Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 27, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | NORTHERN STATES POWER CO | |
Entity Central Index Key | 0001123852 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-31387 | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-1967505 | |
Entity Address, Address Line One | 414 Nicollet Mall | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55401 | |
City Area Code | (612) | |
Local Phone Number | 330-5500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating revenues | ||
Electric, non-affiliates | $ 1,131 | $ 1,125 |
Electric, affiliates | 125 | 129 |
Natural gas | 400 | 434 |
Other | 10 | 10 |
Total operating revenues | 1,666 | 1,698 |
Operating expenses | ||
Electric fuel and purchased power | 505 | 529 |
Cost of natural gas sold and transported | 297 | 336 |
Cost of sales — other | 7 | 5 |
Operating and maintenance expenses | 325 | 306 |
Conservation program expenses | 31 | 49 |
Depreciation and amortization | 262 | 252 |
Taxes (other than income taxes) | 78 | 73 |
Total operating expenses | 1,505 | 1,550 |
Operating income | 161 | 148 |
Allowance for funds used during construction — equity | 8 | 6 |
Interest charges and financing costs | ||
Interest charges — includes other financing costs of $2 | 77 | 69 |
Allowance for funds used during construction — debt | (5) | (2) |
Total interest charges and financing costs | 72 | 67 |
Income before income taxes | 97 | 87 |
Income tax benefit | (42) | (40) |
Net income | 139 | 127 |
Other financing costs | $ 2 | $ 2 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Other financing costs | $ 2 | $ 2 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Comprehensive income: | ||
Net income | $ 139 | $ 127 |
Derivative instruments: | ||
Net fair value decrease net of tax of $(1) and $—, respectively | 3 | 0 |
Total other comprehensive loss | (3) | 0 |
Total comprehensive income | $ 136 | $ 127 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Reclassification of losses on derivatives to net income, tax | $ (1) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 139 | $ 127 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 264 | 252 |
Nuclear fuel amortization | 29 | 30 |
Deferred income taxes | (30) | (76) |
Allowance for equity funds used during construction | (8) | (6) |
Provision for bad debts | 8 | 7 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (18) | (67) |
Accrued unbilled revenues | 112 | 64 |
Inventories | 68 | 53 |
Other current assets | (29) | (5) |
Accounts payable | (133) | (25) |
Net regulatory assets and liabilities | 157 | 168 |
Other current liabilities | 44 | 65 |
Pension and other employee benefit obligations | (22) | (6) |
Other, net | 6 | (7) |
Net cash provided by operating activities | 587 | 574 |
Investing activities | ||
Capital/construction expenditures | (532) | (341) |
Purchase of investment securities | (236) | (156) |
Proceeds from the sale of investment securities | 228 | 147 |
Investments in utility money pool arrangement | (5) | (538) |
Repayments from utility money pool arrangement | 0 | 443 |
Other, net | (2) | (1) |
Net cash used in investing activities | (547) | (446) |
Financing activities | ||
Repayments of short-term borrowings, net | (87) | 0 |
Capital contributions from parent | 151 | (7) |
Dividends paid to parent | (122) | (146) |
Net cash used in financing activities | (58) | (153) |
Net change in cash, cash equivalents and restricted cash | (18) | (25) |
Cash, cash equivalents and restricted cash at beginning of period | 65 | 73 |
Cash, cash equivalents and restricted cash at end of period | 47 | 48 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amounts capitalized) | (69) | (73) |
Cash paid for income taxes, net | (5) | (6) |
Other Noncash Investing and Financing Items [Abstract] | ||
Accrued property, plant and equipment additions | 170 | 97 |
Inventory transfers to property, plant and equipment | 9 | 6 |
Allowance for equity funds used during construction | 8 | 6 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 29 | $ 4 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash, cash equivalents and restricted cash at beginning of period | $ 47 | $ 65 |
Accounts receivable, net | 524 | 534 |
Accounts receivable from affiliates | 25 | 45 |
Investments in money pool arrangements | 5 | 0 |
Accrued unbilled revenues | 260 | 372 |
Inventories | 307 | 384 |
Regulatory assets | 350 | 384 |
Derivative instruments | 33 | 89 |
Prepayments and other | 82 | 62 |
Total current assets | 1,633 | 1,935 |
Property, plant and equipment, net | 17,744 | 17,478 |
Other assets | ||
Nuclear decommissioning fund and other investments | 3,057 | 2,930 |
Regulatory assets | 768 | 894 |
Derivative instruments | 75 | 68 |
Operating lease right-of-use assets | 327 | 324 |
Other | 25 | 29 |
Total other assets | 4,252 | 4,245 |
Total assets | 23,629 | 23,658 |
Current liabilities | ||
Current portion of long-term debt | 400 | 400 |
Short-term debt | 120 | 207 |
Accounts payable | 489 | 619 |
Accounts payable to affiliates | 58 | 89 |
Regulatory liabilities | 195 | 191 |
Taxes accrued | 325 | 272 |
Accrued interest | 79 | 79 |
Dividends payable to parent | 133 | 122 |
Derivative instruments | 37 | 42 |
Operating lease liabilities | 96 | 98 |
Other | 244 | 227 |
Total current liabilities | 2,176 | 2,346 |
Deferred credits and other liabilities | ||
Deferred income taxes | 1,663 | 1,666 |
Deferred investment tax credits | 15 | 15 |
Regulatory liabilities | 1,995 | 1,983 |
Asset retirement obligations | 2,763 | 2,727 |
Derivative instruments | 105 | 102 |
Pension and employee benefit obligations | 133 | 155 |
Operating lease liabilities | 259 | 256 |
Other | 27 | 30 |
Total deferred credits and other liabilities | 6,960 | 6,934 |
Capitalization | ||
Long-term debt | 6,543 | 6,542 |
Common stock — 5,000,000 shares authorized of $0.01 par value; 1,000,000 shares outstanding at Mar. 31, 2023 and Dec. 31, 2022, respectively | $ 0 | $ 0 |
Common Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 1,000,000 | 1,000,000 |
Additional paid in capital | $ 5,484 | $ 5,374 |
Retained earnings | 2,487 | 2,480 |
Accumulated other comprehensive loss | (21) | (18) |
Total common stockholder's equity | 7,950 | 7,836 |
Total liabilities and equity | $ 23,629 | $ 23,658 |
CONSOLIDATED STATEMENTS OF COMM
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common Stock | Additional Paid In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2021 | 1,000,000 | ||||
Beginning balance at Dec. 31, 2021 | $ 7,573 | $ 0 | $ 5,202 | $ 2,391 | $ (20) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 127 | 127 | |||
Other comprehensive income | 0 | ||||
Dividends declared on common stock | (167) | (167) | |||
Balance (in shares) at Mar. 31, 2022 | 1,000,000 | ||||
Ending balance at Mar. 31, 2022 | $ 7,533 | $ 0 | 5,202 | 2,351 | (20) |
Balance (in shares) at Dec. 31, 2022 | 1,000,000 | 1,000,000 | |||
Beginning balance at Dec. 31, 2022 | $ 7,836 | $ 0 | 5,374 | 2,480 | (18) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 139 | 139 | |||
Other comprehensive income | (3) | (3) | |||
Dividends declared on common stock | (132) | (132) | |||
Contribution of capital by parent | $ 110 | 110 | |||
Balance (in shares) at Mar. 31, 2023 | 1,000,000 | 1,000,000 | |||
Ending balance at Mar. 31, 2023 | $ 7,950 | $ 0 | $ 5,484 | $ 2,487 | $ (21) |
Management's Opinion
Management's Opinion | 3 Months Ended |
Mar. 31, 2023 | |
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 GAAP, the financial position of NSP-Minnesota and its subsidiaries as of March 31, 2023 and Dec. 31, 2022; the results of NSP-Minnesota’s operations, including the components of net income and comprehensive income, and changes in stockholder’s equity for the three months ended March 31, 2023 and 2022; and NSP-Minnesota’s cash flows for the three months ended March 31, 2023 and 2022. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2023 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, 2022 balance sheet information has been derived from the audited 2022 consolidated financial statements included in the NSP-Minnesota Annual Report on Form 10-K for the year ended Dec. 31, 2022. 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, 2022, filed with the SEC on Feb. 23, 2023. 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 Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
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, 2022 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, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | As of March 31, 2023, there was no material impact from the recent adoption of new accounting pronouncements, nor expected material impact from recently issued accounting pronouncements yet to be adopted, on NSP-Minnesota’s consolidated financial statements. |
Selected Balance Sheet Data
Selected Balance Sheet Data | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Selected Balance Sheet Data | (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Accounts receivable, net Accounts receivable $ 571 $ 580 Less allowance for bad debts (47) (46) Accounts receivable, net $ 524 $ 534 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 204 $ 200 Fuel 91 103 Natural gas 12 81 Total inventories $ 307 $ 384 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 20,402 $ 20,114 Natural gas plant 2,120 2,100 Common and other property 1,174 1,156 Plant to be retired (a) 632 646 Construction work in progress 799 907 Total property, plant and equipment 25,127 24,923 Less accumulated depreciation (7,729) (7,734) Nuclear fuel 3,266 3,183 Less accumulated amortization (2,920) (2,894) Property, plant and equipment, net $ 17,744 $ 17,478 (a) Amounts include regulator-approved retirements of Sherco Units 1, 2, 3 and A.S. King and are reported net of accumulated depreciation. |
Borrowings and Other Financing
Borrowings and Other Financing Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings and Other Financing Instruments | Short-Term Borrowings NSP-Minnesota meets its short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under its credit facility and the money pool. Money Pool — Xcel Energy 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 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. Money pool borrowings: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — — Maximum amount outstanding — 4 Weighted average interest rate, computed on a daily basis N/A 3.87 % Weighted average interest rate at period end N/A N/A Commercial Paper — Commercial paper outstanding: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 700 $ 700 Amount outstanding at period end 120 207 Average amount outstanding 230 21 Maximum amount outstanding 441 290 Weighted average interest rate, computed on a daily basis 4.75 % 4.14 % Weighted average interest rate at period end 5.00 4.64 Letters of Credit — NSP-Minnesota uses letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There w ere $15 million of letters of credit outstanding under the credit facility at March 31, 2023 and Dec. 31, 2022, respectively. Amounts approximate their fair value and are subject to fees. Revolving Credit Facility — In order to issue its commercial paper, NSP-Minnesota must have a revolving credit facility equal or greater than the commercial paper borrowing limit and cannot issue commercial paper exceeding available capacity under this credit facility. The credit facility provides short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. NSP-Minnesota has the right to request an extension of the revolving credit facility termination date for two additional one-year periods. All extension requests are subject to majority bank group approval. At March 31, 2023, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 135 $ 565 (a) Expires in September 2027. (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 h ad no d irect advances on the credit facility outstanding at March 31, 2023 and Dec. 31, 2022. Bilateral Credit Agreement — In April 2023, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit. As of March 31, 2023, NSP-Minnesota had $53 million of outstanding letters of credit under the $75 million bilateral credit agreement. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenue is classified by the type of goods/services rendered and market/customer type. NSP-Minnesota’s operating revenues consisted of the following: Three Months Ended Mar. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 358 $ 207 $ 9 $ 574 C&I 543 173 — 716 Other 8 — 1 9 Total retail 909 380 10 1,299 Wholesale 104 — — 104 Transmission 64 — — 64 Interchange 125 — — 125 Other 1 2 — 3 Total revenue from contracts with customers 1,203 382 10 1,595 Alternative revenue and other 53 18 — 71 Total revenues $ 1,256 $ 400 $ 10 $ 1,666 Three Months Ended Mar. 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 337 $ 235 $ 6 $ 578 C&I 514 180 — 694 Other 9 — 4 13 Total retail 860 415 10 1,285 Wholesale 124 — — 124 Transmission 61 — — 61 Interchange 129 — — 129 Other 6 2 — 8 Total revenue from contracts with customers 1,180 417 10 1,607 Alternative revenue and other 74 17 — 91 Total revenues $ 1,254 $ 434 $ 10 $ 1,698 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Reconciliation between the statutory rate and ETR: Three Months Ended March 31 2023 2022 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 7.0 7.0 Increases (decreases): Wind PTCs (a) (65.1) (68.6) Plant regulatory differences (b) (6.2) (5.7) Other tax credits, net operating loss & tax credit allowances (1.3) (1.4) Other (net) 1.3 1.7 Effective income tax rate (43.3) % (46.0) % (a) Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income. (b) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Fair Value Measurements Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value. • 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 actively traded instruments with observable actual trading prices. • Level 2 — Pricing inputs are other than actual trading 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 include those valued with models requiring significant judgment or estimation. Specific valuation methods include: Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds 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 commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity. Fair Value of Long-Term Debt As of March 31, 2023, other financial instruments for which the carrying amount did not equal fair value: March 31, 2023 Dec. 31, 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 6,943 $ 6,142 $ 6,942 $ 5,995 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. Fair value estimates are based on information available to management as of March 31, 2023 and Dec. 31, 2022 and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2. |
Benefit Plans and Other Postret
Benefit Plans and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans and Other Postretirement Benefits | Components of Net Periodic Benefit Cost Three Months Ended March 31 2023 2022 2023 2022 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 5 $ 7 $ — $ — Interest cost (a) 9 6 1 1 Expected return on plan assets (a) (11) (12) — — Amortization of prior service credit (a) — — — (1) Amortization of net loss (a) 3 6 — — Settlement charge (b) — (1) — — Net periodic benefit cost 6 6 1 — Effects of regulation 1 1 — — Net benefit cost recognized for financial reporting $ 7 $ 7 $ 1 $ — (a) The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. (b) In the first quarter of 2022, Xcel Energy recognized $1 million in settlement charge true-ups related to the fourth quarter of 2021. In January 2023, contributions totaling $50 million were made across Xcel Energy’s pension plans, of which $23 million was attributable to NSP-Minnesota. Xcel Energy does not expect additional pension contributions during 2023. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Legal NSP-Minnesota is involved in various litigation matters 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 losses 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, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on NSP-Minnesota’s consolidated financial statements. Legal fees are generally expensed as incurred. Rate Matters and Other NSP-Minnesota is involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements. Sherco — In 2018, NSP-Minnesota and SMMPA (Co-owner of Sherco Unit 3) reached a settlement with GE related to a 2011 incident, which damaged the turbine at Sherco Unit 3 and resulted in an extended outage for repair. NSP-Minnesota notified the MPUC of its proposal to refund settlement proceeds to customers through the fuel clause adjustment. In March 2019, the MPUC approved NSP-Minnesota’s settlement refund proposal. Additionally, the MPUC decided to withhold any decision as to NSP-Minnesota’s prudence in connection with the incident at Sherco Unit 3 until after conclusion of an appeal pending between GE and NSP-Minnesota’s insurers. In February 2020, the Minnesota Court of Appeals affirmed the district court’s judgment in favor of GE. In March 2020, NSP-Minnesota’s insurers filed a petition seeking additional review by the Minnesota Supreme Court. In April 2020, the Minnesota Supreme Court denied the insurers’ petition for further review, ending the litigation. In January 2021, the OAG and DOC recommended that NSP-Minnesota refund approximately $17 million of replacement power costs previously recovered through the fuel clause adjustment. NSP-Minnesota subsequently filed its response, asserting that it acted prudently in connection with the Sherco Unit 3 outage, the MPUC has previously disallowed $22 million of related costs and no additional refund or disallowance is appropriate. In July 2022, the MPUC referred the matter to the Office of Administrative Hearings to conduct a contested case on the prudence of the replacement power costs incurred by NSP-Minnesota. A final decision by the MPUC is expected in mid-2023. A loss related to this matter is deemed remote. MISO ROE Complaints — In November 2013 and February 2015, customer groups filed two ROE complaints against MISO TOs, which includes NSP-Minnesota and NSP-Wisconsin. The first complaint requested a reduction in base ROE transmission formula rates from 12.38% to 9.15% for the time period of Nov. 12, 2013 to Feb. 11, 2015, and removal of ROE adders (including those for RTO membership). The second complaint requested, for a subsequent time period, a base ROE reduction from 12.38% to 8.67%. Environmental MGP, Landfill and Disposal Sites NSP-Minnesota is investigating, remediating or performing post-closure actions at five MGP, landfill or other disposal sites across its service territories. NSP-Minnesota has recognized its best estimate of costs/liabilities from final resolution of these issues, however, the outcome and timing are unknown. In addition, there may be insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred. Environmental Requirements — Water and Waste Coal Ash Regulation — NSP-Minnesota’s operations are subject to federal and state regulations that impose requirements for handling, storage, treatment and disposal of solid waste. Under the CCR Rule, utilities are required to complete groundwater sampling around their CCR landfills and surface impoundments. Currently, NSP-Minnesota has three regulated ash units in operation. NSP-Minnesota is conducting groundwater sampling and monitoring and implementing assessment of corrective measures at certain CCR landfills and surface impoundments. No results above the groundwater protection standards in the rule were identified. Federal Clean Water Act Section 316(b) — The Federal Clean Water Act requires the EPA to regulate cooling water intake structures to assure they reflect the best technology available for minimizing impingement and entrainment of aquatic species. NSP-Minnesota estimates capital expenditures of approximately $40 million may be required to comply with the requirements. NSP-Minnesota anticipates these costs will be recoverable through regulatory mechanisms. Monticello Tritium — Monticello regularly monitors onsite tritium levels (a weak radioactive isotope that is a byproduct of plant operations) from releases in groundwater monitoring wells onsite. In late 2022, Xcel Energy detected a release of tritium to groundwater and reported the event to the NRC and the State of Minnesota. Xcel Energy has completed repairs, replaced the source of the release and is extracting the impacted groundwater. Xcel Energy anticipates costs to extract and contain the impacted groundwater from this release to be immaterial. The water is fully contained on-site and has not been detected in any drinking water. The release does not represent a risk to human health or the environment. Leases NSP-Minnesota evaluates contracts that may contain leases, including PPAs and arrangements for the use of office space and other facilities, vehicles and equipment. A contract contains a lease if it conveys the exclusive right to control the use of a specific asset. Components of lease expense: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Operating leases PPA capacity payments $ 25 $ 24 Other operating leases (a) 4 3 Total operating lease expense (b) $ 29 $ 27 (a) Includes immaterial short-term lease expense for 2023 and 2022. (b) PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power. Commitments under operating leases as of March 31, 2023: (Millions of Dollars) PPA Operating Other Operating Leases Total Leases Total minimum obligation $ 293 $ 133 $ 426 Interest component of obligation (16) (55) (71) Present value of minimum obligation $ 277 $ 78 355 Less current portion (96) Noncurrent operating lease liabilities $ 259 Variable Interest Entities Under certain PPAs, NSP-Minnesota purchases power from IPPs for which NSP-Minnesota is required to reimburse fuel costs, or to participate in tolling arrangements under which NSP-Minnesota procures the natural gas required to produce the energy that they purchase . These specific PPAs create a variable interest in the IPP. NSP-Minnesota had approximately 1,347 MW and 1,322 MW of capacity under long-term PPAs at March 31, 2023 and Dec. 31, 2022, respectively, with entities that have been determined to be variable interest entities. NSP-Minnesota concluded that these entities are not required to be consolidated in its financial statements because it does not have the power to direct the activities that most significantly impact the ent ities’ economic performance. The PPAs have expiration dates through 2039. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss), net of tax: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (16) $ (2) $ (18) $ (17) $ (3) $ (20) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) (3) — (3) — — — Accumulated other comprehensive loss at Mar. 31 $ (19) $ (2) $ (21) $ (17) $ (3) $ (20) (a) Included in interest charges. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 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 — The regulated electric utility segment generates electricity which is transmitted and distributed in 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. The regulated electric utility segment also includes NSP-Minnesota’s wholesale commodity and trading operations. • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas in portions of Minnesota and North Dakota. NSP-Minnesota also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include appliance repair services, non-utility 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. As an integrated electric and natural gas utility, NSP-Minnesota operates significant assets that are not dedicated to a specific business segment. 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. Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising. NSP-Minnesota’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues (a) $ 1,256 $ 1,254 Net income 111 98 Regulated Natural Gas Operating revenues (b) $ 400 $ 434 Intersegment revenue 1 — Total revenues $ 401 $ 434 Net income 30 29 All Other Total revenues $ 10 $ 10 Net loss (2) — Consolidated Total Operating revenues (a)(b) $ 1,667 $ 1,698 Reconciling eliminations (1) — Total revenues $ 1,666 $ 1,698 Net income 139 127 (a) Operating revenues include $125 million and $129 million of affiliate electric revenue for the three months ended March 31, 2023 and 2022. (b) Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2023 and 2022. |
Selected Balance Sheet Data (Ta
Selected Balance Sheet Data (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts Receivable, Net | (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Accounts receivable, net Accounts receivable $ 571 $ 580 Less allowance for bad debts (47) (46) Accounts receivable, net $ 524 $ 534 |
Inventories | (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 204 $ 200 Fuel 91 103 Natural gas 12 81 Total inventories $ 307 $ 384 |
Property, plant and equipment, net | (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 20,402 $ 20,114 Natural gas plant 2,120 2,100 Common and other property 1,174 1,156 Plant to be retired (a) 632 646 Construction work in progress 799 907 Total property, plant and equipment 25,127 24,923 Less accumulated depreciation (7,729) (7,734) Nuclear fuel 3,266 3,183 Less accumulated amortization (2,920) (2,894) Property, plant and equipment, net $ 17,744 $ 17,478 (a) Amounts include regulator-approved retirements of Sherco Units 1, 2, 3 and A.S. King and are reported net of accumulated depreciation. |
Borrowings and Other Financin_2
Borrowings and Other Financing Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Borrowings and Other Financing Instruments [Abstract] | |
Credit Facilities | At March 31, 2023, NSP-Minnesota had the following committed revolving credit facility available (in millions of dollars): Credit Facility (a) Drawn (b) Available $ 700 $ 135 $ 565 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit. |
Money Pool | |
Borrowings and Other Financing Instruments [Abstract] | |
Short-Term Borrowings | Money pool borrowings: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 250 $ 250 Amount outstanding at period end — — Average amount outstanding — — Maximum amount outstanding — 4 Weighted average interest rate, computed on a daily basis N/A 3.87 % 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: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 700 $ 700 Amount outstanding at period end 120 207 Average amount outstanding 230 21 Maximum amount outstanding 441 290 Weighted average interest rate, computed on a daily basis 4.75 % 4.14 % Weighted average interest rate at period end 5.00 4.64 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | NSP-Minnesota’s operating revenues consisted of the following: Three Months Ended Mar. 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 358 $ 207 $ 9 $ 574 C&I 543 173 — 716 Other 8 — 1 9 Total retail 909 380 10 1,299 Wholesale 104 — — 104 Transmission 64 — — 64 Interchange 125 — — 125 Other 1 2 — 3 Total revenue from contracts with customers 1,203 382 10 1,595 Alternative revenue and other 53 18 — 71 Total revenues $ 1,256 $ 400 $ 10 $ 1,666 Three Months Ended Mar. 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 337 $ 235 $ 6 $ 578 C&I 514 180 — 694 Other 9 — 4 13 Total retail 860 415 10 1,285 Wholesale 124 — — 124 Transmission 61 — — 61 Interchange 129 — — 129 Other 6 2 — 8 Total revenue from contracts with customers 1,180 417 10 1,607 Alternative revenue and other 74 17 — 91 Total revenues $ 1,254 $ 434 $ 10 $ 1,698 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation between the statutory rate and ETR: Three Months Ended March 31 2023 2022 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 7.0 7.0 Increases (decreases): Wind PTCs (a) (65.1) (68.6) Plant regulatory differences (b) (6.2) (5.7) Other tax credits, net operating loss & tax credit allowances (1.3) (1.4) Other (net) 1.3 1.7 Effective income tax rate (43.3) % (46.0) % (a) Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income. (b) Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Final Contractual Maturity Dates of Debt Securities in the Nuclear Decommissioning Fund by Asset Class | Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2023: Final Contractual Maturity (Millions of Dollars) Due in 1 year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total Debt securities $ 1 $ 220 $ 254 $ 239 $ 714 |
Gross Notional Amounts of Commodity Forwards, Options, and FTRs | Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) March 31, 2023 Dec. 31, 2022 Megawatt hours of electricity 30 44 Million British thermal units of natural gas 79 88 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options 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 | Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended March 31, 2023 Derivatives designated as cash flow hedges: Interest rate $ (4) (a) $ — Total $ (4) $ — Other derivative instruments: Electric commodity $ — $ (17) Natural gas commodity — 2 Total $ — $ (15) Three Months Ended March 31, 2022 Other derivative instruments: Natural gas commodity $ — $ 2 Total $ — $ 2 (a) Recorded to interest charges. Pre-Tax Losses (Gains) Reclassified into Income During the Period from: (Millions of Dollars) Regulatory Assets and Liabilities Pre-Tax Gains (Losses) Recognized During the Period in Income Three Months Ended March 31, 2023 Other derivative instruments: Commodity trading $ — $ (1) (a) Electric commodity 14 (b) — Natural gas commodity — (5) (c)(d) Total $ 14 $ (6) Three Months Ended March 31, 2022 Other derivative instruments: Commodity trading $ — $ 1 (a) Electric commodity (1) (b) — Natural gas commodity 1 (c) (5) (c)(d) Total $ — $ (4) (a) Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. (b) 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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value. (c) Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (d) Relates primarily to option premium amortization. |
Changes in Level 3 Commodity Derivatives | Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Balance at Jan. 1 $ 107 $ 56 Settlements (a) (13) (19) Net transactions recorded during the period: (Losses) gains recognized in earnings (b) (14) 49 Net (losses) recognized as regulatory assets and liabilities (a) (34) (10) Balance at March 31 $ 46 $ 76 (a) Relates primarily to FTR instruments administered by MISO. |
Carrying Amount and Fair Value of Long-term Debt | As of March 31, 2023, other financial instruments for which the carrying amount did not equal fair value: March 31, 2023 Dec. 31, 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 6,943 $ 6,142 $ 6,942 $ 5,995 |
Benefit Plans and Other Postr_2
Benefit Plans and Other Postretirement Benefits (Tables) | 3 Months Ended | |
Mar. 31, 2023 | ||
Retirement Benefits [Abstract] | ||
Components of Net Periodic Benefit Cost (Credit) | Components of Net Periodic Benefit Cost Three Months Ended March 31 2023 2022 2023 2022 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 5 $ 7 $ — $ — Interest cost (a) 9 6 1 1 Expected return on plan assets (a) (11) (12) — — Amortization of prior service credit (a) — — — (1) Amortization of net loss (a) 3 6 — — Settlement charge (b) — (1) — — Net periodic benefit cost 6 6 1 — Effects of regulation 1 1 — — Net benefit cost recognized for financial reporting $ 7 $ 7 $ 1 $ — (a) The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. | [1] |
[1]The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease, Cost | Components of lease expense: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Operating leases PPA capacity payments $ 25 $ 24 Other operating leases (a) 4 3 Total operating lease expense (b) $ 29 $ 27 (a) Includes immaterial short-term lease expense for 2023 and 2022. |
Lessee, Operating Lease, Liability, Maturity | Commitments under operating leases as of March 31, 2023: (Millions of Dollars) PPA Operating Other Operating Leases Total Leases Total minimum obligation $ 293 $ 133 $ 426 Interest component of obligation (16) (55) (71) Present value of minimum obligation $ 277 $ 78 355 Less current portion (96) Noncurrent operating lease liabilities $ 259 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in accumulated other comprehensive income (loss), net of tax: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 (Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Accumulated other comprehensive loss at Jan. 1 $ (16) $ (2) $ (18) $ (17) $ (3) $ (20) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) (3) — (3) — — — Accumulated other comprehensive loss at Mar. 31 $ (19) $ (2) $ (21) $ (17) $ (3) $ (20) (a) Included in interest charges. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Results from Operations by Reportable Segment | NSP-Minnesota’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues (a) $ 1,256 $ 1,254 Net income 111 98 Regulated Natural Gas Operating revenues (b) $ 400 $ 434 Intersegment revenue 1 — Total revenues $ 401 $ 434 Net income 30 29 All Other Total revenues $ 10 $ 10 Net loss (2) — Consolidated Total Operating revenues (a)(b) $ 1,667 $ 1,698 Reconciling eliminations (1) — Total revenues $ 1,666 $ 1,698 Net income 139 127 (a) Operating revenues include $125 million and $129 million of affiliate electric revenue for the three months ended March 31, 2023 and 2022. (b) Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2023 and 2022. |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts Receivable | $ 571 | $ 580 |
Less allowance for bad debts | (47) | (46) |
Accounts receivable, net | $ 524 | $ 534 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 307 | $ 384 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 204 | 200 |
Fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | 91 | 103 |
Natural Gas | ||
Public Utilities, Inventory [Line Items] | ||
Inventories | $ 12 | $ 81 |
Property, Plant and Equipment (
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 25,127 | $ 24,923 | |
Accumulated depreciation and amortization | (7,729) | (7,734) | |
Property, plant and equipment, net | 17,744 | 17,478 | |
Electric plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 20,402 | 20,114 | |
Natural gas plant | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,120 | 2,100 | |
Common and other property | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,174 | 1,156 | |
Plant to be Retired (a) | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | [1] | 632 | 646 |
Construction work in progress | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 799 | 907 | |
Nuclear fuel | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,266 | 3,183 | |
Accumulated depreciation and amortization | $ (2,920) | $ (2,894) | |
[1]Amounts include regulator-approved retirements of Sherco Units 1, 2, 3 and A.S. King and are reported net of accumulated depreciation. |
Money Pool (Details)
Money Pool (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 120 | $ 207 |
Money Pool | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 250 | 250 |
Amount outstanding at period end | 0 | 0 |
Average amount outstanding | 0 | 0 |
Maximum amount outstanding | $ 0 | $ 4 |
Weighted average interest rate, computed on a daily basis | 3.87% |
Borrowings and Other Financin_3
Borrowings and Other Financing Instruments Commercial Paper (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 120 | $ 207 |
Commercial Paper | ||
Short-term Debt [Line Items] | ||
Borrowing limit | 700 | 700 |
Amount outstanding at period end | 120 | 207 |
Average amount outstanding | 230 | 21 |
Maximum amount outstanding | $ 441 | $ 290 |
Weighted average interest rate, computed on a daily basis | 4.75% | 4.14% |
Weighted average interest rate at period end | 5% | 4.64% |
Letters of Credit (Details)
Letters of Credit (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Amount outstanding at period end | $ 120 | $ 207 |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Direct advances on the credit facility outstanding | $ 15 | $ 15 |
Credit Facility (Details)
Credit Facility (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Line of Credit Facility [Line Items] | |||
Amount outstanding at period end | $ 120 | $ 207 | |
Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Borrowing limit | [1] | 700 | |
Amount outstanding at period end | [2] | $ 135 | |
Number of extension you can request | 2 | ||
Available | $ 565 | ||
Direct advances on the credit facility outstanding | $ 0 | $ 0 | |
[1]Expires in September 2027.[2]Includes outstanding commercial paper and letters of credit. |
Bilateral Credit Agreement (Det
Bilateral Credit Agreement (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 120 | $ 207 |
Letter of Credit | Bilateral Credit Agreement | ||
Short-term Debt [Line Items] | ||
Borrowing Limit | 75 | |
Amount outstanding at period end | $ 53 | |
Letter of Credit | Bilateral Credit Agreement | NSP Minnesota [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Term | 1 year |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 1,666 | $ 1,698 |
Regulated Electric | Total revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,256 | 1,254 |
Regulated Natural Gas | Total revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 400 | 434 |
All Other | Total revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 10 | 10 |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,299 | 1,285 |
Retail | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 574 | 578 |
Retail | C&I | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 716 | 694 |
Retail | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9 | 13 |
Retail | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 909 | 860 |
Retail | Regulated Electric | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 358 | 337 |
Retail | Regulated Electric | C&I | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 543 | 514 |
Retail | Regulated Electric | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 8 | 9 |
Retail | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 380 | 415 |
Retail | Regulated Natural Gas | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 207 | 235 |
Retail | Regulated Natural Gas | C&I | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 173 | 180 |
Retail | Regulated Natural Gas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Retail | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 10 | 10 |
Retail | All Other | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9 | 6 |
Retail | All Other | C&I | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Retail | All Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1 | 4 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 104 | 124 |
Wholesale | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 104 | 124 |
Wholesale | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Wholesale | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Transmission | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 64 | 61 |
Transmission | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 64 | 61 |
Transmission | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Transmission | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Interchange | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 125 | 129 |
Interchange | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 125 | 129 |
Interchange | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Interchange | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3 | 8 |
Other | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1 | 6 |
Other | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2 | 2 |
Other | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Total revenue from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,595 | 1,607 |
Total revenue from contracts with customers | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,203 | 1,180 |
Total revenue from contracts with customers | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 382 | 417 |
Total revenue from contracts with customers | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 10 | 10 |
Alternative revenue and other | ||
Disaggregation of Revenue [Line Items] | ||
Alternative revenue and other | 71 | 91 |
Alternative revenue and other | Regulated Electric | ||
Disaggregation of Revenue [Line Items] | ||
Alternative revenue and other | 53 | 74 |
Alternative revenue and other | Regulated Natural Gas | ||
Disaggregation of Revenue [Line Items] | ||
Alternative revenue and other | 18 | 17 |
Alternative revenue and other | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Alternative revenue and other | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | |
State tax (net of federal tax effect) | 7% | 7% | |
Wind PTCs | [1] | (65.10%) | (68.60%) |
Plant regulatory differences | [2] | (6.20%) | (5.70%) |
Other tax credits, net operating loss & tax credit allowances | (1.30%) | (1.40%) | |
Other (net) | 1.30% | 1.70% | |
Effective income tax rate | (43.30%) | (46.00%) | |
[1]Wind PTCs are credited to customers (reduction to revenue) and do not materially impact net income[2]Regulatory differences for income tax primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions. |
Non-Derivative Fair Value Measu
Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Miscellaneous investments | $ 49 | $ 48 | ||
Debt Securities, Available-for-sale, Unrealized Gain | 1,000 | 1,000 | ||
Debt Securities, Available-for-sale, Unrealized Loss | 61 | 90 | ||
Final Contractual Maturity [Abstract] | ||||
Due in 1 Year or Less | 1 | |||
Due in 1 to 5 Years | 220 | |||
Due in 5 to 10 Years | 254 | |||
Due after 10 Years | 239 | |||
Total | 714 | |||
Fair Value Measured on a Recurring Basis | Cost | Debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 751 | [1] | 738 | [2] |
Fair Value Measured on a Recurring Basis | Fair Value | Debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 714 | [1] | 675 | [2] |
NAV | 0 | [1] | 0 | [2] |
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 0 | [1] | 0 | [2] |
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 707 | [1] | 669 | [2] |
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt securities | 7 | [1] | 6 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 2,045 | [1] | 1,976 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 44 | [1] | 29 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Commingled funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commingled funds | 743 | [1] | 803 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Cost | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 507 | [1] | 406 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 3,008 | [1] | 2,882 | [2] |
NAV | 1,076 | [1] | 1,178 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 44 | [1] | 29 | [2] |
NAV | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commingled funds | 1,076 | [1] | 1,178 | [2] |
NAV | 1,076 | [1] | 1,178 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,174 | [1] | 1,000 | [2] |
NAV | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 1,216 | [1] | 1,028 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 44 | [1] | 29 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 1,172 | [1] | 999 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 709 | [1] | 670 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | 2 | [1] | 1 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 7 | [1] | 6 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Commingled funds | 0 | [1] | 0 | [2] |
Nuclear Decommissioning Fund | Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity securities | $ 0 | [1] | $ 0 | [2] |
[1]Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $49 million of other investments, including the rabbi trust.[2]Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $48 million of other investments, including the rabbi trust. |
Interest Rate Derivative (Detai
Interest Rate Derivative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Other Derivative Instruments | ||||
Interest Rate Derivatives [Abstract] | ||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | $ 14 | $ 0 | ||
Pre-tax gains (losses) recognized during the period in income | (6) | (4) | ||
Interest Rate Derivatives | ||||
Interest Rate Derivatives [Abstract] | ||||
Amount or interest rate derivatives expected to be reclassified | 1 | |||
Derivative Liability, Notional Amount | 275 | |||
Commodity Trading Contract | Other Derivative Instruments | ||||
Interest Rate Derivatives [Abstract] | ||||
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 | [1] | (1) | 1 | |
Electric Commodity | Other Derivative Instruments | ||||
Interest Rate Derivatives [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [2] | (14) | (1) | |
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||
Natural Gas Commodity | Other Derivative Instruments | ||||
Interest Rate Derivatives [Abstract] | ||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | (1) | [3] | |
Pre-tax gains (losses) recognized during the period in income | [3],[4] | $ (5) | $ (5) | |
[1]Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.[2]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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.[3]Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.[4]Relates primarily to option premium amortization. |
Commodity Derivatives (Details)
Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) MWh MMBTU | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) MWh MMBTU | ||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Miscellaneous investments | $ 49 | $ 48 | ||
Other Derivative Instruments | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [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 | (15) | 2 | ||
Cash flow hedge commodity | ||||
Derivative [Line Items] | ||||
Commodity contracts designated as cash flow hedges | $ 0 | |||
Electric commodity | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | MWh | [1],[2] | 30 | 44 | |
Electric commodity | Other Derivative Instruments | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ (17) | |||
Natural Gas Commodity | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative, Nonmonetary Notional amount | MMBTU | [1],[2] | 79 | 88 | |
Electric Commodity | Other Derivative Instruments | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | |||
Interest Rate Risk | Other Derivative Instruments | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract] | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | [3] | (4) | ||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 0 | |||
Natural gas commodity | Other Derivative Instruments | ||||
Gross Notional Amounts of Commodity Forwards, Options and FTRs [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 | $ 2 | $ 2 | ||
[1]Not reflective of net positions in the underlying commodities.[2]Notional amounts for options included on a gross basis, but are weighted for the probability of exercise.[3]Recorded to interest charges. |
Consideration of Credit Risk an
Consideration of Credit Risk and Concentrations (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) Counterparty | Mar. 31, 2022 USD ($) | Dec. 31, 2023 Counterparty | |||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||||
Fair Value Hedges, Net | $ 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 regulatory (assets) and liabilities | (15) | 2 | |||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | (14) | 0 | |||
Pre-tax gains (losses) recognized during the period in income | (6) | (4) | |||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | 0 | |||
Commodity Trading Contract | Other Derivative Instruments | |||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||||
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 | [1] | (1) | 1 | ||
Electric Commodity | Other Derivative Instruments | |||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||||
Pre-tax (gains) losses reclassified into income during the period from accumulated other comprehensive loss | 0 | ||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | [2] | 14 | 1 | ||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | |||
Natural Gas Commodity | Other Derivative Instruments | |||||
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income [Abstract] | |||||
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities) | 0 | 1 | [3] | ||
Pre-tax gains (losses) recognized during the period in income | [3],[4] | (5) | (5) | ||
Natural gas commodity | 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 regulatory (assets) and liabilities | 2 | 2 | |||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | 0 | $ 0 | |||
Electric commodity | 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 regulatory (assets) and liabilities | (17) | ||||
Interest Rate Risk | 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 regulatory (assets) and liabilities | 0 | ||||
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss | [5] | $ (4) | |||
Credit Concentration Risk | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | ||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 5 | ||||
Credit Concentration Risk | External Credit Rating, Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | ||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 30 | ||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 26% | ||||
Credit Concentration Risk | Internal Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | ||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 28 | ||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 25% | ||||
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member] | |||||
Derivative [Line Items] | |||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | ||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 55 | ||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 49% | ||||
[1]Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.[2]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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.[3]Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.[4]Relates primarily to option premium amortization.[5]Recorded to interest charges. |
Credit Related Contingent Featu
Credit Related Contingent Features (Details) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2023 USD ($) Counterparty | Mar. 31, 2022 USD ($) | Dec. 31, 2023 Counterparty | Dec. 31, 2022 USD ($) | |||
Fair Value Disclosures [Abstract] | ||||||
Derivative instruments in a gross liability position | $ 8 | $ 4 | ||||
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value | 84 | 76 | ||||
Collateral posted related to adequate assurance clauses in derivative contracts | 0 | 0 | ||||
Derivative [Line Items] | ||||||
Fair Value Hedges, Net | 0 | $ 0 | ||||
Derivative instruments in a gross liability position | 8 | 4 | ||||
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value | 84 | 76 | ||||
Collateral Already Posted Adequate Assurance Clauses Aggregate Fair Value | $ 0 | $ 0 | ||||
Credit Concentration Risk | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 10 | |||||
Credit Concentration Risk | Municipal or Cooperative Entities or Other Utilities [Member] | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 5 | |||||
External Credit Rating, Investment Grade [Member] | Credit Concentration Risk | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 6 | |||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 30 | |||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 26% | |||||
Internal Investment Grade [Member] | Credit Concentration Risk | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 3 | |||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 28 | |||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 25% | |||||
External Credit Rating, Non Investment Grade [Member] | Credit Concentration Risk | ||||||
Derivative [Line Items] | ||||||
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty | 1 | |||||
Wholesale, trading and non trading commodity credit exposure for the most significant counterparties | $ 55 | |||||
Percentage of wholesale, trading and non trading commodity credit exposure for the most significant counterparties | 49% | |||||
Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | $ 14 | 0 | ||||
Pre-tax gains (losses) recognized during the period in income | (6) | (4) | ||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | (15) | 2 | ||||
Commodity Trading Contract | Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
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 | [1] | (1) | 1 | |||
Electric Commodity | Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | [2] | (14) | (1) | |||
Pre-tax gains (losses) recognized during the period in income | 0 | 0 | ||||
Natural Gas Commodity | Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities) | 0 | (1) | [3] | |||
Pre-tax gains (losses) recognized during the period in income | [3],[4] | (5) | (5) | |||
Natural gas commodity | Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | 2 | $ 2 | ||||
Electric commodity | Other Derivative Instruments | ||||||
Derivative [Line Items] | ||||||
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities | $ (17) | |||||
[1]Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.[2]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. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.[3]Recorded to cost of natural gas sold and transported. These losses are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.[4]Relates primarily to option premium amortization. |
Recurring Fair Value Measuremen
Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability | $ 37 | $ 42 | ||
Derivative Liability, Noncurrent | 105 | 102 | ||
Obligation to return cash | 0 | 0 | ||
Right to reclaim cash | 5 | 6 | ||
Commodity Trading | ||||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||
Balance at beginning of period | 107 | $ 56 | ||
Settlements | [1] | (13) | (19) | |
(Losses) gains recognized in earnings (b) | [2] | (14) | 49 | |
Net (losses) recognized as regulatory assets and liabilities (a) | [1] | (34) | (10) | |
Balance at end of period | 46 | $ 76 | ||
Fair Value Measured on a Recurring Basis | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 66 | 149 | ||
Netting, asset | [3] | (33) | (60) | |
Derivative Asset, Noncurrent | 75 | 68 | ||
Derivative liability, gross | 62 | 93 | ||
Netting, liability | [3] | (38) | (65) | |
Derivative liability | 24 | 28 | ||
Derivative Liability, Noncurrent | 78 | 74 | ||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||
Derivative Asset, Current | 33 | 89 | ||
Fair Value Measured on a Recurring Basis | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 5 | 15 | ||
Derivative liability, gross | 7 | 23 | ||
Fair Value Measured on a Recurring Basis | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 27 | 43 | ||
Derivative liability, gross | 50 | 62 | ||
Fair Value Measured on a Recurring Basis | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 34 | 91 | ||
Derivative liability, gross | 5 | 8 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 54 | 86 | ||
Netting, asset | [3] | (32) | (58) | |
Derivative Asset, Noncurrent | 75 | 68 | ||
Derivative liability, gross | 57 | 89 | ||
Netting, liability | [3] | (37) | (63) | |
Derivative liability | 20 | 26 | ||
Derivative Liability, Noncurrent | 78 | 74 | ||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||
Derivative Asset, Current | 22 | 28 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 12 | 58 | ||
Netting, asset | [3] | (1) | (2) | |
Derivative liability, gross | 1 | 2 | ||
Netting, liability | [3] | (1) | (2) | |
Derivative liability | 0 | 0 | ||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||
Derivative Asset, Current | 11 | 56 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 5 | ||
Netting, asset | [3] | 0 | 0 | |
Derivative liability, gross | 0 | 2 | ||
Netting, liability | [3] | 0 | 0 | |
Derivative liability | 0 | 2 | ||
Changes in Level 3 Commodity Derivatives [Roll Forward] | ||||
Derivative Asset, Current | 0 | 5 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 5 | 15 | ||
Derivative liability, gross | 7 | 23 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 0 | ||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 0 | ||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 27 | 38 | ||
Derivative liability, gross | 46 | 60 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 0 | ||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 5 | ||
Derivative liability, gross | 0 | 2 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 22 | 33 | ||
Derivative liability, gross | 4 | 6 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 12 | 58 | ||
Derivative liability, gross | 1 | 2 | ||
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Natural Gas Commodity | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 0 | 0 | ||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument [Member] | Interest Rate Derivatives | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability | 4 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 123 | 127 | ||
Netting, asset | [3] | (48) | (59) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 16 | 21 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 40 | 40 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 67 | 66 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 123 | 127 | ||
Netting, asset | [3] | (48) | (59) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 1 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 16 | 21 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 40 | 40 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative asset, gross | 67 | 66 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument [Member] | Interest Rate Derivatives | ||||
Derivatives, Fair Value [Line Items] | ||||
Netting, liability | [3] | 0 | 0 | |
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument [Member] | Interest Rate Derivatives | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 4 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument [Member] | Level 1 | Interest Rate Derivatives | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument [Member] | Level 2 | Interest Rate Derivatives | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 4 | |||
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument [Member] | Level 3 | Interest Rate Derivatives | Cash Flow Hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 0 | 0 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 126 | 134 | ||
Netting, liability | [3] | (48) | (60) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 26 | 37 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 50 | 55 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3 | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 50 | 42 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 126 | 134 | ||
Netting, liability | [3] | (48) | (60) | |
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 1 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 26 | 37 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 2 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 50 | 55 | ||
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Level 3 | Commodity Trading | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, gross | 50 | 42 | ||
Fair Value, Measurements, Nonrecurring | PPAs | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability | [4] | 13 | 14 | |
Derivative Liability, Noncurrent | [4] | $ 27 | $ 28 | |
[1]Relates primarily to FTR instruments administered by MISO.[2]Relates to commodity trading and is subject to offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the consolidated income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.[3]NSP-Minnesota nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At March 31, 2023 and Dec. 31, 2022, derivatives include no obligations to return cash collateral, respectively. At March 31, 2023 and Dec. 31, 2022 derivative assets and liabilities include rights to reclaim cash collateral of $5 million and $6 million, respectively. Counterparty netting excludes settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.[4]NSP-Minnesota currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities. |
Fair Value of Long-Term Debt (D
Fair Value of Long-Term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, carrying amount | $ 6,943 | $ 6,942 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 6,142 | $ 5,995 |
Benefit Plans and Other Postr_3
Benefit Plans and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Pension Plan [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service Cost | $ 5 | $ 7 | ||
Interest cost (a) | [1] | 9 | 6 | |
Expected return on plan assets (a) | [1] | (11) | (12) | |
Amortization of prior service credit (a) | [1] | 0 | 0 | |
Amortization of net loss (a) | [1] | 3 | 6 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | 0 | (1) | |
Net periodic benefit cost | 6 | 6 | ||
Effects of regulation | 1 | 1 | ||
Net benefit cost recognized for financial reporting | 7 | 7 | ||
Total contributions to the pension plans during the period | $ 23 | |||
Pension Plan [Member] | Xcel Energy Inc. | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Total contributions to the pension plans during the period | $ 50 | |||
Other Postretirement Benefits Plan [Member] | ||||
Components of Net Periodic Benefit Cost [Abstract] | ||||
Service Cost | 0 | 0 | ||
Interest cost (a) | [1] | 1 | 1 | |
Expected return on plan assets (a) | [1] | 0 | 0 | |
Amortization of prior service credit (a) | [1] | 0 | (1) | |
Amortization of net loss (a) | [1] | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | [2] | 0 | 0 | |
Net periodic benefit cost | 1 | 0 | ||
Effects of regulation | 0 | 0 | ||
Net benefit cost recognized for financial reporting | $ 1 | $ 0 | ||
[1]The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.[2]In the first quarter of 2022, Xcel Energy recognized $1 million in settlement charge true-ups related to the fourth quarter of 2021. |
Commitments and Contingencies -
Commitments and Contingencies - Sherco (Details) $ in Millions | 1 Months Ended |
Jan. 31, 2021 USD ($) | |
Rate Matters [Abstract] | |
Customer refund of previously recovered purchased power costs | $ 17 |
Amount MPUC previously disallowed related to Sherco outage | $ 22 |
Commitments and Contingencies_2
Commitments and Contingencies - MISO ROE Complaints (Details) - Federal Energy Regulatory Commission (FERC) - FERC Proceeding, MISO ROE Complaint - NSP Minnesota and NSP Wisconsin [Member] [Member] | 1 Months Ended | |
Feb. 28, 2015 | Nov. 30, 2013 | |
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Base Return On Equity Charged To Customers Through Transmission Formula Rates | 12.38% | 12.38% |
Public Utilities, ROE Applicable To Transmission Formula Rates In The MISO Region, Recommended By Third Parties | 8.67% | 9.15% |
Commitments and Contingencies_3
Commitments and Contingencies - Environmental, MGP, Landfill or Disposal Sites (Details) | Mar. 31, 2023 |
Other MGP, Landfill, or Disposal Sites | |
Site Contingency [Line Items] | |
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation | 5 |
Commitments and Contingencies_4
Commitments and Contingencies - Environmental Requirements - Water and Waste (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Federal Coal Ash Regulation | |
Site Contingency [Line Items] | |
Number of sites where regulated ash units will still be in operation at a specified date | 3 |
Federal Clean Water Act Section 316 (b) | Capital Addition Purchase Commitments | |
Site Contingency [Line Items] | |
Liability for estimated cost to comply with regulation | $ 40 |
Commitments and Contingencies_5
Commitments and Contingencies - Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Cost | [1] | $ 29 | $ 27 | |
Lessee, Operating Lease, Liability, to be Paid | 426 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (71) | |||
Operating Lease, Liability | 355 | |||
Operating Lease, Liability, Current | (96) | $ (98) | ||
Operating lease liabilities | 259 | $ 256 | ||
Purchased Power Agreements | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Cost | 25 | 24 | ||
Lessee, Operating Lease, Liability, to be Paid | 293 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (16) | |||
Operating Lease, Liability | 277 | |||
Property, Plant and Equipment, Other Types | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Cost | [2] | 4 | $ 3 | |
Lessee, Operating Lease, Liability, to be Paid | 133 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (55) | |||
Operating Lease, Liability | $ 78 | |||
[1]PPA capacity payments are included in electric fuel and purchased power on the consolidated statements of income. Expense for other operating leases is included in O&M expense and electric fuel and purchased power.[2] Includes immaterial short-term lease expense for 2023 and 2022. |
Commitments and Contingencies_6
Commitments and Contingencies - Variable Interest Entities (Details) - MW | Mar. 31, 2023 | Dec. 31, 2022 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||
Variable Interest Entity [Line Items] | ||
Generating capacity under long term purchased power agreements | 1,347 | 1,322 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive (loss) income at beginning of period | $ 7,836 | ||
Accumulated other comprehensive (loss) income at end of period | 7,950 | ||
Income Tax Expense (Benefit) | (42) | $ (40) | |
Gains and Losses on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive (loss) income at beginning of period | (16) | (17) | |
Accumulated other comprehensive (loss) income at end of period | (19) | (17) | |
Gains and Losses on Cash Flow Hedges | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | (3) | 0 |
Defined Benefit Pension and Postretirement Items | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive (loss) income at beginning of period | (2) | (3) | |
Accumulated other comprehensive (loss) income at end of period | (2) | (3) | |
Defined Benefit Pension and Postretirement Items | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 0 | 0 |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive (loss) income at beginning of period | (18) | (20) | |
Accumulated other comprehensive (loss) income at end of period | (21) | (20) | |
Total | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | $ (3) | $ 0 |
[1]Included in interest charges |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Net income | $ 139 | $ 127 | |
Natural gas | 400 | 434 | |
Other | 10 | 10 | |
Regulated and Unregulated Operating Revenue | 1,666 | 1,698 | |
Affiliate Revenue | 125 | 129 | |
Total revenues | |||
Segment Reporting Information [Line Items] | |||
Regulated and Unregulated Operating Revenue | [1],[2] | 1,667 | 1,698 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Regulated and Unregulated Operating Revenue | (1) | 0 | |
Regulated Electric | |||
Segment Reporting Information [Line Items] | |||
Net income | 111 | 98 | |
Revenues Including Intersegment Revenues | 1,256 | 1,254 | |
Regulated Natural Gas | |||
Segment Reporting Information [Line Items] | |||
Net income | 30 | 29 | |
Revenues Including Intersegment Revenues | 401 | 434 | |
Regulated Natural Gas | Total revenues | |||
Segment Reporting Information [Line Items] | |||
Natural gas | [2] | 400 | 434 |
Regulated Natural Gas | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Natural gas | 1 | 0 | |
All Other | |||
Segment Reporting Information [Line Items] | |||
Net income | (2) | 0 | |
All Other | Total revenues | |||
Segment Reporting Information [Line Items] | |||
Other | $ 10 | $ 10 | |
[1]Operating revenues include $125 million and $129 million of affiliate electric revenue for the three months ended March 31, 2023 and 2022.[2]Operating revenues include an immaterial amount of affiliate gas revenue for the three months ended March 31, 2023 and 2022. |