Xcel Energy (XEL) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Cover [Abstract]
Entity Registrant Name	Xcel Energy Inc.
Entity Central Index Key	0000072903
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		555,639,439

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating revenues
Electric		$ 2,685	$ 2,763
Natural gas		941	1,288
Other		23	29
Total operating revenues		3,649	4,080
Operating expenses
Electric fuel and purchased power		948	1,117
Cost of natural gas sold and transported		483	844
Cost of sales — other		8	12
Operating and maintenance expenses		605	650
Conservation and demand side management expenses		97	76
Depreciation and amortization		658	624
Taxes, Other		171	184
Total operating expenses		2,970	3,507
Operating income		679	573
Other income, net		14	5
Earnings from equity method investments		8	11
Allowance for funds used during construction — equity		37	19
Interest charges and financing costs
Interest charges — includes other financing costs		291	253
Allowance for funds used during construction — debt		(14)	(10)
Total interest charges and financing costs		277	243
Income before income taxes		461	365
Income tax benefit		(27)	(53)
Net income		$ 488	$ 418
Weighted average common shares outstanding:
Basic (in shares)		556	551
Diluted (in shares)	[1]	556	551
Earnings per average common share:
Basic (in dollars per share)		$ 0.88	$ 0.76
Diluted (in dollars per share)		$ 0.88	$ 0.76
[1] Diluted common shares outstanding included common stock equivalents of 0.2 million for the three months ended March 31, 2024 and 2023.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive income:
Net income	$ 488	$ 418
Derivative instruments:
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	22	(5)
Reclassification of losses to net income, net of tax	1	1
Total other comprehensive income (loss)	23	(4)
Total comprehensive income	$ 511	$ 414

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 488	$ 418
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	664	631
Nuclear fuel amortization	20	29
Deferred income taxes	154	(73)
Allowance for equity funds used during construction	(37)	(19)
Earnings from equity method investments	(8)	(11)
Dividends from equity method investments	9	9
Provision for bad debts	17	23
Share-based compensation expense	6	9
Changes in operating assets and liabilities:
Accounts receivable	78	50
Accrued unbilled revenues	73	329
Inventories	50	189
Other current assets	(65)	8
Accounts payable	(114)	(359)
Net regulatory assets and liabilities	81	345
Other current liabilities	(180)	63
Pension and other employee benefit obligations	(103)	(45)
Other, net	(83)	(59)
Net cash provided by operating activities	1,050	1,537
Investing activities
Capital/construction expenditures	(1,537)	(1,265)
Purchase of investment securities	(189)	(236)
Proceeds from the sale of investment securities	179	228
Other, net	(9)	(11)
Net cash used in investing activities	(1,556)	(1,284)
Financing activities
Repayments of short-term borrowings, net	(322)	266
Proceeds from issuances of long-term debt	1,478	0
Repayments of long-term debt, including reacquisition premiums	0	(250)
Proceeds from issuance of common stock	8	6
Dividends paid	(280)	(259)
Other, net	(6)	(13)
Net cash provided by (used in) financing activities	878	(250)
Net change in cash, cash equivalents and restricted cash	372	3
Cash, cash equivalents and restricted cash at beginning of period	129	111
Cash, cash equivalents and restricted cash at end of period	501	114
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized)	(230)	(209)
Cash received (paid) for income taxes, net; includes proceeds from tax credit transfers	131	(1)
Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions	452	449
Inventory transfers to property, plant and equipment	99	34
Operating lease right-of-use assets	0	47
Allowance for equity funds used during construction	37	19
Issuance of common stock for reinvested dividends and/or equity awards	$ 15	$ 21

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 501	$ 129
Accounts receivable, net	1,220	1,315
Accrued unbilled revenues	779	853
Inventories	623	711
Regulatory assets	647	611
Derivative instruments	86	104
Prepaid taxes	85	52
Prepayments and other	548	294
Total current assets	4,489	4,069
Property, plant and equipment, net	52,765	51,642
Other assets
Nuclear decommissioning fund and other investments	3,746	3,599
Regulatory assets	2,769	2,798
Derivative instruments	90	76
Operating lease right-of-use assets	1,164	1,217
Other	562	678
Total other assets	8,331	8,368
Total assets	65,585	64,079
Current liabilities
Current portion of long-term debt	552	552
Short-term debt	463	785
Accounts payable	1,461	1,668
Regulatory liabilities	557	528
Taxes accrued	638	557
Accrued interest	291	251
Dividends payable	304	289
Derivative instruments	45	74
Operating lease liabilities	228	226
Other	671	722
Total current liabilities	5,210	5,652
Deferred credits and other liabilities
Deferred income taxes	5,108	4,885
Deferred investment tax credits	58	60
Regulatory liabilities	5,990	5,827
Asset retirement obligations	3,255	3,218
Derivative instruments	90	86
Customer advances	159	167
Pension and employee benefit obligations	364	469
Operating lease liabilities	980	1,038
Other	134	148
Total deferred credits and other liabilities	16,138	15,898
Commitments and contingencies
Capitalization
Long-term debt	26,396	24,913
Common stock — 1,000,000,000 shares authorized of $2.50 par value; 555,470,302 and 554,941,703 shares outstanding at March 31, 2024 and December 31, 2023, respectively	$ 1,389	$ 1,387
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	555,470,302	554,941,703
Additional paid in capital	$ 8,481	$ 8,465
Retained earnings	8,042	7,858
Accumulated other comprehensive loss	(71)	(94)
Total common stockholders’ equity	17,841	17,616
Total liabilities and equity	$ 65,585	$ 64,079

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, 2022		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
Ending balance at Mar. 31, 2023	$ 16,818	$ 1,376	8,169	7,370	(97)
Balance (in shares) at Dec. 31, 2023	554,941,703	554,941,703
Beginning balance at Dec. 31, 2023	$ 17,616	$ 1,387	8,465	7,858	(94)
Increase (Decrease) in Stockholders' Equity
Net income	488			488
Other comprehensive income	23				23
Dividends declared on common stock (USD per share)		$ 0.5475
Dividends declared on common stock	(304)			(304)
Issuances of common stock (in shares)		528,599
Issuances of common stock	12	$ 2	10
Share-based compensation	$ 6		6
Balance (in shares) at Mar. 31, 2024	555,470,302	555,470,302
Ending balance at Mar. 31, 2024	$ 17,841	$ 1,389	$ 8,481	$ 8,042	$ (71)

Management's Opinion

Management's Opinion	3 Months Ended
	Mar. 31, 2024
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, 2024 and Dec. 31, 2023; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, cash flows and changes in stockholders’ equity for the three months ended March 31, 2024 and 2023. All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after March 31, 2024, 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, 2023 balance sheet information has been derived from the audited 2023 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2023. 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, 2023, filed with the SEC on Feb. 21, 2024. 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, 2024
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, 2023 appropriately represent, in all material respects, the current status of accounting policies and are incorpora ted herein by reference.

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle [Text Block]	Recently Issued Segment Reporting — In November 2023, the FASB issued ASU 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures , which extends the existing requirements for annual disclosures to quarterly periods, and requires that both annual and quarterly disclosures present segment expenses using line items consistent with information regularly provided to the chief operating decision maker. The ASU is effective for annual periods beginning after Dec. 15, 2023 and quarterly periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. Income Taxes — In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , with new disclosure requirements including presentation of prescribed line items in the effective tax rate reconciliation and disclosures regarding state and local tax payments. The ASU is effective for annual periods beginning after Dec. 15, 2024, and Xcel Energy does not expect implementation of the new disclosure guidance to have a material impact to its consolidated financial statements. Climate-Related Disclosures — In March 2024, the SEC issued Final Rule 33-11275 – The Enhancement and Standardization of Climate-Related Disclosures for Investors. This rule requires registrants to provide standardized disclosures in Form 10-K related to climate-related risks, Scope 1 and 2 greenhouse gas emissions, as well as to include in a footnote to the consolidated financial statements the financial impact of severe weather events and other natural conditions. The rule requires implementation in phases between 2025 and 2033. In April 2024, the SEC announced that it would voluntarily stay its final climate disclosure rules pending judicial review. Xcel Energy does not expect implementation of the new guidance to have a material impact on the consolidated financial statements.

Selected Balance Sheet Data

Selected Balance Sheet Data	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Selected Balance Sheet Data	(Millions of Dollars) March 31, 2024 Dec. 31, 2023 Accounts receivable, net Accounts receivable $ 1,339 $ 1,443 Less allowance for bad debts (119) (128) Accounts receivable, net $ 1,220 $ 1,315 (Millions of Dollars) March 31, 2024 Dec. 31, 2023 Inventories Materials and supplies $ 384 $ 377 Fuel 192 211 Natural gas 47 123 Total inventories $ 623 $ 711 (Millions of Dollars) March 31, 2024 Dec. 31, 2023 Property, plant and equipment, net Electric plant $ 52,982 $ 52,494 Natural gas plant 9,198 9,080 Common and other property 3,216 3,190 Plant to be retired (a) 1,996 2,055 Construction work in progress 3,773 2,873 Total property, plant and equipment 71,165 69,692 Less accumulated depreciation (18,771) (18,399) Nuclear fuel 3,379 3,337 Less accumulated amortization (3,008) (2,988) Property, plant and equipment, net $ 52,765 $ 51,642 (a)

Borrowings and Other Financing

Borrowings and Other Financing Instruments	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings and Other Financing Instruments	4. 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, 2024 Year Ended Dec. 31, 2023 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 463 785 Average amount outstanding 807 491 Maximum amount outstanding 1,314 1,241 Weighted average interest rate, computed on a daily basis 5.53 % 5.12 % Weighted average interest rate at period end 5.49 5.52 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 was $44 million of letters of credit outstanding under the credit facilities at both March 31, 2024 and Dec. 31, 2023. 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 to 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, 2024, 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 $ 50 $ 1,450 PSCo 700 298 402 NSP-Minnesota 700 15 685 SPS 500 145 355 NSP-Wisconsin 150 — 150 Total $ 3,550 $ 508 $ 3,042 (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, 2024 and Dec. 31, 2023. Bilateral Credit Agreement In April 2024, 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, 2024, NSP-Minnesota had $65 million of outstanding letters of credit under the $75 million bilateral credit agreement. Long-Term Borrowings and Other Financing Instruments During the three months ended March 31, 2024, Xcel Energy Inc. and its utility subsidiaries issued the following: • Xcel Energy Inc. issued $800 million of 5.50% Senior Unsecured Notes due March 15, 2034. • NSP-Minnesota issued $700 million of 5.40% First Mortgage Bonds due March 15, 2054. On April 4, 2024, PSCo issued $450 million of 5.35% First Mortgage Bonds due May 15, 2034 and $750 million of 5.75% First Mortgage Bonds due May 15, 2054. ATM Equity Offering — In October 2023, Xcel Energy Inc. filed a prospectus supplement under which it may sell up to $2.5 billion of its common stock through an ATM program. In 2023, Xcel Energy Inc. issued 3.12 million shares of common stock ($188 million in net proceeds and $2 million in transaction fees paid). In the three months ended March 31, 2024, no shares were issued under the ATM program. As of March 31, 2024, approximately $2.3 billion remained available for sale under the ATM program. Equity through DRIP and Benefits Program — Xcel Energy issued $17 million and $15 million of equity through the DRIP and benefits programs during the three months ended March 31, 2024 and 2023, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
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, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 859 $ 568 $ 10 $ 1,437 C&I 1,276 274 9 1,559 Other 34 — 2 36 Total retail 2,169 842 21 3,032 Wholesale 173 — — 173 Transmission 158 — — 158 Other 19 59 — 78 Total revenue from contracts with customers 2,519 901 21 3,441 Alternative revenue and other 166 40 2 208 Total revenues $ 2,685 $ 941 $ 23 $ 3,649 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

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Reconciliation between the statutory rate and ETR: Three Months Ended March 31 2024 2023 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 4.8 4.8 (Decreases) increases: Wind PTCs (a) (25.9) (33.1) Plant regulatory differences (b) (5.6) (5.5) Other tax credits, net operating loss & tax credit allowances (0.6) (1.6) Other (net) 0.4 (0.1) Effective income tax rate (5.9) % (14.5) % (a) Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income. (b) Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Basic 556 551 Diluted (a) 556 551 (a)

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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. FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification. Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability. Non-Derivative Fair Value Measurements Nuclear Decommissioning Fund The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust. NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset. Unrealized gains for the nuclear decommissioning fund were $1.3 billion and $1.2 billion as of March 31, 2024 and Dec. 31, 2023, respectively, and unrealized losses were $34 million and $29 million as of March 31, 2024 and Dec. 31, 2023, respectively. Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund: March 31, 2024 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 57 $ 57 $ — $ — $ — $ 57 Commingled funds 718 — — — 1,042 1,042 Debt securities 804 — 781 9 — 790 Equity securities 511 1,457 2 — — 1,459 Total $ 2,090 $ 1,514 $ 783 $ 9 $ 1,042 $ 3,348 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $247 million of equity method investments and $151 million of rabbi trust assets and other miscellaneous investments. Dec. 31, 2023 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 41 $ 41 $ — $ — $ — $ 41 Commingled funds 721 — — — 1,049 1,049 Debt securities 784 — 771 9 — 780 Equity securities 508 1,339 2 — — 1,341 Total $ 2,054 $ 1,380 $ 773 $ 9 $ 1,049 $ 3,211 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments. For the three months ended March 31, 2024 and 2023, there were no Level 3 nuclear decommissioning fund investments or transfer of amounts between levels. Contractual maturity dates of debt securities in the nuclear decommissioning fund as of March 31, 2024: 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 $ 6 $ 276 $ 257 $ 251 $ 790 Rabbi Trusts Xcel Energy has established rabbi trusts to provide partial funding for future distributions of a deferred compensation plan. The fair value of assets held in the rabbi trusts were $92 million and $88 million at March 31, 2024 and Dec. 31, 2023, respectively, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet. Derivative Activities and Fair Value Measurements Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates, and utility commodity prices. Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income. As of March 31, 2024, accumulated other comprehensive loss related to interest rate derivatives included $1 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of March 31, 2024, Xcel Energy had no unsettled interest swaps outstanding. See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income. Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy. Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement. Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs. The most significant derivative positions outstanding at March 31, 2024 and Dec. 31, 2023 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion. When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms. As of March 31, 2024, Xcel Energy had no commodity contracts designated as cash flow hedges. Gross notional amounts of commodity forwards, options and FTRs: (Amounts in Millions) (a)(b) March 31, 2024 Dec. 31, 2023 Megawatt hours of electricity 35 48 Million British thermal units of natural gas 78 84 (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. Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets. Xcel Energy’s utility subsidiaries’ most significant concentrations of credit risk with particular entities or industries are contracts with counterparties to their wholesale, trading and non-trading commodity activities. As of March 31, 2024, four of Xcel Energy’s ten most significant counterparties for these activities, comprising $43 million, or 22%, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings. Five of the ten most significant counterparties, comprising $68 million, or 34%, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade. One of these significant counterparties, comprising $54 million, or 27%, of this credit exposure, had credit quality less than investment grade, based on internal analysis. Eight of these significant counterparties are municipal or cooperative electric entities, RTOs or other utilities. Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies. As of March 31, 2024 and Dec. 31, 2023, there were $14 million and $12 million, respectively, of derivative liabilities with such underlying contract provisions, respectively. Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants. As of March 31, 2024 and Dec. 31, 2023, there were approximately $86 million and $88 million of derivative liabilities with such underlying contract provisions, respectively. Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired. Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of March 31, 2024 and Dec. 31, 2023. Recurring Derivative Fair Value Measurements Impact of derivative activity: Pre-Tax Fair Value Gains (Losses) Recognized During the Period in: (Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities Three Months Ended March 31, 2024 Derivatives designated as cash flow hedges: Interest rate $ 29 $ — Total $ 29 $ — Other derivative instruments: Electric commodity $ — $ (1) Natural gas commodity — 4 Total $ — $ 3 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) 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, 2024 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (8) (b) Electric commodity — 12 (c) — Natural gas commodity — — (14) (d)(e) Total $ — $ 12 $ (22) 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) (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) Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (e) Relates primarily to option premium amortization. Xcel Energy had no derivative instruments designated as fair value hedges during the three months ended March 31, 2024 and 2023. Derivative assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 9 $ 45 $ 30 $ 84 $ (50) $ 34 $ 8 $ 51 $ 32 $ 91 $ (59) $ 32 Electric commodity — — 54 54 (4) 50 — — 62 62 (7) 55 Natural gas commodity — — — — — — — 14 — 14 — 14 Total current derivative assets $ 9 $ 45 $ 84 $ 138 $ (54) 84 $ 8 $ 65 $ 94 $ 167 $ (66) 101 PPAs (b) 2 3 Current derivative instruments $ 86 $ 104 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 12 $ 54 $ 51 $ 117 $ (34) $ 83 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 Electric commodity — — 7 7 — 7 — — — — — — Total noncurrent derivative assets $ 12 $ 54 $ 58 $ 124 $ (34) $ 90 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 March 31, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ — $ — $ — $ — $ — $ — $ 17 $ — $ 17 $ — $ 17 Other derivative instruments: Commodity trading $ 7 $ 79 $ 5 $ 91 $ (53) $ 38 $ 6 $ 86 $ 5 $ 97 $ (60) $ 37 Electric commodity — — 4 4 (4) — — — 7 7 (7) — Natural gas commodity — — — — — — — 12 — 12 — 12 Total current derivative liabilities $ 7 $ 79 $ 9 $ 95 $ (57) 38 $ 6 $ 115 $ 12 $ 133 $ (67) 66 PPAs (b) 7 8 Current derivative instruments $ 45 $ 74 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 14 $ 52 $ 42 $ 108 $ (38) $ 70 $ 16 $ 50 $ 37 $ 103 $ (39) $ 64 Total noncurrent derivative liabilities $ 14 $ 52 $ 42 $ 108 $ (38) 70 $ 16 $ 50 $ 37 $ 103 $ (39) 64 PPAs (b) 20 22 Noncurrent derivative instruments $ 90 $ 86 (a) 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, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $8 million and $7 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. (b) 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. Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2024 2023 Balance at Jan. 1 $ 90 $ 235 Purchases (a) 3 6 Settlements (a) (51) (29) Net transactions recorded during the period: Losses recognized in earnings (b) — (13) Net gains (losses) recognized as regulatory assets and liabilities (a) 49 (121) Balance at March 31 $ 91 $ 78 (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. Fair Value of Long-Term Debt As of March 31, 2024, other financial instruments for which the carrying amount did not equal fair value: March 31, 2024 Dec. 31, 2023 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 26,948 $ 23,580 $ 25,465 $ 22,927 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, 2024 and Dec. 31, 2023, 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, 2024
Retirement Benefits [Abstract]
Benefit Plans and Other Postretirement Benefits	Components of Net Periodic Benefit Cost (Credit) Three Months Ended March 31 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 19 $ 18 $ — $ — Interest cost (a) 38 40 5 5 Expected return on plan assets (a) (52) (52) (4) (4) Amortization of net loss (a) 7 5 1 1 Net periodic benefit cost 12 11 2 2 Effects of regulation 4 5 — — Net benefit cost recognized for financial reporting $ 16 $ 16 $ 2 $ 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 imminently. 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 April 2022, CORE filed a supplement to include damages related to a 2022 outage. Also in 2022, CORE sent notice of withdrawal from the ownership agreement based on the same alleged breaches. In October 2023, the jury ruled that CORE may not withdraw as a joint owner of the facility but awarded CORE lost power damages of $26 million. PSCo recognized $35 million of losses for the verdict in 2023, including estimated interest and other costs. In early 2024, PSCo and CORE each filed appeals of the trial court’s decision to the Colorado Court of Appeals. Marshall Wildfire Litigation — In December 2021, a wildfire ignited in Boulder County, Colorado (the “Marshall Fire”), which burned over 6,000 acres and destroyed or damaged over 1,000 structures. On June 8, 2023, the Boulder County Sheriff’s Office released its Marshall Fire Investigative Summary and Review and its supporting documents (the “Sheriff’s Report”). According to an October 2022 statement from the Colorado Insurance Commissioner, the Marshall Fire is estimated to have caused more than $2 billion in property losses. According to the Sheriff’s Report, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado, located in PSCo’s service territory, for reasons unrelated to PSCo’s power lines. According to the Sheriff’s Report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, also located in PSCo’s service territory. According to the Sheriff’s Report, the second ignition started approximately 80 to 110 feet away from PSCo’s power lines in the area. The Sheriff’s Report states that the most probable cause of the second ignition was hot particles discharged from PSCo’s power lines after one of the power lines detached from its insulator in strong winds, and further states that it cannot be ruled out that the second ignition was caused by an underground coal fire. According to the Sheriff’s Report, no design, installation or maintenance defects or deficiencies were identified on PSCo’s electrical circuit in the area of the second ignition. PSCo disputes that its power lines caused the second ignition . PSCo is aware of 302 complaints, most of which have also named Xcel Energy Inc. and Xcel Energy Services Inc. as additional defendants, relating to the Marshall Fire. The complaints are on behalf of at least 4,047 plaintiffs, and one complaint is filed on behalf of a putative class of first responders who allegedly were exposed to the threat of serious bodily injury, or smoke, soot and ash from the Marshall Fire. The complaints generally allege that PSCo’s equipment ignited the Marshall Fire and assert various causes of action under Colorado law, including negligence, premises liability, trespass, nuisance, wrongful death, willful and wanton conduct, negligent infliction of emotional distress, loss of consortium and inverse condemnation. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. In September 2023, the Boulder County District Court Judge consolidated eight lawsuits that were pending at that time into a single action for pretrial purposes and has subsequently consolidated additional lawsuits that have been filed. At the case management conference in February 2024, a trial date was set for September 2025. Discovery is now underway. Colorado courts do not apply strict liability in determining an electric utility company’s liability for fire-related damages. For inverse condemnation claims, Colorado courts assess whether a defendant acted with intent to take a plaintiff’s property or intentionally took an action which has the natural consequence of taking the property. For negligence claims, Colorado courts look to whether electric power companies have operated their system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated. Colorado law does not impose joint and several liability in tort actions. Instead, under Colorado law, a defendant is liable for the degree or percentage of the negligence or fault attributable to that defendant, except where the defendant conspired with another defendant. A jury’s verdict in a Colorado civil case must be unanimous. Under Colorado law, in a civil action other than a medical malpractice action, the total award for noneconomic loss is capped at $0.6 million per defendant for claims that accrued at the time of the Marshall Fire unless the court finds justification to exceed that amount by clear and convincing evidence, in which case the maximum doubles. Colorado law caps punitive or exemplary damages to an amount equal to the amount of the actual damages awarded to the injured party, except the court may increase any award of punitive damages to a sum up to three times the amount of actual damages if the conduct that is the subject of the claim has continued during the pendency of the case or the defendant has acted in a willful and wanton manner during the action which further aggravated plaintiff’s damages. In the event Xcel Energy Inc. or PSCo was found liable related to this litigation and were required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million and have a material adverse effect on our financial condition, results of operations or cash flows. However, due to uncertainty as to the cause of the fire and the extent and magnitude of potential damages, Xcel Energy Inc. and PSCo are unable to estimate the amount or range of possible losses in connection with the Marshall Fire. 2024 Smokehouse Creek Fire Complex — Beginning on February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which news reports indicate burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the “Smokehouse Creek Fire Complex”). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reamer Fire were caused by power lines owned by SPS after wooden poles near each fire origin failed. SPS is continuing to conduct investigations into other potential ignitions associated with the Smokehouse Creek Fire Complex. According to the Texas A&M Forest Service’s Incident Viewer and news reports, as of March 19, 2024, the Smokehouse Creek Fire Complex burned approximately 1,055,000 acres. On March 12, 2024, the Speaker of the Texas House of Representatives created the Investigative Committee on the Panhandle Wildfires (the “Investigative Committee”). The Investigative Committee held public hearings in Pampa, Texas, between April 2 and April 4, 2024, and stated that it plans to issue a report by early May 2024. SPS is aware of approximately 15 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex, including one putative class action on behalf of persons or entities who owned rangelands or pastures that were damaged by the fire. The complaints generally allege that SPS’ equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. SPS has also received approximately 46 claims for losses related to the Smokehouse Creek Fire Complex through its claims process. Texas law does not apply strict liability in determining an electric utility company’s liability for fire-related damages. For negligence claims under Texas law, a public utility has a duty to exercise ordinary and reasonable care. Potential liabilities related to the Smokehouse Creek Fire Complex depend on various factors, including the cause of the equipment failure and the extent and magnitude of potential damages, including damages to residential and commercial structures, personal property, vegetation, livestock and livestock feed (including replacement feed), personal injuries and any other damages, penalties, fines or restitution that may be imposed by courts or other governmental entities if SPS is found to have been negligent. Based on the current state of the law and the facts and circumstances available to Xcel Energy as of the date of this filing, Xcel Energy believes it is probable that it will incur a loss in connection with the Smokehouse Creek Fire Complex and accordingly recorded a pre-tax charge in the amount of $215 million, presented in other current liabilities as of March 31, 2024 (before available insurance). The aggregate liability of $215 million for claims in connection with the Smokehouse Creek Fire Complex (before available insurance) corresponds to the lower end of the range of Xcel Energy’s reasonably estimable range of losses, and is subject to change based on additional information. This $215 million estimate does not include, among other things, amounts for (i) potential penalties or fines that may be imposed by governmental entities on Xcel Energy, (ii) exemplary or punitive damages, (iii) compensation claims by federal, state, county and local government entities or agencies, (iv) compensation claims for damage to trees, railroad lines, or oil and gas equipment, or (v) other amounts that are not reasonably estimable. Xcel Energy is unable to reasonably estimate any additional loss or the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability. In the event that SPS or Xcel Energy Services Inc. was found liable related to the litigation related to the Smokehouse Creek Fire Complex and was required to pay damages, such amounts could exceed our insurance coverage of approximately $500 million for the annual policy period and could have a material adverse effect on our financial condition, results of operations or cash flows. The process for estimating losses associated with potential claims related to the Smokehouse Creek Fire Complex requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the Smokehouse Creek Fire Complex may change. SPS records insurance recoveries when it is deemed probable that recovery will occur, and SPS can reasonably estimate the amount or range. As of March 31, 2024, SPS has recorded an insurance receivable for $215 million within prepayments and other current assets. While SPS plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries. 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. NSP-Minnesota notified the MPUC of its proposal to refund settlement proceeds to customers through the FCA. 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 January 2021, the OAG and DOC recommended that NSP-Minnesota refund approximately $17 million of replacement power costs previously recovered through the FCA. NSP-Minnesota responded 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. In 2023, NSP-Minnesota and various parties filed recommendations, including the DOC which recommended a $56 million customer refund. The Xcel Large Industrial customer group recommended a refund of $72 million. A final decision by the MPUC is expected in mid-2024. A loss related to this matter is deemed remote. Environmental New and changing federal and state environmental mandates can create financial liabilities for Xcel Energy, which are normally recovered through the regulated rate process. Site Remediation Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. Xcel Energy Inc.’s subsidiaries may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination. Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which one or more of Xcel Energy Inc.’s subsidiaries are alleged to have sent wastes to that site. MGP, Landfill and Disposal Sites Xcel Energy is investigating, remediating or performing post-closure actions at 12 historical MGP, landfill or other disposal sites across its service territories, excluding sites that are being addressed under current coal ash regulations (see below). Xcel Energy has recognized approximately $20 million of costs/liabilities from final resolution of these issues; however, the outcome and timing are unknown. In addition, there may be regulatory recovery, 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, including the CCR Rule. As a specific requirement of the CCR Rule, utilities must complete groundwater sampling around their applicable landfills and surface impoundments as well as perform corrective actions where offsite groundwater has been impacted. If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions beginning with an Assessment of Corrective Measures. Investigation and/or corrective action related to groundwater impacts are currently underway at four Xcel Energy sites under the federal CCR program at a current estimated cost of at least $40 million. A liability has been recorded, deferred accounting related to these costs has been approved by the CPUC and amounts are expected to be fully recoverable through regulatory mechanisms. For required coal ash disposal, 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, deferred accounting related to these costs has been approved by the CPUC and amounts 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 $50 million may be required to comply with the requirements. Xcel Energy anticipates these costs will be recoverable through regulatory mechanisms. Environmental Requirements — Air Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act. The final rule applies to generation facilities in Minnesota, Texas and Wisconsin, as well as other states outside of our service territory. The rule establishes an allowance trading program for NOx that will impact Xcel Energy fossil fuel-fired electric generating facilities. Subject facilities will have to secure additional allowances, install NOx controls and/or develop a strategy of operations that utilizes the existing allowance allocations. Guidelines are also established for allowance banking and emission limit backstops. While the financial impacts of the final rule are uncertain and dependent on market forces and anticipated generation, Xcel Energy anticipates the annual costs could be significant, but would be recoverable through regulatory mechanisms. SPS and NSP-Minnesota have joined other companies in litigation challenging the EPA’s disapproval of Texas and Minnesota state implementation plans. Currently, the regulation is under a judicial stay for both Texas and Minnesota. The regulation may become applicable in those states in the future, depending on the outcome of the litigation. The rule is in effect in NSP-Wisconsin but has been managed without the additional need for allowances. In February 2024, the EPA proposed to partially disapprove New Mexico’s state implementation plan and bring New Mexico into the federal Good Neighbor Plan. Xcel Energy continues to evaluate impacts to generation units at SPS. 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) 2024 2023 Operating leases PPA capacity payments $ 58 $ 60 Other operating leases (a) 11 12 Total operating lease expense (b) $ 69 $ 72 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 $1 million and $2 million for 2024 and 2023, 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, 2024: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,173 $ 277 $ 1,450 $ 215 Interest component of obligation (146) (96) (242) (152) Present value of minimum obligation $ 1,027 181 1,208 63 Less current portion (228) (2) Noncurrent operating and finance lease liabilities $ 980 $ 61 (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. Xcel Energy has determined that certain IPPs are VIEs, however Xcel Energy is not subject to risk of loss from the operations of these entities, and no significant financial support is required other than contractual payments for energy and capacity. 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 evaluated each of these VIEs for possible consolidation, including review of qualitative factors such as the length and terms of the contract, control over O&M, control over dispatch of electricity, historical and estimated future fuel and electricity prices and financing activities. Xcel Energy concluded that these entities are not required to be consolidated in its consolidated financial statements because Xcel Energy does not have the power to direct the activities that most significantly impact the entities’ economic performance. The utility subsidiaries had approximately 3,751 MW of capacity under long-term PPAs as of both March 31, 2024 and Dec. 31, 2023, 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 Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount. As of March 31, 2024 and Dec. 31, 2023, 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 $75 million at both March 31, 2024 and Dec. 31, 2023, respectively. Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide 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. Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive loss, net of tax: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (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 $ (53) $ (41) $ (94) $ (54) $ (39) $ (93) Other comprehensive gain (loss) before reclassifications 22 — 22 (5) — (5) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 1 — 1 Net current period other comprehensive income (loss) 23 — 23 (4) — (4) Accumulated other comprehensive loss at March 31 $ (30) $ (41) $ (71) $ (58) $ (39) $ (97) (a) Included in interest charges.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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, 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 $247 million and $244 million as of March 31, 2024 and Dec. 31, 2023, 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) 2024 2023 Regulated Electric Operating revenues $ 2,685 $ 2,763 Intersegment revenue 1 — Total revenues $ 2,686 $ 2,763 Net income 358 296 Regulated Natural Gas Operating revenues $ 941 $ 1,288 Intersegment revenue 1 1 Total revenues $ 942 $ 1,289 Net income 158 159 All Other Total revenues $ 23 $ 29 Net loss (28) (37) Consolidated Total Total revenues $ 3,651 $ 4,081 Reconciling eliminations (2) (1) Total operating revenues $ 3,649 $ 4,080 Net income 488 418

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 488	$ 418

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Selected Balance Sheet Data (Ta

Selected Balance Sheet Data (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accounts receivable, net	(Millions of Dollars) March 31, 2024 Dec. 31, 2023 Accounts receivable, net Accounts receivable $ 1,339 $ 1,443 Less allowance for bad debts (119) (128) Accounts receivable, net $ 1,220 $ 1,315
Inventories	(Millions of Dollars) March 31, 2024 Dec. 31, 2023 Inventories Materials and supplies $ 384 $ 377 Fuel 192 211 Natural gas 47 123 Total inventories $ 623 $ 711
Property, plant and equipment, net	(Millions of Dollars) March 31, 2024 Dec. 31, 2023 Property, plant and equipment, net Electric plant $ 52,982 $ 52,494 Natural gas plant 9,198 9,080 Common and other property 3,216 3,190 Plant to be retired (a) 1,996 2,055 Construction work in progress 3,773 2,873 Total property, plant and equipment 71,165 69,692 Less accumulated depreciation (18,771) (18,399) Nuclear fuel 3,379 3,337 Less accumulated amortization (3,008) (2,988) Property, plant and equipment, net $ 52,765 $ 51,642 (a)

Borrowings and Other Financin_2

Borrowings and Other Financing Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Year Ended Dec. 31, 2023 Borrowing limit $ 3,550 $ 3,550 Amount outstanding at period end 463 785 Average amount outstanding 807 491 Maximum amount outstanding 1,314 1,241 Weighted average interest rate, computed on a daily basis 5.53 % 5.12 % Weighted average interest rate at period end 5.49 5.52
Credit Facilities	As of March 31, 2024, 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 $ 50 $ 1,450 PSCo 700 298 402 NSP-Minnesota 700 15 685 SPS 500 145 355 NSP-Wisconsin 150 — 150 Total $ 3,550 $ 508 $ 3,042 (a) Expires in September 2027. (b) Includes outstanding commercial paper and letters of credit.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Xcel Energy’s operating revenues consisted of the following: Three Months Ended March 31, 2024 (Millions of Dollars) Electric Natural Gas All Other Total Major revenue types Revenue from contracts with customers: Residential $ 859 $ 568 $ 10 $ 1,437 C&I 1,276 274 9 1,559 Other 34 — 2 36 Total retail 2,169 842 21 3,032 Wholesale 173 — — 173 Transmission 158 — — 158 Other 19 59 — 78 Total revenue from contracts with customers 2,519 901 21 3,441 Alternative revenue and other 166 40 2 208 Total revenues $ 2,685 $ 941 $ 23 $ 3,649 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

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Federal statutory rate 21.0 % 21.0 % State tax (net of federal tax effect) 4.8 4.8 (Decreases) increases: Wind PTCs (a) (25.9) (33.1) Plant regulatory differences (b) (5.6) (5.5) Other tax credits, net operating loss & tax credit allowances (0.6) (1.6) Other (net) 0.4 (0.1) Effective income tax rate (5.9) % (14.5) % (a) Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income. (b) Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Basic 556 551 Diluted (a) 556 551 (a)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 57 $ 57 $ — $ — $ — $ 57 Commingled funds 718 — — — 1,042 1,042 Debt securities 804 — 781 9 — 790 Equity securities 511 1,457 2 — — 1,459 Total $ 2,090 $ 1,514 $ 783 $ 9 $ 1,042 $ 3,348 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $247 million of equity method investments and $151 million of rabbi trust assets and other miscellaneous investments. Dec. 31, 2023 Fair Value (Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total Nuclear decommissioning fund (a) Cash equivalents $ 41 $ 41 $ — $ — $ — $ 41 Commingled funds 721 — — — 1,049 1,049 Debt securities 784 — 771 9 — 780 Equity securities 508 1,339 2 — — 1,341 Total $ 2,054 $ 1,380 $ 773 $ 9 $ 1,049 $ 3,211 (a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 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, 2024: 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 $ 6 $ 276 $ 257 $ 251 $ 790
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, 2024 Dec. 31, 2023 Megawatt hours of electricity 35 48 Million British thermal units of natural gas 78 84 (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, 2024 Derivatives designated as cash flow hedges: Interest rate $ 29 $ — Total $ 29 $ — Other derivative instruments: Electric commodity $ — $ (1) Natural gas commodity — 4 Total $ — $ 3 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) 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, 2024 Derivatives designated as cash flow hedges: Interest rate $ 1 (a) $ — $ — Total $ 1 $ — $ — Other derivative instruments: Commodity trading $ — $ — $ (8) (b) Electric commodity — 12 (c) — Natural gas commodity — — (14) (d)(e) Total $ — $ 12 $ (22) 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) (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) Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. (e) Relates primarily to option premium amortization.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	March 31, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative assets Other derivative instruments: Commodity trading $ 9 $ 45 $ 30 $ 84 $ (50) $ 34 $ 8 $ 51 $ 32 $ 91 $ (59) $ 32 Electric commodity — — 54 54 (4) 50 — — 62 62 (7) 55 Natural gas commodity — — — — — — — 14 — 14 — 14 Total current derivative assets $ 9 $ 45 $ 84 $ 138 $ (54) 84 $ 8 $ 65 $ 94 $ 167 $ (66) 101 PPAs (b) 2 3 Current derivative instruments $ 86 $ 104 Noncurrent derivative assets Other derivative instruments: Commodity trading $ 12 $ 54 $ 51 $ 117 $ (34) $ 83 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 Electric commodity — — 7 7 — 7 — — — — — — Total noncurrent derivative assets $ 12 $ 54 $ 58 $ 124 $ (34) $ 90 $ 14 $ 51 $ 45 $ 110 $ (34) $ 76 March 31, 2024 Dec. 31, 2023 Fair Value Fair Value Total Netting (a) Total Fair Value Fair Value Total Netting (a) Total (Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Current derivative liabilities Derivatives designated as cash flow hedges: Interest rate $ — $ — $ — $ — $ — $ — $ — $ 17 $ — $ 17 $ — $ 17 Other derivative instruments: Commodity trading $ 7 $ 79 $ 5 $ 91 $ (53) $ 38 $ 6 $ 86 $ 5 $ 97 $ (60) $ 37 Electric commodity — — 4 4 (4) — — — 7 7 (7) — Natural gas commodity — — — — — — — 12 — 12 — 12 Total current derivative liabilities $ 7 $ 79 $ 9 $ 95 $ (57) 38 $ 6 $ 115 $ 12 $ 133 $ (67) 66 PPAs (b) 7 8 Current derivative instruments $ 45 $ 74 Noncurrent derivative liabilities Other derivative instruments: Commodity trading $ 14 $ 52 $ 42 $ 108 $ (38) $ 70 $ 16 $ 50 $ 37 $ 103 $ (39) $ 64 Total noncurrent derivative liabilities $ 14 $ 52 $ 42 $ 108 $ (38) 70 $ 16 $ 50 $ 37 $ 103 $ (39) 64 PPAs (b) 20 22 Noncurrent derivative instruments $ 90 $ 86 (a) 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, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $8 million and $7 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. (b) 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.
Change in Level 3 Commodity Derivative	Changes in Level 3 commodity derivatives: Three Months Ended March 31 (Millions of Dollars) 2024 2023 Balance at Jan. 1 $ 90 $ 235 Purchases (a) 3 6 Settlements (a) (51) (29) Net transactions recorded during the period: Losses recognized in earnings (b) — (13) Net gains (losses) recognized as regulatory assets and liabilities (a) 49 (121) Balance at March 31 $ 91 $ 78 (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, 2024 Dec. 31, 2023 (Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value Long-term debt, including current portion $ 26,948 $ 23,580 $ 25,465 $ 22,927

Benefit Plans and Other Postr_2

Benefit Plans and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost (Credit)	Components of Net Periodic Benefit Cost (Credit) Three Months Ended March 31 2024 2023 2024 2023 (Millions of Dollars) Pension Benefits Postretirement Health Service cost $ 19 $ 18 $ — $ — Interest cost (a) 38 40 5 5 Expected return on plan assets (a) (52) (52) (4) (4) Amortization of net loss (a) 7 5 1 1 Net periodic benefit cost 12 11 2 2 Effects of regulation 4 5 — — Net benefit cost recognized for financial reporting $ 16 $ 16 $ 2 $ 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.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Liability, Fiscal Year Maturity	Commitments under operating and finance leases as of March 31, 2024: (Millions of Dollars) PPA Operating Other Operating Total Operating Finance Leases (a) Total minimum obligation $ 1,173 $ 277 $ 1,450 $ 215 Interest component of obligation (146) (96) (242) (152) Present value of minimum obligation $ 1,027 181 1,208 63 Less current portion (228) (2) Noncurrent operating and finance lease liabilities $ 980 $ 61 (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) 2024 2023 Operating leases PPA capacity payments $ 58 $ 60 Other operating leases (a) 11 12 Total operating lease expense (b) $ 69 $ 72 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 $1 million and $2 million for 2024 and 2023, respectively. (b)

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Three Months Ended March 31, 2023 (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 $ (53) $ (41) $ (94) $ (54) $ (39) $ (93) Other comprehensive gain (loss) before reclassifications 22 — 22 (5) — (5) Losses reclassified from net accumulated other comprehensive loss: Interest rate derivatives (a) 1 — 1 1 — 1 Net current period other comprehensive income (loss) 23 — 23 (4) — (4) Accumulated other comprehensive loss at March 31 $ (30) $ (41) $ (71) $ (58) $ (39) $ (97) (a) Included in interest charges.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Results from Operations by Reportable Segment	Xcel Energy’s segment information: Three Months Ended March 31 (Millions of Dollars) 2024 2023 Regulated Electric Operating revenues $ 2,685 $ 2,763 Intersegment revenue 1 — Total revenues $ 2,686 $ 2,763 Net income 358 296 Regulated Natural Gas Operating revenues $ 941 $ 1,288 Intersegment revenue 1 1 Total revenues $ 942 $ 1,289 Net income 158 159 All Other Total revenues $ 23 $ 29 Net loss (28) (37) Consolidated Total Total revenues $ 3,651 $ 4,081 Reconciling eliminations (2) (1) Total operating revenues $ 3,649 $ 4,080 Net income 488 418

Selected Balance Sheet Data Sel

Selected Balance Sheet Data Selected Balance Sheet Data, Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accounts receivable	$ 1,339	$ 1,443
Less allowance for bad debts	(119)	(128)
Accounts receivable, net	$ 1,220	$ 1,315

Selected Balance Sheet Data S_2

Selected Balance Sheet Data Selected Balance Sheet Data, Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Public Utilities, Inventory [Line Items]
Total inventories	$ 623	$ 711
Materials and supplies
Public Utilities, Inventory [Line Items]
Inventories	384	377
Fuel
Public Utilities, Inventory [Line Items]
Inventories	192	211
Natural gas
Public Utilities, Inventory [Line Items]
Inventories	$ 47	$ 123

Selected Balance Sheet Data, Pr

Selected Balance Sheet Data, Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		$ 71,165	$ 69,692
Less accumulated depreciation and amortization		(18,771)	(18,399)
Property, plant and equipment, net		52,765	51,642
Electric plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		52,982	52,494
Natural gas plant
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		9,198	9,080
Common and other property
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		3,216	3,190
Plant to be retired
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	[1]	1,996	2,055
Construction work in progress
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		3,773	2,873
Nuclear fuel
Public Utility, Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross		3,379	3,337
Less accumulated depreciation and amortization		$ (3,008)	$ (2,988)
[1] Amounts include Sherco 1 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 Unit 1 and 2 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, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Amount outstanding at period end	$ 463	$ 785
Commercial Paper
Short-term Debt [Line Items]
Borrowing limit	3,550	3,550
Amount outstanding at period end	463	785
Average amount outstanding	807	491
Maximum amount outstanding	$ 1,314	$ 1,241
Weighted average interest rate, computed on a daily basis	5.53%	5.12%
Weighted average interest rate at period end	5.49%	5.52%
Letter of Credit
Short-term Debt [Line Items]
Amount outstanding at period end	$ 44	$ 44

Letters of Credit (Details)

Letters of Credit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amount outstanding at period end	$ 463	$ 785
Letter of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 44	$ 44

Borrowings and Other Financin_3

Borrowings and Other Financing Instruments Revolving Credit Facilities (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Credit Facility	[1]	$ 3,550
Outstanding	[2]	508
Available		3,042
Direct advances on the credit facility outstanding		0	$ 0
PSCo
Line of Credit Facility [Line Items]
Credit Facility	[1]	700
Outstanding	[2]	298
Available		402
NSP-Minnesota
Line of Credit Facility [Line Items]
Credit Facility	[1]	700
Outstanding	[2]	15
Available		685
SPS
Line of Credit Facility [Line Items]
Credit Facility	[1]	500
Outstanding	[2]	145
Available		355
NSP-Wisconsin
Line of Credit Facility [Line Items]
Credit Facility	[1]	150
Outstanding	[2]	0
Available		150
Xcel Energy Inc.
Line of Credit Facility [Line Items]
Credit Facility	[1]	1,500
Outstanding	[2]	50
Available		$ 1,450
[1] Expires in September 2027. 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, 2024	Mar. 31, 2023	Dec. 31, 2023
Short-term Debt [Line Items]
Amount outstanding at period end	$ 463		$ 785
Proceeds from issuance of common stock	8	$ 6
Letter of Credit
Short-term Debt [Line Items]
Amount outstanding at period end	$ 44		$ 44

Borrowings and Other Financin_5

Borrowings and Other Financing Instruments Bilateral Credit Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Amount outstanding at period end	$ 463	$ 785
Letter of Credit
Short-term Debt [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 44	$ 44
Bilateral Credit Agreement [Member] | NSP-Minnesota | Letter of Credit
Short-term Debt [Line Items]
Debt Instrument, Term	1 year
Amount outstanding at period end	$ 65
Credit Facility	$ 75

Borrowings and Other Financin_6

Borrowings and Other Financing Instruments Long-Term Borrowings (Details) - Bonds [Member] - USD ($) $ in Millions	Apr. 04, 2024	Mar. 31, 2024
PSCo | Series Due May 15, 2034 | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 450
Debt Instrument, Interest Rate, Stated Percentage	5.35%
PSCo | Series Due May 15, 2054 | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	5.75%
NSP-Minnesota | Series Due March 15, 2054
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 700
Debt Instrument, Interest Rate, Stated Percentage		5.40%
XCEL ENERGY INC [Member] | Series Due March 15, 2034
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 800
Debt Instrument, Interest Rate, Stated Percentage		5.50%

Borrowings and Other Financin_7

Borrowings and Other Financing Instruments Equity through DRIP and Benefits Program (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Forward Contract Indexed to Issuer's Equity [Line Items]
Proceeds from issuance of common stock	$ 8	$ 6
Issuances of common stock	12	18
Dividend Reinvestment Program
Forward Contract Indexed to Issuer's Equity [Line Items]
Proceeds from issuance of common stock	$ 17	$ 15

ATM Program (Details)

ATM Program (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
ATM Program Total Available Shares	$ 2,500
ATM Shares Issued	0	3,120
ATM Net Proceeds		$ 188
ATM Shares Remaining	2,300,000
ATM Transaction Fee		$ 2

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 3,032	$ 3,501
Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	173	224
Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	158	163
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78	57
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,441	3,945
Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	208	135
Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,437	1,677
C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,559	1,787
Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	36	37
Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	3,649	4,080
Regulated Electric | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,169	2,263
Regulated Electric | Wholesale
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	173	224
Regulated Electric | Transmission
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	158	163
Regulated Electric | Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	19	9
Regulated Electric | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,519	2,659
Regulated Electric | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	166	104
Regulated Electric | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	859	875
Regulated Electric | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,276	1,352
Regulated Electric | Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	34	36
Regulated Electric | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	2,685	2,763
Regulated Natural Gas | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	842	1,212
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	59	48
Regulated Natural Gas | Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	901	1,260
Regulated Natural Gas | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	40	28
Regulated Natural Gas | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	568	789
Regulated Natural Gas | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	274	423
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	941	1,288
All Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21	26
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	21	26
All Other | Alternative revenue and other
Disaggregation of Revenue [Line Items]
Alternative revenue and other	2	3
All Other | Residential | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10	13
All Other | C&I | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	12
All Other | Other | Retail
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2	1
All Other | Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	$ 23	$ 29

Income Taxes (Details)

Income Taxes (Details)		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory rate		21%	21%
State tax (net of federal tax effect)		4.80%	4.80%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	[1]	(25.90%)	(33.10%)
Plant regulatory differences (b)	[2]	(5.60%)	(5.50%)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent		(0.60%)	(1.60%)
Other (net)		0.40%	(0.10%)
Effective income tax rate		(5.90%)	(14.50%)
[1]Wind PTCs net of estimated transfer discounts are generally credited to customers (reduction to revenue) and do not materially impact net income[2] Plant regulatory differences primarily relate to the credit of excess deferred taxes to customers through the average rate assumption method. Income tax benefits associated with the credit are offset by corresponding revenue reductions.

Common Stock Equivalents (Detai

Common Stock Equivalents (Details) - shares shares in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Basic		556,000	551,000
Diluted (in shares)	[1]	556,000	551,000
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, 2024 and 2023.

Non-Derivative Fair Value Measu

Non-Derivative Fair Value Measurements (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Mar. 31, 2024		Jun. 30, 2023	Dec. 31, 2023
Nuclear decommissinoning fund [Abstract]
Equity investments in unconsolidated subsidiaries		$ 247			$ 244
Miscellaneous investments		151			144
Debt Securities, Available-for-sale, Unrealized Gain		1,300		$ 1,200
Debt Securities, Available-for-sale, Unrealized Loss		34		29
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract]
Due in one year or less		6
Due in 1 to 5 years		276
Due in 5 to 10 years		257
Due after 10 years		251
Total		790
Debt Securities, Available-for-sale, Unrealized Gain		1,300		1,200
Debt Securities, Available-for-sale, Unrealized Loss		34		$ 29
Interest Rate Swap
Nuclear decommissinoning fund [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		1
Fair Value Measured on a Recurring Basis | Cost
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		2,090	[1]		2,054	[2]
Fair Value Measured on a Recurring Basis | Cost | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		57	[1]		41	[2]
Fair Value Measured on a Recurring Basis | Cost | Commingled funds
Nuclear decommissinoning fund [Abstract]
Alternative investment	[2]				721
Investments, Fair Value Disclosure	[1]	718
Fair Value Measured on a Recurring Basis | Cost | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		804	[1]		784	[2]
Fair Value Measured on a Recurring Basis | Cost | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		511	[1]		508	[2]
Fair Value Measured on a Recurring Basis | Fair Value
Nuclear decommissinoning fund [Abstract]
Alternative investment		1,042	[1]		1,049	[2]
Decommissioning Fund Investments		3,348	[1]		3,211	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		57	[1]		41	[2]
Alternative investment		0	[1]		0	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Commingled funds
Nuclear decommissinoning fund [Abstract]
Alternative investment		1,042	[1]		1,049	[2]
Investments, Fair Value Disclosure		1,042
Fair Value Measured on a Recurring Basis | Fair Value | Debt securities
Nuclear decommissinoning fund [Abstract]
Debt securities		790	[1]		780	[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		1,459	[1]		1,341	[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		1,514	[1]		1,380	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Cash equivalents
Nuclear decommissinoning fund [Abstract]
Cash equivalents		57	[1]		41	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 1 | Commingled funds
Nuclear decommissinoning fund [Abstract]
Alternative investment	[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		1,457	[1]		1,339	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		783	[1]		773	[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]
Alternative investment	[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		781	[1]		771	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 2 | Equity securities
Nuclear decommissinoning fund [Abstract]
Equity Securities, FV-NI		2	[1]		2	[2]
Fair Value Measured on a Recurring Basis | Fair Value | Level 3
Nuclear decommissinoning fund [Abstract]
Decommissioning Fund Investments		9	[1]		9	[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]
Alternative investment	[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		9	[1]		9	[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 $247 million of equity method investments and $151 million of rabbi trust assets and other miscellaneous investments. Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $244 million of equity investments in unconsolidated subsidiaries and $144 million of rabbi trust assets and other miscellaneous investments.

Rabbi Trust (Details)

Rabbi Trust (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement | Fair Value, Measured on a Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rabbi Trusts Assets at Fair Value	$ 92	$ 88

Interest Rate Derivatives (Deta

Interest Rate Derivatives (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Asset, Current		$ 86	$ 104
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Assets, Current	Assets, Current
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent	Other Assets, Noncurrent
Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Current		$ 84	$ 101
Derivative Asset, Noncurrent		90	76
Other Current Assets | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		138	167
Netting	[1]	54	66
Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		9	8
Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		45	65
Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		84	94
Other Noncurrent Assets | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		124	110
Netting	[1]	34	34
Other Noncurrent Assets | Level 1 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		12	14
Other Noncurrent Assets | Level 2 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		54	51
Other Noncurrent Assets | Level 3 | Fair Value, Measured on a Recurring Basis
Derivative [Line Items]
Derivative Asset, Gross		58	45
Commodity Trading | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Current		34	32
Derivative Asset, Noncurrent		83	76
Commodity Trading | Other Current Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		84	91
Netting	[1]	50	59
Commodity Trading | Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		9	8
Commodity Trading | Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		45	51
Commodity Trading | Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		30	32
Commodity Trading | Other Noncurrent Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		117	110
Netting	[1]	34	34
Commodity Trading | Other Noncurrent Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		12	14
Commodity Trading | Other Noncurrent Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		54	51
Commodity Trading | Other Noncurrent Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		51	45
Electric Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Current		50	55
Derivative Asset, Noncurrent		7	0
Electric Commodity | Other Current Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		54	62
Netting	[1]	4	7
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		54	62
Electric Commodity | Other Noncurrent Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		7	0
Netting		0	0
Electric Commodity | Other Noncurrent Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	0
Electric Commodity | Other Noncurrent Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	0
Electric Commodity | Other Noncurrent Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		7	0
Interest Rate Swap
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net		1
Derivative Liability, Notional Amount		0
PPAs | Fair Value, Measurements, Nonrecurring
Derivative [Line Items]
Derivative Asset, Current	[2]	2	3
Natural Gas Commodity | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Current			14
Natural Gas Commodity | Other Current Assets | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	14
Netting	[1]	0	0
Natural Gas Commodity | Other Current Assets | Level 1 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	0
Natural Gas Commodity | Other Current Assets | Level 2 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		0	14
Natural Gas Commodity | Other Current Assets | Level 3 | Fair Value, Measured on a Recurring Basis | Other Derivative Instruments
Derivative [Line Items]
Derivative Asset, Gross		$ 0	$ 0
[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, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $8 million and $7 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. 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.

Commodity Derivatives (Details)

Commodity Derivatives (Details) MWh in Millions, MMBTU in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024 USD ($) MMBTU MWh	Mar. 31, 2023 USD ($)	Dec. 31, 2023 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		$ 3	$ (89)
Cash Flow Hedge Commodity [Member]
Derivative [Line Items]
Commodity contracts designated as cash flow hedges		$ 0
Electric Commodity [Member]
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]
Derivative, Nonmonetary Notional Amount | MWh	[1],[2]	35		48
Natural Gas Commodity
Gross Notional Amounts of Commodity Forwards, Options and FTRs [Abstract]
Derivative, Nonmonetary Notional Amount | MMBTU	[1],[2]	78		84
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		$ 4	$ 3
[1] Not reflective of net positions in the underlying commodities. 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, 2024 USD ($) Counterparty	Mar. 31, 2023 USD ($)
Impact of Derivative Activity [Abstract]
Fair value hedges		$ 0	$ 0
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		3	(89)
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)		12	91
Pre-tax gains (losses) recognized during the period in income		(22)	(20)
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		(1)	(92)
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]	12	82
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		4	3
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	[2]	(8)	(1)
Other Derivative Instruments | Natural Gas Commodity
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)	[3]	0	9
Pre-tax gains (losses) recognized during the period in income	[3],[4]	(14)	(19)
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		29	(7)
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	1
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		0	0
Pre-tax gains (losses) recognized during the period in income		0	0
Designated as Hedging Instrument | Cash Flow Hedges | Interest Rate
Impact of Derivative Activity [Abstract]
Pre-tax fair value gains (losses) recognized during the period in accumulated other comprehensive loss		29	(7)
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	[5]	1	1
Pre-tax (gains) losses reclassified into income during the period from regulatory assets and (liabilities)		0	0
Pre-tax gains (losses) recognized during the period in income		$ 0	$ 0
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		8
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		$ 43
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		22%
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		5
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 68
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		34%
Credit Concentration Risk | External Credit Rating, Non Investment Grade [Member]
Derivative [Line Items]
Number of most significant counterparties for wholesale, trading and non-trading commodity activities with credit exposure | Counterparty		1
Wholesale, trading and non-trading commodity credit exposure for the most significant counterparties		$ 54
Percentage of wholesale, trading and non-trading commodity credit exposure for the most significant counterparties (in hundredths)		27%
[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. Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers. Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. Relates primarily to option premium amortization. Recorded to interest charges.

Credit Related Contingent Featu

Credit Related Contingent Features (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Derivative, Gross Liability Position, Aggregate Fair Value	$ 14	$ 12
Derivative, Gross Liability with Cross Default Position, Aggregate Fair Value	86	88
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, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		Assets, Current		Assets, Current
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent		Other Assets, Noncurrent
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Liabilities, Current		Liabilities, Current
Derivative Liability, Current		$ 45		$ 74
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Liabilities, Other than Long-Term Debt, Noncurrent		Liabilities, Other than Long-Term Debt, Noncurrent
Derivative Liability, Noncurrent		$ 90		$ 86
Reclaim Cash Collateral		8		7
Changes in Level 3 Commodity Derivatives [Roll Forward]
Fair value hedges		0	$ 0
Commodity Trading
Changes in Level 3 Commodity Derivatives [Roll Forward]
Balance at beginning of period		90	235
Purchases	[1]	3	6
Settlements	[1]	(51)	(29)
Gains (losses) recognized in earnings	[2]	0	(13)
Net (losses) gains recognized as regulatory assets and liabilities (a)	[1]	49	(121)
Balance at end of period		91	78
Other Derivative Instruments
Changes in Level 3 Commodity Derivatives [Roll Forward]
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)		12	91
Other Derivative Instruments | Electric Commodity
Changes in Level 3 Commodity Derivatives [Roll Forward]
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)	[3]	12	82
Other Derivative Instruments | Natural Gas Commodity
Changes in Level 3 Commodity Derivatives [Roll Forward]
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)	[4]	0	9
Other Derivative Instruments | Natural Gas Commodity | Electric fuel and purchased power
Changes in Level 3 Commodity Derivatives [Roll Forward]
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)		2
Designated as Hedging Instrument | Cash Flow Hedges
Changes in Level 3 Commodity Derivatives [Roll Forward]
Pre-tax gains (losses) reclassified into income during the period from regulatory assets and (liabilities)		0	$ 0
Fair Value Measured on a Recurring Basis
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		95		133
Netting	[5]	$ (57)		$ (67)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		$ 7		$ 6
Fair Value Measured on a Recurring Basis | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		79		115
Fair Value Measured on a Recurring Basis | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		9		12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		91		97
Netting	[5]	$ (53)		$ (60)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		$ 4		$ 7
Netting	[5]	$ (4)		$ (7)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Natural Gas Commodity
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		$ 0		$ 12
Netting	[5]	$ 0		$ 0
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 1 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		$ 7		$ 6
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		79		86
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		12
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		5		5
Fair Value Measured on a Recurring Basis | Other Derivative Instruments | Level 3 | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		4		7
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
Derivatives, Fair Value [Line Items]
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current		Other Liabilities, Current
Fair Value Measured on a Recurring Basis | Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		$ 138		$ 167
Netting	[5]	(54)		(66)
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		9		8
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		45		65
Fair Value Measured on a Recurring Basis | Other Current Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		84		94
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		84		91
Netting	[5]	(50)		(59)
Fair Value Measured on a Recurring Basis | Other Current Assets | Other Derivative Instruments | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		54		62
Netting	[5]	(4)		(7)
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		14
Netting	[5]	0		0
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		9		8
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		45		51
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		14
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		30		32
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		54		62
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		124		110
Netting	[5]	(34)		(34)
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 1
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		12		14
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		54		51
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Level 3
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		58		45
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		117		110
Netting	[5]	(34)		(34)
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		7		0
Netting		0		0
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		12		14
Fair Value Measured on a Recurring Basis | Other Noncurrent 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 Noncurrent Assets | Other Derivative Instruments | Level 2 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		54		51
Fair Value Measured on a Recurring Basis | Other Noncurrent 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 Noncurrent Assets | Other Derivative Instruments | Level 3 | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		51		45
Fair Value Measured on a Recurring Basis | Other Noncurrent Assets | Other Derivative Instruments | Level 3 | Electric Commodity
Derivatives, Fair Value [Line Items]
Derivative Asset, Gross		7		0
Fair Value Measured on a Recurring Basis | Other Current Liabilities | Designated as Hedging Instrument | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Netting	[5]	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		0		17
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		0		17
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		108		103
Netting	[5]	(38)		(39)
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 1
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		14		16
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		52		50
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Level 3
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		42		37
Fair Value Measured on a Recurring Basis | Other Noncurrent Liabilities | Other Derivative Instruments | Commodity Trading
Derivatives, Fair Value [Line Items]
Derivative Liability, Gross		108		103
Netting	[5]	(38)		(39)
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		14		16
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		52		50
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		$ 42		$ 37
Fair Value, Measurements, Nonrecurring | PPAs
Derivatives, Fair Value [Line Items]
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	[6]	Other Liabilities, Current		Other Liabilities, Current
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	[6]	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
[1] Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP. 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. 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. Other than $2 million of 2024 losses recorded to electric fuel and purchased power, amounts are recorded to cost of natural gas sold and transported. Amounts are subject to cost-recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate. 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, 2024 and Dec. 31, 2023, derivative assets and liabilities include no obligations to return cash collateral. At March 31, 2024 and Dec. 31, 2023, derivative assets and liabilities include rights to reclaim cash collateral of $8 million and $7 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. 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, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Carrying Amount	$ 26,948	$ 25,465
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 23,580	$ 22,927

Benefit Plans and Other Postr_3

Benefit Plans and Other Postretirement Benefits (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		Jan. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
Pension Plan [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost			$ 19	$ 18
Interest Cost	[1]		38	40
Expected Return on Plan Assets	[1]		(52)	(52)
Amortization of Net Loss	[1]		7	5
Net periodic benefit cost (credit)			12	11
Effects of regulation			4	5
Net benefit cost (credit) recognized for financial reporting			16	16
Pension Plan [Member] | Parent Company
Components of Net Periodic Benefit Cost [Abstract]
Contributions to Xcel Energy's pension plans		$ 100
Other Postretirement Benefits Plan [Member]
Components of Net Periodic Benefit Cost [Abstract]
Service cost			0	0
Interest Cost	[1]		5	5
Expected Return on Plan Assets	[1]		(4)	(4)
Amortization of Net Loss	[1]		1	1
Net periodic benefit cost (credit)			2	2
Effects of regulation			0	0
Net benefit cost (credit) recognized for financial reporting			$ 2	$ 2
[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

Gas Trading Litigation (Details

Gas Trading Litigation (Details)	Mar. 31, 2024
Gas Trading Litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	1

Commitments and Contingencies N

Commitments and Contingencies NSP-Minnesota-Sherco (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2021	Mar. 31, 2024	Sep. 22, 2023
Rate Matters [Abstract]
Sherco Disallowance	$ 22
Sherco Large Industrial Customer group recommended refund		$ 72
NSP-Minnesota
Rate Matters [Abstract]
Customer refund of previously recovered purchased power costs	$ 17
DOC Recommendation Based on Xcel's GE Litigation Loss of Use			$ 56

MGP, Landfill and Disposal Site

MGP, Landfill and Disposal Sites (Details) $ in Millions	Mar. 31, 2024 USD ($)
Manufactured Gas Plant (MGP) Site [Abstract]
Cost of identified MGP, landfill, or disposal sites under current investigation and/or remediation	$ 20
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	12

Commitments and Contingencies E

Commitments and Contingencies Environmental Requirements - Water and Waste (Details) $ in Millions	Mar. 31, 2024 USD ($) sites Period
Site Contingency [Line Items]
Number of sites under investigation as part of federal CCR program | Period	4
Accrued liability of sites under investigation as part of federal CCR program	$ 40
Federal Coal Ash Regulation | PSCo
Site Contingency [Line Items]
Number of sites that will excavate and process ash for beneficial use | sites	2
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 entrainment regulation	$ 50

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
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]	69	72
Lessee, Operating Lease, Liability, to be Paid		1,450
Finance Lease, Liability, Payment, Due	[2]	215
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(242)
Finance Lease, Liability, Undiscounted Excess Amount	[2]	(152)
Operating Lease, Liability		1,208
Finance Lease, Liability	[2]	63
Operating Lease, Liability, Current		(228)		$ (226)
Finance Lease, Liability, Current	[2]	(2)
Operating lease liabilities		980		$ 1,038
Finance Lease, Liability, Noncurrent	[2]	61
Short-term Lease, Cost		$ 1	2
WYCO, Inc.
Lessee, Lease, Description [Line Items]
Equity Method Investment, Ownership Percentage		50%
PPAs
Lessee, Lease, Description [Line Items]
Operating Lease, Cost		$ 58	60
Lessee, Operating Lease, Liability, to be Paid		1,173
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(146)
Operating Lease, Liability		1,027
Property, Plant and Equipment, Other Types
Lessee, Lease, Description [Line Items]
Operating Lease, Cost	[3]	11	$ 12
Lessee, Operating Lease, Liability, to be Paid		277
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		(96)
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. Includes short-term lease expense of $1 million and $2 million for 2024 and 2023, respectively.

Variable Interest Entities (Det

Variable Interest Entities (Details) - MW	Mar. 31, 2024	Dec. 31, 2023
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)	3,751	3,751

Commitments and Contingencies G

Commitments and Contingencies Guarantees and Bond Indemnifications (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies, Guarantees and Indemnifications [Abstract]
Assets Held As Collateral For Guarantor Obligations	$ 0	$ 0
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 75,000,000

Commitments and Contingencies -

Commitments and Contingencies - Comanche Unit 3 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
CORE outcome excluding interest	$ 26
CORE outcome total	$ 35

Commitments and Contingencies_2

Commitments and Contingencies - Marshall Wildfire (Details) $ in Millions	Mar. 31, 2024 USD ($) complaint
Commitments and Contingencies Disclosure [Abstract]
Estimated property losses caused by Marshall Wildfire	$ 2,000
Number of complaints related to the Marshall Wildfire | complaint	302
Cap of noneconomic loss in a civil action other than a medical malpractice under Colorado law	$ 0.6
Amount of insurance coverage	$ 500

Commitment and Contingencies -

Commitment and Contingencies - Smokehouse Creek (Details) $ in Millions	Mar. 31, 2024 USD ($) complaint Claims
Commitments and Contingencies Disclosure [Abstract]
Number of complaints related to the Smokehouse Creek Complex [Abstract] | complaint	15
Number of claims related to the Smokehouse Creek Complex | Claims	46
Smokehouse probably loss	$ 215
Smokehouse Creek Insurance Receivable	215
Amount of insurance coverage	$ 500

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		$ 17,841		$ 17,616
Interest Rate Derivatives, Tax		(27)	$ (53)
Gains and Losses on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(30)	(58)	(53)	$ (54)
Net current period other comprehensive income (loss)		23	(4)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		22	(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	[1]	1	1
Defined Benefit Pension and Postretirement Items
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(41)	(39)	(41)	(39)
Net current period other comprehensive income (loss)		0	0
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	[1]	0	0
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss)		(71)	(97)	$ (94)	$ (93)
Net current period other comprehensive income (loss)		23	(4)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		22	(5)
Total | Interest Rate Swap
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Losses reclassified from net accumulated other comprehensive loss	[1]	$ 1	$ 1
[1] Included in interest charges.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Equity Method Investments	$ 247		$ 244
Segment Reporting Information [Line Items]
Electric	2,685	$ 2,763
Net income	488	418
Natural gas	941	1,288
Other	23	29
Regulated and Unregulated Operating Revenue	3,649	4,080
Equity Method Investments	247		244
Operating Segments
Segment Reporting Information [Line Items]
Regulated and Unregulated Operating Revenue	3,651	4,081
Intersegment Eliminations
Segment Reporting Information [Line Items]
Regulated and Unregulated Operating Revenue	(2)	(1)
Regulated Electric
Segment Reporting Information [Line Items]
Net income	358	296
Revenues Including Intersegment Revenues	2,686	2,763
Regulated Electric | Operating Segments
Segment Reporting Information [Line Items]
Electric	2,685	2,763
Regulated Electric | Intersegment Eliminations
Segment Reporting Information [Line Items]
Electric	1	0
Regulated Natural Gas
Segment Reporting [Abstract]
Equity Method Investments	247		244
Segment Reporting Information [Line Items]
Net income	158	159
Revenues Including Intersegment Revenues	942	1,289
Equity Method Investments	247		$ 244
Regulated Natural Gas | Operating Segments
Segment Reporting Information [Line Items]
Natural gas	941	1,288
Regulated Natural Gas | Intersegment Eliminations
Segment Reporting Information [Line Items]
Natural gas	1	1
All Other
Segment Reporting Information [Line Items]
Net income	(28)	(37)
All Other | Operating Segments
Segment Reporting Information [Line Items]
Other	$ 23	$ 29