) | |||||||
Other, net | (6.5 | ) | (5.2 | ) | (5.3 | ) | |||||||
Total 2014 | $ | 115.3 | $ | 69.1 | $ | 58.1 | |||||||
2015 Rate Request (Millions of Dollars) | NSP-Minnesota | ALJ | MPUC Decision | ||||||||||
NSP-Minnesota’s filed rate request | $ | 98.5 | $ | 98.5 | $ | 98.5 | |||||||
Monticello EPU cost recovery | 11.7 | 29.1 | 35.4 | ||||||||||
Depreciation / Retirements | — | — | (0.5 | ) | |||||||||
Property taxes | (3.3 | ) | (3.3 | ) | (3.3 | ) | |||||||
Production tax credits to be included in base rates | (11.1 | ) | (11.1 | ) | (11.1 | ) | |||||||
U.S. Department of Energy settlement proceeds | 10.1 | 10.1 | 10.1 | ||||||||||
Emission chemicals | (1.6 | ) | (1.6 | ) | (1.6 | ) | |||||||
Other, net | 1.7 | 0.7 | 0.2 | ||||||||||
Total 2015 step increase - prior to Monticello EPU cost disallowance | $ | 106 | $ | 122.4 | $ | 127.7 | |||||||
Total for 2014 and 2015 step increase - prior to Monticello EPU cost disallowance | $ | 221.3 | $ | 191.5 | $ | 185.8 | |||||||
Monticello EPU cost disallowance - ongoing impact | — | — | (18.2 | ) | |||||||||
Total for 2014 and 2015 step increase - including Monticello EPU cost disallowance | $ | 221.3 | $ | 191.5 | $ | 167.6 | |||||||
The MPUC also approved a full revenue decoupling three-year pilot with a 3 percent cap on base revenue for the residential and small commercial and industrial classes, based on actual sales, effective Jan. 1, 2016. The decoupling mechanism would eliminate the impact of weather variability on electric sales for these classes. NSP-Minnesota can seek to recover amounts over the cap provided it can show that its demand-side management and/or other initiatives were a substantial contributing factor to the declining energy consumption and that other non-conservation factors were not the primary factors for the under-recovery. | |||||||||||||
The MPUC made no determination on NSP-Minnesota's interim rate refund proposal. There are currently two proposals in the case regarding the potential refund for interim rates for 2014 and 2015. NSP-Minnesota has requested that the MPUC treat the multi-year case as a single period and net the two-year period for any potential refund/surcharge that could occur when final rates are established. The Minnesota Department of Commerce identified an alternative option that views each year of the multi-year case separately, which would result in lower 2015 revenues by approximately $3.5 million per month between Jan. 1, 2015 and the date that final rates are determined. The final order is expected to be issued May 8, 2015. NSP-Minnesota filed the initial parts of a compliance filing calculating the final authorized rates in April 2015 and plans to file the remaining portions during May 2015. The MPUC is expected to rule on interim rates after the comment period for the compliance filing. | |||||||||||||
Nuclear Project Prudence Investigation — In 2013, NSP-Minnesota completed the Monticello life cycle management (LCM)/EPU project. The multi-year project extended the life of the facility and increased the capacity from 600 to 671 megawatts (MW). Monticello LCM/EPU project expenditures were approximately $665 million. Total capitalized costs were approximately $748 million, which includes allowance for funds used during construction (AFUDC). In 2008, project expenditures were initially estimated at approximately $320 million, excluding AFUDC. | |||||||||||||
In 2013, the MPUC initiated an investigation to determine whether the final costs for the Monticello LCM/EPU project were prudent. | |||||||||||||
On March 6, 2015, the MPUC voted to allow for full recovery, including a return, on approximately $415 million of the total plant costs (inclusive of AFUDC), but only allow recovery of the remaining $333 million of costs with no return on this portion of the investment over the remaining life of the plant. Further, the MPUC determined that only 50 percent of the investment was considered used and useful for 2014. As a result of these determinations and assuming the other state commissions within the NSP System jurisdictions adopt the MPUC’s decisions, Xcel Energy recorded an estimated pre-tax loss of $129 million in the first quarter of 2015. The remaining book value of the Monticello project represents the present value of the estimated future cash flows allowed for by the MPUC. | |||||||||||||
In addition, the decision would reduce the 2015 revenue requirement and pre-tax income for Xcel Energy (assuming other state commissions adopt the MPUC decision) and the Minnesota retail electric jurisdiction as follows: | |||||||||||||
(Millions of Dollars) | Revenue | Pre-tax Income (a) | |||||||||||
Xcel Energy | $ | 25 | $ | 16 | |||||||||
Minnesota retail electric jurisdiction | 18 | 12 | |||||||||||
(a) | Pre-tax income reflects the net impact of the reductions in revenue and depreciation expense. | ||||||||||||
Review of the final written order, which is anticipated in the second quarter of 2015, could impact NSP-Minnesota’s calculations. NSP-Minnesota will have the ability to file for reconsideration. | |||||||||||||
2015 Transmission Cost Recovery (TCR) Rate Filing — In October 2014, the 2015 NSP-Minnesota TCR filing was filed with the MPUC, requesting recovery of $65.8 million of 2015 transmission investment costs not previously included in electric base rates. An MPUC decision is anticipated in the second quarter of 2015, with implementation of new rates soon after approval. | |||||||||||||
Pending Regulatory Proceedings — South Dakota Public Utilities Commission (SDPUC) | |||||||||||||
South Dakota 2015 Electric Rate Case — In June 2014, NSP-Minnesota filed a request with the SDPUC to increase South Dakota electric rates by $15.6 million annually, or 8.0 percent, effective Jan. 1, 2015. The request is based on a 2013 historic test year adjusted for certain known and measurable changes for 2014 and 2015, a requested ROE of 10.25 percent, an average rate base of $433.2 million and an equity ratio of 53.86 percent. This request reflects NSP-Minnesota’s proposal to move recovery of approximately $9.0 million for certain TCR rider and Infrastructure rider projects to base rates. | |||||||||||||
Interim rates of $15.6 million, subject to refund, went into effect in January 2015. At this time, the parties are in settlement discussion and further procedure scheduling may be established, as necessary. Final rates are anticipated to be effective mid-2015. | |||||||||||||
Pending Regulatory Proceedings — Federal Energy Regulatory Commission (FERC) | |||||||||||||
Midcontinent Independent System Operator, Inc. (MISO) ROE Complaint/ROE Adder — In November 2013, a group of customers filed a complaint at the FERC against MISO transmission owners (TOs), including NSP-Minnesota and NSP-Wisconsin. The complaint argued for a reduction in the ROE in transmission formula rates in the MISO region from 12.38 percent to 9.15 percent, a prohibition on capital structures in excess of 50 percent equity, and the removal of ROE adders (including those for regional transmission organization (RTO) membership and being an independent transmission company), effective Nov. 12, 2013. | |||||||||||||
In June 2014, the FERC issued an order in a different ROE proceeding adopting a new ROE methodology for electric utilities. The new ROE methodology requires electric utilities to use a two-step discounted cash flow analysis to estimate cost of equity that incorporates both short-term and long-term growth projections. | |||||||||||||
In October 2014, the FERC upheld the determination of the long-term growth rate to be used together with a short-term growth rate in its new ROE methodology. The FERC separately set the ROE complaint against the MISO TOs for settlement and hearing procedures. The FERC directed parties to apply the new ROE methodology, but denied the complaints related to equity capital structures and ROE adders. The FERC established a Nov. 12, 2013 refund effective date. The settlement procedures were unsuccessful. FERC action is pending. In January 2015, the ROE complaint was set for full hearing procedures, with an ALJ initial decision to be issued by November 2015 and a FERC order issued no earlier than 2016. | |||||||||||||
In November 2014, the MISO TOs filed a request for FERC approval of a 50 basis point RTO membership ROE adder, with collection deferred until resolution of the ROE complaint. In January 2015, the FERC approved the ROE adder, subject to the outcome of the ROE complaint. The total ROE, including the RTO membership adder, may not exceed the top of the discounted cash flow range under the new ROE methodology. In 2015, several intervenors sought rehearing of the commission order. | |||||||||||||
In February 2015, a separate group of customers filed an additional complaint proposing to reduce the MISO region ROE to 8.67 percent, prior to any 50 basis point RTO adder, with a refund effective date of Feb. 12, 2015. The FERC has to date taken no action on the second complaint. | |||||||||||||
NSP-Minnesota recorded a current liability representing the current best estimate of a refund obligation associated with the new ROE as of March 31, 2015. The new FERC ROE methodology is estimated to reduce transmission revenue, net of expense, between $7 million and $9 million annually for the NSP System. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies | Commitments and Contingencies | ||||||||
Except to the extent noted below and in Note 5, Notes 10, 11 and 12 to the consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2014 appropriately represent, in all material respects, the current status of commitments and contingent liabilities, and are incorporated herein by reference. The following include commitments, contingencies and unresolved contingencies that are material to NSP-Minnesota’s financial position. | |||||||||
Purchased Power Agreements (PPAs) | |||||||||
Under certain PPAs, NSP-Minnesota purchases power from independent power producing entities for which NSP-Minnesota is required to reimburse natural gas or biomass fuel costs, or to participate in tolling arrangements under which NSP-Minnesota procures the natural gas required to produce the energy that it purchases. These specific PPAs create a variable interest in the associated independent power producing entity. | |||||||||
NSP-Minnesota had approximately 1,069 MW of capacity under long-term PPAs as of March 31, 2015 and Dec. 31, 2014, with entities that have been determined to be variable interest entities. NSP-Minnesota has concluded that these entities are not required to be consolidated in its consolidated financial statements because it does not have the power to direct the activities that most significantly impact the entities’ economic performance. These agreements have expiration dates through 2028. | |||||||||
Guarantees | |||||||||
Under NSP-Minnesota’s railcar lease agreement, accounted for as an operating lease, NSP-Minnesota guarantees the lessor proceeds from sale of the leased assets at the end of the lease term will at least equal the guaranteed residual value. The guarantee issued by NSP-Minnesota limits its exposure to a maximum amount stated in the guarantee; however, NSP-Minnesota expects sale proceeds to exceed the guaranteed amount. This lease agreement expires in 2019. | |||||||||
The following table presents the guarantee issued and outstanding for NSP-Minnesota: | |||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Guarantees issued and outstanding | $ | 4.8 | $ | 4.8 | |||||
Environmental Loss Contingency Disclosure [Text Block] | Environmental Contingencies | ||||||||
Environmental Requirements | |||||||||
Water and Waste | |||||||||
Coal Ash Regulation — NSP-Minnesota’s operations are subject to federal and state laws that impose requirements for handling, storage, treatment, and disposal of solid waste. On April 17, 2015, the U.S. Environmental Protection Agency (EPA) published a final rule regulating the management and disposal of coal combustion byproducts (coal ash) as a nonhazardous waste. NSP Minnesota’s costs to manage and dispose of coal ash will not significantly increase under the new rule. | |||||||||
Air | |||||||||
Cross-State Air Pollution Rule (CSAPR) — CSAPR addresses long range transport of particulate matter (PM) and ozone by requiring reductions in sulfur dioxide (SO2) and nitrous oxide (NOx) from utilities in the eastern half of the United States, including Minnesota, using an emissions trading program. | |||||||||
In August 2012, the United States District Court of Appeals for the District of Columbia Circuit (D.C. Circuit) vacated the CSAPR and remanded it back to the EPA. The D.C. Circuit stated the EPA must continue administering the Clean Air Interstate Rule pending adoption of a valid replacement. In April 2014, the U.S. Supreme Court reversed and remanded the case to the D.C. Circuit. The Supreme Court held that the EPA’s rule design did not violate the Clean Air Act and that states had received adequate opportunity to develop their own plans. Because the D.C. Circuit overturned the CSAPR on two over-arching issues, there are many other issues the D.C. Circuit did not rule on that will now need to be considered on remand. An opinion is expected late summer 2015. In October 2014, the D.C. Circuit granted the EPA’s request to begin to implement CSAPR by imposing its 2012 compliance obligations starting in January 2015. While the litigation continues, the EPA will administer the CSAPR in 2015. | |||||||||
NSP-Minnesota can operate within its CSAPR emission allowance allocations CSAPR compliance in 2015 is not expected to have a material impact on the results of operations, financial position or cash flows. | |||||||||
Regional Haze Rules — The regional haze program is designed to address widespread haze that results from emissions from a multitude of sources. In 2005, the EPA amended the best available retrofit technology (BART) requirements of its regional haze rules, which require the installation and operation of emission controls for industrial facilities emitting air pollutants that reduce visibility in certain national parks and wilderness areas. In its first regional haze state implementation plan (SIP), Minnesota identified the NSP-Minnesota facilities that will have to reduce SO2, NOx and PM emissions under BART and set emissions limits for those facilities. | |||||||||
In 2009, the Minnesota Pollution Control Agency (MPCA) approved a SIP and submitted it to the EPA for approval. The MPCA’s source-specific BART limits for Sherco Units 1 and 2 require combustion controls for NOx and scrubber upgrades for SO2. The MPCA concluded selective catalytic reductions (SCRs) should not be required because the minor visibility benefits derived from SCRs do not outweigh the substantial costs. The combustion controls were installed first and the scrubber upgrades were completed in December 2014, at a cost of $46.9 million. NSP-Minnesota anticipates these costs will be fully recoverable in rates. | |||||||||
After the CSAPR was adopted in 2011, the MPCA supplemented its SIP, determining that CSAPR meets BART requirements, but also implementing its source-specific BART determination for Sherco Units 1 and 2 from the 2009 SIP. In June 2012, the EPA approved the SIP for electric generating units and also approved the source-specific emission limits for Sherco Units 1 and 2 as strengthening the SIP, but avoided characterizing them as BART limits. | |||||||||
In August 2012, the National Parks Conservation Association, Sierra Club, Voyageurs National Park Association, Friends of the Boundary Waters Wilderness, Minnesota Center for Environmental Advocacy and Fresh Energy appealed the EPA’s approval of the Minnesota SIP to the U.S. Court of Appeals for the Eighth Circuit (Eighth Circuit). NSP-Minnesota and other regulated parties were denied intervention. In June 2013, the Eighth Circuit ordered this case to be held in abeyance until the U.S. Supreme Court decided the CSAPR case. In October 2014, the Eighth Circuit set a briefing schedule that was completed in February 2015. An argument date has not been set. If this litigation ultimately results in further EPA proceedings concerning the SIP, such proceedings may consider whether SCRs should be required for Sherco Units 1 and 2. | |||||||||
Reasonably Attributable Visibility Impairment (RAVI) — RAVI is intended to address observable impairment from a specific source such as distinct, identifiable plumes from a source’s stack to a national park. In 2009, the U.S. Department of the Interior certified that a portion of the visibility impairment in Voyageurs and Isle Royale National Parks is reasonably attributable to emissions from NSP-Minnesota’s Sherco Units 1 and 2. The EPA is required to make its own determination whether there is RAVI-type impairment in these parks and examine which sources may cause or contribute to any RAVI impact that is identified. After studying the national parks and evaluating multiple sources, if the EPA finds that Sherco Units 1 and 2 cause or contribute to RAVI in the national parks, the EPA would then evaluate whether the level of controls required by the MPCA is appropriate. The EPA has stated it plans to issue a separate notice on the issue of BART for Sherco Units 1 and 2 under the RAVI program. | |||||||||
In December 2012, a lawsuit against the EPA was filed in the U.S. District Court for the District of Minnesota by the following organizations: National Parks Conservation Association, Minnesota Center for Environmental Advocacy, Friends of the Boundary Waters Wilderness, Voyageurs National Park Association, Fresh Energy and Sierra Club. The lawsuit alleges the EPA has failed to perform a nondiscretionary duty to determine BART for Sherco Units 1 and 2 under the RAVI program. The EPA filed an answer denying the allegations. The District Court denied NSP-Minnesota’s motion to intervene in July 2013. NSP-Minnesota appealed this decision to the Eighth Circuit, which on July 23, 2014, reversed the District Court and found that NSP-Minnesota has standing and a right to intervene. | |||||||||
In June 2014, the EPA and the plaintiffs lodged a consent decree with the District Court. The public comment period on the draft consent decree has been completed. The EPA has not filed a motion to enter the consent decree with the District Court. | |||||||||
Legal Matters and Contingencies | Legal Contingencies | ||||||||
NSP-Minnesota is involved in various litigation matters that are being defended and handled in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for such losses that are probable of being incurred and subject to reasonable estimation. Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on NSP-Minnesota’s financial statements. Unless otherwise required by GAAP, legal fees are expensed as incurred. | |||||||||
Employment, Tort and Commercial Litigation | |||||||||
Biomass Fuel Handling Reimbursement — NSP-Minnesota has a PPA through which it procures energy from Fibrominn, LLC (Fibrominn). Under this agreement, NSP-Minnesota is charged for certain costs of transporting biomass fuels that are delivered to Fibrominn’s generation facility. Fibrominn has demanded additional cost reimbursement for certain transportation costs incurred since 2007, as well as reimbursement for similar costs in future periods. Fibrominn claims that it is entitled to reimbursement from NSP-Minnesota for past transportation costs of approximately $20 million. NSP-Minnesota has evaluated Fibrominn’s claim and based on the terms of the PPA with Fibrominn and its current understanding of the facts, NSP-Minnesota disputes the validity of Fibrominn’s claim, on the ground that, among other things, it seeks to impose contractual obligations on NSP-Minnesota that are neither supported by the terms nor the intent of the PPA. NSP-Minnesota has concluded that a loss is reasonably possible with respect to this matter; however, given the surrounding uncertainties, NSP-Minnesota is currently unable to determine the amount of reasonably possible loss. If a loss were sustained, NSP-Minnesota would attempt to recover these fuel-related costs in rates. No accrual has been recorded for this matter. | |||||||||
Nuclear Power Operations and Waste Disposal | |||||||||
Nuclear Waste Disposal Litigation — In 1998, NSP-Minnesota filed a complaint in the U.S. Court of Federal Claims against the United States requesting breach of contract damages for the U.S. Department of Energy's failure to begin accepting spent nuclear fuel by Jan. 31, 1998, as required by the contract between the United States and NSP-Minnesota. NSP-Minnesota sought contract damages in this lawsuit through Dec. 31, 2004. In September 2007, the Court awarded NSP-Minnesota $116.5 million in damages. In August 2007, NSP-Minnesota filed a second complaint; this lawsuit claimed damages for the period Jan. 1, 2005 through Dec. 31, 2008. | |||||||||
In July 2011, the United States and NSP-Minnesota executed a settlement agreement resolving both lawsuits, providing an initial $100 million payment from the United States to NSP-Minnesota, and providing a method by which NSP-Minnesota can recover its spent fuel storage costs through 2013, estimated to be an additional $100 million. In January 2014, the United States proposed, and NSP-Minnesota accepted, an extension to the settlement agreement which will allow NSP-Minnesota to recover spent fuel storage costs through 2016. The extension does not address costs for used fuel storage after 2016; such costs could be the subject of future litigation. In December 2014, NSP-Minnesota received a settlement payment of $32.8 million. NSP-Minnesota has received a total of $214.7 million of settlement proceeds as of March 31, 2015. Amounts received from the installments, except for approved reductions such as legal costs, will be subsequently returned to customers through a reduction of future rate increases or credited through another regulatory mechanism. |
Borrowings_and_Other_Financing
Borrowings and Other Financing Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Borrowings and Other Financing Instruments | Borrowings and Other Financing Instruments | ||||||||||
Short-Term Borrowings | |||||||||||
Money Pool — Xcel Energy Inc. and its utility subsidiaries have established a money pool arrangement that allows for short-term investments in and borrowings between the utility subsidiaries. Xcel Energy Inc. may make investments in the utility subsidiaries at market-based interest rates; however, the money pool arrangement does not allow the utility subsidiaries to make investments in Xcel Energy Inc. Money pool borrowings for NSP-Minnesota were as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2015 | Twelve Months Ended Dec. 31, 2014 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | — | — | |||||||||
Average amount outstanding | — | 12 | |||||||||
Maximum amount outstanding | 14 | 150 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.21 | % | ||||||||
Weighted average interest rate at period end | N/A | N/A | |||||||||
Commercial Paper — NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility. Commercial paper outstanding for NSP-Minnesota was as follows: | |||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2015 | Twelve Months Ended Dec. 31, 2014 | |||||||||
Borrowing limit | $ | 500 | $ | 500 | |||||||
Amount outstanding at period end | 76 | 142 | |||||||||
Average amount outstanding | 159 | 111 | |||||||||
Maximum amount outstanding | 327 | 397 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.41 | % | 0.26 | % | |||||||
Weighted average interest rate at period end | 0.53 | 0.53 | |||||||||
Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain operating obligations. At March 31, 2015 and Dec. 31, 2014, there were $24 million of letters of credit outstanding under the credit facility. The contract amounts of these letters of credit approximate their fair value and are subject to fees. | |||||||||||
Credit Facility — In order to use its commercial paper program to fulfill short-term funding needs, NSP-Minnesota must have a revolving credit facility in place at least equal to the amount of its commercial paper borrowing limit and cannot issue commercial paper in an aggregate amount exceeding available capacity under this credit facility. The line of credit provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. | |||||||||||
At March 31, 2015, NSP-Minnesota had the following committed credit facility available (in millions of dollars): | |||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 500 | $ | 100 | $ | 400 | ||||||
(a) | This credit facility expires in October 2019. | ||||||||||
(b) | Includes outstanding commercial paper and letters of credit. | ||||||||||
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity under the credit facility. NSP-Minnesota had no direct advances on the credit facility outstanding at March 31, 2015 and Dec. 31, 2014. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The accounting guidance for fair value measurements and disclosures provides a single definition of fair value and requires certain disclosures about assets and liabilities measured at fair value. A hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value is established by this guidance. The three levels in the hierarchy are as follows: | |||||||||||||||||||||||||
Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices. | |||||||||||||||||||||||||
Level 2 — Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs. | |||||||||||||||||||||||||
Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 are those valued with models requiring significant management judgment or estimation. | |||||||||||||||||||||||||
Specific valuation methods include the following: | |||||||||||||||||||||||||
Cash equivalents — The fair values of cash equivalents are generally based on cost plus accrued interest; money market funds are measured using quoted net asset values. | |||||||||||||||||||||||||
Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds, international equity funds, private equity investments and real estate investments are measured using net asset values, which take into consideration the value of underlying fund investments, as well as the other accrued assets and liabilities of a fund, in order to determine a per-share market value. The investments in commingled funds and international equity funds may be redeemed for net asset value with proper notice. Proper notice varies by fund and can range from daily with one or two days notice to annually with 90 days notice. Private equity investments require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate investments may be redeemed with proper notice, which is typically quarterly with 45-90 days notice; however, withdrawals from real estate investments may be delayed or discounted as a result of fund illiquidity. Based on NSP-Minnesota’s evaluation of its redemption rights, fair value measurements for private equity and real estate investments have been assigned a Level 3. | |||||||||||||||||||||||||
Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. | |||||||||||||||||||||||||
Interest rate derivatives — The fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. | |||||||||||||||||||||||||
Commodity derivatives — The methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2. When contractual settlements extend to periods beyond those readily observable on active exchanges or quoted by brokers, the significance of the use of less observable forecasts of long-term forward prices and volatilities on a valuation is evaluated, and may result in Level 3 classification. | |||||||||||||||||||||||||
Electric commodity derivatives held by NSP-Minnesota may include transmission congestion instruments purchased from MISO, PJM Interconnection, LLC, Electric Reliability Council of Texas, Southwest Power Pool, Inc. and New York Independent System Operator, generally referred to as financial transmission rights (FTR). FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The value of an FTR is derived from, and designed to offset, the cost of energy congestion, which is caused by overall transmission load and other transmission constraints. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of an FTR. NSP-Minnesota’s valuation process for FTRs utilizes complex iterative modeling to predict the impacts of forecasted changes in these drivers of transmission system congestion on the historical pricing of FTR purchases. | |||||||||||||||||||||||||
If forecasted costs of electric transmission congestion increase or decrease for a given FTR path, the value of that particular FTR instrument will likewise increase or decrease. Given the limited observability of management’s forecasts for several of the inputs to this complex valuation model – including expected plant operating schedules and retail and wholesale demand, fair value measurements for FTRs have been assigned a Level 3. Non-trading monthly FTR settlements are included in fuel and purchased energy cost recovery mechanisms, and therefore changes in the fair value of the yet to be settled portions of most FTRs are deferred as a regulatory asset or liability. Given this regulatory treatment and the limited magnitude of NSP-Minnesota’s FTRs relative to its electric utility operations, the numerous unobservable quantitative inputs to the complex model used for valuation of FTRs are insignificant to the consolidated financial statements of NSP-Minnesota. | |||||||||||||||||||||||||
Non-Derivative Instruments Fair Value Measurements | |||||||||||||||||||||||||
The Nuclear Regulatory Commission (NRC) requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Together with all accumulated earnings or losses, the assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning the Monticello and Prairie Island (PI) nuclear generating plants. The fund contains cash equivalents, debt securities, equity securities and other investments – all classified as available-for-sale. NSP-Minnesota plans to reinvest matured securities until decommissioning begins. NSP-Minnesota uses the MPUC approved asset allocation for the escrow and investment targets by asset class for both the escrow and qualified trust. | |||||||||||||||||||||||||
NSP-Minnesota recognizes the costs of funding the decommissioning of its nuclear generating plants over the lives of the plants, assuming rate recovery of all costs. Given the purpose and legal restrictions on the use of nuclear decommissioning fund assets, realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund, including any other-than-temporary impairments, are deferred as a component of the regulatory asset for nuclear decommissioning. | |||||||||||||||||||||||||
Unrealized gains for the nuclear decommissioning fund were $332.2 million and $312.1 million at March 31, 2015 and Dec. 31, 2014, respectively, and unrealized losses and amounts recorded as other-than-temporary impairments were $58.7 million and $74.1 million at March 31, 2015 and Dec. 31, 2014, respectively. | |||||||||||||||||||||||||
The following tables present the cost and fair value of NSP-Minnesota’s non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund at March 31, 2015 and Dec. 31, 2014: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 20,836 | $ | 20,836 | $ | — | $ | — | $ | 20,836 | |||||||||||||||
Commingled funds | 470,810 | — | 489,704 | — | 489,704 | ||||||||||||||||||||
International equity funds | 123,123 | — | 120,608 | — | 120,608 | ||||||||||||||||||||
Private equity investments | 86,318 | — | — | 113,619 | 113,619 | ||||||||||||||||||||
Real estate | 46,339 | — | — | 67,774 | 67,774 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 24,188 | — | 23,796 | — | 23,796 | ||||||||||||||||||||
U.S. corporate bonds | 64,574 | — | 60,712 | — | 60,712 | ||||||||||||||||||||
International corporate bonds | 16,429 | — | 16,234 | — | 16,234 | ||||||||||||||||||||
Municipal bonds | 201,125 | — | 206,814 | — | 206,814 | ||||||||||||||||||||
Asset-backed securities | 2,828 | — | 2,847 | — | 2,847 | ||||||||||||||||||||
Mortgage-backed securities | 12,292 | — | 12,787 | — | 12,787 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 395,104 | 601,714 | — | — | 601,714 | ||||||||||||||||||||
Total | $ | 1,463,966 | $ | 622,550 | $ | 933,502 | $ | 181,393 | $ | 1,737,445 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $33.6 million of miscellaneous investments. | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 24,184 | $ | 24,184 | $ | — | $ | — | $ | 24,184 | |||||||||||||||
Commingled funds | 470,013 | — | 465,615 | — | 465,615 | ||||||||||||||||||||
International equity funds | 80,454 | — | 78,721 | — | 78,721 | ||||||||||||||||||||
Private equity investments | 73,936 | — | — | 101,237 | 101,237 | ||||||||||||||||||||
Real estate | 43,859 | — | — | 64,249 | 64,249 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 30,674 | — | 28,808 | — | 28,808 | ||||||||||||||||||||
U.S. corporate bonds | 81,463 | — | 77,562 | — | 77,562 | ||||||||||||||||||||
International corporate bonds | 16,950 | — | 16,341 | — | 16,341 | ||||||||||||||||||||
Municipal bonds | 242,282 | — | 249,201 | — | 249,201 | ||||||||||||||||||||
Asset-backed securities | 9,131 | — | 9,250 | — | 9,250 | ||||||||||||||||||||
Mortgage-backed securities | 23,225 | — | 23,895 | — | 23,895 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 369,751 | 564,858 | — | — | 564,858 | ||||||||||||||||||||
Total | $ | 1,465,922 | $ | 589,042 | $ | 949,393 | $ | 165,486 | $ | 1,703,921 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $31.4 million of miscellaneous investments. | ||||||||||||||||||||||||
The following tables present the changes in Level 3 nuclear decommissioning fund investments for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
(Thousands of Dollars) | Jan. 1, 2015 | Purchases | Settlements | Gains | March 31, 2015 | ||||||||||||||||||||
Recognized as | |||||||||||||||||||||||||
Regulatory | |||||||||||||||||||||||||
Assets (a) | |||||||||||||||||||||||||
Private equity investments | $ | 101,237 | $ | 12,382 | $ | — | $ | — | $ | 113,619 | |||||||||||||||
Real estate | 64,249 | 3,861 | (1,381 | ) | 1,045 | 67,774 | |||||||||||||||||||
Total | $ | 165,486 | $ | 16,243 | $ | (1,381 | ) | $ | 1,045 | $ | 181,393 | ||||||||||||||
(Thousands of Dollars) | Jan. 1, 2014 | Purchases | Settlements | Gains | March 31, 2014 | ||||||||||||||||||||
Recognized as | |||||||||||||||||||||||||
Regulatory | |||||||||||||||||||||||||
Assets (a) | |||||||||||||||||||||||||
Private equity investments | $ | 62,696 | $ | 8,769 | $ | — | $ | 2,336 | $ | 73,801 | |||||||||||||||
Real estate | 57,368 | 3,660 | — | 1,926 | 62,954 | ||||||||||||||||||||
Total | $ | 120,064 | $ | 12,429 | $ | — | $ | 4,262 | $ | 136,755 | |||||||||||||||
(a) | Gains are deferred as a component of the regulatory assets for nuclear decommissioning. | ||||||||||||||||||||||||
The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at March 31, 2015: | |||||||||||||||||||||||||
Final Contractual Maturity | |||||||||||||||||||||||||
(Thousands of Dollars) | Due in 1 Year | Due in 1 to 5 | Due in 5 to 10 | Due after 10 | Total | ||||||||||||||||||||
or Less | Years | Years | Years | ||||||||||||||||||||||
Government securities | $ | — | $ | — | $ | — | $ | 23,796 | $ | 23,796 | |||||||||||||||
U.S. corporate bonds | 473 | 13,627 | 49,626 | (3,014 | ) | 60,712 | |||||||||||||||||||
International corporate bonds | — | 4,494 | 11,334 | 406 | 16,234 | ||||||||||||||||||||
Municipal bonds | 716 | 32,054 | 35,877 | 138,167 | 206,814 | ||||||||||||||||||||
Asset-backed securities | — | — | 2,847 | — | 2,847 | ||||||||||||||||||||
Mortgage-backed securities | — | — | — | 12,787 | 12,787 | ||||||||||||||||||||
Debt securities | $ | 1,189 | $ | 50,175 | $ | 99,684 | $ | 172,142 | $ | 323,190 | |||||||||||||||
Derivative Instruments Fair Value Measurements | |||||||||||||||||||||||||
NSP-Minnesota enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, utility commodity prices and vehicle fuel prices. | |||||||||||||||||||||||||
Interest Rate Derivatives — NSP-Minnesota enters into various instruments that effectively fix the interest payments on certain floating rate debt obligations or effectively fix the yield or price on a specified benchmark interest rate for an anticipated debt issuance for a specific period. These derivative instruments are generally designated as cash flow hedges for accounting purposes. | |||||||||||||||||||||||||
At March 31, 2015, accumulated other comprehensive losses related to interest rate derivatives included $0.8 million of net losses expected to be reclassified into earnings during the next 12 months as the related hedged interest rate transactions impact earnings, including forecasted amounts for any unsettled hedges, as applicable. | |||||||||||||||||||||||||
Wholesale and Commodity Trading Risk — NSP-Minnesota conducts various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy and energy-related instruments. NSP-Minnesota’s risk management policy allows management to conduct these activities within guidelines and limitations as approved by its risk management committee, which is made up of management personnel not directly involved in the activities governed by this policy. | |||||||||||||||||||||||||
Commodity Derivatives — NSP-Minnesota enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations, as well as for trading purposes. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale, FTRs, vehicle fuel, and weather derivatives. | |||||||||||||||||||||||||
At March 31, 2015, NSP-Minnesota had various vehicle fuel contracts designated as cash flow hedges extending through December 2016. NSP-Minnesota also enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers but are not designated as qualifying hedging transactions. Changes in the fair value of non-trading commodity derivative instruments are recorded in other comprehensive income or deferred as a regulatory asset or liability. The classification as a regulatory asset or liability is based on commission approved regulatory recovery mechanisms. NSP-Minnesota recorded immaterial amounts to income related to the ineffectiveness of cash flow hedges for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
At March 31, 2015, net losses related to commodity derivative cash flow hedges recorded as a component of accumulated other comprehensive losses included $0.1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions occur. | |||||||||||||||||||||||||
Additionally, NSP-Minnesota enters into commodity derivative instruments for trading purposes not directly related to commodity price risks associated with serving its electric and natural gas customers. Changes in the fair value of these commodity derivatives are recorded in electric operating revenue, net of amounts credited to customers under margin-sharing mechanisms. | |||||||||||||||||||||||||
The following table details the gross notional amounts of commodity forwards, options and FTRs at March 31, 2015 and Dec. 31, 2014: | |||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||||||||||
Megawatt hours of electricity | 27,758 | 49,431 | |||||||||||||||||||||||
Million British thermal units of natural gas | — | 173 | |||||||||||||||||||||||
Gallons of vehicle fuel | 136 | 155 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
The following tables detail the impact of derivative activity during the three months ended March 31, 2015 and 2014 on accumulated other comprehensive loss, regulatory assets and liabilities and income: | |||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Gains | |||||||||||||||||||||||
Losses Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and (Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 337 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (10 | ) | — | 14 | (b) | — | — | ||||||||||||||||||
Total | $ | (10 | ) | $ | — | $ | 351 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 3,691 | (c) | ||||||||||||||
Electric commodity | — | (8,706 | ) | — | (5,193 | ) | (d) | — | |||||||||||||||||
Natural gas commodity | — | (38 | ) | — | (2,751 | ) | (e) | 3,008 | (e) | ||||||||||||||||
Total | $ | — | $ | (8,744 | ) | $ | — | $ | (7,944 | ) | $ | 6,699 | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Losses | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and(Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (7 | ) | — | (15 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (7 | ) | $ | — | $ | 327 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | (2,253 | ) | (c) | |||||||||||||
Electric commodity | — | 4,899 | — | (17,926 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 7,901 | — | (9,306 | ) | (e) | (580 | ) | (e) | ||||||||||||||||
Total | $ | — | $ | 12,800 | $ | — | $ | (27,232 | ) | $ | (2,833 | ) | |||||||||||||
(a) | Amounts are recorded to interest charges. | ||||||||||||||||||||||||
(b) | Amounts are recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
(e) | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
NSP-Minnesota had no derivative instruments designated as fair value hedges during the three months ended March 31, 2015 and 2014. Therefore, no gains or losses from fair value hedges or related hedged transactions were recognized for these periods. | |||||||||||||||||||||||||
Consideration of Credit Risk and Concentrations — NSP-Minnesota continuously monitors the creditworthiness of the counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement, and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Given this assessment, as well as an assessment of the impact of NSP-Minnesota’s own credit risk when determining the fair value of derivative liabilities, the impact of considering credit risk was immaterial to the fair value of unsettled commodity derivatives presented in the consolidated balance sheets. | |||||||||||||||||||||||||
NSP-Minnesota employs additional credit risk control mechanisms when appropriate, such as letters of credit, parental guarantees, standardized master netting agreements and termination provisions that allow for offsetting of positive and negative exposures. Credit exposure is monitored and, when necessary, the activity with a specific counterparty is limited until credit enhancement is provided. | |||||||||||||||||||||||||
NSP-Minnesota’s most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to its wholesale, trading and non-trading commodity and transmission activities. At March 31, 2015, five of NSP-Minnesota’s 10 most significant counterparties for these activities, comprising $22.9 million or 26 percent of this credit exposure, had investment grade credit ratings from Standard & Poor’s Ratings Services, Moody’s Investor Services or Fitch Ratings. The remaining five significant counterparties, comprising $13.6 million or 16 percent of this credit exposure, was not rated by these agencies, but based on NSP-Minnesota’s internal analysis, had credit quality consistent with investment grade. All 10 of these significant counterparties are municipal or cooperative electric entities, or other utilities. | |||||||||||||||||||||||||
Credit Related Contingent Features — Contract provisions for derivative instruments that NSP-Minnesota enters into, including those recorded to the consolidated balance sheet at fair value, as well as those accounted for as normal purchase-normal sale contracts and therefore not reflected on the balance sheet, may require the posting of collateral or settlement of the contracts for various reasons, including if NSP-Minnesota is unable to maintain its credit ratings. At March 31, 2015 and Dec. 31, 2014, there were no derivative instruments in a liability position that would have required the posting of collateral or settlement of applicable outstanding contracts if the credit ratings of NSP-Minnesota were downgraded below investment grade. | |||||||||||||||||||||||||
Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that NSP-Minnesota’s ability to fulfill its contractual obligations is reasonably expected to be impaired. NSP-Minnesota had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2015 and Dec. 31, 2014. | |||||||||||||||||||||||||
Recurring Fair Value Measurements — The following tables present for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at March 31, 2015: | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 11,170 | $ | 2,395 | $ | 13,565 | $ | (2,015 | ) | $ | 11,550 | ||||||||||||
Electric commodity | — | — | 9,269 | 9,269 | (414 | ) | 8,855 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 11,170 | $ | 11,664 | $ | 22,834 | $ | (2,429 | ) | 20,405 | |||||||||||||
PPAs (a) | 2,238 | ||||||||||||||||||||||||
Current derivative instruments | $ | 22,643 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 17,968 | $ | — | $ | 17,968 | $ | (4,129 | ) | $ | 13,839 | ||||||||||||
Total noncurrent derivative assets | $ | — | $ | 17,968 | $ | — | $ | 17,968 | $ | (4,129 | ) | 13,839 | |||||||||||||
PPAs (a) | 1,962 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 15,801 | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 70 | $ | — | $ | 70 | $ | — | $ | 70 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 5,829 | 278 | 6,107 | (6,107 | ) | — | ||||||||||||||||||
Electric commodity | — | — | 414 | 414 | (414 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 5,899 | $ | 692 | $ | 6,591 | $ | (6,521 | ) | 70 | |||||||||||||
PPAs (a) | 10,197 | ||||||||||||||||||||||||
Current derivative instruments | $ | 10,267 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 47 | $ | — | $ | 47 | $ | — | $ | 47 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 7,541 | — | 7,541 | (7,541 | ) | — | ||||||||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 7,588 | $ | — | $ | 7,588 | $ | (7,541 | ) | 47 | |||||||||||||
PPAs (a) | 132,191 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 132,238 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at March 31, 2015. At March 31, 2015, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $7.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2014: | |||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 14,326 | $ | 4,732 | $ | 19,058 | $ | (3,240 | ) | $ | 15,818 | ||||||||||||
Electric commodity | — | — | 37,051 | 37,051 | (1,512 | ) | 35,539 | ||||||||||||||||||
Natural gas commodity | — | 295 | — | 295 | (4 | ) | 291 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 14,621 | $ | 41,783 | $ | 56,404 | $ | (4,756 | ) | 51,648 | |||||||||||||
PPAs (a) | 8,516 | ||||||||||||||||||||||||
Current derivative instruments | $ | 60,164 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 17,617 | $ | — | $ | 17,617 | $ | (4,151 | ) | $ | 13,466 | ||||||||||||
Total noncurrent derivative assets | $ | — | $ | 17,617 | $ | — | $ | 17,617 | $ | (4,151 | ) | 13,466 | |||||||||||||
PPAs (a) | 1,968 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 15,434 | |||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 65 | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 7,974 | — | 7,974 | (7,974 | ) | — | ||||||||||||||||||
Electric commodity | — | — | 1,512 | 1,512 | (1,512 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 8,039 | $ | 1,512 | $ | 9,551 | $ | (9,486 | ) | 65 | |||||||||||||
PPAs (a) | 12,229 | ||||||||||||||||||||||||
Current derivative instruments | $ | 12,294 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 56 | $ | — | $ | 56 | $ | — | $ | 56 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 6,890 | — | 6,890 | (6,033 | ) | 857 | ||||||||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 6,946 | $ | — | $ | 6,946 | $ | (6,033 | ) | 913 | |||||||||||||
PPAs (a) | 134,123 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 135,036 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2014. At Dec. 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $6.6 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents the changes in Level 3 commodity derivatives for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2015 | 2014 | |||||||||||||||||||||||
Balance at Jan. 1 | $ | 40,271 | $ | 31,727 | |||||||||||||||||||||
Purchases | 864 | — | |||||||||||||||||||||||
Settlements | (11,552 | ) | (52,708 | ) | |||||||||||||||||||||
Net transactions recorded during the period: | |||||||||||||||||||||||||
Gains recognized in earnings (a) | 60 | 999 | |||||||||||||||||||||||
(Losses) gains recognized as regulatory assets and liabilities | (18,671 | ) | 38,408 | ||||||||||||||||||||||
Balance at March 31 | $ | 10,972 | $ | 18,426 | |||||||||||||||||||||
(a) | These amounts relate to commodity derivatives held at the end of the period. | ||||||||||||||||||||||||
NSP-Minnesota recognizes transfers between levels as of the beginning of each period. There were no transfers of amounts between levels for derivative instruments for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Fair Value of Long-Term Debt | |||||||||||||||||||||||||
As of March 31, 2015 and Dec. 31, 2014, other financial instruments for which the carrying amount did not equal fair value were as follows: | |||||||||||||||||||||||||
March 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 4,188,887 | $ | 4,917,710 | $ | 4,188,682 | $ | 4,803,735 | |||||||||||||||||
The fair value of NSP-Minnesota’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. The fair value estimates are based on information available to management as of March 31, 2015 and Dec. 31, 2014, and given the observability of the inputs to these estimates, the fair values presented for long-term debt have been assigned a Level 2. |
Other_Expense_Income_Net
Other (Expense) Income, Net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Other (Expense) Income, Net | Other Income, Net | ||||||||
Other income, net consisted of the following: | |||||||||
Three Months Ended March 31 | |||||||||
(Thousands of Dollars) | 2015 | 2014 | |||||||
Interest income | $ | 3,332 | $ | 2,709 | |||||
Other nonoperating income | 33 | 368 | |||||||
Insurance policy expense | (1,403 | ) | (1,073 | ) | |||||
Other income, net | $ | 1,962 | $ | 2,004 | |||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||
Operating results from the regulated electric utility and regulated natural gas utility are each separately and regularly reviewed by NSP-Minnesota’s chief operating decision maker. NSP-Minnesota evaluates performance based on profit or loss generated from the product or service provided. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. | |||||||||||||||||||||
NSP-Minnesota has the following reportable segments: regulated electric utility, regulated natural gas utility and all other. | |||||||||||||||||||||
• | NSP-Minnesota’s regulated electric utility segment generates, transmits and distributes electricity primarily in portions of Minnesota, North Dakota and South Dakota. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. Regulated electric utility also includes NSP-Minnesota’s commodity trading operations. | ||||||||||||||||||||
• | NSP-Minnesota’s regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota and North Dakota. | ||||||||||||||||||||
• | Revenues from operating segments not included above are below the necessary quantitative thresholds and are therefore included in the all other category. Those primarily include appliance repair services, nonutility real estate activities and revenues associated with processing solid waste into refuse-derived fuel. | ||||||||||||||||||||
Asset and capital expenditure information is not provided for NSP-Minnesota’s reportable segments because as an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment, and reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis. | |||||||||||||||||||||
To report income from operations for regulated electric and regulated natural gas utility segments, the majority of costs are directly assigned to each segment. However, some costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators. A general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. | |||||||||||||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,006,154 | $ | 279,467 | $ | 6,861 | $ | — | $ | 1,292,482 | |||||||||||
Intersegment revenues | 133 | 410 | — | (543 | ) | — | |||||||||||||||
Total revenues | $ | 1,006,287 | $ | 279,877 | $ | 6,861 | $ | (543 | ) | $ | 1,292,482 | ||||||||||
Net (loss) income | $ | (29,599 | ) | (c) | $ | 40,272 | $ | (3,749 | ) | $ | — | $ | 6,924 | ||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,068,340 | $ | 349,532 | $ | 6,454 | $ | — | $ | 1,424,326 | |||||||||||
Intersegment revenues | 164 | 276 | — | (440 | ) | — | |||||||||||||||
Total revenues | $ | 1,068,504 | $ | 349,808 | $ | 6,454 | $ | (440 | ) | $ | 1,424,326 | ||||||||||
Net income | $ | 78,255 | $ | 27,059 | $ | 3,050 | $ | — | $ | 108,364 | |||||||||||
(a) | Operating revenues include $125 million and $122 million of affiliate electric revenue for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
(b) | Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
(c) | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
Benefit_Plans_and_Other_Postre
Benefit Plans and Other Postretirement Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Benefit Plans and Other Postretirement Benefits | Benefit Plans and Other Postretirement Benefits | ||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 7,889 | $ | 7,425 | $ | 40 | $ | 47 | |||||||||
Interest cost | 10,804 | 11,827 | 954 | 1,248 | |||||||||||||
Expected return on plan assets | (15,708 | ) | (15,730 | ) | (30 | ) | (75 | ) | |||||||||
Amortization of prior service cost (credit) | 234 | 234 | (759 | ) | (759 | ) | |||||||||||
Amortization of net loss | 11,548 | 11,196 | 523 | 854 | |||||||||||||
Net periodic benefit cost | 14,767 | 14,952 | 728 | 1,315 | |||||||||||||
Costs not recognized due to the effects of regulation | (7,843 | ) | (7,759 | ) | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 6,924 | $ | 7,193 | $ | 728 | $ | 1,315 | |||||||||
In January 2015, contributions of $90.0 million were made across four of Xcel Energy’s pension plans, of which $32.7 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2015. |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income | ||||||||||||||||
Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (19,909 | ) | $ | 105 | $ | (1,010 | ) | $ | (20,814 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (6 | ) | 1 | — | (5 | ) | |||||||||||
Losses (gains) reclassified from net accumulated other comprehensive loss | 208 | — | (6 | ) | 202 | ||||||||||||
Net current period other comprehensive income (loss) | 202 | 1 | (6 | ) | 197 | ||||||||||||
Accumulated other comprehensive (loss) income at March 31 | $ | (19,707 | ) | $ | 106 | $ | (1,016 | ) | $ | (20,617 | ) | ||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (20,609 | ) | $ | 73 | $ | (1,193 | ) | $ | (21,729 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (4 | ) | 37 | — | 33 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 5 | 198 | |||||||||||||
Net current period other comprehensive income | 189 | 37 | 5 | 231 | |||||||||||||
Accumulated other comprehensive (loss) income at March 31 | $ | (20,420 | ) | $ | 110 | $ | (1,188 | ) | $ | (21,498 | ) | ||||||
Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||
Amounts Reclassified from | |||||||||||||||||
Accumulated Other | |||||||||||||||||
Comprehensive Loss | |||||||||||||||||
(Thousands of Dollars) | Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | $ | 337 | (a) | $ | 342 | (a) | |||||||||||
Vehicle fuel derivatives | 14 | (b) | (15 | ) | (b) | ||||||||||||
Total, pre-tax | 351 | 327 | |||||||||||||||
Tax benefit | (143 | ) | (134 | ) | |||||||||||||
Total, net of tax | 208 | 193 | |||||||||||||||
Defined benefit pension and postretirement (gains) losses: | |||||||||||||||||
Amortization of net loss | 39 | (c) | 58 | (c) | |||||||||||||
Prior service credit | (49 | ) | (c) | (49 | ) | (c) | |||||||||||
Total, pre-tax | (10 | ) | 9 | ||||||||||||||
Tax expense (benefit) | 4 | (4 | ) | ||||||||||||||
Total, net of tax | (6 | ) | 5 | ||||||||||||||
Total amounts reclassified, net of tax | $ | 202 | $ | 198 | |||||||||||||
(a) | Included in interest charges. | ||||||||||||||||
(b) | Included in O&M expenses. | ||||||||||||||||
(c) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |
Selected_Balance_Sheet_Data_Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Accounts receivable, net | |||||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Accounts receivable, net | |||||||||
Accounts receivable | $ | 383,928 | $ | 390,633 | |||||
Less allowance for bad debts | (21,722 | ) | (22,937 | ) | |||||
$ | 362,206 | $ | 367,696 | ||||||
Inventories | |||||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Inventories | |||||||||
Materials and supplies | $ | 165,521 | $ | 157,376 | |||||
Fuel | 82,834 | 77,139 | |||||||
Natural gas | 14,913 | 55,772 | |||||||
$ | 263,268 | $ | 290,287 | ||||||
Property, plant and equipment, net | |||||||||
(Thousands of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Property, plant and equipment, net | |||||||||
Electric plant | $ | 14,914,850 | $ | 14,831,286 | |||||
Natural gas plant | 1,185,612 | 1,177,021 | |||||||
Common and other property | 576,194 | 568,287 | |||||||
Construction work in progress | 693,888 | 706,979 | |||||||
Total property, plant and equipment | 17,370,544 | 17,283,573 | |||||||
Less accumulated depreciation | (6,108,221 | ) | (6,012,145 | ) | |||||
Nuclear fuel | 2,396,974 | 2,347,422 | |||||||
Less accumulated amortization | (1,985,695 | ) | (1,957,230 | ) | |||||
$ | 11,673,602 | $ | 11,661,620 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the amount of unrecognized tax benefit is as follows: | ||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Unrecognized tax benefit — Permanent tax positions | $ | 12.3 | $ | 12.2 | |||||
Unrecognized tax benefit — Temporary tax positions | 19.9 | 18.2 | |||||||
Total unrecognized tax benefit | $ | 32.2 | $ | 30.4 | |||||
Tax Benefits Associated with NOL and Tax Credit Carryforwards | The unrecognized tax benefit amounts were reduced by the tax benefits associated with net operating loss (NOL) and tax credit carryforwards. The amounts of tax benefits associated with NOL and tax credit carryforwards are as follows: | ||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
NOL and tax credit carryforwards | $ | (11.6 | ) | $ | (10.8 | ) |
Rate_Matters_Tables
Rate Matters (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Public Utilities, General Disclosures [Abstract] | |||||||||||||
Nuclear Project Prudence Investigation [Table Text Block] | In addition, the decision would reduce the 2015 revenue requirement and pre-tax income for Xcel Energy (assuming other state commissions adopt the MPUC decision) and the Minnesota retail electric jurisdiction as follows: | ||||||||||||
(Millions of Dollars) | Revenue | Pre-tax Income (a) | |||||||||||
Xcel Energy | $ | 25 | $ | 16 | |||||||||
Minnesota retail electric jurisdiction | 18 | 12 | |||||||||||
(a) | Pre-tax income reflects the net impact of the reductions in revenue and depreciation expense. | ||||||||||||
NSP-Minnesota's 2014 Electric Rate Case [Table Text Block] | The following table reconciles NSP-Minnesota’s original request to the MPUC's March 26, 2015 verbal decision, including the estimated ongoing impact of their March 6, 2015 verbal decision in the Monticello Prudence Review on the Minnesota retail electric jurisdiction: | ||||||||||||
2014 Rate Request (Millions of Dollars) | NSP-Minnesota | ALJ | MPUC Decision | ||||||||||
NSP-Minnesota’s filed rate request | $ | 192.7 | $ | 192.7 | $ | 192.7 | |||||||
Sales forecast (with true-up to 12 months of actual weather-normalized sales) | (38.5 | ) | (38.5 | ) | (38.5 | ) | |||||||
ROE | — | (28.4 | ) | (31.9 | ) | ||||||||
Monticello extended power uprate (EPU) cost recovery | (12.2 | ) | (31.3 | ) | (37.6 | ) | |||||||
Property taxes (with true-up to actual 2014 accruals) | (13.2 | ) | (13.2 | ) | (13.2 | ) | |||||||
Prairie Island EPU cost recovery | (5.1 | ) | (5.1 | ) | (5.1 | ) | |||||||
Health care, pension and other benefits | (1.9 | ) | (1.9 | ) | (3.0 | ) | |||||||
Other, net | (6.5 | ) | (5.2 | ) | (5.3 | ) | |||||||
Total 2014 | $ | 115.3 | $ | 69.1 | $ | 58.1 | |||||||
2015 Rate Request (Millions of Dollars) | NSP-Minnesota | ALJ | MPUC Decision | ||||||||||
NSP-Minnesota’s filed rate request | $ | 98.5 | $ | 98.5 | $ | 98.5 | |||||||
Monticello EPU cost recovery | 11.7 | 29.1 | 35.4 | ||||||||||
Depreciation / Retirements | — | — | (0.5 | ) | |||||||||
Property taxes | (3.3 | ) | (3.3 | ) | (3.3 | ) | |||||||
Production tax credits to be included in base rates | (11.1 | ) | (11.1 | ) | (11.1 | ) | |||||||
U.S. Department of Energy settlement proceeds | 10.1 | 10.1 | 10.1 | ||||||||||
Emission chemicals | (1.6 | ) | (1.6 | ) | (1.6 | ) | |||||||
Other, net | 1.7 | 0.7 | 0.2 | ||||||||||
Total 2015 step increase - prior to Monticello EPU cost disallowance | $ | 106 | $ | 122.4 | $ | 127.7 | |||||||
Total for 2014 and 2015 step increase - prior to Monticello EPU cost disallowance | $ | 221.3 | $ | 191.5 | $ | 185.8 | |||||||
Monticello EPU cost disallowance - ongoing impact | — | — | (18.2 | ) | |||||||||
Total for 2014 and 2015 step increase - including Monticello EPU cost disallowance | $ | 221.3 | $ | 191.5 | $ | 167.6 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies Schedule of Guarantor Obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Guarantees Issued and Outstanding | The following table presents the guarantee issued and outstanding for NSP-Minnesota: | ||||||||
(Millions of Dollars) | March 31, 2015 | Dec. 31, 2014 | |||||||
Guarantees issued and outstanding | $ | 4.8 | $ | 4.8 | |||||
Borrowings_and_Other_Financing1
Borrowings and Other Financing Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Credit Facilities | At March 31, 2015, NSP-Minnesota had the following committed credit facility available (in millions of dollars): | ||||||||||
Credit Facility (a) | Drawn (b) | Available | |||||||||
$ | 500 | $ | 100 | $ | 400 | ||||||
(a) | This credit facility expires in October 2019. | ||||||||||
(b) | Includes outstanding commercial paper and letters of credit. | ||||||||||
Money Pool | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Short-Term Borrowings | Money pool borrowings for NSP-Minnesota were as follows: | ||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2015 | Twelve Months Ended Dec. 31, 2014 | |||||||||
Borrowing limit | $ | 250 | $ | 250 | |||||||
Amount outstanding at period end | — | — | |||||||||
Average amount outstanding | — | 12 | |||||||||
Maximum amount outstanding | 14 | 150 | |||||||||
Weighted average interest rate, computed on a daily basis | N/A | 0.21 | % | ||||||||
Weighted average interest rate at period end | N/A | N/A | |||||||||
Commercial Paper | |||||||||||
Borrowings and Other Financing Instruments [Abstract] | |||||||||||
Short-Term Borrowings | Commercial paper outstanding for NSP-Minnesota was as follows: | ||||||||||
(Amounts in Millions, Except Interest Rates) | Three Months Ended March 31, 2015 | Twelve Months Ended Dec. 31, 2014 | |||||||||
Borrowing limit | $ | 500 | $ | 500 | |||||||
Amount outstanding at period end | 76 | 142 | |||||||||
Average amount outstanding | 159 | 111 | |||||||||
Maximum amount outstanding | 327 | 397 | |||||||||
Weighted average interest rate, computed on a daily basis | 0.41 | % | 0.26 | % | |||||||
Weighted average interest rate at period end | 0.53 | 0.53 | |||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||
Cost and Fair Value of Nuclear Decommissioning Fund Investments | The following tables present the cost and fair value of NSP-Minnesota’s non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund at March 31, 2015 and Dec. 31, 2014: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 20,836 | $ | 20,836 | $ | — | $ | — | $ | 20,836 | |||||||||||||||
Commingled funds | 470,810 | — | 489,704 | — | 489,704 | ||||||||||||||||||||
International equity funds | 123,123 | — | 120,608 | — | 120,608 | ||||||||||||||||||||
Private equity investments | 86,318 | — | — | 113,619 | 113,619 | ||||||||||||||||||||
Real estate | 46,339 | — | — | 67,774 | 67,774 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 24,188 | — | 23,796 | — | 23,796 | ||||||||||||||||||||
U.S. corporate bonds | 64,574 | — | 60,712 | — | 60,712 | ||||||||||||||||||||
International corporate bonds | 16,429 | — | 16,234 | — | 16,234 | ||||||||||||||||||||
Municipal bonds | 201,125 | — | 206,814 | — | 206,814 | ||||||||||||||||||||
Asset-backed securities | 2,828 | — | 2,847 | — | 2,847 | ||||||||||||||||||||
Mortgage-backed securities | 12,292 | — | 12,787 | — | 12,787 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 395,104 | 601,714 | — | — | 601,714 | ||||||||||||||||||||
Total | $ | 1,463,966 | $ | 622,550 | $ | 933,502 | $ | 181,393 | $ | 1,737,445 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $33.6 million of miscellaneous investments. | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
(Thousands of Dollars) | Cost | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Nuclear decommissioning fund (a) | |||||||||||||||||||||||||
Cash equivalents | $ | 24,184 | $ | 24,184 | $ | — | $ | — | $ | 24,184 | |||||||||||||||
Commingled funds | 470,013 | — | 465,615 | — | 465,615 | ||||||||||||||||||||
International equity funds | 80,454 | — | 78,721 | — | 78,721 | ||||||||||||||||||||
Private equity investments | 73,936 | — | — | 101,237 | 101,237 | ||||||||||||||||||||
Real estate | 43,859 | — | — | 64,249 | 64,249 | ||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Government securities | 30,674 | — | 28,808 | — | 28,808 | ||||||||||||||||||||
U.S. corporate bonds | 81,463 | — | 77,562 | — | 77,562 | ||||||||||||||||||||
International corporate bonds | 16,950 | — | 16,341 | — | 16,341 | ||||||||||||||||||||
Municipal bonds | 242,282 | — | 249,201 | — | 249,201 | ||||||||||||||||||||
Asset-backed securities | 9,131 | — | 9,250 | — | 9,250 | ||||||||||||||||||||
Mortgage-backed securities | 23,225 | — | 23,895 | — | 23,895 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 369,751 | 564,858 | — | — | 564,858 | ||||||||||||||||||||
Total | $ | 1,465,922 | $ | 589,042 | $ | 949,393 | $ | 165,486 | $ | 1,703,921 | |||||||||||||||
(a) | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $31.4 million of miscellaneous investments. | ||||||||||||||||||||||||
Changes in Level 3 Nuclear Decommissioning Fund Investments | The following tables present the changes in Level 3 nuclear decommissioning fund investments for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
(Thousands of Dollars) | Jan. 1, 2015 | Purchases | Settlements | Gains | March 31, 2015 | ||||||||||||||||||||
Recognized as | |||||||||||||||||||||||||
Regulatory | |||||||||||||||||||||||||
Assets (a) | |||||||||||||||||||||||||
Private equity investments | $ | 101,237 | $ | 12,382 | $ | — | $ | — | $ | 113,619 | |||||||||||||||
Real estate | 64,249 | 3,861 | (1,381 | ) | 1,045 | 67,774 | |||||||||||||||||||
Total | $ | 165,486 | $ | 16,243 | $ | (1,381 | ) | $ | 1,045 | $ | 181,393 | ||||||||||||||
(Thousands of Dollars) | Jan. 1, 2014 | Purchases | Settlements | Gains | March 31, 2014 | ||||||||||||||||||||
Recognized as | |||||||||||||||||||||||||
Regulatory | |||||||||||||||||||||||||
Assets (a) | |||||||||||||||||||||||||
Private equity investments | $ | 62,696 | $ | 8,769 | $ | — | $ | 2,336 | $ | 73,801 | |||||||||||||||
Real estate | 57,368 | 3,660 | — | 1,926 | 62,954 | ||||||||||||||||||||
Total | $ | 120,064 | $ | 12,429 | $ | — | $ | 4,262 | $ | 136,755 | |||||||||||||||
(a) | Gains are deferred as a component of the regulatory assets for nuclear decommissioning. | ||||||||||||||||||||||||
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | The following table summarizes the final contractual maturity dates of the debt securities in the nuclear decommissioning fund, by asset class, at March 31, 2015: | ||||||||||||||||||||||||
Final Contractual Maturity | |||||||||||||||||||||||||
(Thousands of Dollars) | Due in 1 Year | Due in 1 to 5 | Due in 5 to 10 | Due after 10 | Total | ||||||||||||||||||||
or Less | Years | Years | Years | ||||||||||||||||||||||
Government securities | $ | — | $ | — | $ | — | $ | 23,796 | $ | 23,796 | |||||||||||||||
U.S. corporate bonds | 473 | 13,627 | 49,626 | (3,014 | ) | 60,712 | |||||||||||||||||||
International corporate bonds | — | 4,494 | 11,334 | 406 | 16,234 | ||||||||||||||||||||
Municipal bonds | 716 | 32,054 | 35,877 | 138,167 | 206,814 | ||||||||||||||||||||
Asset-backed securities | — | — | 2,847 | — | 2,847 | ||||||||||||||||||||
Mortgage-backed securities | — | — | — | 12,787 | 12,787 | ||||||||||||||||||||
Debt securities | $ | 1,189 | $ | 50,175 | $ | 99,684 | $ | 172,142 | $ | 323,190 | |||||||||||||||
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | The following table details the gross notional amounts of commodity forwards, options and FTRs at March 31, 2015 and Dec. 31, 2014: | ||||||||||||||||||||||||
(Amounts in Thousands) (a)(b) | March 31, 2015 | Dec. 31, 2014 | |||||||||||||||||||||||
Megawatt hours of electricity | 27,758 | 49,431 | |||||||||||||||||||||||
Million British thermal units of natural gas | — | 173 | |||||||||||||||||||||||
Gallons of vehicle fuel | 136 | 155 | |||||||||||||||||||||||
(a) | Amounts are not reflective of net positions in the underlying commodities. | ||||||||||||||||||||||||
(b) | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. | ||||||||||||||||||||||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income | The following tables detail the impact of derivative activity during the three months ended March 31, 2015 and 2014 on accumulated other comprehensive loss, regulatory assets and liabilities and income: | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Gains | |||||||||||||||||||||||
Losses Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and (Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 337 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (10 | ) | — | 14 | (b) | — | — | ||||||||||||||||||
Total | $ | (10 | ) | $ | — | $ | 351 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | 3,691 | (c) | ||||||||||||||
Electric commodity | — | (8,706 | ) | — | (5,193 | ) | (d) | — | |||||||||||||||||
Natural gas commodity | — | (38 | ) | — | (2,751 | ) | (e) | 3,008 | (e) | ||||||||||||||||
Total | $ | — | $ | (8,744 | ) | $ | — | $ | (7,944 | ) | $ | 6,699 | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Pre-Tax Fair Value | Pre-Tax (Gains) Losses | Pre-Tax Losses | |||||||||||||||||||||||
Gains (Losses) Recognized | Reclassified into Income | Recognized | |||||||||||||||||||||||
During the Period in: | During the Period from: | During the Period in Income | |||||||||||||||||||||||
(Thousands of Dollars) | Accumulated | Regulatory | Accumulated | Regulatory | |||||||||||||||||||||
Other | (Assets) and Liabilities | Other | Assets and(Liabilities) | ||||||||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||
Interest rate | $ | — | $ | — | $ | 342 | (a) | $ | — | $ | — | ||||||||||||||
Vehicle fuel and other commodity | (7 | ) | — | (15 | ) | (b) | — | — | |||||||||||||||||
Total | $ | (7 | ) | $ | — | $ | 327 | $ | — | $ | — | ||||||||||||||
Other derivative instruments | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | — | $ | — | $ | — | $ | (2,253 | ) | (c) | |||||||||||||
Electric commodity | — | 4,899 | — | (17,926 | ) | (d) | — | ||||||||||||||||||
Natural gas commodity | — | 7,901 | — | (9,306 | ) | (e) | (580 | ) | (e) | ||||||||||||||||
Total | $ | — | $ | 12,800 | $ | — | $ | (27,232 | ) | $ | (2,833 | ) | |||||||||||||
(a) | Amounts are recorded to interest charges. | ||||||||||||||||||||||||
(b) | Amounts are recorded to operating and maintenance (O&M) expenses. | ||||||||||||||||||||||||
(c) | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | ||||||||||||||||||||||||
(d) | Amounts are recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
(e) | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | ||||||||||||||||||||||||
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis by Hierarchy Level | Recurring Fair Value Measurements — The following tables present for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at March 31, 2015: | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 11,170 | $ | 2,395 | $ | 13,565 | $ | (2,015 | ) | $ | 11,550 | ||||||||||||
Electric commodity | — | — | 9,269 | 9,269 | (414 | ) | 8,855 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 11,170 | $ | 11,664 | $ | 22,834 | $ | (2,429 | ) | 20,405 | |||||||||||||
PPAs (a) | 2,238 | ||||||||||||||||||||||||
Current derivative instruments | $ | 22,643 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 17,968 | $ | — | $ | 17,968 | $ | (4,129 | ) | $ | 13,839 | ||||||||||||
Total noncurrent derivative assets | $ | — | $ | 17,968 | $ | — | $ | 17,968 | $ | (4,129 | ) | 13,839 | |||||||||||||
PPAs (a) | 1,962 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 15,801 | |||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 70 | $ | — | $ | 70 | $ | — | $ | 70 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 5,829 | 278 | 6,107 | (6,107 | ) | — | ||||||||||||||||||
Electric commodity | — | — | 414 | 414 | (414 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 5,899 | $ | 692 | $ | 6,591 | $ | (6,521 | ) | 70 | |||||||||||||
PPAs (a) | 10,197 | ||||||||||||||||||||||||
Current derivative instruments | $ | 10,267 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 47 | $ | — | $ | 47 | $ | — | $ | 47 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 7,541 | — | 7,541 | (7,541 | ) | — | ||||||||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 7,588 | $ | — | $ | 7,588 | $ | (7,541 | ) | 47 | |||||||||||||
PPAs (a) | 132,191 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 132,238 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at March 31, 2015. At March 31, 2015, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $7.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
The following table presents for each of the fair value hierarchy levels, NSP-Minnesota’s derivative assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2014: | |||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative assets | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 14,326 | $ | 4,732 | $ | 19,058 | $ | (3,240 | ) | $ | 15,818 | ||||||||||||
Electric commodity | — | — | 37,051 | 37,051 | (1,512 | ) | 35,539 | ||||||||||||||||||
Natural gas commodity | — | 295 | — | 295 | (4 | ) | 291 | ||||||||||||||||||
Total current derivative assets | $ | — | $ | 14,621 | $ | 41,783 | $ | 56,404 | $ | (4,756 | ) | 51,648 | |||||||||||||
PPAs (a) | 8,516 | ||||||||||||||||||||||||
Current derivative instruments | $ | 60,164 | |||||||||||||||||||||||
Noncurrent derivative assets | |||||||||||||||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | $ | — | $ | 17,617 | $ | — | $ | 17,617 | $ | (4,151 | ) | $ | 13,466 | ||||||||||||
Total noncurrent derivative assets | $ | — | $ | 17,617 | $ | — | $ | 17,617 | $ | (4,151 | ) | 13,466 | |||||||||||||
PPAs (a) | 1,968 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 15,434 | |||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value | Fair Value Total | Counterparty Netting (b) | |||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 65 | $ | — | $ | 65 | $ | — | $ | 65 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 7,974 | — | 7,974 | (7,974 | ) | — | ||||||||||||||||||
Electric commodity | — | — | 1,512 | 1,512 | (1,512 | ) | — | ||||||||||||||||||
Total current derivative liabilities | $ | — | $ | 8,039 | $ | 1,512 | $ | 9,551 | $ | (9,486 | ) | 65 | |||||||||||||
PPAs (a) | 12,229 | ||||||||||||||||||||||||
Current derivative instruments | $ | 12,294 | |||||||||||||||||||||||
Noncurrent derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Vehicle fuel and other commodity | $ | — | $ | 56 | $ | — | $ | 56 | $ | — | $ | 56 | |||||||||||||
Other derivative instruments: | |||||||||||||||||||||||||
Commodity trading | — | 6,890 | — | 6,890 | (6,033 | ) | 857 | ||||||||||||||||||
Total noncurrent derivative liabilities | $ | — | $ | 6,946 | $ | — | $ | 6,946 | $ | (6,033 | ) | 913 | |||||||||||||
PPAs (a) | 134,123 | ||||||||||||||||||||||||
Noncurrent derivative instruments | $ | 135,036 | |||||||||||||||||||||||
(a) | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. | ||||||||||||||||||||||||
(b) | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2014. At Dec. 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $6.6 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | ||||||||||||||||||||||||
Changes in Level 3 Commodity Derivatives | The following table presents the changes in Level 3 commodity derivatives for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||||||||||
(Thousands of Dollars) | 2015 | 2014 | |||||||||||||||||||||||
Balance at Jan. 1 | $ | 40,271 | $ | 31,727 | |||||||||||||||||||||
Purchases | 864 | — | |||||||||||||||||||||||
Settlements | (11,552 | ) | (52,708 | ) | |||||||||||||||||||||
Net transactions recorded during the period: | |||||||||||||||||||||||||
Gains recognized in earnings (a) | 60 | 999 | |||||||||||||||||||||||
(Losses) gains recognized as regulatory assets and liabilities | (18,671 | ) | 38,408 | ||||||||||||||||||||||
Balance at March 31 | $ | 10,972 | $ | 18,426 | |||||||||||||||||||||
(a) | These amounts relate to commodity derivatives held at the end of the period. | ||||||||||||||||||||||||
Carrying Amount and Fair Value of Long-term Debt | As of March 31, 2015 and Dec. 31, 2014, other financial instruments for which the carrying amount did not equal fair value were as follows: | ||||||||||||||||||||||||
March 31, 2015 | Dec. 31, 2014 | ||||||||||||||||||||||||
(Thousands of Dollars) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Long-term debt, including current portion | $ | 4,188,887 | $ | 4,917,710 | $ | 4,188,682 | $ | 4,803,735 | |||||||||||||||||
Other_Expense_Income_Net_Table
Other (Expense) Income, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Other (Expense) Income, Net | Other income, net consisted of the following: | ||||||||
Three Months Ended March 31 | |||||||||
(Thousands of Dollars) | 2015 | 2014 | |||||||
Interest income | $ | 3,332 | $ | 2,709 | |||||
Other nonoperating income | 33 | 368 | |||||||
Insurance policy expense | (1,403 | ) | (1,073 | ) | |||||
Other income, net | $ | 1,962 | $ | 2,004 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Results by Reportable Segment | |||||||||||||||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,006,154 | $ | 279,467 | $ | 6,861 | $ | — | $ | 1,292,482 | |||||||||||
Intersegment revenues | 133 | 410 | — | (543 | ) | — | |||||||||||||||
Total revenues | $ | 1,006,287 | $ | 279,877 | $ | 6,861 | $ | (543 | ) | $ | 1,292,482 | ||||||||||
Net (loss) income | $ | (29,599 | ) | (c) | $ | 40,272 | $ | (3,749 | ) | $ | — | $ | 6,924 | ||||||||
(Thousands of Dollars) | Regulated Electric | Regulated Natural Gas | All Other | Reconciling Eliminations | Consolidated Total | ||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Operating revenues (a)(b) | $ | 1,068,340 | $ | 349,532 | $ | 6,454 | $ | — | $ | 1,424,326 | |||||||||||
Intersegment revenues | 164 | 276 | — | (440 | ) | — | |||||||||||||||
Total revenues | $ | 1,068,504 | $ | 349,808 | $ | 6,454 | $ | (440 | ) | $ | 1,424,326 | ||||||||||
Net income | $ | 78,255 | $ | 27,059 | $ | 3,050 | $ | — | $ | 108,364 | |||||||||||
(a) | Operating revenues include $125 million and $122 million of affiliate electric revenue for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
(b) | Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
(c) | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. |
Benefit_Plans_and_Other_Postre1
Benefit Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost | ||||||||||||||||
Three Months Ended March 31 | |||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(Thousands of Dollars) | Pension Benefits | Postretirement Health | |||||||||||||||
Care Benefits | |||||||||||||||||
Service cost | $ | 7,889 | $ | 7,425 | $ | 40 | $ | 47 | |||||||||
Interest cost | 10,804 | 11,827 | 954 | 1,248 | |||||||||||||
Expected return on plan assets | (15,708 | ) | (15,730 | ) | (30 | ) | (75 | ) | |||||||||
Amortization of prior service cost (credit) | 234 | 234 | (759 | ) | (759 | ) | |||||||||||
Amortization of net loss | 11,548 | 11,196 | 523 | 854 | |||||||||||||
Net periodic benefit cost | 14,767 | 14,952 | 728 | 1,315 | |||||||||||||
Costs not recognized due to the effects of regulation | (7,843 | ) | (7,759 | ) | — | — | |||||||||||
Net benefit cost recognized for financial reporting | $ | 6,924 | $ | 7,193 | $ | 728 | $ | 1,315 | |||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (19,909 | ) | $ | 105 | $ | (1,010 | ) | $ | (20,814 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (6 | ) | 1 | — | (5 | ) | |||||||||||
Losses (gains) reclassified from net accumulated other comprehensive loss | 208 | — | (6 | ) | 202 | ||||||||||||
Net current period other comprehensive income (loss) | 202 | 1 | (6 | ) | 197 | ||||||||||||
Accumulated other comprehensive (loss) income at March 31 | $ | (19,707 | ) | $ | 106 | $ | (1,016 | ) | $ | (20,617 | ) | ||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(Thousands of Dollars) | Gains and | Unrealized | Defined Benefit | Total | |||||||||||||
Losses on Cash Flow Hedges | Gains on Marketable | Pension and | |||||||||||||||
Securities | Postretirement Items | ||||||||||||||||
Accumulated other comprehensive (loss) income at Jan. 1 | $ | (20,609 | ) | $ | 73 | $ | (1,193 | ) | $ | (21,729 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (4 | ) | 37 | — | 33 | ||||||||||||
Losses reclassified from net accumulated other comprehensive loss | 193 | — | 5 | 198 | |||||||||||||
Net current period other comprehensive income | 189 | 37 | 5 | 231 | |||||||||||||
Accumulated other comprehensive (loss) income at March 31 | $ | (20,420 | ) | $ | 110 | $ | (1,188 | ) | $ | (21,498 | ) | ||||||
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||
Amounts Reclassified from | |||||||||||||||||
Accumulated Other | |||||||||||||||||
Comprehensive Loss | |||||||||||||||||
(Thousands of Dollars) | Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||
(Gains) losses on cash flow hedges: | |||||||||||||||||
Interest rate derivatives | $ | 337 | (a) | $ | 342 | (a) | |||||||||||
Vehicle fuel derivatives | 14 | (b) | (15 | ) | (b) | ||||||||||||
Total, pre-tax | 351 | 327 | |||||||||||||||
Tax benefit | (143 | ) | (134 | ) | |||||||||||||
Total, net of tax | 208 | 193 | |||||||||||||||
Defined benefit pension and postretirement (gains) losses: | |||||||||||||||||
Amortization of net loss | 39 | (c) | 58 | (c) | |||||||||||||
Prior service credit | (49 | ) | (c) | (49 | ) | (c) | |||||||||||
Total, pre-tax | (10 | ) | 9 | ||||||||||||||
Tax expense (benefit) | 4 | (4 | ) | ||||||||||||||
Total, net of tax | (6 | ) | 5 | ||||||||||||||
Total amounts reclassified, net of tax | $ | 202 | $ | 198 | |||||||||||||
(a) | Included in interest charges. | ||||||||||||||||
(b) | Included in O&M expenses. | ||||||||||||||||
(c) | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |
Accounting_Pronouncements_Acco
Accounting Pronouncements Accounting Pronouncements (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Revenue Recognition [Abstract] | |
Exposure period for public comment (in days) | 30 days |
Selected_Balance_Sheet_Data_Ac
Selected Balance Sheet Data, Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts receivable, net | ||
Accounts receivable | $383,928 | $390,633 |
Less allowance for bad debts | -21,722 | -22,937 |
Accounts receivable, net | $362,206 | $367,696 |
Selected_Balance_Sheet_Data_In
Selected Balance Sheet Data, Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $263,268 | $290,287 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 165,521 | 157,376 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 82,834 | 77,139 |
Natural gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $14,913 | $55,772 |
Selected_Balance_Sheet_Data_Pr
Selected Balance Sheet Data, Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $17,370,544 | $17,283,573 |
Less accumulated depreciation | -6,108,221 | -6,012,145 |
Property, plant and equipment, net | 11,673,602 | 11,661,620 |
Electric plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,914,850 | 14,831,286 |
Natural gas plant | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,185,612 | 1,177,021 |
Common and other property | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 576,194 | 568,287 |
Construction work in progress | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 693,888 | 706,979 |
Nuclear fuel | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,396,974 | 2,347,422 |
Less accumulated depreciation | ($1,985,695) | ($1,957,230) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2012 | Dec. 31, 2014 | |
Unrecognized Tax Benefits [Abstract] | |||
Unrecognized tax benefit — Permanent tax positions | $12,300,000 | $12,200,000 | |
Unrecognized tax benefit — Temporary tax positions | 19,900,000 | 18,200,000 | |
Total unrecognized tax benefit | 32,200,000 | 30,400,000 | |
NOL and tax credit carryforwards | -11,600,000 | -10,800,000 | |
Upper bound of decrease in unrecognized tax benefit that is reasonably possible | -4,000,000 | ||
Amounts accrued for penalties related to unrecognized tax benefits | 0 | ||
Internal Revenue Service (IRS) | |||
Tax Audits [Abstract] | |||
Earliest year subject to examination | 2009 | ||
Year(s) under examination | 2010 and 2011 | ||
Year of carryback claim under examination | 2009 | ||
Potential Tax Adjustments | $12,000,000 | ||
State Jurisdiction (Minnesota) | |||
Tax Audits [Abstract] | |||
Earliest year subject to examination | 2009 |
Rate_Matters_Details
Rate Matters (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 06, 2015 | Nov. 30, 2013 | Dec. 31, 2014 | Oct. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | Feb. 28, 2015 | Mar. 26, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Nov. 30, 2014 | ||
Rate Matters [Abstract] | ||||||||||||||
Loss on Monticello LCM/EPU project | $124,226,000 | $0 | ||||||||||||
Xcel Energy Inc. | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Reduction in revenue requirement | 25,000,000 | |||||||||||||
Public Utilities, Reduction in pre-tax income | 16,000,000 | [1] | ||||||||||||
NSP Minnesota | 2014 Electric Rate Case [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, number of years rate case is applicable for | 2 years | |||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |||||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 52.50% | |||||||||||||
Amount of public utility's amended unadjusted cumulative multi-year increase (decrease) | 221,300,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to Monticello EPU costs | 0 | |||||||||||||
Amount of public utility's amended estimated adjusted cumulative multi-year increase (decrease) | 221,300,000 | |||||||||||||
Public Utilities, Number of proposals regarding potential refund for interim rates | 2 | |||||||||||||
Public Utilities, length of netting period for any potential refund/surcharge that could occur when final rates are established | 2 years | |||||||||||||
NSP Minnesota | Electric Rate Case 2014, Rates 2014 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Base, Amount | 6,670,000,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 192,700,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 6.90% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | 115,300,000 | |||||||||||||
Public Utilities, Adjustment requested by public utility to rate increase (decrease) related to an increase to sales forecast | -38,500,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to a lower return on equity | 0 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to Monticello EPU costs | -12,200,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to property taxes | -13,200,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to amortization of Prairie Island EPU costs | -5,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to health care, pension and other benefits | -1,900,000 | |||||||||||||
Public Utilities, Adjustment requested by public utility to rate increase (decrease) related to other costs | -6,500,000 | |||||||||||||
NSP Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Costs for nuclear project, Amount | 665,000,000 | |||||||||||||
Total capitalized nuclear project costs | 748,000,000 | |||||||||||||
Initial estimated nuclear project expenditures | 320,000,000 | |||||||||||||
Loss on Monticello LCM/EPU project | 129,000,000 | |||||||||||||
NSP Minnesota | MPUC Proceeding - Transmission Cost Recovery Rider Filing 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Projected incremental revenue from rider in 2015 | 65,800,000 | |||||||||||||
NSP Minnesota | Electric Rate Case 2014, Rates 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Base, Amount | 412,000,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 98,000,000 | 98,500,000 | ||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.50% | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | 106,000,000 | |||||||||||||
Amount of public utility's amended unadjusted cumulative multi-year increase (decrease) | 221,300,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to Monticello EPU costs | 11,700,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to property taxes | -3,300,000 | |||||||||||||
Public Utilities, Adjustment requested by public utility to rate increase (decrease) related to other costs | 1,700,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) by public utility related to depreciation expense | 0 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to PTCs moving to base rates | -11,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to DOE settlement proceeds | 10,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by public utility related to emission chemicals | -1,600,000 | |||||||||||||
NSP Minnesota | Electric Rate Case 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.25% | |||||||||||||
Public Utilities, Requested Equity Capital Structure, Percentage | 53.86% | |||||||||||||
Public Utilities, Requested Rate Base, Amount | 433,200,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 15,600,000 | |||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 8.00% | |||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | 15,600,000 | |||||||||||||
Public Utilities, Rider costs to be recovered through base rates, amount | 9,000,000 | |||||||||||||
NSP Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, upper bound | 12.38% | |||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, lower bound | 9.15% | |||||||||||||
Public Utilities, maximum equity capital structure percentage allowed per the complaint | 50.00% | |||||||||||||
Public Utilities, Incremental ROE basis point increase (decrease) recommended by third parties | 50 | |||||||||||||
Public Utilities, ROE applicable to transmission formula rates in the MISO region, recommended by third parties | 8.67% | |||||||||||||
NSP Minnesota | Minnesota Public Utilities Commission [Member] | 2014 Electric Rate Case [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 168,000,000 | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 6.10% | |||||||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.72% | |||||||||||||
Public Utilities, Approved Equity Capital Structure, Percentage | 52.50% | |||||||||||||
Public Utilities; Approved adjustment to requested rate increase (decrease) related to Monticello EPU costs | -18,200,000 | |||||||||||||
Public Utilities, Unadjusted cumulative multi-year increase (decrease), approved. | 185,800,000 | |||||||||||||
Public Utilities, Estimated adjusted cumulative multi-year increase (decrease), approved. | 167,600,000 | |||||||||||||
Public Utilities, number of years of full revenue decoupling pilot for the residential and small commercial and industrial (C&I) class | 3 years | |||||||||||||
Public Utilities, amount of percent cap on base revenue for three year revenue decoupling pilot for the residential and small commercial and industrial (C&I) class | 3.00% | |||||||||||||
NSP Minnesota | Minnesota Public Utilities Commission [Member] | Electric Rate Case 2014, Rates 2014 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 192,700,000 | |||||||||||||
Public Utilities, Interim Rate Increase (Decrease), Amount | 127,000,000 | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 58,100,000 | |||||||||||||
Public Utilities, approved excess depreciation reserve utilization | 50.00% | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to an increase to sales forecast | -38,500,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to a lower return on equity | -31,900,000 | |||||||||||||
Public Utilities; Approved adjustment to requested rate increase (decrease) related to Monticello EPU costs | -37,600,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to property taxes | -13,200,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to amortization of Prairie Island EPU costs | -5,100,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to health care, pension and other benefits | -3,000,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to other costs | -5,300,000 | |||||||||||||
NSP Minnesota | Minnesota Public Utilities Commission [Member] | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Amount of recoverable investment, with return | 415,000,000 | |||||||||||||
Amount of recoverable investment, without a return | 333,000,000 | |||||||||||||
Public Utilities, Percentage of investment considered used and useful | 50.00% | |||||||||||||
NSP Minnesota | Minnesota Public Utilities Commission [Member] | Electric Rate Case 2014, Rates 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 98,500,000 | |||||||||||||
Public Utilities, Rate increase (decrease) recommended by third parties | 127,700,000 | |||||||||||||
Public Utilities, approved excess depreciation reserve utilization | 30.00% | |||||||||||||
Public Utilities; Approved adjustment to requested rate increase (decrease) related to Monticello EPU costs | 35,400,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to property taxes | -3,300,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to other costs | 200,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to depreciation expense | -500,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to PTCs moving to base rates | -11,100,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to DOE settlement proceeds | 10,100,000 | |||||||||||||
Public Utilities, Approved adjustment to requested rate increase (decrease) related to emission chemicals | -1,600,000 | |||||||||||||
NSP Minnesota | Minnesota Public Utilities Commission [Member] | Electric Rate Case 2014, Rates 2016 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, approved excess depreciation reserve utilization | 20.00% | |||||||||||||
NSP Minnesota | Minnesota Department of Commerce [Member] | Electric Rate Case 2014, Rates 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, approximate increase (decrease) in revenues (per month) under alternative option | -3,500,000 | |||||||||||||
NSP Minnesota | Administrative Law Judge [Member] | 2014 Electric Rate Case [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Amount of the rate increase (decrease) recommended by third parties, adjusted. | 69,100,000 | |||||||||||||
Public utilities, ROE recommended by third parties | 9.77% | |||||||||||||
Public Utilities, Equity capital structure recommended by third parties | 52.50% | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to Monticello EPU costs | 0 | |||||||||||||
Public Utilities, Unadjusted cumulative multi-year increase (decrease) recommended by third parties. | 191,500,000 | |||||||||||||
Public Utilities, Estimated adjusted cumulative multi-year increase (decrease) recommended by third parties. | 191,500,000 | |||||||||||||
NSP Minnesota | Administrative Law Judge [Member] | Electric Rate Case 2014, Rates 2014 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 192,700,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to an increase to sales forecast | -38,500,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to a lower return on equity | -28,400,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to Monticello EPU costs | -31,300,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to property taxes | -13,200,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to amortization of Prairie Island EPU costs | -5,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to health care, pension and other benefits | -1,900,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to other costs | -5,200,000 | |||||||||||||
Amount of the rate increase (decrease) recommended by third parties, unadjusted. | 69,100,000 | |||||||||||||
NSP Minnesota | Administrative Law Judge [Member] | Electric Rate Case 2014, Rates 2015 [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 98,500,000 | |||||||||||||
Public Utilities, Rate increase (decrease) recommended by third parties | 122,400,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to Monticello EPU costs | 29,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to property taxes | -3,300,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) requested by third parties related to other costs | 700,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to depreciation expense | 0 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to PTCs moving to base rates | -11,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to DOE settlement proceeds | 10,100,000 | |||||||||||||
Public Utilities, Adjustment to requested rate increase (decrease) recommended by third parties related to emission chemicals | -1,600,000 | |||||||||||||
NSP Minnesota | Federal Energy Regulatory Commission (FERC) [Member] | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, number of steps required for newly adopted ROE discounted cash flow methodology | 2 | |||||||||||||
Public Utilities, Incremental ROE basis point increase (decrease) recommended by third parties | 50 | |||||||||||||
Minimum | NSP Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Facility generating capacity (in MW) | 600 | |||||||||||||
Minimum | NSP Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Increase (decrease) in transmission revenue, net of expense, due to the new ROE methodology | -7,000,000 | |||||||||||||
Maximum | NSP Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Facility generating capacity (in MW) | 671 | |||||||||||||
Maximum | NSP Minnesota | FERC Proceeding, MISO ROE Complaint [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Increase (decrease) in transmission revenue, net of expense, due to the new ROE methodology | -9,000,000 | |||||||||||||
Minnesota Jurisdiction [Member] | NSP Minnesota | Nuclear Project Prudency Investigation [Member] | ||||||||||||||
Rate Matters [Abstract] | ||||||||||||||
Public Utilities, Reduction in revenue requirement | 18,000,000 | |||||||||||||
Public Utilities, Reduction in pre-tax income | $12,000,000 | |||||||||||||
[1] | Pre-tax income reflects the net impact of the reductions in revenue and depreciation expense. |
Commitments_and_Contingencies_1
Commitments and Contingencies, Purchased Power Agreements (Details) (Independent Power Producing Entities) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
MW | MW | |
Independent Power Producing Entities | ||
Purchased Power Agreements [Abstract] | ||
Generating capacity (in MW) | 1,069 | 1,069 |
Purchase Power Agreement Duration, Maximum (year) | 2028 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies, Guarantees and Indemnifications (Details) (Payment or Performance Guarantee, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Payment or Performance Guarantee | ||
Guarantor Obligations [Line Items] | ||
Lease Guarantee Expiration (year) | 2019 | |
Guarantees issued and outstanding | $4.80 | $4.80 |
Commitments_and_Contingencies_3
Commitments and Contingencies, Environmental Contingencies (Details) (USD $) | Apr. 30, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Issue | |
Cross-State Air Pollution Rule | ||
Environmental Requirements [Abstract] | ||
Number of issues on which the D.C. Circuit overturned the CSAPR | 2 | |
NSP Minnesota | Regional Haze Rules | ||
Environmental Requirements [Abstract] | ||
Liability for estimated cost to comply with regulation | $46.90 |
Commitments_and_Contingencies_4
Commitments and Contingencies, Legal Contingencies (Details) (NSP Minnesota, USD $) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Jul. 31, 2011 | Sep. 30, 2007 | Mar. 31, 2015 | |
Fibrominn Fuel Handling Dispute | ||||
Legal Contingencies [Abstract] | ||||
Minimum amount of damages claimed by plaintiff | $20,000,000 | |||
Accrual for legal contingency | 0 | |||
Nuclear Waste Disposal Litigation | ||||
Legal Contingencies [Abstract] | ||||
Damages awarded | 32,800,000 | 116,500,000 | ||
Cash payment received under settlement agreement | 100,000,000 | 214,700,000 | ||
Storage costs for spent nuclear fuel | $100,000,000 |
Borrowings_and_Other_Financing2
Borrowings and Other Financing Instruments, Short-Term Borrowings (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $76,000,000 | $142,000,000 |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 250,000,000 | 250,000,000 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 12,000,000 |
Maximum amount outstanding | 14,000,000 | 150,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.21% | |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 500,000,000 | 500,000,000 |
Amount outstanding at period end | 76,000,000 | 142,000,000 |
Average amount outstanding | 159,000,000 | 111,000,000 |
Maximum amount outstanding | $327,000,000 | $397,000,000 |
Weighted average interest rate, computed on a daily basis (percentage) | 0.41% | 0.26% |
Weighted average interest rate at period end (percentage) | 0.53% | 0.53% |
Borrowings_and_Other_Financing3
Borrowings and Other Financing Instruments, Letters of Credit (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Short-term debt | 76,000 | $142,000 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Short-term debt | 24,000 | |
Letter of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Term of letters of credit (in years) | 1 year |
Borrowings_and_Other_Financing4
Borrowings and Other Financing Instruments, Credit Facility (Details) (Credit Facility, USD $) | Mar. 31, 2015 | |
Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit Facility | $500,000,000 | [1] |
Drawn | 100,000,000 | [2] |
Available | 400,000,000 | |
Direct advances on the credit facility outstanding | $0 | |
[1] | This credit facility expires in October 2019. | |
[2] | Includes outstanding commercial paper and letters of credit. |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum | Commingled Funds and International Equity Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 1 day |
Minimum | Real Estate Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 45 days |
Maximum | Commingled Funds and International Equity Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 90 days |
Maximum | Real Estate Funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Notice period for investment redemption (in days) | 90 days |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities, Cost and Fair Value of Nuclear Decommissioning Fund (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Gross Unrealized Gain | $332,200,000 | $312,100,000 | ||
Available-for-sale Securities, Gross Unrealized Loss | 58,700,000 | 74,100,000 | ||
Investments [Abstract] | ||||
Miscellaneous investments | 33,600,000 | 31,400,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 20,836,000 | 24,184,000 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 1,463,966,000 | 1,465,922,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 470,810,000 | 470,013,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 123,123,000 | 80,454,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 86,318,000 | 73,936,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 46,339,000 | 43,859,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 24,188,000 | 30,674,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 64,574,000 | 81,463,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 16,429,000 | 16,950,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 201,125,000 | 242,282,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,828,000 | 9,131,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 12,292,000 | 23,225,000 | ||
Nuclear Decommissioning Fund | Cost | Fair Value Measured on a Recurring Basis | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 395,104,000 | 369,751,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 20,836,000 | 24,184,000 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 1,737,445,000 | [1] | 1,703,921,000 | [2] |
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 489,704,000 | 465,615,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 120,608,000 | 78,721,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 113,619,000 | 101,237,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 67,774,000 | 64,249,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 23,796,000 | 28,808,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 60,712,000 | 77,562,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 16,234,000 | 16,341,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 206,814,000 | 249,201,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,847,000 | 9,250,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 12,787,000 | 23,895,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 601,714,000 | 564,858,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 20,836,000 | 24,184,000 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 622,550,000 | 589,042,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 1 | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 601,714,000 | 564,858,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | 0 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 933,502,000 | 949,393,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 489,704,000 | 465,615,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 120,608,000 | 78,721,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 23,796,000 | 28,808,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 60,712,000 | 77,562,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 16,234,000 | 16,341,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 206,814,000 | 249,201,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 2,847,000 | 9,250,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 12,787,000 | 23,895,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 2 | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | 0 | ||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 181,393,000 | 165,486,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Commingled funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | International equity funds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Private equity investments | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 113,619,000 | 101,237,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Real estate | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities | 67,774,000 | 64,249,000 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Government securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | U.S. corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | International corporate bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Municipal bonds | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Asset-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Mortgage-backed Securities | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Debt Securities | 0 | 0 | ||
Nuclear Decommissioning Fund | Fair Value | Fair Value Measured on a Recurring Basis | Level 3 | Common stock | ||||
Available-for-sale Securities [Abstract] | ||||
Available-for-sale Securities, Equity Securities | $0 | $0 | ||
[1] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $33.6 million of miscellaneous investments. | |||
[2] | Reported in nuclear decommissioning fund and other investments on the consolidated balance sheet, which also includes $31.4 million of miscellaneous investments. |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Nuclear Decommissioning Fund (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ||||
Balance at beginning of period | $165,486 | $120,064 | ||
Purchases | 16,243 | 12,429 | ||
Settlements | -1,381 | 0 | ||
Gains recognized as regulatory assets | 1,045 | [1] | 4,262 | [1] |
Balance at end of period | 181,393 | 136,755 | ||
Private equity investments | ||||
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ||||
Balance at beginning of period | 101,237 | 62,696 | ||
Purchases | 12,382 | 8,769 | ||
Settlements | 0 | 0 | ||
Gains recognized as regulatory assets | 0 | [1] | 2,336 | [1] |
Balance at end of period | 113,619 | 73,801 | ||
Real estate | ||||
Changes in Level 3 Nuclear Decommissioning Fund Assets [Roll Forward] | ||||
Balance at beginning of period | 64,249 | 57,368 | ||
Purchases | 3,861 | 3,660 | ||
Settlements | -1,381 | 0 | ||
Gains recognized as regulatory assets | 1,045 | [1] | 1,926 | [1] |
Balance at end of period | $67,774 | $62,954 | ||
[1] | Gains are deferred as a component of the regulatory assets for nuclear decommissioning. |
Fair_Value_of_Financial_Assets5
Fair Value of Financial Assets and Liabilities, Final Contractual Maturity Dates of Debt Securities in Nuclear Decommissioning Fund (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | $1,189 |
Due in 1 to 5 Years | 50,175 |
Due in 5 to 10 Years | 99,684 |
Due after 10 Years | 172,142 |
Total | 323,190 |
Government securities | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 0 |
Due in 5 to 10 Years | 0 |
Due after 10 Years | 23,796 |
Total | 23,796 |
U.S. corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 473 |
Due in 1 to 5 Years | 13,627 |
Due in 5 to 10 Years | 49,626 |
Due after 10 Years | -3,014 |
Total | 60,712 |
International corporate bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 4,494 |
Due in 5 to 10 Years | 11,334 |
Due after 10 Years | 406 |
Total | 16,234 |
Municipal bonds | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 716 |
Due in 1 to 5 Years | 32,054 |
Due in 5 to 10 Years | 35,877 |
Due after 10 Years | 138,167 |
Total | 206,814 |
Asset-backed Securities | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 0 |
Due in 5 to 10 Years | 2,847 |
Due after 10 Years | 0 |
Total | 2,847 |
Mortgage-backed Securities | |
Final Contractual Maturity [Abstract] | |
Due in 1 Year or Less | 0 |
Due in 1 to 5 Years | 0 |
Due in 5 to 10 Years | 0 |
Due after 10 Years | 12,787 |
Total | $12,787 |
Fair_Value_of_Financial_Assets6
Fair Value of Financial Assets and Liabilities, Derivative Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | MWh | MWh | ||
Commodity Derivatives [Abstract] | ||||
Amount of accumulated other comprehensive gains (losses) related to commodity derivatives expected to be reclassified into earnings within the next twelve months | -0.1 | |||
Credit Concentration Risk | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 10 | |||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | 22.9 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 26.00% | |||
Credit Concentration Risk | No Investment Grade Ratings from External Credit Rating Agencies | ||||
Consideration of Credit Risk and Concentrations [Abstract] | ||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | 5 | |||
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties | 13.6 | |||
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths) | 16.00% | |||
Interest Rate Swap | ||||
Interest Rate Derivatives [Abstract] | ||||
Amount of accumulated other comprehensive gains (losses) related to interest rate derivatives expected to be reclassified into earnings within the next twelve months | -0.8 | |||
Electric Commodity (in megawatt hours) | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | 27,758,000 | [1],[2] | 49,431,000 | [1],[2] |
Natural Gas Commodity (in million British thermal units) | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | 0 | [1],[2] | 173,000 | [1],[2] |
Vehicle Fuel Commodity (in gallons) | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | 136,000 | [1],[2] | 155,000 | [1],[2] |
[1] | Amounts are not reflective of net positions in the underlying commodities. | |||
[2] | Notional amounts for options are included on a gross basis, but are weighted for the probability of exercise. |
Fair_Value_of_Financial_Assets7
Fair Value of Financial Assets and Liabilities, Impact of Derivative Activity (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Financial Impact of Qualifying Fair Value Hedges on Earnings [Abstract] | ||||
Derivative instruments designated as fair value hedges | $0 | $0 | ||
Recognized gains (losses) from fair value hedges or related hedged transactions | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedges | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | -10,000 | -7,000 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 351,000 | 327,000 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 337,000 | [1] | 342,000 | [1] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Designated as Hedging Instrument | Cash Flow Hedges | Vehicle Fuel And Other Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | -10,000 | -7,000 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 14,000 | [2] | -15,000 | [2] |
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Other Derivative Instruments | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | -8,744,000 | 12,800,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -7,944,000 | -27,232,000 | ||
Pre-tax gains (losses) recognized during the period in income | 6,699,000 | -2,833,000 | ||
Other Derivative Instruments | Commodity Trading | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 0 | ||
Pre-tax gains (losses) recognized during the period in income | 3,691,000 | [3] | -2,253,000 | [3] |
Other Derivative Instruments | Electric Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | -8,706,000 | 4,899,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -5,193,000 | [4] | -17,926,000 | [4] |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Other Derivative Instruments | Natural Gas Commodity | ||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | -38,000 | 7,901,000 | ||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | 0 | ||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | -2,751,000 | [5] | -9,306,000 | [5] |
Pre-tax gains (losses) recognized during the period in income | $3,008,000 | [5] | ($580,000) | [5] |
[1] | Amounts are recorded to interest charges. | |||
[2] | Amounts are recorded to operating and maintenance (O&M) expenses. | |||
[3] | Amounts are recorded to electric operating revenues. Portions of these gains and losses are subject to sharing with electric customers through margin-sharing mechanisms and deducted from gross revenue, as appropriate. | |||
[4] | Amounts are recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. | |||
[5] | Amounts are recorded to cost of natural gas sold and transported. These derivative settlement gains and losses are shared with natural gas customers through purchased natural gas cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. |
Fair_Value_of_Financial_Assets8
Fair Value of Financial Assets and Liabilities, Credit Related Contingent Features (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Derivative instruments in a gross liability position | $0 | $0 |
Collateral posted on derivative instruments | 0 | 0 |
Collateral posted related to adequate assurance clauses in derivative contracts | $0 | $0 |
Fair_Value_of_Financial_Assets9
Fair Value of Financial Assets and Liabilities, Derivative Assets and Liabilities at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $7,500,000 | $6,600,000 | ||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | ||
Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 22,643,000 | 60,164,000 | ||
Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 15,801,000 | 15,434,000 | ||
Other Current Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 10,267,000 | 12,294,000 | ||
Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 132,238,000 | 135,036,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 20,405,000 | 51,648,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 11,550,000 | 15,818,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 8,855,000 | 35,539,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 291,000 | |||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 13,839,000 | 13,466,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 13,839,000 | 13,466,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 70,000 | 65,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 70,000 | 65,000 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 47,000 | 56,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 47,000 | 913,000 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 857,000 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 1 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 11,170,000 | 14,621,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 11,170,000 | 14,326,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 295,000 | |||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 17,968,000 | 17,617,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 17,968,000 | 17,617,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 70,000 | 65,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 5,899,000 | 8,039,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 5,829,000 | 7,974,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 47,000 | 56,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 7,588,000 | 6,946,000 | ||
Fair Value Measured on a Recurring Basis | Level 2 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 7,541,000 | 6,890,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 11,664,000 | 41,783,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,395,000 | 4,732,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 9,269,000 | 37,051,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | |||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 692,000 | 1,512,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 278,000 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 414,000 | 1,512,000 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Level 3 | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 22,834,000 | 56,404,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 13,565,000 | 19,058,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 9,269,000 | 37,051,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 295,000 | |||
Fair Value Measured on a Recurring Basis | Fair Value | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 17,968,000 | 17,617,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 17,968,000 | 17,617,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 70,000 | 65,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 6,591,000 | 9,551,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 6,107,000 | 7,974,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 414,000 | 1,512,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 47,000 | 56,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 7,588,000 | 6,946,000 | ||
Fair Value Measured on a Recurring Basis | Fair Value | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 7,541,000 | 6,890,000 | ||
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -2,429,000 | [1] | -4,756,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -2,015,000 | [1] | -3,240,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -414,000 | [1] | -1,512,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -4,000 | [2] | ||
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -4,129,000 | [1] | -4,151,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | -4,129,000 | [1] | -4,151,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -6,521,000 | [1] | -9,486,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -6,107,000 | [1] | -7,974,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Current Liabilities | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -414,000 | [1] | -1,512,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Liabilities | Designated as Hedging Instrument | Vehicle Fuel And Other Commodity | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 0 | [1] | 0 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Liabilities | Other Derivative Instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -7,541,000 | [1] | -6,033,000 | [2] |
Fair Value Measured on a Recurring Basis | Netting | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | -7,541,000 | [1] | -6,033,000 | [2] |
Fair Value, Measurements, Nonrecurring | Other Current Assets | Purchased Power Agreements | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 2,238,000 | [3] | 8,516,000 | [3] |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | Purchased Power Agreements | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | 1,962,000 | [3] | 1,968,000 | [3] |
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | Purchased Power Agreements | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | 10,197,000 | [3] | 12,229,000 | [3] |
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | Purchased Power Agreements | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | $132,191,000 | [3] | $134,123,000 | [3] |
[1] | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at March 31, 2015. At March 31, 2015, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $7.5 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[2] | NSP-Minnesota nets derivative instruments and related collateral in its consolidated balance sheet when supported by a legally enforceable master netting agreement, and all derivative instruments and related collateral amounts were subject to master netting agreements at Dec. 31, 2014. At Dec. 31, 2014, derivative assets and liabilities include no obligations to return cash collateral and the rights to reclaim cash collateral of $6.6 million. The counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements. | |||
[3] | In 2003, as a result of implementing new guidance on the normal purchase exception for derivative accounting, NSP-Minnesota began recording several long-term PPAs at fair value due to accounting requirements related to underlying price adjustments. As these purchases are recovered through normal regulatory recovery mechanisms in the respective jurisdictions, the changes in fair value for these contracts were offset by regulatory assets and liabilities. During 2006, NSP-Minnesota qualified these contracts under the normal purchase exception. Based on this qualification, the contracts are no longer adjusted to fair value and the previous carrying value of these contracts will be amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Recovered_Sheet1
Fair Value of Financial Assets and Liabilities, Changes in Level 3 Commodity Derivatives (Details) (Commodity Contract, USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Commodity Contract | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at beginning of period | $40,271,000 | $31,727,000 | ||
Purchases | 864,000 | 0 | ||
Settlements | -11,552,000 | -52,708,000 | ||
Transfers out of Level 3 | 0 | 0 | ||
Gains recognized in earnings | 60,000 | [1] | 999,000 | [1] |
(Losses) gains recognized as regulatory assets and liabilities | -18,671,000 | 38,408,000 | ||
Balance at end of period | 10,972,000 | 18,426,000 | ||
Transfers into Level 3 | $0 | $0 | ||
[1] | These amounts relate to commodity derivatives held at the end of the period. |
Recovered_Sheet2
Fair Value of Financial Assets and Liabilities, Fair Value of Long-Term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $4,188,887 | $4,188,682 |
Fair Value | ||
Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Long-term debt, including current portion | $4,917,710 | $4,803,735 |
Other_Expense_Income_Net_Detai
Other (Expense) Income, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income and Expenses [Abstract] | ||
Interest income | $3,332 | $2,709 |
Other nonoperating income | 33 | 368 |
Insurance policy expense | -1,403 | -1,073 |
Other income, net | $1,962 | $2,004 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $1,292,482 | $1,424,326 | ||
Net income (loss) | 6,924 | 108,364 | ||
Affiliate electric revenue | 124,875 | 121,805 | ||
Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,006,287 | 1,068,504 | ||
Net income (loss) | -29,599 | [1] | 78,255 | |
Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 279,877 | 349,808 | ||
Net income (loss) | 40,272 | 27,059 | ||
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,861 | 6,454 | ||
Net income (loss) | -3,749 | 3,050 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,292,482 | [2],[3] | 1,424,326 | [2],[3] |
Operating Segments | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,006,154 | [2] | 1,068,340 | [2] |
Operating Segments | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 279,467 | [3] | 349,532 | [3] |
Operating Segments | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,861 | 6,454 | ||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | -543 | -440 | ||
Intersegment Eliminations | Regulated Electric | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 133 | 164 | ||
Intersegment Eliminations | Regulated Natural Gas | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 410 | 276 | ||
Intersegment Eliminations | All Other | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $0 | $0 | ||
[1] | Includes a net of tax charge related to the Monticello LCM/EPU project. See Note 5. | |||
[2] | Operating revenues include $125 million and $122 million of affiliate electric revenue for the three months ended March 31, 2015 and 2014, respectively. | |||
[3] | Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2015 and 2014, respectively. |
Benefit_Plans_and_Other_Postre2
Benefit Plans and Other Postretirement Benefits (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | $7,889,000 | $7,425,000 | |
Interest cost | 10,804,000 | 11,827,000 | |
Expected return on plan assets | -15,708,000 | -15,730,000 | |
Amortization of prior service cost (credit) | 234,000 | 234,000 | |
Amortization of net loss | 11,548,000 | 11,196,000 | |
Net periodic benefit cost | 14,767,000 | 14,952,000 | |
Costs not recognized due to the effects of regulation | -7,843,000 | -7,759,000 | |
Net benefit cost recognized for financial reporting | 6,924,000 | 7,193,000 | |
Total contributions to the pension plans during the period | 32,700,000 | ||
Postretirement Health Care Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Service cost | 40,000 | 47,000 | |
Interest cost | 954,000 | 1,248,000 | |
Expected return on plan assets | -30,000 | -75,000 | |
Amortization of prior service cost (credit) | -759,000 | -759,000 | |
Amortization of net loss | 523,000 | 854,000 | |
Net periodic benefit cost | 728,000 | 1,315,000 | |
Costs not recognized due to the effects of regulation | 0 | 0 | |
Net benefit cost recognized for financial reporting | 728,000 | 1,315,000 | |
Xcel Energy Inc. | Pension Benefits | |||
Components of Net Periodic Benefit Cost [Abstract] | |||
Total contributions to the pension plans during the period | $90,000,000 | ||
Number of Xcel Energy's pension plans to which contributions were made | 4 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | ($20,814) | ($21,729) | ||
Other comprehensive income (loss) before reclassifications | -5 | 33 | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 202 | 198 | ||
Net current period other comprehensive income (loss) | 197 | 231 | ||
Accumulated other comprehensive income (loss) at end of period | -20,617 | -21,498 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Operating and maintenance expenses | 314,050 | 297,581 | ||
Total, pre-tax | -9,894 | -165,963 | ||
Tax benefit | 2,970 | 57,599 | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, net of tax | 202 | 198 | ||
Gains and Losses on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | -19,909 | -20,609 | ||
Other comprehensive income (loss) before reclassifications | -6 | -4 | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 208 | 193 | ||
Net current period other comprehensive income (loss) | 202 | 189 | ||
Accumulated other comprehensive income (loss) at end of period | -19,707 | -20,420 | ||
Gains and Losses on Cash Flow Hedges | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, pre-tax | 351 | 327 | ||
Tax benefit | -143 | -134 | ||
Total, net of tax | 208 | 193 | ||
Gains and Losses on Cash Flow Hedges | Interest Rate Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest charges | 337 | [1] | 342 | [1] |
Gains and Losses on Cash Flow Hedges | Vehicle Fuel Derivatives | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Operating and maintenance expenses | 14 | [2] | -15 | [2] |
Unrealized Gains and Losses on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | 105 | 73 | ||
Other comprehensive income (loss) before reclassifications | 1 | 37 | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | 0 | 0 | ||
Net current period other comprehensive income (loss) | 1 | 37 | ||
Accumulated other comprehensive income (loss) at end of period | 106 | 110 | ||
Defined Benefit Pension and Postretirement Items | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss) at beginning of period | -1,010 | -1,193 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
(Gains) losses reclassified from net accumulated other comprehensive loss | -6 | 5 | ||
Net current period other comprehensive income (loss) | -6 | 5 | ||
Accumulated other comprehensive income (loss) at end of period | -1,016 | -1,188 | ||
Defined Benefit Pension and Postretirement Items | Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net loss | 39 | [3] | 58 | [3] |
Prior service credit | -49 | [3] | -49 | [3] |
Total, pre-tax | -10 | 9 | ||
Tax benefit | 4 | -4 | ||
Total, net of tax | ($6) | $5 | ||
[1] | Included in interest charges. | |||
[2] | Included in O&M expenses. | |||
[3] | Included in the computation of net periodic pension and postretirement benefit costs. See Note 11 for details regarding these benefit plans. |