Xcel Energy (XEL) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Entity Registrant Name	XCEL ENERGY INC
Entity Central Index Key	0000072903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-3034
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0448030
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
Title of 12(b) Security	Common Stock, $2.50 par value
Trading Symbol	XEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		550,356,331

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Operating revenues
Electric		$ 2,763	$ 2,633
Natural gas		1,288	1,090
Other		29	28
Total operating revenues		4,080	3,751
Operating expenses
Electric fuel and purchased power		1,117	1,094
Cost of natural gas sold and transported		844	710
Cost of sales — other		12	10
Operating and maintenance expenses		650	602
Conservation and demand side management expenses		76	92
Depreciation and amortization		624	562
Taxes, Other		184	171
Total operating expenses		3,507	3,241
Operating income		573	510
Other income, net		5	1
Earnings from equity method investments		11	15
Allowance for funds used during construction — equity		19	13
Interest charges and financing costs
Interest charges — includes other financing costs of $8		253	214
Allowance for funds used during construction — debt		(10)	(5)
Total interest charges and financing costs		243	209
Income before income taxes		365	330
Income tax benefit		(53)	(50)
Net income		$ 418	$ 380
Weighted average common shares outstanding:
Basic (in shares)		551	545
Diluted (in shares)	[1]	551	545
Earnings per average common share:
Basic (in dollars per share)		$ 0.76	$ 0.70
Diluted (in dollars per share)		$ 0.76	$ 0.70
[1]Diluted common shares outstanding included common stock equivalents of 0.2 million for the three months ended March 31, 2023 and 2022, respectively.

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement [Abstract]
Other financing costs	$ 8

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	$ 418	$ 380
Pension and retiree medical benefits:
Reclassifications of loss to net income, net of tax of $— and $1, respectively	0	1
Derivative instruments:
Net fair value (decrease) increase, net of tax of $(2) and $1, respectively	(5)	5
Total other comprehensive (loss) income	(4)	7
Total comprehensive income	$ 414	$ 387

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]
Pension reclassifications, tax	$ 0	$ 1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(2)	1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(1)	(1)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	$ 0	$ 1

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	$ 418	$ 380
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	631	567
Nuclear fuel amortization	29	30
Deferred income taxes	(73)	(55)
Allowance for equity funds used during construction	(19)	(13)
Earnings from equity method investments	(11)	(15)
Dividends from equity method investments	9	10
Provision for bad debts	23	17
Share-based compensation expense	9	4
Changes in operating assets and liabilities:
Accounts receivable	50	(191)
Accrued unbilled revenues	329	146
Inventories	189	107
Other current assets	8	(10)
Accounts payable	(359)	(34)
Net regulatory assets and liabilities	345	215
Other current liabilities	63	51
Pension and other employee benefit obligations	(45)	(31)
Other, net	(59)	(38)
Net cash provided by operating activities	1,537	1,140
Investing activities
Capital/construction expenditures	(1,265)	(942)
Purchase of investment securities	(236)	(156)
Proceeds from the sale of investment securities	228	147
Other, net	(11)	(1)
Net cash used in investing activities	(1,284)	(952)
Financing activities
Proceeds from (repayments of) short-term borrowings, net	266	(9)
Repayments of long-term debt, including reacquisition premiums	(250)	0
Proceeds from issuance of common stock	6	1
Dividends paid	(259)	(240)
Other, net	(13)	(16)
Net cash used in financing activities	(250)	(264)
Net change in cash, cash equivalents and restricted cash	3	(76)
Cash, cash equivalents and restricted cash at beginning of period	111	166
Cash, cash equivalents and restricted cash at end of period	114	90
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	(209)	(202)
Cash paid for income taxes, net	(1)	0
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	449	288
Inventory transfers to property, plant and equipment	34	20
Operating lease right-of-use assets	47	8
Allowance for equity funds used during construction	19	13
Issuance of common stock for reinvested dividends and/or equity awards	$ 21	$ 11

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 114	$ 111
Accounts receivable, net	1,300	1,373
Accrued unbilled revenues	777	1,105
Inventories	580	803
Regulatory assets	983	1,059
Derivative instruments	97	279
Prepaid taxes	43	54
Prepayments and other	359	360
Total current assets	4,253	5,144
Property, plant and equipment, net	48,896	48,253
Other assets
Nuclear decommissioning fund and other investments	3,373	3,234
Regulatory assets	2,657	2,871
Derivative instruments	97	93
Operating lease right-of-use assets	1,194	1,204
Other	475	389
Total other assets	7,796	7,791
Total assets	60,945	61,188
Current liabilities
Current portion of long-term debt	901	1,151
Short-term debt	1,079	813
Accounts payable	1,338	1,804
Regulatory liabilities	358	418
Taxes accrued	682	569
Accrued interest	242	217
Dividends payable	286	268
Derivative instruments	62	76
Operating lease liabilities	224	217
Other	489	545
Total current liabilities	5,661	6,078
Deferred credits and other liabilities
Deferred income taxes	4,729	4,756
Deferred investment tax credits	47	48
Regulatory liabilities	5,640	5,569
Asset retirement obligations	3,423	3,380
Derivative instruments	116	113
Customer advances	180	181
Pension and employee benefit obligations	345	390
Operating lease liabilities	1,020	1,038
Other	148	147
Total deferred credits and other liabilities	15,648	15,622
Commitments and contingencies
Capitalization
Long-term debt	22,818	22,813
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 550,222,192 and 549,578,018 shares outstanding at March 31, 2023 and December 31, 2022, respectively	$ 1,376	$ 1,374
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Par or Stated Value Per Share	$ 2.50	$ 2.50
Common Stock, Shares, Outstanding	550,222,192	549,578,018
Additional paid in capital	$ 8,169	$ 8,155
Retained earnings	7,370	7,239
Accumulated other comprehensive loss	(97)	(93)
Total common stockholders’ equity	16,818	16,675
Total liabilities and equity	$ 60,945	$ 61,188

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		544,025,269
Beginning balance at Dec. 31, 2021	$ 15,612	$ 1,360	$ 7,803	$ 6,572	$ (123)
Increase (Decrease) in Stockholders' Equity
Net income	380			380
Other comprehensive income	7				7
Dividends declared on common stock (USD per share)		$ 0.4875
Dividends declared on common stock	(265)			(265)
Issuances of common stock (in shares)		505,718
Issuances of common stock	12	$ 1	11
Share-based compensation	(14)		(13)	(1)
Balance (in shares) at Mar. 31, 2022		544,530,987
Ending balance at Mar. 31, 2022	$ 15,732	$ 1,361	7,801	6,686	(116)
Balance (in shares) at Dec. 31, 2022	549,578,018	549,578,018
Beginning balance at Dec. 31, 2022	$ 16,675	$ 1,374	8,155	7,239	(93)
Increase (Decrease) in Stockholders' Equity
Net income	418			418
Other comprehensive income	(4)				(4)
Dividends declared on common stock (USD per share)		$ 0.52
Dividends declared on common stock	(286)			(286)
Issuances of common stock (in shares)		644,174
Issuances of common stock	18	$ 2	16
Share-based compensation	$ (3)		(2)	(1)
Balance (in shares) at Mar. 31, 2023	550,222,192	550,222,192
Ending balance at Mar. 31, 2023	$ 16,818	$ 1,376	$ 8,169	$ 7,370	$ (97)

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 Xcel Energy as of March 31, 2023 and Dec. 31, 2022; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three months ended March 31, 2023 and 2022; and Xcel Energy’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 Xcel Energy Inc. 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 Xcel Energy Inc. 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 Xcel Energy’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 Xcel Energy Inc. 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 Xcel Energy’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 $ 1,426 $ 1,495 Less allowance for bad debts (126) (122) Accounts receivable, net $ 1,300 $ 1,373 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 340 $ 330 Fuel 169 201 Natural gas 71 272 Total inventories $ 580 $ 803 (Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 50,227 $ 49,639 Natural gas plant 8,612 8,514 Common and other property 3,001 2,970 Plant to be retired (a) 2,180 2,217 Construction work in progress 2,224 2,124 Total property, plant and equipment 66,244 65,464 Less accumulated depreciation (17,694) (17,502) Nuclear fuel 3,266 3,183 Less accumulated amortization (2,920) (2,892) Property, plant and equipment, net $ 48,896 $ 48,253

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 Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements. Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 1,079 813 Average amount outstanding 928 552 Maximum amount outstanding 1,241 1,357 Weighted average interest rate, computed on a daily basis 4.85 % 1.47 % Weighted average interest rate at period end 5.23 4.66 Letters of Credit — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $43 million of letters of credit outstanding under the credit facilities at both March 31, 2023 and Dec. 31, 2022. Amounts approximate their fair value and are subject to fees. Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings. As of March 31, 2023, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,500 $ 510 $ 990 PSCo 700 385 315 NSP-Minnesota 700 135 565 SPS 500 80 420 NSP-Wisconsin 150 12 138 Total $ 3,550 $ 1,122 $ 2,428 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit. Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval. All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of 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. Long-Term Borrowings and Other Financing Instruments On April 3, 2023, PSCo issued $850 million of 5.25% first mortgage bonds due April 1, 2053. On April 21, 2023, NSP-Wisconsin priced a private placement of $125 million of 5.30% first mortgage bonds due June 15, 2053. The closing of the sale of the bonds is subject to execution of a bond purchase agreement and customary closing conditions and is expected to occur in June 2023. ATM Equity Offering — In November 2021, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $800 million of its common stock through an ATM program. In 2021, 5.33 million shares were issued (approximately $350 million). In 2022, 4.30 million shares of common stock were issued (approximately $300 million). As of March 31, 2023, approximately $150 million remained available for sale under the ATM program. Other Equity —

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. Xcel Energy’s operating revenues consisted of the following: Three Months Ended March 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 875 $ 789 $ 13 $ 1,677 C&I 1,352 423 12 1,787 Other 36 — 1 37 Total retail 2,263 1,212 26 3,501 Wholesale 224 — — 224 Transmission 163 — — 163 Other 9 48 — 57 Total revenue from contracts with customers 2,659 1,260 26 3,945 Alternative revenue and other 104 28 3 135 Total revenues $ 2,763 $ 1,288 $ 29 $ 4,080 Three Months Ended March 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 817 $ 663 $ 9 $ 1,489 C&I 1,235 356 2 1,593 Other 32 — 14 46 Total retail 2,084 1,019 25 3,128 Wholesale 259 — — 259 Transmission 152 — — 152 Other 23 45 — 68 Total revenue from contracts with customers 2,518 1,064 25 3,607 Alternative revenue and other 115 26 3 144 Total revenues $ 2,633 $ 1,090 $ 28 $ 3,751

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
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) 4.8 4.9 Decreases: Wind PTCs (a) (33.1) (34.4) Plant regulatory differences (b) (5.5) (4.8) Other tax credits, net operating loss & tax credits allowances (1.6) (1.5) Other (net) (0.1) (0.4) Effective income tax rate (14.5) % (15.2) % (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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Basic EPS was computed by dividing the earnings available to common shareholders by the average weighted number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate diluted EPS is calculated using the treasury stock method. Common Stock Equivalents — Xcel Energy Inc. has common stock equivalents related to time-based equity compensation awards. Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period. • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement. Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended March 31 (Shares in Millions) 2023 2022 Basic 551 545 Diluted (a) 551 545

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. Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities. Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts. Commodity Derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification. Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path. The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments. 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 $ 23,719 $ 21,167 $ 23,964 $ 20,897 Fair value of Xcel Energy’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 $ 18 $ 24 $ — $ — Interest cost (a) 40 27 5 4 Expected return on plan assets (a) (52) (52) (4) (4) Amortization of prior service credit (a) — — — (2) Amortization of net loss (a) 5 19 1 1 Settlement charge (b) — (1) — — Net periodic benefit cost (credit) 11 17 2 (1) Effects of regulation 5 5 — 1 Net benefit cost recognized for financial reporting $ 16 $ 22 $ 2 $ — (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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Legal Xcel Energy 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 Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred. Gas Trading Litigation — e prime is a wholly owned subsidiary of Xcel Energy. e prime was in the business of natural gas trading and marketing but has not engaged in natural gas trading or marketing activities since 2003. Multiple lawsuits involving multiple plaintiffs seeking monetary damages were commenced against e prime and its affiliates, including Xcel Energy, between 2003 and 2009 alleging fraud and anticompetitive activities in conspiring to restrain the trade of natural gas and manipulate natural gas prices. Cases were all consolidated in the U.S. District Court in Nevada. One case remains active which includes a multi-district litigation matter consisting of a Wisconsin purported class (Arandell Corp.). The Court issued a ruling in June 2022 granting plaintiffs’ class certification. In April 2023, the Seventh Circuit Court of Appeals heard the defendants’ appeal challenging whether the district court properly assessed class certification. A decision relating to class certification is expected later this year. Xcel Energy considers the reasonably possible loss associated with this litigation to be immaterial. Comanche Unit 3 Litigation — In 2021, CORE filed a lawsuit in Denver County District Court, alleging PSCo breached ownership agreement terms by failing to operate Comanche Unit 3 in accordance with prudent utility practices. In January 2022, the Court granted PSCo’s motion to dismiss CORE’s claims for unjust enrichment, declaratory judgment and damages for replacement power costs. In April 2022, CORE filed a supplement to include the January 2022 outage and damages related to this event. Also in 2022, CORE sent notice of withdrawal from the ownership agreement based on the same alleged breaches. In February 2023, CORE disclosed its expert witness, who estimated damages incurred of $270 million. Also in February 2023, the court granted PSCo’s motion precluding CORE from seeking damages related to its withdrawal as part of the lawsuit. PSCo continues to believe CORE's claims are without merit and disputes CORE’s right to withdraw. Rate Matters and Other Xcel Energy’s operating subsidiaries are 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-2024. 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%. The FERC subsequently issued various related orders (including Opinion Nos. 569, 569A and 569B) related to ROE methodology/calculations and timing. NSP-Minnesota has processed refunds to customers for applicable complaint periods based on the ROE in the most recent applicable opinions. The MISO TOs and various other parties have filed petitions for review of the FERC’s most recent applicable opinions at the D.C. Circuit. In August 2022, the D.C. Circuit ruled that FERC had not adequately supported its conclusions, vacated FERC’s related orders, and remanded the issue back to FERC for further proceedings, which remain pending. Additional exposure, if any related to this matter is expected to be immaterial. SPP OATT Upgrade Costs — Costs of transmission upgrades may be recovered from other SPP customers whose transmission service depends on capacity enabled by the upgrade under the SPP OATT. SPP had not been charging its customers for these upgrades, even though the SPP OATT had allowed SPP to do so since 2008. In 2016, the FERC granted SPP’s request to recover these previously unbilled charges and SPP subsequently billed SPS approximately $13 million. In 2018, SPS’ appeal to the D.C. Circuit over the FERC rulings granting SPP the right to recover previously unbilled charges was remanded to the FERC. In 2019, the FERC reversed its 2016 decision and ordered SPP to refund charges retroactively collected from its transmission customers, including SPS, related to periods before September 2015. In 2020, SPP and Oklahoma Gas & Electric separately filed petitions for review of the FERC’s orders at the D.C. Circuit. In 2021, the D.C. Circuit issued a decision denying these appeals and upholding the FERC’s orders. Refunds received by SPS are expected to be given back to SPS customers through future rates. In 2017, SPS filed a separate related complaint asserting SPP assessed upgrade charges to SPS in violation of the SPP OATT. In 2018, the FERC issued an order denying the SPS complaint. SPS filed a request for rehearing in 2018. The FERC subsequently issued a tolling order granting a rehearing for further consideration. If SPS’ complaint results in additional charges or refunds, SPS will seek to recover or refund the amount through future SPS customer rates. In 2020, SPS filed a petition for review of the FERC’s 2018 orders at the D.C. Circuit. In February 2022, FERC issued an order rejecting SPS’ request for hearing. SPS has appealed that order. That appeal has been combined with SPS’ prior appeal. Environmental MGP, Landfill and Disposal Sites Xcel Energy is investigating, remediating or performing post-closure actions at nine MGP, landfill or other disposal sites across its service territories, excluding sites that are being addressed under current coal ash regulations. Xcel Energy 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 — Xcel Energy’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 applicable landfills and surface impoundments as well as perform corrective actions where offsite groundwater has been impacted. As of March 31, 2023, Xcel Energy had eight regulated ash units in operation. PSCo has executed an agreement with a third party that will excavate and process ash for beneficial use (at two sites) at a cost of approximately $45 million. An estimated liability has been recorded and amounts are expected to be fully recoverable through regulatory mechanisms. Investigation and feasibility studies for additional corrective action related to offsite groundwater are ongoing (at three Colorado sites). While the results are uncertain, additional costs are estimated to be at least $30 million. A liability has been recorded for the portion of these actions that are estimable/probable, and are expected to be fully recoverable through regulatory mechanisms. 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. Estimated capital expenditures of approximately $45 million may be required to comply with the requirements. Xcel Energy 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. Environmental Requirements — Air Regional Haze Rules — In 2016, the EPA adopted a final rule establishing a federal implementation plan for reasonable further progress under the regional haze program for the state of Texas. The rule imposes SO 2 emission limitations which would require the installation of dry scrubbers on Tolk Units 1 and 2; compliance would have been required by February 2021. SPS appealed the EPA’s decision and obtained a stay of the final rule. In 2017, the EPA adopted a final BART rule for Texas. Under that rule, Harrington Units 1, 2, and 3 and Tolk Units 1 and 2 participate in intrastate SO 2 budget and trading program. The rule also implemented participation in a federal ozone season NOx budget and trading program, named the Cross State Air Pollution Rule. The EPA is reconsidering this rule and a proposal for reconsideration is anticipated in the second quarter of 2023. Leases Xcel Energy 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 $ 60 $ 63 Other operating leases (a) 12 13 Total operating lease expense (b) $ 72 $ 76 Finance leases Amortization of ROU assets $ 1 $ 1 Interest expense on lease liability 4 4 Total finance lease expense $ 5 $ 5 (a) Includes short-term lease expense of $2 million and $1 million for 2023 and 2022, respectively. (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 and finance leases as of March 31, 2023: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,223 $ 257 $ 1,480 $ 225 Interest component of obligation (160) (76) (236) (160) Present value of minimum obligation $ 1,063 181 1,244 65 Less current portion (224) (2) Noncurrent operating and finance lease liabilities $ 1,020 $ 63 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO. Variable Interest Entities Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. These specific PPAs create a variable interest in the IPP. In addition, certain solar PPAs provide an option to purchase emission allowances or sharing provisions related to production credits generated by the solar facility under contract. These specific PPAs create a variable interest in the IPP. Xcel Energy 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 entities’ economic performance. The utility subsidiaries had approxi ma tely 4,053 MW an d 3,961 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. The PPAs have expiration dates through 2041. Other Guarantees and Bond Indemnifications — Xcel Energy provides guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the agreements. Most of the guarantees and bond indemnities issued by Xcel Energy have a stated maximum amount. As of March 31, 2023 and Dec. 31, 2022, Xcel Energy had no assets held as collateral related to their guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $62 million at both March 31, 2023 and Dec. 31, 2022 . Other Indemnification Agreements — Xcel Energy provides indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, as well as breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold.

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 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 $ (54) $ (39) $ (93) $ (75) $ (48) $ (123) Other comprehensive (loss) gain before reclassifications (5) — (5) 5 — 5 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 1 — 1 Amortization of net actuarial loss (b) — — — — 1 1 Net current period other comprehensive (loss) income (4) — (4) 6 1 7 Accumulated other comprehensive loss at March 31 $ (58) $ (39) $ (97) $ (69) $ (47) $ (116) (a) Included in interest charges.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Xcel Energy evaluates performance by each utility subsidiary based on profit or loss generated from the product or service provided including the regulated electric utility operating results of NSP-Minnesota, NSP-Wisconsin, PSCo and SPS, as well as the regulated natural gas utility operating results of NSP-Minnesota, NSP-Wisconsin and PSCo. These segments are managed separately because the revenue streams are dependent upon regulated rate recovery, which is separately determined for each segment. Xcel Energy has the following reportable segments: • Regulated Electric — The regulated electric utility segment generates, transmits and distributes electricity in Minnesota, Wisconsin, Michigan, North Dakota, South Dakota, Colorado, Texas and New Mexico. 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 wholesale commodity and trading operations. • Regulated Natural Gas — The regulated natural gas utility segment transports, stores and distributes natural gas primarily in portions of Minnesota, Wisconsin, North Dakota, Michigan and Colorado. Xcel Energy also presents All Other, which includes operating segments with revenues below the necessary quantitative thresholds. Those operating segments primarily include steam revenue, appliance repair services, non-utility real estate activities, revenues associated with processing solid waste into refuse-derived fuel and investments in rental housing projects that qualify for low-income housing tax credits. Xcel Energy had equity method investments of $228 million and $219 million as of March 31, 2023 and Dec. 31, 2022, respectively, included in the natural gas utility and all other segments. Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy 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. Xcel Energy’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues $ 2,763 $ 2,633 Net income 296 278 Regulated Natural Gas Operating revenues $ 1,288 $ 1,090 Intersegment revenue 1 — Total revenues $ 1,289 $ 1,090 Net income 159 130 All Other Total revenues $ 29 $ 28 Net loss (37) (28) Consolidated Total Total revenues $ 4,081 $ 3,751 Reconciling eliminations (1) — Total operating revenues $ 4,080 $ 3,751 Net income 418 380

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 $ 1,426 $ 1,495 Less allowance for bad debts (126) (122) Accounts receivable, net $ 1,300 $ 1,373
Inventories	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Inventories Materials and supplies $ 340 $ 330 Fuel 169 201 Natural gas 71 272 Total inventories $ 580 $ 803
Property, plant and equipment, net	(Millions of Dollars) March 31, 2023 Dec. 31, 2022 Property, plant and equipment, net Electric plant $ 50,227 $ 49,639 Natural gas plant 8,612 8,514 Common and other property 3,001 2,970 Plant to be retired (a) 2,180 2,217 Construction work in progress 2,224 2,124 Total property, plant and equipment 66,244 65,464 Less accumulated depreciation (17,694) (17,502) Nuclear fuel 3,266 3,183 Less accumulated amortization (2,920) (2,892) Property, plant and equipment, net $ 48,896 $ 48,253

Borrowings and Other Financin_2

Borrowings and Other Financing Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Commercial paper and term loan borrowings	Commercial paper and term loan borrowings outstanding for Xcel Energy: (Amounts in Millions, Except Interest Rates) Three Months Ended March 31, 2023 Year Ended Dec. 31, 2022 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 1,079 813 Average amount outstanding 928 552 Maximum amount outstanding 1,241 1,357 Weighted average interest rate, computed on a daily basis 4.85 % 1.47 % Weighted average interest rate at period end 5.23 4.66
Credit Facilities	As of March 31, 2023, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available: (Millions of Dollars) Credit Facility (a) Drawn (b) Available Xcel Energy Inc. $ 1,500 $ 510 $ 990 PSCo 700 385 315 NSP-Minnesota 700 135 565 SPS 500 80 420 NSP-Wisconsin 150 12 138 Total $ 3,550 $ 1,122 $ 2,428 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Xcel Energy’s operating revenues consisted of the following: Three Months Ended March 31, 2023 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 875 $ 789 $ 13 $ 1,677 C&I 1,352 423 12 1,787 Other 36 — 1 37 Total retail 2,263 1,212 26 3,501 Wholesale 224 — — 224 Transmission 163 — — 163 Other 9 48 — 57 Total revenue from contracts with customers 2,659 1,260 26 3,945 Alternative revenue and other 104 28 3 135 Total revenues $ 2,763 $ 1,288 $ 29 $ 4,080 Three Months Ended March 31, 2022 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 817 $ 663 $ 9 $ 1,489 C&I 1,235 356 2 1,593 Other 32 — 14 46 Total retail 2,084 1,019 25 3,128 Wholesale 259 — — 259 Transmission 152 — — 152 Other 23 45 — 68 Total revenue from contracts with customers 2,518 1,064 25 3,607 Alternative revenue and other 115 26 3 144 Total revenues $ 2,633 $ 1,090 $ 28 $ 3,751

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) 4.8 4.9 Decreases: Wind PTCs (a) (33.1) (34.4) Plant regulatory differences (b) (5.5) (4.8) Other tax credits, net operating loss & tax credits allowances (1.6) (1.5) Other (net) (0.1) (0.4) Effective income tax rate (14.5) % (15.2) % (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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares [Table Text Block]	Common shares outstanding used in the basic and diluted EPS computation: Three Months Ended March 31 (Shares in Millions) 2023 2022 Basic 551 545 Diluted (a) 551 545

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Cost and Fair Value of Nuclear Decommissioning Fund Investments	Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: March 31, 2023 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 44 $ 44 $ — $ — $ — $ 44 Commingled funds 743 — — — 1,076 1,076 Debt securities 751 — 707 7 — 714 Equity securities 507 1,172 2 — — 1,174 Total $ 2,045 $ 1,216 $ 709 $ 7 $ 1,076 $ 3,008 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $228 million of equity method investments and $137 million of rabbi trust assets and other miscellaneous investments. Dec. 31, 2022 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 29 $ 29 $ — $ — $ — $ 29 Commingled funds 803 — — — 1,178 1,178 Debt securities 738 — 669 6 — 675 Equity securities 406 999 1 — — 1,000 Total $ 1,976 $ 1,028 $ 670 $ 6 $ 1,178 $ 2,882 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $219 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and other miscellaneous investments.
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 41 61 Million British thermal units of natural gas 117 131 (a) Not reflective of net positions in the underlying commodities. (b) Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Impact of Derivative Activity on Accumulated Other Comprehensive Loss, Regulatory Assets and Liabilities, and Income	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 $ (7) $ — Total $ (7) $ — Other derivative instruments: Electric commodity $ — $ (92) Natural gas commodity — 3 Total $ — $ (89) Three Months Ended March 31, 2022 Derivatives designated as cash flow hedges: Interest rate $ 6 $ — Total $ 6 $ — Other derivative instruments: Electric commodity $ — $ 1 Natural gas commodity — 4 Total $ — $ 5 Pre-Tax (Gains) Losses Reclassified into Income During the Period from: Pre-Tax Gains (Losses) Recognized During the Period in Income (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 $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (1) (b) Electric commodity — 82 (c) — Natural gas commodity — 9 (d) (19) (d)(e) Total $ — $ 91 $ (20) Three Months Ended March 31, 2022 Derivatives designated as cash flow hedges: Interest rate $ 2 (a) $ — $ — Total $ 2 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ 2 (b) Electric commodity — (13) (c) — Natural gas commodity — 3 (d) (17) (d)(e) Total $ — $ (10) $ (15) (a) Recorded to interest charges. (b) Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. (c) 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. (d) 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. (e) Relates primarily to option premium amortization.
Change in Level 3 Commodity Derivative	Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Balance at Jan. 1 $ 235 $ 19 Purchases (a) 6 5 Settlements (a) (29) (50) Net transactions recorded during the period: (Losses) gains recognized in earnings (b) (13) 42 Net (losses) gains recognized as regulatory assets and liabilities (a) (121) 24 Balance at March 31 $ 78 $ 40 (a) Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP. (b) Relates to commodity trading and is subject to substantial offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.
Carrying Amount and Fair Value of Long-term Debt	March 31, 2023 Dec. 31, 2022 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 23,719 $ 21,167 $ 23,964 $ 20,897

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 $ 18 $ 24 $ — $ — Interest cost (a) 40 27 5 4 Expected return on plan assets (a) (52) (52) (4) (4) Amortization of prior service credit (a) — — — (2) Amortization of net loss (a) 5 19 1 1 Settlement charge (b) — (1) — — Net periodic benefit cost (credit) 11 17 2 (1) Effects of regulation 5 5 — 1 Net benefit cost recognized for financial reporting $ 16 $ 22 $ 2 $ — (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.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Liability, Fiscal Year Maturity	Commitments under operating and finance leases as of March 31, 2023: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,223 $ 257 $ 1,480 $ 225 Interest component of obligation (160) (76) (236) (160) Present value of minimum obligation $ 1,063 181 1,244 65 Less current portion (224) (2) Noncurrent operating and finance lease liabilities $ 1,020 $ 63 (a) Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO.
Lease, Cost	Components of lease expense: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Operating leases PPA capacity payments $ 60 $ 63 Other operating leases (a) 12 13 Total operating lease expense (b) $ 72 $ 76 Finance leases Amortization of ROU assets $ 1 $ 1 Interest expense on lease liability 4 4 Total finance lease expense $ 5 $ 5 (a) Includes short-term lease expense of $2 million and $1 million for 2023 and 2022, respectively.

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 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 $ (54) $ (39) $ (93) $ (75) $ (48) $ (123) Other comprehensive (loss) gain before reclassifications (5) — (5) 5 — 5 Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 1 — 1 Amortization of net actuarial loss (b) — — — — 1 1 Net current period other comprehensive (loss) income (4) — (4) 6 1 7 Accumulated other comprehensive loss at March 31 $ (58) $ (39) $ (97) $ (69) $ (47) $ (116) (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	Xcel Energy’s segment information: Three Months Ended March 31 (Millions of Dollars) 2023 2022 Regulated Electric Total revenues $ 2,763 $ 2,633 Net income 296 278 Regulated Natural Gas Operating revenues $ 1,288 $ 1,090 Intersegment revenue 1 — Total revenues $ 1,289 $ 1,090 Net income 159 130 All Other Total revenues $ 29 $ 28 Net loss (37) (28) Consolidated Total Total revenues $ 4,081 $ 3,751 Reconciling eliminations (1) — Total operating revenues $ 4,080 $ 3,751 Net income 418 380

Selected Balance Sheet Data Sel

Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accounts receivable	$ 1,426	$ 1,495
Less allowance for bad debts	(126)	(122)
Accounts receivable, net	$ 1,300	$ 1,373

Selected Balance Sheet Data S_2

Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Public Utilities, Inventory [Line Items]
Total inventories	$ 580	$ 803
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventories	340	330
Fuel
Public Utilities, Inventory [Line Items]
Inventories	169	201
Natural gas
Public Utilities, Inventory [Line Items]
Inventories	$ 71	$ 272

Selected Balance Sheet Data, Pr

Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 66,244	$ 65,464
Less accumulated depreciation and amortization		(17,694)	(17,502)
Property, plant and equipment, net		48,896	48,253
Electric plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		50,227	49,639
Natural gas plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		8,612	8,514
Common and other property
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		3,001	2,970
Plant to be retired
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	[1]	2,180	2,217
Construction work in progress
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		2,224	2,124
Nuclear fuel
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		3,266	3,183
Less accumulated depreciation and amortization		$ (2,920)	$ (2,892)
[1]Amounts include Sherco Units 1, 2 and 3 and A.S. King for NSP-Minnesota; Comanche Units 2 and 3, Craig Units 1 and 2, Hayden Units 1 and 2 and coal generation assets at Pawnee pending facility gas conversion for PSCo; and Tolk and coal generation assets at Harrington pending facility gas conversion for SPS. Amounts are presented net of accumulated depreciation.

Short-Term Debt (Details)

Short-Term Debt (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	$ 1,079	$ 813
Commercial Paper
Short-term Debt [Line Items]
Borrowing limit	3,550	3,550
Amount outstanding at period end	1,079	813
Average amount outstanding	928	552
Maximum amount outstanding	$ 1,241	$ 1,357
Weighted average interest rate, computed on a daily basis	4.85%	1.47%
Weighted average interest rate at period end	5.23%	4.66%

Letters of Credit (Details)

Letters of Credit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Amount outstanding at period end	$ 1,079	$ 813
Letter of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 43	$ 43

Borrowings and Other Financin_3

Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Credit Facility	[1]	$ 3,550
Outstanding	[2]	1,122
Available		2,428
Direct advances on the credit facility outstanding		0	$ 0
PSCo
Line of Credit Facility [Line Items]
Credit Facility	[1]	700
Outstanding	[2]	385
Available		315
NSP-Minnesota
Line of Credit Facility [Line Items]
Credit Facility	[1]	700
Outstanding	[2]	135
Available		565
SPS
Line of Credit Facility [Line Items]
Credit Facility	[1]	500
Outstanding	[2]	80
Available		420
NSP-Wisconsin
Line of Credit Facility [Line Items]
Credit Facility	[1]	150
Outstanding	[2]	12
Available		138
Xcel Energy Inc.
Line of Credit Facility [Line Items]
Credit Facility	[1]	1,500
Outstanding	[2]	510
Available		$ 990
[1]Expires in September 2027.[2]Includes outstanding commercial paper and letters of credit.

Borrowings and Other Financin_4

Borrowings and Other Financing Instruments Term Loan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Short-term Debt [Line Items]
Amount outstanding at period end	$ 1,079		$ 813
Proceeds from issuance of common stock	6	$ 1
Letter of Credit
Short-term Debt [Line Items]
Amount outstanding at period end	$ 43		$ 43

Borrowings and Other Financin_5

Borrowings and Other Financing Instruments 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	$ 1,079	$ 813
Letter of Credit
Short-term Debt [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 43	$ 43
Bilateral Credit Agreement [Member] | NSP-Minnesota | Letter of Credit
Short-term Debt [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 53
Credit Facility	$ 75

Borrowings and Other Financin_6

Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - PSCo - Bonds [Member] $ in Millions	Mar. 31, 2023 USD ($)
Series Due April 1, 2052
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 125
Debt Instrument, Interest Rate, Stated Percentage	5.30%
Series Due April 1, 2053
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 850
Debt Instrument, Interest Rate, Stated Percentage	5.25%

Borrowings and Other Financin_7

Borrowings and Other Financing Instruments Forward Equity Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Forward Contract Indexed to Issuer's Equity [Line Items]
Proceeds from issuance of common stock	$ 6	$ 1
Issuances of common stock	18	12
Dividend Reinvestment Program
Forward Contract Indexed to Issuer's Equity [Line Items]
Proceeds from issuance of common stock	$ 15	$ 10

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 3,501	$ 3,128
Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	224	259
Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	163	152
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57	68
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,945	3,607
Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	135	144
Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,677	1,489
C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,787	1,593
Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	37	46
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	4,080	3,751
Regulated Electric | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,263	2,084
Regulated Electric | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	224	259
Regulated Electric | Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	163	152
Regulated Electric | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	23
Regulated Electric | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,659	2,518
Regulated Electric | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	104	115
Regulated Electric | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	875	817
Regulated Electric | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,352	1,235
Regulated Electric | Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	36	32
Regulated Electric | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	2,763	2,633
Regulated Natural Gas | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,212	1,019
Regulated Natural Gas | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Regulated Natural Gas | Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Regulated Natural Gas | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	48	45
Regulated Natural Gas | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,260	1,064
Regulated Natural Gas | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	28	26
Regulated Natural Gas | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	789	663
Regulated Natural Gas | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	423	356
Regulated Natural Gas | Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Regulated Natural Gas | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	1,288	1,090
All Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	26	25
All Other | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
All Other | Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
All Other | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
All Other | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	26	25
All Other | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	3	3
All Other | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	13	9
All Other | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12	2
All Other | Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	14
All Other | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	$ 29	$ 28

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)		4.80%	4.90%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	[1]	(33.10%)	(34.40%)
Plant regulatory differences (b)	[2]	(5.50%)	(4.80%)
Effective Income Tax Rate Reconciliation, Net Operating Loss Carryback, Percent		(1.60%)	(1.50%)
Other (net)		(0.10%)	(0.40%)
Effective income tax rate		(14.50%)	(15.20%)
[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.

Common Stock Equivalents (Detai

Common Stock Equivalents (Details) - shares shares in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic		551,000	545,000
Diluted (in shares)	[1]	551,000	545,000
Dilutive Effect of Contingently Issuable Shares		200	200
[1]Diluted common shares outstanding included common stock equivalents of 0.2 million for the three months ended March 31, 2023 and 2022, respectively.

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
Nuclear decommissinoning fund [Abstract]
Equity investments in unconsolidated subsidiaries		$ 228		$ 219
Miscellaneous investments				133
Debt Securities, Available-for-sale, Unrealized Gain		1,000
Debt Securities, Available-for-sale, Unrealized Loss		61		90
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one 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
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Unrealized Gain		1,000
Debt Securities, Available-for-sale, Unrealized Loss		61		90
Interest Rate Swap
Nuclear decommissinoning fund [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		2
Fair Value Measured on a Recurring Basis | Cost
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		2,045	[1]	1,976	[2]
Fair Value Measured on a Recurring Basis | Cost | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		44	[1]	29	[2]
Fair Value Measured on a Recurring Basis | Cost | Commingled funds
Nuclear decommissinoning fund [Abstract]
Commingled funds	[2]			803
Investments, Fair Value Disclosure	[1]	743
Fair Value Measured on a Recurring Basis | Cost | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		751	[1]	738	[2]
Fair Value Measured on a Recurring Basis | Cost | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		507	[1]	406	[2]
Fair Value Measured on a Recurring Basis | Fair Value
Nuclear decommissinoning fund [Abstract]
Alternative investment		1,076	[1]	1,178	[2]
Decommissioning Fund Investments		3,008	[1]	2,882	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		44	[1]	29	[2]
Alternative investment		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds
Nuclear decommissinoning fund [Abstract]
Commingled funds				1,178
Alternative investment		1,076	[1]	1,178	[2]
Investments, Fair Value Disclosure		1,076
Fair Value Measured on a Recurring Basis | Fair Value | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		714	[1]	675	[2]
Alternative investment		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		1,174	[1]	1,000	[2]
Alternative investment		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		1,216	[1]	1,028	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		44	[1]	29	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds
Nuclear decommissinoning fund [Abstract]
Commingled funds	[2]			0
Investments, Fair Value Disclosure	[1]	0
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		1,172	[1]	999	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		709	[1]	670	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Commingled funds
Nuclear decommissinoning fund [Abstract]
Commingled funds	[2]			0
Investments, Fair Value Disclosure	[1]	0
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		707	[1]	669	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		2	[1]	1	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		7	[1]	6	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		0	[1]	0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Commingled funds
Nuclear decommissinoning fund [Abstract]
Commingled funds	[2]			0
Investments, Fair Value Disclosure	[1]	0
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		7	[1]	6	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3 | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		$ 0	[1]	$ 0	[2]
[1]Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $228 million of equity method investments and $137 million of rabbi trust assets and other miscellaneous investments.[2]Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $219 million of equity investments in unconsolidated subsidiaries and $133 million of rabbi trust assets and other miscellaneous investments.

Rabbi Trust (Details)

Rabbi Trust (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Rabbi Trust [Member] | Fair Value, Measured on a Recurring Basis | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi Trusts Assets at Fair Value	$ 82	$ 80

Interest Rate Derivatives (Deta

Interest Rate Derivatives (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Other Current Assets
Derivative [Line Items]
Derivative Asset, Net		$ 97	$ 279
Other Current Assets | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		218	520
Netting	[1]	124	244
Derivative Asset, Net		94	276
Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		11	32
Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		152	278
Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		55	210
Other Noncurrent Assets
Derivative [Line Items]
Derivative Asset, Net		97	93
Other Noncurrent Assets | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		164	179
Netting	[1]	69	89
Derivative Asset, Net		95	90
Other Noncurrent Assets | Level 1 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		24	34
Other Noncurrent Assets | Level 2 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		62	71
Other Noncurrent Assets | Level 3 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		78	74
Commodity Trading | Other Current Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		184	324
Netting	[1]	124	242
Derivative Asset, Net		60	82
Commodity Trading | Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		11	32
Commodity Trading | Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		152	259
Commodity Trading | Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		21	33
Commodity Trading | Other Noncurrent Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		164	179
Netting	[1]	69	89
Derivative Asset, Net		95	90
Commodity Trading | Other Noncurrent Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		24	34
Commodity Trading | Other Noncurrent Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		62	71
Commodity Trading | Other Noncurrent Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		78	74
Electric Commodity | Other Current Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		34	177
Netting	[1]	0	2
Derivative Asset, Net		34	175
Electric Commodity | Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	0
Electric Commodity | Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	0
Electric Commodity | Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		34	$ 177
Interest Rate Swap
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		2
Derivative Liability, Notional Amount		495
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		$ 2
[1]Xcel Energy 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, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $29 million and $53 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.

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 MMBTU MWh
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		$ (89)	$ 5
Electric Commodity [Member]
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]
Derivative, Nonmonetary Notional Amount | MWh	[1],[2]	41		61
Cash Flow Hedges
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]
Derivative Instruments in Hedges, at Fair Value, Net		$ 0
Natural Gas Commodity
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]
Derivative, Nonmonetary Notional Amount | MMBTU	[1],[2]	117		131
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 regulatory (assets) and liabilities		$ 3	$ 4
[1]Not reflective of net positions in the underlying commodities.[2]Notional amounts for options included on a gross basis but weighted for the probability of exercise.

Consideration of Credit Risk an

Consideration of Credit Risk and Concentrations (Details) $ in Millions		3 Months Ended
		Mar. 31, 2023 USD ($) Counterparty	Mar. 31, 2022 USD ($)
Other Derivative Instruments
Impact of Derivative Activity [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		(89)	5
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0	0
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		91	(10)
Pre-tax gains (losses) recognized during the period in income		(20)	(15)
Other Derivative Instruments | Electric Commodity
Impact of Derivative Activity [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		(92)	1
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0	0
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)	[1]	82	(13)
Pre-tax gains (losses) recognized during the period in income		0	0
Other Derivative Instruments | Natural Gas Commodity
Impact of Derivative Activity [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		3	4
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0	0
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)	[2]	9	3
Pre-tax gains (losses) recognized during the period in income	[2]	(19)	(17)
Other Derivative Instruments | Commodity Trading
Impact of Derivative Activity [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		0	0
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		0	0
Pre-tax gains (losses) recognized during the period in income	[3]	(1)	2
Designated as Hedging Instrument | Cash Flow Hedges
Impact of Derivative Activity [Abstract]
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss		(7)	6
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities		0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		1	2
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		0	0
Pre-tax gains (losses) recognized during the period in income		0	0
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate
Impact of Derivative Activity [Abstract]
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss		(7)	6
Pre-tax fair value gains (losses) recognized during the period in regulatory (assets) and liabilities		0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	[4]	1	2
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		0	0
Pre-tax gains (losses) recognized during the period in income		$ 0	$ 0
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		6
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		4
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 60
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		32%
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		$ 54
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		28%
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		3
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 77
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		40%
[1]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.[2]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. (e) Relates primarily to option premium amortization.

Credit Related Contingent Featu

Credit Related Contingent Features (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Derivative, Gross Liability Position, Aggregate Fair Value	$ 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

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]
Return Cash Collateral		$ 0		$ 0
Reclaim Cash Collateral		29		53
Commodity Trading
Changes in Level 3 Commodity Derivatives [Roll Forward]
Balance at beginning of period		235	$ 19
Purchases		6	5
Settlements		(29)	(50)
Gains (losses) recognized in earnings		(13)	42
Net gains recognized as regulatory assets and liabilities (a)		(121)	24
Balance at end of period		78	$ 40
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Net		97		279
Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Net		97		93
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Net		62		76
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Net		116		113
Fair Value Measured on a Recurring Basis
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		200		348
Netting	[1]	(154)		(289)
Derivative Liability, Net		46		59
Fair Value Measured on a Recurring Basis | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		9		29
Fair Value Measured on a Recurring Basis | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		186		311
Fair Value Measured on a Recurring Basis | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		5		8
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		193		332
Netting	[1]	(153)		(287)
Derivative Liability, Net		40		45
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		1		2
Netting	[1]	(1)		(2)
Derivative Liability, Net		0		0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		0		13
Netting	[1]	0		0
Derivative Liability, Net		0		13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		9		29
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Electric Commodity
Derivatives, Fair Value [Line Items]
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 Liability, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		180		297
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 2 | Electric Commodity
Derivatives, Fair Value [Line Items]
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 Liability, Gross		0		13
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
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 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 Liability, Gross		0		0
Fair Value Measured on a Recurring Basis | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges
Changes in Level 3 Commodity Derivatives [Roll Forward]
Derivative Liability, Current		6		1
Fair Value Measured on a Recurring Basis | Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		218		520
Netting	[1]	(124)		(244)
Derivative Asset, Net		94		276
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		11		32
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		152		278
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		55		210
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		184		324
Netting	[1]	(124)		(242)
Derivative Asset, Net		60		82
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		34		177
Netting	[1]	0		(2)
Derivative Asset, Net		34		175
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		19
Netting	[1]	0		0
Derivative Asset, Net		0		19
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		11		32
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 1 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		152		259
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 2 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		19
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		21		33
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		34		177
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Level 3 | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		0		0
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		164		179
Netting	[1]	(69)		(89)
Derivative Asset, Net		95		90
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		24		34
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		62		71
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		78		74
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		164		179
Netting	[1]	(69)		(89)
Derivative Asset, Net		95		90
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		24		34
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		62		71
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		78		74
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Netting	[1]	0		0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		6		1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 1 | Interest Rate Swap | 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 | Level 2 | Interest Rate Swap | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		6		1
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Level 3 | Interest Rate Swap | 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		157		181
Netting	[1]	(69)		(98)
Derivative Liability, Net		88		83
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		30		43
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		77		97
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		50		41
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		157		181
Netting	[1]	(69)		(98)
Derivative Liability, Net		88		83
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		30		43
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		77		97
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		41
Fair Value, Measurements, Nonrecurring | Other Current Assets | PPAs
Derivatives, Fair Value [Line Items]
Derivative Asset, Net	[2]	3		3
Fair Value, Measurements, Nonrecurring | Other Noncurrent Assets | PPAs
Derivatives, Fair Value [Line Items]
Derivative Asset, Net	[2]	2		3
Fair Value, Measurements, Nonrecurring | Other Current Liabilities | PPAs
Derivatives, Fair Value [Line Items]
Derivative Liability, Net	[2]	16		17
Fair Value, Measurements, Nonrecurring | Other Noncurrent Liabilities | PPAs
Derivatives, Fair Value [Line Items]
Derivative Liability, Net	[2]	$ 28		$ 30
[1]Xcel Energy 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, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2023 and Dec. 31, 2022, derivative assets and liabilities include rights to reclaim cash collateral of $29 million and $53 million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.[2]Xcel Energy 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	$ 23,719	$ 23,964
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 21,167	$ 20,897

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
Components of Net Periodic Benefit Cost [Abstract]
Operating and maintenance expenses			$ 650	$ 602
Pension Plan [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost			18	24
Interest Cost	[1]		40	27
Expected Return on Plan Assets	[1]		(52)	(52)
Amortization of Prior Service Credit	[1]		0	0
Amortization of Net Loss	[1]		5	19
Net periodic benefit cost (credit)			11	17
Effects of regulation			5	5
Net benefit cost (credit) recognized for financial reporting			16	22
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	[2]		0	(1)
Operating and maintenance expenses			1
Pension Plan [Member] | Parent Company
Components of Net Periodic Benefit Cost [Abstract]
Contributions to Xcel Energy's pension plans		$ 50
Other Postretirement Benefits Plan [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost			0	0
Interest Cost	[1]		5	4
Expected Return on Plan Assets	[1]		(4)	(4)
Amortization of Prior Service Credit	[1]		0	(2)
Amortization of Net Loss	[1]		1	1
Net periodic benefit cost (credit)			2	(1)
Effects of regulation			0	1
Net benefit cost (credit) recognized for financial reporting			2	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	[2]		$ 0	$ 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

Gas Trading Litigation (Details

Gas Trading Litigation (Details)	Mar. 31, 2023
Gas Trading Litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	1

Commitments and Contingencies N

Commitments and Contingencies NSP-Minnesota-Sherco (Details) $ in Millions	1 Months Ended
	Jan. 31, 2021 USD ($)
Rate Matters [Abstract]
Sherco Dissallowance	$ 22
NSP-Minnesota
Rate Matters [Abstract]
Customer refund of previously recovered purchased power costs	$ 17

Commitments and Contingencies M

Commitments and Contingencies MISO ROE Complaints (Details) - NSP Minnesota and NSP Wisconsin - FERC Proceeding, MISO ROE Complaint [Member] - Federal Energy Regulatory Commission (FERC) [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%

SPP OATT Upgrade Costs (Details

SPP OATT Upgrade Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
SPS | Southwest Power Pool (SPP) | SPP Open Access Transmission Tariff Upgrade Costs
Public Utilities, General Disclosures [Line Items]
Public Utilities, Billed Charges For Transmission Service Upgrades	$ 13

MGP, Landfill and Disposal Site

MGP, Landfill and Disposal Sites (Details)	Mar. 31, 2023
Other MGP, Landfill, or Disposal Sites [Domain]
Manufactured Gas Plant (MGP) Site [Abstract]
Number of identified MGP, landfill, or disposal sites under current investigation and/or remediation	9

Commitments and Contingencies E

Commitments and Contingencies Environmental Requirements - Water and Waste (Details) $ in Millions	Mar. 31, 2023 USD ($) Period
Federal Coal Ash Regulation
Site Contingency [Line Items]
Number of sites where regulated ash units will still be in operation at a specified date | Period	8
Federal Coal Ash Regulation | PSCo
Site Contingency [Line Items]
Estimated cost to remediate groundwater sampling results	$ 30
Federal Coal Ash Regulation | PSCo | Maximum [Member]
Site Contingency [Line Items]
Cost of Beneficial Use Coal Ash Project	45
Federal Clean Water Act Section 316 (b) | Capital Addition Purchase Commitments
Site Contingency [Line Items]
Liability for estimated cost to comply with regulation	$ 45

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Amortization		$ 1	$ 1
Finance Lease, Interest Expense		4	4
Finance Lease, Cost		5	5
Operating Lease, Cost	[1]	72	76
Lessee, Operating Lease, Liability, to be Paid		1,480
Finance Lease, Liability, Payment, Due	[2]	225
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(236)
Finance Lease, Liability, Undiscounted Excess Amount	[2]	(160)
Operating Lease, Liability		1,244
Finance Lease, Liability	[2]	65
Operating Lease, Liability, Current		(224)		$ (217)
Finance Lease, Liability, Current	[2]	(2)
Operating lease liabilities		1,020		$ 1,038
Finance Lease, Liability, Noncurrent	[2]	63
Short-term Lease, Cost		$ 2	1
WYCO, Inc.
Lessee, Lease, Description [Line Items]
Equity Method Investment, Ownership Percentage		50%
PPAs
Lessee, Lease, Description [Line Items]
Operating Lease, Cost		$ 60	63
Lessee, Operating Lease, Liability, to be Paid		1,223
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(160)
Operating Lease, Liability		1,063
Property, Plant and Equipment, Other Types
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	[3]	12	$ 13
Lessee, Operating Lease, Liability, to be Paid		257
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(76)
Operating Lease, Liability		$ 181
[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]Excludes certain amounts related to Xcel Energy’s 50% ownership interest in WYCO.[3]Includes short-term lease expense of $2 million and $1 million for 2023 and 2022, respectively.

Variable Interest Entities (Det

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 (in MW)	4,053	3,961

Commitments and Contingencies G

Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies, Guarantees and Indemnifications [Abstract]
Assets Held As Collateral For Guarantor Obligations	$ 0	$ 0
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 62,000,000	$ 62,000,000

Commitments and Contingencies -

Commitments and Contingencies - Comanche Unit 3 (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Comanche Unit 3 Litigation	$ 270

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		$ 16,818		$ 16,675
Interest Rate Derivatives, Tax		(53)	$ (50)
Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(58)	(69)	(54)	$ (75)
Losses reclassified from net accumulated other comprehensive loss	[1]	0	0
Net current period other comprehensive income (loss)		(4)	6
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(5)	5
Gains and Losses on Cash Flow Hedges | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[2]	1	1
Defined Benefit Pension and Postretirement Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(39)	(47)	(39)	(48)
Losses reclassified from net accumulated other comprehensive loss	[1]	0	1
Net current period other comprehensive income (loss)		0	1
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0
Defined Benefit Pension and Postretirement Items | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[2]	0	0
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(97)	(116)	$ (93)	$ (123)
Losses reclassified from net accumulated other comprehensive loss	[1]	0	1
Net current period other comprehensive income (loss)		(4)	7
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(5)	5
Total | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[2]	$ 1	$ 1
[1]Included in the computation of net periodic pension and postretirement benefit costs.[2]Included in interest charges.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting [Abstract]
Equity Method Investments	$ 228		$ 219
Segment Reporting Information [Line Items]
Electric	2,763	$ 2,633
Net income	418	380
Natural gas	1,288	1,090
Other	29	28
Regulated and Unregulated Operating Revenue	4,080	3,751
Equity Method Investments	228		219
Operating Segments
Segment Reporting Information [Line Items]
Regulated and Unregulated Operating Revenue	4,081	3,751
Intersegment Eliminations
Segment Reporting Information [Line Items]
Regulated and Unregulated Operating Revenue	(1)	0
Regulated Electric
Segment Reporting Information [Line Items]
Net income	296	278
Revenues Including Intersegment Revenues	2,763	2,633
Regulated Natural Gas
Segment Reporting [Abstract]
Equity Method Investments	228		219
Segment Reporting Information [Line Items]
Net income	159	130
Revenues Including Intersegment Revenues	1,289	1,090
Equity Method Investments	228		$ 219
Regulated Natural Gas | Operating Segments
Segment Reporting Information [Line Items]
Natural gas	1,288	1,090
Regulated Natural Gas | Intersegment Eliminations
Segment Reporting Information [Line Items]
Natural gas	1	0
All Other
Segment Reporting Information [Line Items]
Net income	(37)	(28)
All Other | Operating Segments
Segment Reporting Information [Line Items]
Other	$ 29	$ 28